Currency trading is one of the most attractive markets for both new and experienced traders. It is estimated that in the UK, 14% of currency transfers/payments are made via Foreign Exchange Companies. 70 These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. 71 These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services. The volume of transactions done through Foreign Exchange Companies in India amounts to about USD 2 billion 72 per day This does not compete favorably with any well developed foreign exchange market of international repute, but with the entry of online Foreign Exchange Companies the market is steadily growing Around 25% of currency transfers/payments in India are made via non-bank Foreign Exchange Companies. 73 Most of these companies use the USP of better exchange rates than the banks. They are regulated by FEDAI and any transaction in foreign Exchange is governed by the Foreign Exchange Management Act, 1999 (FEMA).
The currency exchange performed by the western countries are responsible for Forex trading. Foreign exchange trading is nothing but purchasing a quantity of one currency by a participant and exchanging it by selling another type of currency the participant have.
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Economic indicators play a huge role in the forex trading especially for traders who approach the market through fundamental analysis and trade the news. The Federal Open Market Committee (FOMC) interest rate decision is one of the most influential indicators for the US dollar and you can be sure after the news is released there is going to be volatility in the markets and volatility is what traders thrive on.
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