Brief overview of Foreign Exchange.

Forex or FOREIGN EXCHANGE is called barter in the old times, since there was no legal tender or money before. They exchanged products from one place to another place, from one island to another island until they started switching merchandise from one country to another country.

The first community who created the concept of making a legal monetary unit of exchange is the Egyptians, then Babylonians invented the paper money, and then Aureus was used which is the name of the monetary exchange of Rome which was followed by the Denarius and they were amongst the first to be involved in such transactions.

The history says that the United States Dollars became famous after World War II and it remained to be like that throughout the rest of the FOREX history as agreed upon in the Bretton Woods conference.


Historians again say that in 1973 the idea of making currencies to be traded in a speedy manner was conceptualized. But the first truly, online format of forex trading began in 1994, just after the birth of the internet, which allowed such transactions to occur. Around this time, the Euro was also being conceptualised, and after almost a decade, in the year 2002, the Euro became the official monetary exchanging unit of twelve European nations, and more European countries have joined since.

On the technological front of actual trading, currently the forex industry is going through a number of iterations of advancements, albeit some companies are lagging behind others. As a result, it can be complicated and difficult to understand for newcomers. Traders can learn more at sites such as:

The criteria of analyzing the fluctuating characteristic and figures of some currencies have increased. These companies are competing with each other. They are offering different strategies on how to be successful in online forex trading.

By the way, it should be noted, that as it stands, because the United Kingdom is not part of the Euro, so those who love to trade the Pound Sterling have their way for now. Nor does it seem like the UK will joining any time soon, especially with the current political climate, post Brexit and everything else. However, if and when the UK does join the Euro, it essentially means the end of major currency pairs such as GBP/USD and EUR/GBP.



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