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Who started Forex?



The forex market first came into existence in the year 1931, when the gold standard was removed. 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 $6 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.

Foreign exchange trading was once something that people only did when they needed foreign currency to use when traveling in other countries. It involved exchanging some of their local country's currency for another at a bank or foreign exchange broker, and they would receive their foreign currency at the current exchange rate offered by the bank or broker.

These days, when you hear someone refer to foreign exchange trading or Forex, they are usually referring to a type of investment trading that has now become common. It is now considered the most prominent financial market.

Just like with trading stocks, Forex traders can speculate on the fluctuating values of currencies between two countries, and it's done for profit.