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#HOW TO START FOREX TRADING COMPANY DOWNLOAD#
You then need to download the broker’s specific trading platform or access it via a desktop computer.
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You can start forex trading in Canada simply by finding a forex broker that is right for you and opening an account. If you bought it at 1.2 and sold it at 1.3 you will have made a profit, and that is how forex trading works. If the USD/CAD exchange rate rises to 1.3 it means that the base currency (USD) has risen in value compared to the quote currency (CAD). Using the above example, if the USD/CAD exchange rate is 1.2, it will cost C$1.20 to buy US$1.00.
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The exchange rate is the term used to explain how much of the quote currency is needed to buy 1 unit of the base currency. In a currency pair, the currency on the left is known as the base currency and the currency on the right is known as the quote currency. For example, USD/CAD is a currency pair for trading the major U.S dollar against the Canadian dollar. When you start trading forex as a beginner, you want to identify specific major currency pairs that you are interested in and then buy or sell that currency pair depending on the currency’s future outlook. The currencies that are being bought and sold at the same time are known as a currency pair. This is like when you sell Canadian dollars to buy US dollars before travelling to the US. When you are ready to get your feet were trading forex it's quick and easy to get started.įorex trading is at your fingertips Start trading forex now How does forex trading work?įorex trading works by buying one currency and immediately selling another. It is the largest over-the-counter marketplace in the world and is made up of a global network of financial centers including banks, forex dealers, central banks, investment firms, retail forex dealers and investors. This can make it a powerful tool in your investment strategy.įorex traders use the forex market to try and make a profit by speculating on the fluctuating exchange rate of currency pairs.