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Monday to Saturday full working time service available. Yes Bank and X pay for Domestic Money Transfer Remittance facility. This website is operated by IFCMARKETS. Forex Market is a decentralized global market where all the world’s currencies are traded against each other, and traders make a profit or loss from the currencies’ value changes. Forex Market is also known as Foreign Exchange Market, FX or Currency Trading Market.
History of Forex Market The history of Forex market is marked by two particular events which put a deep stamp on its formation and development. These two historical events are the creation of Gold Standard System and Bretton Woods System. Gold Standard and Bretton Woods Systems Gold Standard System was formed in 1875. The main idea behind it was that governments guaranteed that a currency would be backed by gold. All the major economic countries defined an amount of currency to an ounce of gold as the value of their currencies in terms of gold and the ratios for these amounts became the exchange rates for these currencies. This marked the first standardized means of currency exchange in history.
In July 1944 more than 700 representatives from the Allied nations brought forward the importance of a monetary system which would fill the gap left behind the gold standard. They arranged a meeting at Bretton Woods, New Hampshire, to set up a system that would be called the Bretton Woods system of international monetary management. This was the end of Bretton Woods System and the beginning of Forex Trading System. It has no centralized marketplace where transactions are conducted. With no centralized location of trades, the forex market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide across almost every time zone. The Forex Market is the most liquid market and its high liquidity means that prices can change rapidly in response to news and short-term events, creating multiple trading opportunities. To get more idea about it, let’s take a closer look at forex market history.