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Online currency exchange
Forex trading can be very difficult for people unknowledgeable about the subject. This is mostly due to unrealistic expectations common to people interested in online currency exchange. What you should be aware of is that currency exchange and or forex trading is not the ultimate way to get richer. If you are not aware of the market rules, you may find yourself broke. In this article, we will briefly introduce you to currency exchange market so you can understand how the process o money transfer works. All the rules and techniques you are going to see here are applied and respected by the best online currency exchange platform: Payex Flo.
What Is forex?
Forex, or the foreign exchange market, is a market in which foreign currencies are traded. To simplify the understanding of currency trading for beginners, we will take the following example:
When you convert your local currency into another national currency for your next trip, you are selling your local currency and buying the foreign one at a specific price. A certain number of units of the first currency against a certain number of units of the second currency. It is a simple process but requires that you know many conditions. Across the market as a whole, foreign currencies and the rest of the commodities are traded on the Forex trading market with an estimated $ 5.3 billion USD every day between governments, banks, companies and speculators.
The Forex market measures the value of one currency against another. For instance, the EUR / USD currency pair measures the value of one Euro in US dollars. When the value of the pair increases, this means that the value of the euro has risen against the value of the US dollar. When the value of the pair depreciates, this means that the value of the US dollar has increased or the value of Euro has become lower.
Payex Flo uses this technique when a user wants to transfer money to a foreign country. If for example, you want to send a sum of 300$ to France, it will be converted to Euro and the recipient will receive the amount converted. To elaborate further: 1USD = 0.90EUR. By sending 300$, the recipient in France will receive 270.41 EUR without fees. The fees are applicable by the market maker who will take the transfer and the transaction in charge. Most market makers on Payex Flo charges less than 4%, which is a very low fee in comparison with other online platforms.
What are foreign currency pairs in currency trading?
Foreign currency pairs are known as major, minor and exotic in Forex and currency exchange terms. The major foreign currency pairs consist of the most traded currencies, and these are the most used currencies on Payex Flo:
• USD – American dollar
• EUR – the euro
• JPY – Japanese Yen
• GBP – British Pound
• CHF – Swiss Franc
• CAD – Canadian dollar
• AUD – Australian dollar
• NZD – New Zealand Dollar
The main currency pair is the pair that contains any of these currencies pegged to the US dollar, such as EUR / USD, USD / JPY or GBP / USD. The secondary currency pairs are made up of the major currencies that do not include the US dollar. These pairs include EUR / GBP, EUR / CHF, AUD / NZD and so on.
Finally, exotic foreign currencies are currencies we have not mentioned before, such as Hong Kong dollars (HKD), Norwegian krone (NOK), South African Rand (ZAR) and Moroccan Dirham (MAD). Exotic pairs include one exotic coin and one main coin.
Forex: The largest financial trading market in the world
Forex is the largest financial market in the world, trading over $ 5.1 trillion every day. In other words, in one day, more money will be traded in the Forex markets than the value of Japan’s GDP! Of these transactions, $ 254 billion is traded through CFD contracts and other derivative financial instruments.
Being the largest and most active financial trading market in the world, it is also the most liquid market in the world. For the liquid pairs, they can trade currencies at a very low. This also means that the Forex market is very volatile, which creates many opportunities for traders to profit from positive and negative moves in currency trading.
This is what our market makers professionals do. When you make a transfer via Payex Flo, they look for a way or another to make the transactions for minimum losses in terms of fees and online currency exchange taxes.
Currency trading around the clock
Forex is the only financial market that never sleeps, meaning that you can trade at all hours of the day (or at night). Unlike international exchanges, which are located in trading rooms, such as the New York Stock Exchange or the London Stock Exchange, the Forex market is known as the “OTC”. This means that deals are done directly between the parties that own the currencies, rather than being managed through the exchange.
Thus, Forex trading was not limited to the working hours of any particular global stock exchange.
