Services related to trading of currencies in the globally decentralized or over the counter (OTC) foreign exchange market are Forex Services. These services are provided for buying, selling or exchanging currencies at determined prices or current currency prices. Since the volume of this financial market is high, there is high fluctuation or volatility in the prices of these currencies.
Participants who avail these forex services are financial institutions, exporters or importers, traders, venture capitalists, private equity investors, inbound/outbound travelers, students, etc.
The Forex Market assists in international trade and investments as it converts currency. So it permits a business in India to import goods from United States of America and pay in US Dollars, USD even though its income is in Indian Rupees, INR. The market supports speculation and evaluations relative to the currency value and the carry trade speculation, based on the interest rate differential between the two currencies. This conversion happens through a forex services provider.
The Forex Service providers aim to give access to real-time currency rate information to the client in order to ensure transparent transactions when the client exchanges their receivables or payables with the banks. Many a times, the bank charges a margin over and above the currency rates. When there is no cross-check of real-time rates, the banks generally tend to quote a price in favor of the bank thus levying an extra margin to the client.
Apart from giving information through RateCheck, Myforexeye forex services also include RateAudit, foreign exchange risk advisory (FRA), transaction forex risk advisory (TFRA), transaction process outsourcing (TPO), corporate training services, etc. For retail clients, we even offer the money changing facility or money transfer services. They can travel for education or pleasure or medical needs and can choose to travel with a multi-currency forex card which is chip and pin protected.
Read more about Forex Expert Advisor