Forex History
FOREX
(Foreign Exchange) is the largest financial market in the world, and
includes trading between large banks, (Central banks, Commercial Banks,
Investments Banks) currency speculators, multinational corporations,
governments, and other financial markets and institutions.
The
average daily trade in the global FOREX and related markets currently
is over US$ 3 trillion where all the transactions achieved over the
counter (OTC) that there is no specific place for trading.
It
began with gold exchange between countries. As a country's economy
strengthened, its imports would increase until the country ran down its
gold reserves, which were required to support its currency. As a
result, the money supply would diminish, interest rates escalate and
economic activity slowed to the point of recession. Ultimately, prices
of commodities would hit bottom, appearing attractive to other nations,
who would rush in and amid a buying frenzy inject the economy with gold
until it increased its money supply, driving down interest rates and
restoring wealth into the economy. Such boom-bust patterns abounded
throughout the gold standard until World War I temporarily discontinued
trade flows and the free movement of gold.
The Bretton Woods
Agreement in 1944, fixed national currencies against the dollar, and
set the dollar at a rate of USD 35 per ounce of gold. The agreement was
aimed at establishing international monetary steadiness by preventing
money from taking flight across countries, and to curb speculation in
the international currency market. Due to the World War II, the economy
of many nations has suffered. During the sixties, however, national
economies moved in different directions which paved way to its collapse.
The
Agreement was finally abandoned in 1971, and the US dollar would no
longer be convertible into gold. By 1973, currencies of major
industrialized nations became more freely floating, controlled mainly
by the forces of supply and demand which acted in the foreign exchange
market. Prices were floated daily, with volumes, speed and price
volatility all increasing throughout the 1970s, giving rise to new
financial instruments, market deregulation and trade liberalization.
In
the 1980s, cross-border capital movements accelerated with the advent
of computers and technology, extending market continuum through Asian,
European and American time zones. Transactions in foreign exchange
rocketed from about $70 billion a day in the 1980s, to more than $1.5
trillion.
While FOREX has been traded since the beginning of
financial markets, on-line retail trading has only been active since
about 1996.
The FOREX market is a non-stop cash market where
currencies of nations are traded, typically via brokers. Foreign
currencies are constantly and simultaneously bought and sold across
local and global markets and traders' investments increase or decrease
in value based upon currency movements. Foreign exchange market
conditions can change at any time in response to real-time events.
Practice Competition
Sigma Forex Ultimate Forex Monthly Champion
Interested clients who wish to take part in this competition shall send a request via email at 
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Attached with the following information:
- Full name
- Phone number
- Current valid passport or government issued photo ID
It begins at the beginning of each month.
After recieving your request we will provide you with further details and with your Practice account login information which will be used in the trading contest.
Also you have to download Sigma Forex Platform to login with the account number and password after receiving them.