FOREX – The largest financial market is not sitting on the sidelines the Blockchain – Cryptocurrency

As a new wave, Blockchain – Fintech was born with a mission to change the whole users’s comprehension and thinking about financial transactions through technology.

Therefore, many large banks around the world such as Morgan Stanley, Goldman Sachs, BNY Mellon, JP Morgan Chase, HSBC, … have been researching and applying Blockchain technology for their activities. This trend also tends to increase.

The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This means currencies in this market are like products that can be sold or bought. The forex market is the largest market in the world, with average traded values which can be over five thousand Billions of dollars per 24 hours. Forex trading is the trading of a pair of matched orders.

Currently, central banks with large trading volume and a role in adjusting monetary policy in the market include US The Federal Reserve Bank (FED), The Bank of England (BOE), The European Central Bank (ECB), The Swiss National Bank (SNB), Bank of Japan (BoJ),…

The foreign exchange market is unique because of the following characteristics:

• Forex is a highest liquid market which helps making transactions almost always match orders immediately. As a result, traders always trade at the best rates.
• The forex market opens 24 hours a day, five days a week from Monday to Friday.
• The usability of leverage to enhance profit and loss margins and with respect to account size. The Forex market has a high leverage, giving investors the opportunity to gain profit from the market. Specifically, with a minimum capital of $50, investors are able to open accounts and participate in transactions on the market.
• The market can not be manipulated by any individual or organization including central banks, which can control the value of the market for a long time. If some leading banks can interfere, the impact of them just only causes short-term effects.

How does the Forex Market work?

The foreign exchange market is the most liquid financial market in the world, with many participants. Forex traders can be governments, central banks, commercial banks, hedge funds, brokers, investors, speculators, individuals traders …Each person has a strategy, a vision, but in general, the traders’s ultimate goal is profit.

If daily Forex trading volume is $5000 billion, with a trading fee of between 2.7 and 3.5 percent, the Forex exchanges will receive a huge amount of money from transaction fee between $135 and $175 billion USD.

To deposit into account for trading in Forex market you will need the help of payment gateways such as MasterCard, Visa, and an additional fee to convert foreign currency.
In case of using cryptocurrencies like Bitcoin to exchange, the traders must also go through the intermediary of Perfect Money, Neteller, Skrill …

FOREX is not sitting on the sidelines the 4.0 industrial revolution

While the world is constantly talking about artificial intelligence (AI), modern blockchain technology, the foreign exchange market is not out of the 4th industrial revolution to meet the growing demand.

Win Win International LLC Group has applied the most modern blockchain technology to cryptocurrency – ForexCoin (also known as FXCoin, FXC). This digital currency was created to serve the participants in the Forex market and has been officially accepted for trading and liquidity on Forex exchanges. With the strong development of blockchain technology, FXCOIN is used advanced system, high security and optimal application of the advantages of the digital currency such as Bitcoin is safe, convenient, high security. In addition, the currency dedicated to the foreign exchange market also makes it easier for traders to enter the market by simply loading FXC directly to the trading market and making transactions without having to go through third-party and especially free of charge.

FXCoin was established to provide alternative payment solutions and equal access to foreign exchange financing for all over the world. ForexCoin promises to be a useful tool, helping traders maximize profits and complete peace of mind when entering the foreign exchange market.

Theo Forex, BarodaFXC

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