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Who started forex?

The foreign exchange market, or forex, is the largest financial market in the world. It allows individuals, institutions, and governments to buy and sell currencies from around the world. The forex market operates 24 hours a day, five days a week and trades around $5 trillion daily. But who started forex?

The origins of forex can be traced back to ancient times when merchants would exchange their goods for other goods or currencies. However, the modern forex market as we know it today began in the early 1970s when the Bretton Woods Agreement was abandoned.

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The Bretton Woods Agreement was a system created in 1944 that pegged the value of the US dollar to gold. This meant that every other currency in the world was pegged to the US dollar. However, in 1971, US President Richard Nixon suspended the convertibility of the US dollar to gold, effectively ending the Bretton Woods Agreement.

This move paved the way for the development of the modern forex market. Without the gold standard, currencies began to float freely and their values were determined by supply and demand in the open market.

The first forex trading platform was created by a company called Matchbook FX in 1999. This platform allowed individuals to trade currencies online in real-time. However, it was not until the early 2000s that retail forex trading became widely accessible.

One of the pioneers of the retail forex industry was a company called FXCM. Founded in 1999, FXCM quickly became one of the largest forex brokers in the world. They were the first broker to offer forex trading to retail traders via the internet.

Another key player in the early days of retail forex trading was Oanda. Founded in 1996, Oanda was one of the first companies to offer online currency conversion services. They later expanded into forex trading and became one of the largest forex brokers in the world.

Today, there are many forex brokers and trading platforms available to retail traders. These platforms offer traders access to a wide range of currency pairs, as well as other financial markets such as stocks, commodities, and cryptocurrencies.

In conclusion, the modern forex market as we know it today began in the early 1970s when the Bretton Woods Agreement was abandoned. The first forex trading platform was created by Matchbook FX in 1999, but it was not until the early 2000s that retail forex trading became widely accessible. Key players in the early days of retail forex trading were FXCM and Oanda, and today there are many forex brokers and trading platforms available to retail traders.

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