Forex is an abbreviation of ”foreign exchange”.
Unlike the forex trading as we see in various bank or money changer, the forex which we will trade not involvecurrencies in ”physical”. The transactions are contracts based on foreign currency price movements. Gains orlosses that we get is based on the currency price movements that we traded.
Forex is transacted in the units of ”LOT”, where 1 lot is equal to 10,000 (ten thousand) base currency. The figure of 10.000 is called ”CONTRACT SIZE ’or’ contract value ’. So, if we buy 1 Lot of USD / JPY for example,that means we buy 10,000 USD using JPY. But with the leverage facility of 1:400, we just need $ 25 to do the 1 lot transaction.
MySmartFx does not charge commissions for any forex transactions that you do.
At MySmartFx, you can trade a vast variety of major world currencies, include:
Major currency pairs: EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, dan NZDUSD