Q: What is Forex?
A: A financial market of transactions involving the simultaneous purchase and sale of 2 currencies which have prices based on floating exchange rates.
Q: Is there a Forex Exchange (like a bourse/stock exchage)?
A: No, the Forex Market is an OTC (over-the-counter) market.
Q: When does the market open/close?
A: The beauty of the Forex market is that you can trade 24-hours a day from anywhere in the world (mostly closed over the weekend) . This is one of the main advantages that Forex has over the stock markets.
Q: Is there a minimum amount of capital required in order to day trade?
A: Unlike stock market day trading, there is no minimum for the forex market; however most brokers will require anything from $1,000 to $10,000 in initial investment.
Q: Do forex brokers charge commissions per trade?
A: No, however, they do make money off the bid/ask spread
Q: Just how big has forex become?
A: Since its inception in 1971, The Foreign Exchange has grown significantly and now over $1.5 T is per day.
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