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.
46 FX, 6 Commodities, 10 Indices, 5 Crypto
Individual, Joint, Corporate and Trust accounts
7 AUD, 7 USD, 6.2 EUR, 5.4 GBP, 9.5 SGD, 9 CAD
Great customer attitude through all levels. Every enquiry I’ve had has been resolved on the same trading day, no matter the time I reach out.Wayne. O - Royston, United Kingdom 16 Nov 2019
Thin spreads, instant trade execution and minimal brokerage costs are crucial to our profitability. We found all this and more at Global Prime.Simon. L - Singapore 6 Nov 2019
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$7USD, $7AUD, 5GBP, 5.50EUR, 9SGD, 7CAD per lot round turn
To align the daily chart candles with New York close (5pm ET) Global Prime server time and charts are GMT + 2 or GMT + 3 when daylight savings is in effect.
The foreign exchange market opens at 00:01:00 server time on Monday and Closes at 23:57:00 on Friday. The daily break time of Forex is 23:59-00:01 server time.
Yes, browse our Insights section for How to Guides, Video Training and other Forex related educational material.
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