As you know, Forex is basically one of the biggest trading markets that never sleeps and operates five days a week and executes trillions of dollars in trades within one day. But as a forex broker, trader, or someone interested in trading, it is obviously curious to know about its history and how it started. Let’s begin with the following facts:
Currency Exchange in 256 BC:
From various facts, we have come to know that currency exchange has been in ancient times, and it was started in 256 BC. Think about it, how ancient its concept was initiated.
After the Middle Ages:
We have seen that the currencies were started exchanging by the international banks right after the end of the Middle Ages. It was a time when the first network was created to exchange currencies from one bank to another.
In the 15th century, a person whose name was Florence Medici started trading with the help of his family after opening a bank account in a bank. He started exchanging currencies with the cooperation of a merchant.
Forex in 17th and 18th Century:
It is stated in historical overviews that in the 17th and 18th centuries, Amsterdam started real-time forex trading real sense while exchanging currencies between England and Holland.
20th Century – Modern Trading:
It is said that the trading that we called forex trading today and know about it comes into existence and started working in the 1920s. It was rooted in ancient 256 BC but started working officially as modern forex trading in the 20th century. It was the time when everyone was interested in it.
First World War:
In the 20th century, we knew that World War 1 was so devastating, and it caused financial crashes all over the world. It raised the standards of gold and abundant it. It also causes less control over international forex traders after the end of the war. In the 20th century, the trades were mainly handled internationally in Paris, New York, and Berlin.
Today’s Forex Trading:
The trading touches the sky, and Forex markets have become word of mouth. Today, forex trading is one of the largest markets where trades are going on, and nearly 5 trillion US dollars are exchanged every day. This stat shows how big it is. Its efficiency, liquidity, and distinct characteristics make it more fluctuating and exciting. Every person interested in trading is always a part of any of the forex brokers and does trading effectively. You can start trading today with exness broker as a beginner.
The Bottom Line
Forex market was started humbly and steadily won the race over other trading marketplaces. It has become one of the biggest trading markets. You can do your transactions electronically by using electronic devices like a computer or a phone within a second. The world of forex trading and currency exchange has changed a lot from the metal coins exchange to the digitally electrical transactions. Still, the traders remain focused and never change. If you want to be a part of this, you need to start your journey with a risk-free demo account.