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    Thread: What is the early history of forex and how did it come to light ?

    1. #1
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      Default What is the early history of forex and how did it come to light ?

      Everyone knows about forex but few know about the early age of it

      how forex come to light as an idea ? and when ?

      why was the need to make a new financial market like forex ?


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      how forex come to light as an idea ? and when ?

      Forex Idea started in 1875 since the creation of the gold standard monetary system and it created because the value of the gold always affected by the global supply and demand and they built this system for guarantee the conversion of currency and they made exchange for the gold between two currencies and from here started the idea of Forex Market and currency exchange .

      why was the need to make a new financial market like forex ?

      We need making financial market like Forex to :

      1- Know the value of the currencies against the other currencies from the supply and demands .
      2- To avoid the playing on the metal values as the silver and the gold from any country or any trader .
      3- Making easily investments via the online investments can lead to increasing or decreasing to the currency value .
      4- knowing all the currencies prices at any time based on the global market .
      5- Guarantee the value of every currency by its global price .


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      Default Re: What is the early history of forex and how did it come to light ?

      In the early days starting from Babylon, people were engaged in exchange of goods depending on what is need by individuals and what one can let go or have in sufficiency. This continued and the metal age came thus the exchange then involve different types of metals especially gold which at the end of the day gold (this issue was however political) became the standard for measuring the worth of goods and thus the value of money got diminished in a way. Later in the year 1931, the gold standard was removed and thus the Forex was born at that point. Forex means foreign exchange and thus goods, commodities and currencies can be exchanged with ease on international or global level


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      Default Re: What is the early history of forex and how did it come to light ?

      No one can certainly tell the exact time that "Forex trading" actually started, only that some people can still guess the approximate time, because the Forex trading started shortly after the "Trade By Barter" regime; where gold and precious metals was introduced as bills settlement, before countries of the world are now using the own legal tender. And when those countries of the world are transacting business/services between themselves, there must be an exchange between their inter-national currencies, that is what actually born the Forex exchange.

      Later after, trading begin through the Inter-banks, but it was in form of paper trading by then, it was many decades after that electronic trading that we enjoy now was introduced.


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      Default Re: What is the early history of forex and how did it come to light ?

      According to izito.ng/find/Enugu.com" Forex trading started during the time of the Babylonians. This system was designed for the currencies and exchange. ... When gold became an important trading tool, its use became restricted; therefore; the result which has been brought about by this is that the value of money has diminished.'

      Then bass on the abve, I can not say the year it started, but i was born 46years and i was abled to trace daily chart of the day i was born,this means that this has been in existance for over 50 years ago. But it was restricted only to Central Banks, commercial banks, financial institutions and few other related institutions. It was in the year 2000 that the regulatory body deem it right to admit individual to trade in this market.Since then it has been a source of employment to millions of people of this world and the volume of trade has increased tremendously.


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      Default Re: What is the early history of forex and how did it come to light ?

      As we know all that in the start it was not possible for individual to take part and trade in this market only hedge funds and banks were making it but in 2002 with most of the development and with the help of technology it becomes possible for individuals to trade in this market and thereafter with the advancement in technology and with the advancement in trading industry it becomes easy for everyone to enter and test his skills here in this market. Like today this industry is well regulated and billions of dollars are traded in it on daily basis.

      Today entry in this market is easy every one who is above 18 and have an identity document can open an account and with the help of an internet connection and a computer or mobile device he can access the market and can place his trades. And even one can enter into this market with just 1$ but keep in mind this can be a good amount to enter but really not a good one to earn a living.


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