Forex trading is all about exchange currency pairs—currencies of different countries move up and down at prices against each other. And this upward and downward movement makes the forex traders earn potential profits. Most trading currency pairs include JPYGBP and EURUSD.
So, forex trading is the game of money digital asset exchange. If you are interested in this trade, then first know about the statistics and facts about forex. Here, we will cover the 7 forex trading statistics, all you should know.
Let’s dive in!
7 forex trading statistics all you should know
Forex is the biggest financial market
The forex market is the major financial market in the world. Its recent volume is about $2.4 quadrillion. In 2019, according to the data extracted from sources, the forex market had a daily turnover of $6.6 trillion. Moreover, the forex market is the most liquid and is active 24 hours of the 5 working days. Traders tend to open trade from a few seconds to several months regarding their strategy.
Number of curries being traded
You can trade with more than 170 different currencies in the forex market. Choose the one currency pair that can prove the best match for your strategy and profits. Like many forex brokers South Africa offers a pleasant opportunity to open a ZAR account to earn the highest profits.
Major currency pairs
The most profitable and trending currency in the forex market is United States Dollars (USD), consisting of about 88% of forex traders worldwide. Then EURO comes on the second rank enlist with Japanese Yen, British Pound, Canadian Dollar, Australian Dollar, Swiss France, etc.
Major currency pairs are those that are widely traded in the world. 7 most traded currency pairs are followed
You may note that each major currency contains the United States Dollars as a quote currency or base.
Online forex trader
The strength of online forex traders around the world is about 13.9 million. 4.6 million online traders are based in Asia, about 3.1 million in Europe, and 1.6 million traders belong to North America
Active trading hours
The forex market contains authorized entities like forex brokers so that no exchange market can control forex trading. There are brokers, forex interacting, and active and liquid trading hours for the trade depending on time zones.
These time zones may overlap as each region has its official trading time zone. Like London from 2 AM EST to 11 AM EST and New York from 8 AM EST to 5 PM EST.
Biggest forex broker
The biggest forex broker globally based out of Australia is IC Markets. The average everyday trading volume of these brokers is about $18.9 billion.
9-20 trades are open by 41% of traders every month on an average. While 14% of forex traders spend 6 hours on currency exchange. However, about 45% of traders spent almost 1 to 2 hours online trading.
In a nutshell, forex traders are well-known and profitable trade globally. It is why hundreds of traders get attracted to it day by day.