How to trade safely and seamlessly with Forex Trading

Richard Raw

15 April 2021

What is Forex Trading?

ForEx stands for Foreign Exchange and essentially relates to the trading of one currency against another.

Most of us have been involved in this kind of exchange at one point or another, traditionally when you go abroad.  You are likely to have exchanged your domestic currency (perhaps GBP) for the currency of the country you are visiting (for example, USD).

In this situation the aim is not to make money, but simply to have converted funds that you can spend easily whilst abroad.  When you return home, you will exchange any unspent funds back to your domestic currency.  Or, perhaps if you do not feel there is enough to change, you will leave it as it is, either for your next trip or to disappear into the back of that unspeakable drawer in the kitchen.

However, on much larger scales, there is an opportunity to make money via the trading of foreign exchange.

What is the Forex Market?

The Forex market is the only truly 24-hour trading market.  With the week starting on a Sunday evening in the UK, when the Asian markets open for business on a Monday morning, trades can continue uninterrupted until Friday evening when New York closes trading.

Banks, including Central Banks, corporations, retail traders and brokers can get involved in the trading of foreign exchange; selling one currency against another currency on larger scales, with a view to make a profit.  In such situations, they are speculating that one currency in a currency pair will increase in value against the other currency pair.  Or, the compared currency will decrease in value in contrast to the traded currency.

Anyone can get involved

As well as being 24/7 (Mon-Fri) the forex market is open to anyone who wants to get involved with trading.  You do not need to have any previous experience, and you do not need to be a Wolf of Wall Street type personality to be able to give it a go.  However, it is important you minimise your risks by setting sensible limits on your trades when you are first starting out and gaining experience.

Once you have developed a basic understanding of forex terminology and how trades work, you will be able to start making trades via a trading platform.  These trading platforms allow you to both buy and trade your desired currency pairs, whilst providing you with up to date values on all of the relevant currency pair rates.

Staying secure

As with any transactions you’re going to want to make sure that your payments are secure.  ePay247 has a variety of platforms available to ensure your transactions are fast, encrypted, convenient and low-cost.

We offer payment gateway solutions, crypto currencies as well as Bank2Bank and eToken solutions.  Find out more via our website, and get in touch if you would like some tailored advice for your own business or brokerage.