Forex 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 advisory services
08 May 2020 05:21 PM
Converting one exchange rate into another at a particular price makes transferring rates. Ideally all nations should be treated as equal and there shouldn’t be any exchange rate applicable which would mean to have a universal currency.
24 Apr 2020 03:08 PM
Managing risk in a financial market is required to keep a check on the adverse movements in the instrument of the market. Particularly in the foreign exchange market.
10 Apr 2020 06:12 PM
So was India’s decision on locking down the country for 21 days required? The implication on the economic growth or rather slowdown has only made many doubt the timing and preparedness of the decision.
24 Feb 2020 05:08 PM
When they say the currency markets are volatile, it is the spot exchange rate, which is being referred to, which fluctuates within seconds.
07 Feb 2020 03:19 PM
Derivatives market enables access to financial assets for trading at a future date and not just at the market trading date. In currency derivatives the trader agrees to buy or sell a fixed amount of a specified currency at the end.
27 Jan 2020 02:13 PM
Well devaluing a currency can give a thrust to the exports and reduce the trade deficit but for any economy which has higher imports, the consequences can be on the negative too.