FOREX Bank is a Swedish financial services wiki Forex specialising in currency exchange services. The company was started in 1927 providing services for travellers, at the Central Station in Stockholm. The company was subsequently acquired by Statens Järnvägar, the Swedish State Railways, which expanded the operations until it was sold to Rolf Friberg in 1965. The company was for many years the only one apart from the banks that was licensed to conduct currency exchange in Sweden.
This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Together, they cited information from 6 references. How’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high standards. How marks an article as reader-approved once it receives enough positive feedback. It also received 123 testimonials from readers, earning it our reader-approved status. Trading foreign exchange on the currency market, also called trading forex, can be a thrilling hobby and a great source of income.
You can trade forex online in multiple ways. The type of currency you are spending, or getting rid of, is the base currency. The currency that you are purchasing is called quote currency. In forex trading, you sell one currency to purchase another. The exchange rate tells you how much you have to spend in quote currency to purchase base currency. A long position means that you want to buy the base currency and sell the quote currency. In our example above, you would want to sell U.
A short position means that you want to buy quote currency and sell base currency. In other words, you would sell British pounds and purchase U. The bid price is the price at which your broker is willing to buy base currency in exchange for quote currency. The bid is the best price at which you are willing to sell your quote currency on the market. The ask price, or the offer price, is the price at which your broker will sell base currency in exchange for quote currency. The ask price is the best available price at which you are willing to buy from the market.