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Welcome to ForeXiZBae
The Forex or foreign exchange market is a decentralized global marketplace for trading various currencies. It operates 24 hours a day, five days a week, across major financial centers worldwide. This market determines exchange rates and facilitates currency conversion necessary for international trade and business transactions.
For example, when a U.S. citizen travels abroad, they must exchange U.S. dollars for the local currency to make purchases. In forex trading, this process involves buying one currency and selling another simultaneously.
Key players in the Forex market include central banks, commercial banks, institutional investors, hedge funds, and individual traders. As of April 2019, the market had a daily trading volume of approximately $6.6 trillion, making it the largest financial market globally.
London is the leading forex trading center, accounting for 43.1% of global trading volume. The United States follows with 16.5%, while Singapore, Hong Kong, and Japan also play significant roles, contributing 7.6%, 7.6%, and 4.5%, respectively. These figures highlight the global nature and importance of the Forex market.
The global Forex market is decentralized, but certain countries dominate in trading volume. As of the latest available data (April 2019), here are the rankings and their corresponding percentages of the global foreign exchange trading volume:
United Kingdom: 43.1%
London is the largest and most important center for Forex trading, handling nearly half of the global trading volume.
United States: 16.5%
The U.S., particularly New York, is the second-largest center for Forex trading.
Singapore: 7.6%
Singapore has become a major Forex trading hub, particularly for the Asia-Pacific region.
Hong Kong: 7.6%
Hong Kong is another key player in the Asia-Pacific, matching Singapore in terms of market share.
Japan: 4.5%
Tokyo is the primary trading center in Japan, making it a significant part of the global Forex market.
Switzerland: 3.3%
Known for its financial services, Switzerland, especially Zurich, plays a crucial role in Forex trading.
France: 2.0%
Paris contributes a notable share of the global Forex market.
Germany: 1.5%
Frankfurt is the main hub for Forex trading in Germany.
Australia: 1.5%
Sydney is the center of Forex trading in Australia, important due to its geographical location in the Asia-Pacific.
Canada: 1.1%
Toronto is the main trading hub in Canada, contributing to the global Forex market.
These rankings reflect the importance of various financial centers in the global Forex market, with the United Kingdom and the United States being the largest players by a significant margin.
United States - JP Morgan (9.81%):
Based in the United States, JP Morgan holds the largest market share in Forex trading. The bank is renowned for its extensive global presence and influence in financial markets.
Germany - Deutsche Bank (8.41%):
Deutsche Bank, Germany's largest financial institution, is a major Forex dealer known for its deep liquidity and strong position in Europe.
United States - Citi (7.87%):
Citi, a leading American bank, ranks third in the Forex market. Its broad international network facilitates a significant portion of global currency trades.
United Kingdom - XTX Markets (7.22%):
XTX Markets, a British firm, specializes in electronic trading and is a major player in the Forex market, particularly in high-frequency trading.
Switzerland - UBS (6.63%):
Based in Switzerland, UBS is a prominent Forex market participant known for its strong banking sector and global trading capabilities.
United States - State Street Corporation (5.50%):
State Street, another American financial giant, plays a crucial role in Forex trading, especially in asset management and servicing.
United States - HCTech (5.28%):
HCTech, a U.S.-based trading firm, is known for its technological expertise and involvement in the electronic Forex market.
United Kingdom - HSBC (4.93%):
HSBC, headquartered in the U.K., is a key player in Forex, with a strong presence in Asia and emerging markets.
United States - Bank of America Merrill Lynch (4.63%):
Bank of America Merrill Lynch is a significant U.S. Forex trading institution known for its comprehensive financial services.
United States - Goldman Sachs (4.50%):
Goldman Sachs, a leading global investment bank, also ranks among the top Forex traders, leveraging its vast resources and market influence.
Summary
These institutions represent the largest Forex trading entities globally, with the United States dominating the list and holding multiple top spots. Their market shares indicate their influence and capability in managing vast amounts of currency trades, contributing significantly to the liquidity and efficiency of the global Forex market.
Understanding Daylight Saving Time (DST) in the US, UK, and Australia is crucial for Forex traders due to its impact on trading hours.
US: Daylight Saving Time ends at 2 a.m. on the first Sunday of November (e.g., November 1st).
UK: Daylight Saving Time ends at 2 a.m. on the last Sunday of October (e.g., October 25th).
Australia: Daylight Saving Time starts at 2 a.m. on the first Sunday of October (e.g., October 4th).
Forex Trading Hours:
Forex trading operates 24 hours a day, beginning at 5:00 pm ET on Sunday and closing at 5:00 pm ET on Friday, even during most U.S. holidays. However, be aware of potential illiquid conditions at the week's opening, which can cause wider spreads due to low market liquidity. It's advisable to focus trading on Tuesdays, Wednesdays, and Thursdays, with some Fridays, depending on market setups.
Spot Gold and Silver Trading Hours:
Spot gold and silver trading is available for 23 hours daily, from 6 pm ET on Sunday to 5 pm ET on Friday, with a daily closure from 5 pm to 6 pm ET. These trades follow the Chicago Mercantile Exchange's holiday schedule.
Important Note:
Market hours and holidays are subject to change, and some markets may experience limited liquidity during holidays. Traders should account for this when planning trades.
Who Is FIB? (ForeXiZBae)
If you're interested in forex trading, get ready for an adventure! Making money while relaxing on an island is exciting, but it's important to remember that forex trading comes with significant risks. That's why FIB offers a learning platform with videos and homework to help you build your trading skills.
Understanding the risks is crucial for success. The forex market can be volatile, especially with pairs like US30, so it's essential to have a solid foundation before you start trading. Focus on one currency pair at a time, especially if you're new, to avoid overwhelming yourself.
At FIB, we provide the knowledge you need to develop a well-defined trading plan. Learn how economic and political factors affect currency values, practice with a demo account, and keep studying to improve your skills. We offer all the resources you need to learn, take notes, backtest, and paper trade until you're confident.
We believe in keeping trading simple and realistic. FIB doesn't offer signals or promises, but we give you the tools and knowledge to succeed. If you're serious about trading, sign up for a week, ask questions, and check out our FIB books to keep yourself accountable. We're excited to see where your trading journey takes you.
