The concept of trading on the Forex market is dependent on the process of buying one currency for another and also the inverse operation of selling it, to make a profit. Investors, traders, users and firms can make forex transactions with almost every currency of the world. The forex trading market is exceedingly large with billions of trading in foreign exchange picking up on a daily basis. Starting to trade on forex is not difficult. But the complication arises only when one is trading with an objective to make profits and which in most of the cases is the aim of all traders, investors, firms and not to exclude the retail users.
In India, banks offer assistance in this area but the assistance is just limited to operations. It ignores the advisory area which most SME and MSME seek out for. Lately, with the inception of forex service providers, businesses have found a reliable source to approach help in the area of foreign exchange advisory. The Forex market works on the laws of supply and demand. The central point lies in understanding these laws and also following systems and successful strategic plans in this area. In order to make profits and most importantly manage risks, there is a need to combine knowledge with practical skills of trading and analysis.
Foreign Services from reliable service providers like that of Myforexeye include a range of solution that is aimed to help businesses and individual traders to better their trading every day by analyzing the market’s movements, and developing strategies to tap opportunities and situations that enhance trade moves from the ones taken in the past.
Valuable Assistance offered by FX Service Providers
One of the smart moves to making successful forex transaction is to keep a check on the live FX rates. Service providers like Myforexeye, therefore, offers this option to help users check forex rates before finally executing any real time transaction. Benefits of this feature are that users do not have to switch between sources to check the real rates and in case of any doubts in mind, they can even discuss on it with the experts while discussing it with banks to seal any dealings.
Further, to analyze if the past transactions done with the assistance of banks were on the right track, an exclusive facility offered by Forex Service Provider is the rate audit option. Through this option, users can audit the cash rates, spot rates, cancellations or forwards to analyze the dealings of the past transactions.
The TPO or transaction process outsourcing basically refers to outsourcing the foreign exchange related transactions to financial firms to make rate bookings. It is helpful to both SMEs and MSMEs to stay at ease from the role of dealings with banks to book their transactions and get the advantage to book the best rates without any misappropriations. This is possible only because of the expert’s guidance throughout the process. Here, firms remain informed about every step that is taken on behalf of them, the negotiations are done by professionals on the basis of the company. The clients can ensure complete transparency of the entire process because voice recordings of phone calls with the banks are shared and they also know the exact time of the transactions to verify if the rates booked are right.
Service providers like Myforexeye offer facility called Dr. Forex which aims at helping investors, firms, and traders in risk mitigation for a specific forex transaction. Under this service, dealing experts employ methods to forecast the behaviour of the prices on the Forex market. Based on this, they advise investors and firms to make smart moves in a volatile market situation. It is not easy to fulfil the fundamental analysis of forex as the same factors may have varied influences on the situations. To witness successful outcomes, a lot depends on the clear understanding of the impact of the components of the currency market. For any trader who does not have an in-depth knowledge of it, analyzing such is not an easy task until professional bits of help are involved to guide them along the way.
Factors influencing the market reflect in the price and this determines the behaviour of market participants directly. Prices move in a certain direction and the trends may sometimes go up as well as go down or fall flat. Identifying such factors contribute to technical analysis and scheming out plans of action based on the favour of the trader’s moves. Each move is important because the entire pattern of the previous situations gets reflected in the present move.
Another exclusive service designed for retail users is money exchanging. People who travel abroad for education, recreation or medical purpose need to exchange their domestic currency to foreign currency. In this regard, guidance to avail money exchange facility as laid down by the Reserve bank of India will help retail users immensely. Users may not be aware of the fact that there are many multi-currency forex cards available for them and which if used properly can assist users while travelling to overseas nations.
Similarly, assistance to money transfer following the arbitrary guidelines can be taxing for any users until professional assistance does the work of helping users understand the norms and follow them in the best ways.
Industry reports prepared by research teams are valuable assets for comfortable forex trading. These reports contain insights that interpret the situations on the market correctly. These reading materials offer key information on successful actions and events that helps in risk management in times of currency fluctuations. These insights give a holistic picture of the global forex market situations and cover in-depth technical as well as fundamental forex analysis.
Banks have designed a premium category accounts for the importers and exporters. In fact, to hold this kind of accounts, traders do not need to avail any kind of loan facility from banks. Account holders of such account need to however be mindful of three levels of charges to enjoy the benefits of holding such kind of accounts. These charges are for forex conversion, document handling, and remittance charges. Here, involving Forex services by Forex Specialist Advisory firms helps traders to find lucrative ways to save a good chunk of money on each remittance.
The foreign exchange market like any other market is the same because here like any other market something is bought and sold. However, here no goods or services are purchased and sold. Instead, currencies are bought and sold. Also, the currency that is being bought and sold is being bought with a different currency. For example, in the market for Euros, the Euro is being bought and sold for using another currency such as INR.
Both traders and hedgers in India can only access the Forex markets through deemed traded platforms NSE, BSE, and others. Dealing experts dive in deep to keep them informed on the forex market to track the benefits of a certain market situation and the potential risks such like leverage risks, interest rate risks, transaction risks, counterparty risks, and country risks. This constant analysis helps experts chalk out a risk-free plan layout to help clients avoid bumps in the trading cycle and take confident moves.
Read more about foreign exchange
10 Dec 2019 05:19 PM
Most of us understand the importance of the global interest rate benchmark LIBOR – London Inter-Bank Offered Rate, especially when millions of dollars are benchmarked against it for decades since 1984.
29 Nov 2019 02:16 PM
Ideally a trade constitutes a foreign exchange transaction but currency can be traded without any underlying which makes it a risky proposition.
26 Nov 2019 12:29 PM
Foreign exchange risk is a financial risk which exists when a home currency is converted into another during the transaction.
14 Nov 2019 02:54 PM
A foreign exchange transaction is recorded in the books of accounts at an exchange rate though the payment is made at a different exchange rate. This leads to transactional foreign exchange loss or gain.
07 Nov 2019 10:48 AM
Modern foreign exchange market started its shift from a fixed exchange rate to a floating exchange rate system. Thus a global decentralized, over the counter (OTC) market for trading of currencies evolved which determines the forex rates.
29 Oct 2019 05:00 PM
Trading in the financial markets is what increases the volumes especially when some markets are open across the borders over different time zones. Each market has its underlying asset which is tradable over the exchange.