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When did Forex start?



The Babylonians are known to be the first traders in history. They designed the system specifically for the exchange of currencies. People in the early days conducted business using a method called trade by barter. Participants in this type of trade exchanged one tangible good and services for other products and services. The metal age followed this period with gold and silver, becoming the main tools for business transactions.

Gold Standard
When precious metal like gold became the trading tool, its usage became regulated; hence; diminishing the value of other types of trading money. The regulation of gold sent a panic wave across the world and forced people to exchange the value of their money for gold.

Forex Market
Then came 1931, when the gold standard was removed, and the FOREX market was created. People didn't pay much attention to the forex market at that point, but it's momentum kept on raising and today it is an over $4 Trillion market.

Foreign exchange (Forex) was created to provide more monetary stability and reliability for transactions. The USA in 1944 took the lead in the establishment of the forex market with the introduction of US Dollars as the new world's currency.