Advantages of trading forex with PIPSFX
MetaTrader 4 is a world-leading platform used by PIPSFX in combination with bespoke expertise, creating the top level experience in forex trading. You can download a trading platform to your mobile or computer, giving you the opportunity to trade in every way possible. Also, if you want to trade online, you can also use our web trading platform
User-friendly, world-renowned, and a strongly user-friendly platform, MetaTrader 4 has new and improved features, providing traders with a host of advantages:
- No dealing desk forex execution.
- A wide array of tradable currency pairs and crosses.
- One-click trading.
- Interface that is easy to customize.
- Expert analysis on currency movements.
- SMS trading alerts – free and straight to your mobile device.
- No fees and commission-free trading.
- Support and trading 24/7.
Obtain the highest possible liquidity, faster order executions, economic calendar and live assistance, and advanced charting.
What is forex?
When different currencies from different countries are traded against each other, you have Forex (Foreign Exchange).
It’s important to know that when currencies are traded, they’re always traded in pairs. For instance, if an existing quote (also known as a spot rate) for Euros/Dollars is EUR/USD 1.2600, then that would mean that you are trading one Euro for 1.26 US dollars. This is also known as buying a euro and using 1.26 USD to pay for it. If a trader believes the Euro is going to strengthen against the dollar, then they would buy the EUR/USD currency pair.
However, if the spot rate goes from 1.2600 to 1.2500, then the euro has weakened in respect to the dollar. On the other hand, if the spot rate changes from 1.2600 to 1.2650, then the Euro has now strengthened against the dollar. The terms “short” Dollars and “long” Euros is used when the trader exchanges the dollars for euros (or one currency for another).
The term “The Majors” is used when describing the world’s major currency pairs, which constitute approximately 85% of all forex trading. They are: AUD/USD, USD/JPY, EUR/USD, USD/CAD, USD/CHF and GBP/USD.
It should be noted that every major pair includes the USD. You would use the term “Cross Pairs” for any currency pairs that do not contain the USD.
In Forex there is no physical exchange of currency and there is not a central exchange. Instead, everything is done electronically and over-the-counter by traders by means of computer networks. So in this effect it is a purely speculative market, making it the biggest, most liquid financial market as well. It is estimated that four trillion dollars is the average daily turnover for the global foreign exchange markets. This is divided down into different financial products such as forwards, futures, currency swaps, spot transactions, and more.
It is open twenty-four hours per day, five days of the week, and in almost every time zone across the world, currencies are traded.
Find out more about Forex trading at PIPSFX Trade’s Trade School – Intro to forex.