The foreign exchange market (forex, FX, or currency market) is a worldwide, decentralised, over-the-counter market for the trading of currencies. It is considered the largest market in the world, with daily trading volumes exceeding 5 trillion.
This gigantic volume (which dwarfs all of the major stock exchanges) combinedwith 24/5 trading, ample volatility, and generous trading conditions, has made the forex market a place of risk and reward for the discerning trader.
Disclaimer: Spreads from ‘Trade Proofer’ monthly spread data September 2019 report.See All Avg. Spreads
FX trading involves buying one currency pair "base currency" against another currency pair "counter currency" anticipating that one currency will rise or fall against another.
Forex trading is similar to shares trading, except you're buying or selling one currency against another. It typically involves leverage which allows you to trade a much bigger volume by using only a limited about of capital. There are many different forex strategies used for trading Forex.
See below an example of how you could trading Forex using 1:100 leverage.
The gross profit on your rate is calculated as follows:
100,000 AUD x 0.71707 = 71,707 USD
100,000 AUD x 1% = 1,000 AUD
100,000 AUD x 0.72752 = 72,752 USD
The price of the AUD against the USD (AUD/USD) is 0.71706 bid /0.71707 ask. You would like to buy 1 standard lot (AUD100,000) at 0.71707 ask.
You have 5,000 AUD balance and the leverage is 1:100
Three days later, the price of AUD against the USD rises up to 0.72752 bid/0.72754 ask.
Since you are in profit, you would like to close your position by selling 1 standard lot (AUD100,000) at 0.72752 bid.
View our trading conditions across our full range of products to see how trading with Global Prime is your next best move.
Live and historical average spreads
Current swap rates and overnight interest charges
Specs and examples across all products
The open/trading hours across all of our products
Disclaimer: Spreads from ‘Trade Proofer’ monthly spread data September 2019 report.
48 FX, 20 Commodities, 14 Indices
Individual, Joint, Corporate and Trust accounts
7 AUD, 7 USD, 6.2 EUR, 5.4 GBP, 9.5 SGD, 9 CAD
Forex is the term used to describe the ‘Foreign Exchange Market,’ which is considered the most liquid financial market in the world. Trading forex involves buying one currency by exchanging it for another currency, the price of which is determined by supply and demand. Currency products are traded as pairs in which currencies are weighted against one another. For instance, AUD/USD is the Australian dollar weighted against the US dollar. If you were to buy 1 lot of AUD/USD you would be buying 100,000 Australian dollars by delivering the equivalent (roughly 71,000 in US dollars.)
Trading a leveraged security means that you have access to far more buying power within the market then your actual balance would allow. Accordingly, a ‘down payment’ or ‘collateral’ of sort is required in order for us to provide you the leverage you wish to trade with. This ‘collateral’ is what is referred to as margin. As such, for leverage of 1:100, 1% must be put up by the client as collateral, or 1% margin.
As a broker that runs a low risk business model, we offer a standard leverage of 1:100 and a maximum of 1:200 that can be approved pending an assessment of the riskiness of your trading style.
An ECN broker provides a market for its clients to trade. This means it streams quotes from participants of the ECN and matches orders against these. It is therefore like a virtual exchange where trades and risk are transferred among participants of the ECN rather than being internalised by the broker.
The Forex market trades almost 24 hours a day 5 days a week from Monday to Friday. The hours are 5pm ET/EDT (New York) on Sunday afternoon/evening to 4:59pm ET/EDT (New York) on Friday afternoon/evening.
GMT +3 (DST) / GMT + 2 (non DST)
Our in house experts post daily articles covering the markets. You can find this material at the following link: https://insights.globalprime.com/
We only charge commissions on FX and metals. Our commissions start at USD $7 USD per 1 lot round turn. We do not charge commissions on CFDs.
We offer the following trading platforms - MetaTrader 4, Trader Evolution and FIX API.
The average execution speed for FX is <25 ms.
Global Prime has some of the tightest Forex spreads in the world. You can find the average spreads across our range of Forex pairs here https://www.globalprime.com/trading-conditions/spreads/.
On FX pairs, the maximum lot size per trade that can be executed is 1000 lots.
The minimum trade size that can be executed on FX is 0.01 lots.
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