MARKET HISTORY

A brief history of forex trading through the ages

You have heard that Forex is the market which never sleeps. There are traded trillions of dollars daily but exchanging currencies were around earlier than you might believe.

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Currency trading and exchange appeared in Ancient Egypt as early as 259 BC.

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By the end of the middle ages, a new area of trading currencies began.They started to trade through the first networks of international bank systems.

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At the beginning of the 15th century, Florence Medici family opened banks outside their country to make it easier for textile merchants exchanging currencies.

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During the 17th and 18th centuries Amsterdam developed an active Forex market. This exchange included traders just from England and Holland.

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The 19th century was a crucial time when modern trading started to create its fundamentals.

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Around 1850s companies like Alexander Brown & Sons started to lead currency market and they welcomed new participants to engage in the business of foreign exchange around 1880s.

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The biggest event in the history of currency trading happened in the 1870s when the Gold Standard Monetary System was created.

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The First World War caused countries to leave aside the gold standard because of the destructive consequences.

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By the end of 1913 nearly half of the world’s foreign exchange was conducted using the pound sterling.

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1973 essentially marks the beginning of the modern Forex market, when the state control of foreign exchange ended, and complete floating and relatively free market conditions began. s

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In the mid-1980s Reuters developed a form of electronic Forex trading that preceded the advent of the Internet that served as a real-time closed network for traders.

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Today between $4 to 5 TRILLION are traded in the Forex market each day, making it the largest financial market in the world.

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UK pound vs US dollar: two lions of currency trading

The official currencies of Great Britain and the United States are two of the strongest and the most used currencies in the world. It is the oldest pair and it has its nickname, ‘the cable’ which is known in Forex market. The Cable concept came from the transatlantic submarine communications cable that facilitated the successful exchange of the pair during the mid-1800s. If you spend some time in financial markets, specifically in Forex, you will hear “trading the cable” about trading this pair.

Understanding the US dollar

The USD has been used since 1792, it is used internationally for transactions and it is accepted widely, it is considered the world’s prime reserve currency and the global currency. It is sometimes referred as the “greenback” or a “buck”.

Understanding the British pound

It is the oldest currency which is still be using and the fourth most traded asset. When the UK joined European Union, it refused to switch to Euro and kept using Pound. It is sometimes referred as the “sterling” or a “quid”.

Crude Oil and Coffee: two giants of commodity trading

Commodities create outstanding opportunities for traders to practice their skills and strategies by going long or short in financial markets. All this because they are exceptionally volatile.

Crude Oil

Crude Oil is keeping the champion position is commodities market since it is used almost in every sector of worldwide economy. It will keep the leading position even in the future because it is being used to produce gasoline, diesel, various petrochemicals, it helps in the production of textiles, fertilizers, cosmetic and even steel.

Coffee

When we drink a coffee, we are contributing in putting this bittersweet-flavored commodity in the top of commodities. Based on some studies, people drink around 2.25 billion cups of coffee daily. Annually it is produced more than 150 million jute bags. Here we are talking about the global production of coffee by exporting countries.

Bitcoin​

If you want to give 1 BTC to your friend, you can do that without the presence of the banks as intermediator. Bitcoin would be described as decentralized and digital currency. Its purpose is to be an alternative to substitute fiat currencies like USD, GBP, JPY, etc.

Ethereum

If you have an idea for a project/application that uses blockchain technology, you do not need to develop your own blockchain. The reason why Ethereum differs from the other cryptocurrencies is that you can start building it on Ethereum’s blockchain instead.

Payment Methods

You can fund your account with Dakken Group with whatever Visa Card you own. We accept Visa Debit, Visa Credit, business cards, except of prepaid ones.

Mastercard is also one of our best collaborators. You can open your account with Master Debit and Credit. There are no additional charges for deposits or withdrawal with Master cards, even though during other payments you are charged for the service.

Maestro is a quick and easy way to get your account ready to trade. It is a fast funding method. Maestro Debit cards are accepted, excluding prepaid ones.

Skrill is an effective way to transfer money or pay different purchases. So, it is a good way to fund your trading account with Dakken Group from anywhere with just email address and password. Deposits via Skrill will be returned to the originating bank account that funded the Skrill account. Supporting documentation will be required in this instance. