We are the best FOREX trading platform offering exceptional financial services to our clients with great efficiency and talent. Currency trading is one of the most important aspects of international trade in different countries, organizations, and people. Round the clock, investors can trade in the foreign exchange market from Monday to Friday. The trading volumes cross $5 trillion each day.
Many brokers adjust their spreads depending on how active the markets are. Fomos Capital offers fixed spreads so you know exactly what you will pay when you trade.
Fomos Capital allows you to cancel a losing trading within a specific period of time for a small fee. Think of it as insurance for your trade, if you are unsure of its outcome.
No matter what happens during a trade you can rest assured that your account balance will never go below zero.
Set the lowest price that you are comfortable with and set a stop-loss to close your deal when it is reached. A great risk management tool, offered by us at no additional charge.
| Currencies | ||||||
|---|---|---|---|---|---|---|
Product | Open | Close | Daily Break | |||
Majors & Minors | 22:00 | Sunday | 21:00 | Friday | 20:55 – 21:05 (MT4) | |
Swiss Franc | CHF | 22:00 | Sunday | 21:00 | Friday | 21:00 – 22:00 (MT4) |
Exotic Currencies | ||||||
Israeli Shekel | ILS | 05:30 | Monday | 15:00 | Mon-Thu / 11:00 Friday | |
Chinese Yuan | CNH | 00:00 | Monday | 18:00 | Friday | |
Mexican Peso | MXN | 22:30 | Sunday | 21:00 | Friday | 21:00 – 22:00 (MT4) |
Swedish Krona | SEK | 22:30 | Sunday | 21:00 | Friday | 21:00 – 22:00 (MT4) |
Norwegian Krone | NOK | 22:30 | Sunday | 21:00 | Friday | 21:00 – 22:00 (MT4) |
South African Rand | ZAR | 22:30 | Sunday | 21:00 | Friday | 21:00 – 23:00 (MT4) |
Forex can be simple to understand – you trade one currency for another one – it’s accessible, open 24/5 – and with $5 trillion of daily trading volume it’s really dynamic. This is why Forex is a favorite amongst both novice and advanced traders. Trade Forex Now to discover this market.
The five most popular Forex pairs involve some of the World’s most powerful currencies including the U.S. dollar (USD), the British Pound (GBP), the Euro (EUR), the Swiss Franc (CHF) and Japanese Yen (JPY). The so-called “major pairs” are currency pairs involving these currencies. When you trade Forex, you basically sell one currency for the other, but they are considered as one unit. The base currency is the one on the left i.e. EUR/USD, the non-base currency is the one on the right. Usually the pair is quoted as above: EUR/USD – 1.17800 (indicative price) means that every euro you buy, you sell 1.17800 dollars. Inversely USD/EUR would be quoted as 0.8488 (just divide 1 by 1,17800 to figure out the inverse) meaning you sell 1 dollar and buy 0.8488 euro cents.
When you sell the currency, the opposite exists – you sell one of the base currency and buy the other. In USD/EUR at 0.84888 you sell 1 dollar and purchase 0.84888 euro.
Buying and Selling a pair depends on the market conditions of their currency. For example a negative announcement from the European Central Bank, could cause the euro to drop significantly against the dollar. So, a trader would likely sell the pair EUR/USD meaning they sell EUR and buy USD in the hope that it will gain over the EUR due to the announcement.
From the very beginning, we have strived to offer our clients the most innovative products, tools and services.
Fomos Capital has strived to offer the highest level of customer support possible with exclusive risk management tools, 24/5 customer support and conditions which help our traders.
Fomos Capital's innovative and intuitive Trading app allows you to trade on any iOS or Android device, giving you access to markets anywhere, anytime.
Because Forex is a leveraged financial instrument it can be risky. Always practice healthy risk management when trading leveraged products, including calculating and adhering to your risk/reward ratio, strategy and investment goals.
The most popular currency pairs are what are known as major currency pairs, and include:
First you need to calculate how many pips the price has moved. Because your profit and loss will be the pip movement multiplied by the size of your position.
First you should calculate the spread i.e. the difference between the bid and ask price.
Bid – Ask = Spread
Here’s how to calculate the pip movement of your trade:
The EUR/USD exchange rate is 1.4100 meaning 1.41 US dollars is worth 1 euro. If you sell a euro you buy 1.4100 US dollars. If you buy 10,000 euros at a rate of 1.4100 that equates to selling $14,100 (1 euro = $1.41, therefore €10,000 = $14,100). If the euro rises and the rate moves to 1.4200. For every euro you bought, you have made 1 cent, in turn this means you profited by $100 ($14,200 -$14,100). Inversely if you sold the pair, meaning you sold euro and bought USD. So 10,000 euros at 1.41, meaning you lost 1 cent for every euro you bought. A 10,000 euros would equate to a loss of $100 ($14,200 – $14,100 ). Inversely if you were to sell 10,000 euros with the same price movement and conditions you would lose $100.
The forex market is open 24 hours a day five days a week, so choosing when to trade can seem daunting, especially if you are a new trader. The trading day in forex is separated into four main sessions; New York, Asian, European and Australian. Here’s where it can get more complex though, because the best time to trade depends on how you trade. Traders that seek to benefit from small increases and decreases in price, usually seek volatility, even though it increases risk. This usually happens when session over-lap. If you are a long-term trader i.e. someone that opens trades and holds them for a longer period of time, or if you are a risk averse trader then you might want to avoid volatility, which in turn means avoiding overlaps.
Everyone learns at a different pace, but the general rule of thumb is after a 3-6 months of trading with a demo account – or until you can produce replicable results and conservative returns consistently. The truth is that a serious trader should always be researching and learning.
FOREX is an abbreviation for Foreign Exchange because it exchanges one currency for another one from a different country. Even if you have never traded but travelled, you might have actually participated in the FOREX market. When we travel, we exchange our money for the money of the country we are travelling to.
When you trade FOREX, you aren’t necessarily buying the actual Dollars for physical Euros. You are trading a CFD (a Contract for Difference), which allows you to trade the price of your chosen currency for another, without the obligation of owning it. This means you can trade and potentially benefit from both upwards and downwards movements . As with any investment vehicle there are inherent risks involved due to the numerous variables that affect market volatility, please be aware of these before you start trading.
Much like other types of trading or investing, there are numerous variables that contribute to potential profitability or increase potential risk. The best way to achieve your investment/financial goals and avoid unnecessary risk is to have a strategy, a well-defined risk limit and be aware of all the events happening that can cause market volatility.
