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How to trade Forex?
Forex trading works same as other exchanges in which you buy one asset using a currency or vice versa. In forex markets, the prices indicate how much of a currency is needed to buy another. For example, the EUR/USD rate indicates how many USD, counter currency, is needed to buy 1 EUR, base currency. When you buy a currency pair, the base currency of the pair gains value, yet selling a currency pair will lead to an increase in value of the counter currency.
Once you speculate on price movements with contract for differences (CFD) in forex markets, you use leverage, allowing you to open a long or short position for a small proportion of the full value of the trade. Contrary to non-leveraged products, you don’t physically take the asset in forex market. You only take a long or short position on whether you believe the prices will increase or decrase.
Kindly note that trading with leverage can amplify your gains, yet it can also amplify your losses if the prices moves against your position.
Start to Trade with Venn Prime
- MAJOR
- MINOR
- EXOTIC
| Classic Account | Pro Account | Elite Account | |||
|---|---|---|---|---|---|
| Symbol | Average Spread | Average Spread | Average Spread | Leverage | Value of 1 lot |
| EURUSD | 12 | 10 | 8 | Up to 1:100 | 100 000 |
| GBPUSD | 15 | 13 | 11 | Up to 1:100 | 100 000 |
| USDJPY | 15 | 13 | 11 | Up to 1:100 | 100 000 |
| AUDUSD | 18 | 16 | 14 | Up to 1:100 | 100 000 |
| USDCAD | 18.5 | 16.5 | 14.5 | Up to 1:100 | 100 000 |
| USDCHF | 18 | 16 | 14 | Up to 1:100 | 100 000 |
| NZDUSD | 20.5 | 18.5 | 16.5 | Up to 1:100 | 100 000 |
| Classic Account | Pro Account | Elite Account | |||
|---|---|---|---|---|---|
| Symbol | Average Spread | Average Spread | Average Spread | Leverage | Value of 1 lot |
| EURAUD | 24 | 22 | 20 | Up to 1:100 | 100 000 |
| EURCHF | 20 | 18 | 16 | Up to 1:100 | 100 000 |
| AUDCAD | 24 | 22 | 20 | Up to 1:100 | 100 000 |
| EURCAD | 27.8 | 25.8 | 23.8 | Up to 1:100 | 100 000 |
| AUDCHF | 22 | 20 | 18 | Up to 1:100 | 100 000 |
| GBPCHF | 24.5 | 22.5 | 20.5 | Up to 1:100 | 100 000 |
| CADCHF | 25.5 | 23.5 | 21.5 | Up to 1:100 | 100 000 |
| GBPAUD | 38 | 36 | 34 | Up to 1:100 | 100 000 |
| EURGBP | 18.5 | 16.5 | 14.5 | Up to 1:100 | 100 000 |
| GBPCAD | 27 | 25 | 23 | Up to 1:100 | 100 000 |
| EURJPY | 21.5 | 19.5 | 17.5 | Up to 1:100 | 100 000 |
| GBPJPY | 29.5 | 27.5 | 25.5 | Up to 1:100 | 100 000 |
| CADJPY | 24 | 22 | 20 | Up to 1:100 | 100 000 |
| CHFJPY | 25 | 23 | 21 | Up to 1:100 | 100 000 |
| AUDJPY | 23.4 | 21.5 | 19.5 | Up to 1:100 | 100 000 |
| NZDCHF | 30 | 27 | 25 | Up to 1:100 | 100 000 |
| EURNZD | 37 | 34 | 32 | Up to 1:100 | 100 000 |
| AUDNZD | 30 | 27 | 25 | Up to 1:100 | 100 000 |
| NZDCAD | 27.5 | 24.5 | 22.5 | Up to 1:100 | 100 000 |
| GBPNZD | 42 | 39 | 37 | Up to 1:100 | 100 000 |
| Classic Account | Pro Account | Elite Account | |||
|---|---|---|---|---|---|
| Symbol | Average Spread | Average Spread | Average Spread | Leverage | Value of 1 lot |
| USDSGD | 26.5 | 23.5 | 21.5 | Up to 1:100 | 100 000 |
| USDNOK | 440 | 390 | 360 | Up to 1:100 | 100 000 |
| EURSEK | 440 | 390 | 360 | Up to 1:100 | 100 000 |
| USDMXN | 460 | 410 | 380 | Up to 1:100 | 100 000 |
| USDPLN | 380 | 330 | 300 | Up to 1:100 | 100 000 |
| USDDKK | 230 | 180 | 150 | Up to 1:100 | 100 000 |
| EURNOK | 430 | 380 | 350 | Up to 1:100 | 100 000 |
| USDSEK | 400 | 350 | 320 | Up to 1:100 | 100 000 |
| USDZAR | 500 | 450 | 420 | Up to 1:100 | 100 000 |
| EURTRY | 972 | 968 | 966 | Up to 1:100 | 100 000 |
| USDTRY | 847 | 843 | 840 | Up to 1:100 | 100 000 |
Forex Trading Market Participants are mainly categorised into five different groups: Global Foreign Exchange Banks, Central Banks, International Companies, Fund Managers, and Retail Traders.
Global Foreign Exchange Banks do business with many other participants such as central banks, large companies, and fund managers. They provide their customers with expertise on major, minor and exotic currencies.
Central Banks hold reserves of the their countries’ domestic currency, and they also hold currency of the countrys’ trading partners to facilitate trade in their local currencies.
International Companies are also prominent participants of forex market, and they set the tone with purchases and sales on global scale.
Fund Managers are also known as forex traders, and they reach the market to buy forex and finance their international assets and/or ventures all around the world.
Retail traders are individuals who trade buy or sell their money, securities, or assets in order to make profit.
Essentially, they are the currency pairs of the major economies, and paired with the US Dollar. Majors hold the most turnover in Forex market and consists 7 pairs: EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY, AUD/USD, and NZD/USD.
Minors, also known as crosses, are pairs which are not paired with the US Dollar. Although minors have wider spreads and lower liquidity compared to majors, they are sufficiently liquid markets indeed. EUR/CHF, GBP/JPY and EUR/GBP are some examples of minors.
Exotics are emerging market currency pairs. They cannot bought and/or sold in larger sizes, and the spreads in these pairs are much wider compared to majors and minors. USD/TRY is an example of exotics.
There are many aspects influencing the prices in forex trading. These are including but not limited to the market demand for a specific currency, policy or bank interest rates, changes in positions or lots, political and economic situations such as recession, depression, stagflation, high inflation, military operations, embargoes, central bank meetings, and larger meetings, e.g. OPEC meetings. When a country’s inflation rate is lower compared to the other country’s, its currency is higher in value compared to the other, under normal circumstances. And if interest rates are high for a currency, this currency rate is expected to increase.
In the Market Watch window, right-click on an instrument and select Specification. Then, the swap rates and trading hours will be displayed.
Minimum position size that can be opened is 0.01, and maximum position size is 30 lots.