However, since the Forex trading market is a global market, this means that there is always a part of the world awake and a manager of business and deals, and during these hours, their currencies tend to get the most traffic. A part of these people is our team that is operational 24/7 to make sure your transfers and transactions through Payex Flo are made faster than any online currency exchange and transfer platform.
Why you should choose Payex Flo as your online money transfer and online currency exchange platform.
When evaluating an online money transfer and currency exchange platform, ensure that it includes the following elements:
Is the trading platform reliable enough for you to achieve what you want? The ability to rely on the accuracy of the offered rates, the speed of transfer, and the rapid execution of orders is essential to successfully achieving the results required, especially if you plan to send money abroad in regular basis. The platform must be available at all times and you should be able to make transfers whenever you want.
Will your money and personal information be protected? Trusted online currency exchange and transfer platforms, put in place procedures to ensure the security of your information, as well as the ability to back up all essential account information. They will also separate your money from their own money. If the market makers cannot fight for you in order to obtain the lowest transfer and currency exchange fees, it is best to find another platform.
Fast transfers: An online currency exchanger and transfer platform should be able to run transactions as well as transfers in the shortest periods possible. Costumers these days are always in a hurry, and the faster is the platform the more traffic and users it will attract. Make sure you find a platform that provides fast services.
A platform that provides users with less fees will be the number one in the market in no time. The current methods of currency transfer and exchange now impose ridiculous fees on the users. A thing that gives them a bad overall experience. Make sure the platform offers the lowest fees in the market.
Payex Flo has all these qualities.
Payex flo is a third party platform that makes small commissions from transfers and online currency exchanges made by its users. The platforms finds the best market maker to make money transfers from a country to another for the lowest fees possible and as fast as they can. After an order is placed, the bank, Fx Delivery firm or Payment Processing Agent takes on the order, contacts you and applies applicable AML/KYC procedures pursuant applicable regulation, process is often done the very same day. You should expect that your money would on it its way to the recipient few hours after you initiate it.
Payex Flo does not onboard clients, is an introducing agent and does not engage with the Users of this website hereinafter (“The User”) in any way, it serves only as a point of internet traffic referral, Payex Flo won’t provide any services to the User under any circumstances. Under applicable regulation all financial services provided to the User will be delivered by a regulated entity based on the location of the client and under applicable regulation.
Some locations shown on the menus could be unavailable, restricted or are in some cases blacklisted or under a sanction lists making such transfers impossible or illegal, in such cases the User may not be able to receive any service from any of the regulated entities or 3rd parties.
Because the transfer service is provided by 3rd parties, Payex Flo cannot guarantee in any way that the services being referred will be delivered, 3rd parties will under applicable regulation validate both the User and the destination of the transfer and no wire will be allowed until the account and the subsequent operation is authorized by such 3rd party.
All Users will require to undergo AML/KYC checks under applicable regulation by the regulated entity, if the entity providing such services does not approve the User you will not be able to send money. Payex Flo shall not be responsible for any denial of service by the 3rd parties.
By using this website you are hereby authorizing Payex Flo, its agents and representatives to share any relevant information including without limitation your IP Address, your email, the Country of Origin and Destination where you intend to transfer money to and other relevant information you provide any 3rd party it may choose to engage in the context of the traffic referral. We are not responsible by any error or omission made by the User while posting the transaction details in or otherwise providing the information required to avail of a facility, or any consequences of such error or omission.
Although Payex Flo adopts security measures which it considers appropriate for the web-site it does not warrant that the web-site is immune from hacking, unauthorized access that may impair the working of the web-site. Payex Flo has not verified and shall not be responsible for any information or content on the web-site or on web-sites linked to or with the web-site.
All entities referred as 3rd parties are regulated and supervised, the access and use of the web-site and the exchange of information provided to the website is entirely at the users own risk.
The information, material, suggestions, displayed on the web-site are termed as content and Payex Flo assumes no responsibility for any mistakes, omissions, inaccuracies, typographical errors or otherwise inaccurate or available data and does not take any warranty regarding any content on the web-site.
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