The foreign exchange market is an over-the-counter (OTC) market for the trading of currencies. This market determines the foreign exchange rate. It includes buying, selling and exchanging currencies at current or predetermined prices. The foreign exchange market is the largest in the world. The principal participants in this market are the big international banks.
The foreign exchange market accommodates international trade and investments by allowing currency conversion. The Forex service providers can be broadly divided into Banks, brokers, technology supported service providers and other specialist forex financial institutions. The services provided by these institutions predominately include corporate, individual and retail services.
Forex Services Meaning
Forex services are the solutions provided by forex service providers. They offer an essential service for markets, especially for retail and corporate forex traders. Since they began operations they have helped open up a field of opportunity that previously wasn't available to individual traders.
With an internet connection and a computer or mobile phone, traders can now open an account and trade in a market and avail services that were previously only available to banks, big companies and financial institutions, and very wealthy individuals. Forex service providers also offer services that can be valuable in assisting traders to understand price movements and potentially make profits.
The following are the services offered to clients in general by the forex service providers;
Information and news feeds and research services,
Asset price charting,
Trainer trading programs and advice
Professionally managed accounts.
Myforexeye is India’s first full-service forex service provider; it is the one stop shop for all foreign exchange products and services.
Myforexeye corporate forex services for businesses dealing in multiple currencies are as follows;
Transaction Forex Risk Advisory
Corporate Forex Training
Individual services provided are the services provided to any common man, these services are also used by business firms.
Retail services provided are
Forex Services Near Me
Forex exchange is done by a business or financial institution that has the legal right to exchange one currency for another currency to its clients. Forex exchange can be a stand-alone business or can be part of the services offered by a bank or other financial institution. Forex exchanger or moneychanger is a person whose business is the exchange of one currency to another. Forex exchange institution gains profits from its services provided wither through adjusting the exchange rate or taking a commission.
With the development in the foreign exchange market and globalization resulted in an increase in foreign truncations day by day. This allowed banks, fintech companies and specialist financial firms such as currency exchangers, coin dispensers, money change machines, and forex brokers to simplify the system of changing one country’s currency into another with an added advantage of quick, safety and transparency.
There are over a thousand money exchangers in all the major cities in India. Choosing the best strategy to exchange currency at the right time and the right rate is important. Moreover choosing the best currency exchange dealer with finest exchange rates and a minimal fee is the most impotent decision to be made by the Forex dealers.
Myforexeye is full-fledged Money changer licensed by the RBI. They have the best solution for every currency exchange concern.
Forex Advisory Services In India
Foreign exchange risk is a financial risk caused by exposure to abrupt changes in the exchange rate between two currencies. In other words, as a result of un-hedged exposure, it is the possible direct loss or indirect loss in firm’s cash flows, assets, net profit, liabilities, and in turn its stock market value from an exchange rate swing.
There are over ten thousand forex advisory services firms in India. Furthermore, with the shift in the world towards technology, today we have robot expert advisors as well. Forex markets are extremely unpredictable and insanely volatile. Managing forex risk requires regular tracking of the forex markets, a lot of experience and patience. The forex advisory team at Myforexeye has decennium of experience in forex risk management. It provides all the services needed to a customer at hand to manage risk. To manage the forex risk effectively, Myforexeye team provides market intelligence and industry best practices to its clients.
Forex Services Mumbai
Mumbai the city of dreams serves as a home for many. Every day there are thousands of people who come to the city and travel abroad. Currency exchange is in high demand by most Mumbaikars for students, foreign travellers, professionals, business people, and migrants. Many send money aboard for the purpose of medical treatment, education, employment, emigration, visa fees, film shooting, registration etc. Moreover, tourism for foreigners to visit Mumbai and Mumbaikars to travel abroad, currency exchange is the first step. In addition, Mumbai is the city for corporates; there are many firms who are needed for a good forex service provider to add up to the bottom line.
There are many forex service providers in Mumbai, these are in the form of standalone businesses or part of the service offered by banks or other financial institutions. Finding the best provider is quite a task, as they make profits out of commission charges or exchange rate differences or through hidden charges that add on high costs to your budget. Most currency exchange rates in Mumbai are kept fixed by providers or the rates are manipulated, unlike Myforexeye.
Myforexeye delivers currency exchange solutions through advanced technology at the tip of your hands. They bring together a unique mix of technology, transparency, quality customer support, and convenience to give you the best forex services in Mumbai.
Forex Consultancy Services
Forex consultancy services provided by forex firms broadly involve assistance on existing hedges, risk management training, independent hedging advice, fundamental and technical outlook reports, advisory on meeting corporate objectives, advisor dedicated to a particular firm, drafting customized forex hedging plan, and checking the rates. But the key to finding the best forex consultancy service provider stands with the quality of the service and outcome of your profits.
Myforexeye looks at advisory as a responsibility that does not just stop us with giving an advisory to cover foreign exchange risk but beyond. We empower our clients with all market inputs, technical outlook, Rate check, Rate alert, Forex news, research reports, exposure management, Forex training, and risk management. These actually add on to your bottom-line and help you grow your profits.
Forex Financial Services
Forex financial service or Trade finance is the provision of any form of financing that enables a trading activity to take place. Trade financing could be made either straight to the supplier, to enable him to procure items to produce, or for immediate sale, and/or for storage for future activities. It could also be given to the buyer, to enable him to meet contract obligations. In general trade is built on trust, however, there are always adverse elements that could upset the trade cycle, this is where the banks can intervene and help to bridge the trust gap.
