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Forex Trading Blog Details

How Forex Trading Has Changed With Time?
  • 21 Jun
  • 2017

How Forex Trading Has Changed With Time?

Recommended: The Basics Of Currency Trading

Every other day, you see new names adding up as a Forex broker in the market and traders are left wondering about their rapidly rising number. Well, the forex industry has really grown big with time. According to the 2010 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover of the global forex exchange was $3.98 trillion in April 2010 (compared to $1.7 trillion in 1998).

To know more about the forex brokers, let’s go back to nineties when there were only handful of brokers as the internet was still in initial stages of its growth. People knew less about forex trading and there were few very resources of information as compared to the 21st century. High fees were charged by most of the forex brokers back then, with less focus on maximizing their client’s profit. Transparency in forex trading and forex trading tools was nowhere and traders were not protected the same way they are today. All this drove traders to lose their money and discouraged trading.

Finally, the concerned authorities started paying attention to the complaints of the people who had a rough ride in the forex trading market. Soon, proper regulations were placed all over the world. This move pushed the unethical brokers to close down or behave according to the regulatory guidelines or procedure. 

Now, when the clients are protected and the economy is rising, new brokers are emerging every new day. In the recent years, the forex trade boom has been great for traders due to the rising competition in the market to provide best forex brokerage services to the clients. The market has observed a dramatic reduction of the spreads offered by the forex brokers, leading to reduced trading costs. 

Traders are enjoying fair trading conditions today and brokers are more responsible than ever before, resulting in increased forex trade.   

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