The history of forex business keeps on changing with time. Forex business is the market of currency where currency means which we used for trading or buying or selling goods and other services as well. Nowadays it’s in the form of Rupees, Dollars, and Canadian Dollar etc. vary country to country. But earlier what was there instead of these currencies?
Yes!! You got it right; people were used to do trade in Gold and Silvers only.
Era of Greek & Egyptians – At that time, they were used silver and gold coins without having theirs scripted value. So, how would they come to know about the value of that particular coin?
It’s on the basis of size they come to know about the price of the coin. People use those coins many years but year’s later Roman Empire came into the existence and they established their own monopoly in the market. People follow the same many years and suddenly shift came where people start using copper coins.
Copper Era – Here people get to know about the cheapest model of coin which works similar as gold and silver coins. Coin with lower value flourished well so, US decided to make a mixture of cheapest metal like copper and zinc and made cent. Do you know? 1 cent of US includes 2.5% of copper and 97.5% of zinc.
India used nickel, copper, bronze, and steel for minting coins.
Origin of Forex Business – this market originated when world stop using gold standards. Although, first forex market were established 500 years ago in Amsterdam. Now, there is no fixed location of forex market it’s in New York, London, Sydney, Tokyo and work 24 x 7 as per the time of these four countries. Banks of all over the world ultimately control the forex market as there is no fixed location of it. It’s working 24 x 7 only because it’s handling by different time zones. Market opens on Sunday 5 PM (EST) until the 4 PM (EST) of Friday.
More about Forex trading – If we compare both the markets like forex business market and stock market we understand that there is a time restrictions in stock market. Stock market work from 9:30 AM to 3:30 PM Monday to Friday but on the other side forex market has no boundation on time. This is the only Market which serves traders 24×7
Apart from forex market, crypto currency and Bit coins also came into the existence and have a good growth ahead.