The B2B client segment goes through the tedious process of identifying reasonable bill discounting and import financing channels for multiple transactions every month. The current market dynamics is completely offline and marred with duplication of efforts.
Myforexeye has built an algorithm where users can fetch bill discounting as well as Buyer’s credit & Supplier’s credit from over 65 banks in less than 2 minutes. The service lets users place orders, generate documents, track funding, receive timely notifications and manage the transaction with ease, comfort, and safety, thereby leading to higher profits.
The foreign exchange market or currency market is the largest and most liquid market in the world with a turnover over $5 trillion on daily basis. On comparison with equity market globally it exceeds 25 times in volume. There is no centralized system in place for foreign exchange market it is done through electronic networking of banks and financial institutes. The foreign exchange market is open 24 hours a day and 5 days a week. All the participants in the foreign exchange market requires to buy or sell the currencies, being a high volatile market some of the participants like Corporates in MSME section and individual investors or traders require assistance in conversion rates of the currencies and advise on the fluctuations of the currencies.
The foreign exchange services can be divided in to two major categories according to the participant’s requirement. MNC’s and MSME’s require services like Trade finance where they can get easy access to the international fund and pay or receive bills in their respective currencies. They also require services on Advisory for hedging purpose for their future needs. In retail services the participants are individual traders, currency buyers or travellers, for these clients services like forex cards, Money transfers and money changing are required and for individual traders Advisory service can also be used.
Forex Advisory Services
Clients who are into imports or exports or who are receiving payments or having payables in foreign currencies and companies having assets and liabilities in foreign currency are all exposed to foreign exchange risk or currency risk. The value of the investment or transaction or asset may change with the change in the currency rates and in turn this may affect overall profitability of the organisation. To avoid the currency risk one should hedge his positions. Hedging can be done using financial instruments like Forwards, futures, options and spreads, according to the situation in the market Hedging strategy can be defensive or aggressive or conservative and these strategies are manipulated by the percentage of hedge we do.
Hedging requires a huge understanding of the market for this Advisory service is required. In Advisory service the advisors proactively and timely observe the market and focus on clients risk framework and adjust they strategy. Advisors evaluate the client’s requirement and advice products and percentage required for hedging. Advisors also assist the clients in providing mark to market on the hedging strategies. Using fundamental and technical analysis advisors analyse the market with respect to the client requirement and provide the weekly and monthly reports on his investments. Advisors also help clients in understanding the technical aspect of the FX market. Advisory service main aim is to provide an ideal hedging plan to the client.
Forex Trading Service
Foreign currency trading is an act of buying and selling of international currencies. Foreign currency markets are effectively open 24 hrs a day, at the end of each business day in Asia, traders pass their open currency positions on to their colleagues in Europe, who in turn pass it to American traders. Currencies are traded according to the exchange rates, these rates are prices denoted by number of units of one nation’s currency that can used to buy another nation’ s one unit currency. There rates can be divided into cash, tom, spot and future prices. Cash prices rates are used to settle the transaction in same day of the order, TOM rate is used to settle the transaction in T+1 day. Spot is used for T+2 days and Futures is according the time period of the contract.
A contract cycle can be from one month to 12 months cycle. Hence exchange rates can be up to 12 months at any given point of time. The last business day of the month will be the final settlement date of each contract; currency trading can be done in two different markets futures and forwards. Futures market is regulated by an exchange and forwards is an OTC market.
Forex Signal Services
The foreign exchange traders use signal system to make critical decisions about their trades. Signals are one of the most important tools a forex trader has and almost all the trader’s use one or the other signals for trading. The two main methods which guide the traders are technical analysis and fundamental analysis. Technical analysis uses past information about the price and trend that is available and by using candle charts and waves, we try to predict the movement in the price.
Fundamental analysis mainly based upon the current events and how they might affect the prices of the currency over short and long period of time. Traders uses indicators like support and resistance levels, Fibonacci levels, Bollinger bands, Breakouts, Moving Average, Oscillators and Stochastic lines to predict the buy/sell signals. The major characteristics of these signals are to verify the track record and maximise the profitability. They also indicate the time period movement and give indication about the trend reversal.
Forex account management services
Forex account management is a type of account in which a money manager trades on behalf of his client for a fee. Forex account managers are sophisticated traders, who advantage of huge amount to trade and amplify their gains. Individual trader cannot be much active in the currency market which is high in liquidity and volatility for these individual traders. Forex account managers trade on their behalf, who are very active and enjoy the thrill of speculation. Authorisation has to be given to these advisors so that a trading account can be opened with a brokerage firm; post which necessary amount of funds is allocated for management of the account. The account manager will have limited access to the account and can operate up to trade only basis.
There are 3 types of managed accounts Individual pooled and PAMM accounts. Individual Account is a simple and standard type of account, money marker usually trade on your behalf but the trading decisions are solely based on your instruction or desire. They trading decision will be based upon individual risk level and specific guidance’s given by the account holder. In pooled account money manager pools all the investments and trade on behalf all the investors and profits are shared according to the percentage of the investment. A main benefit in pooled account is that investor can start with minimum account.
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.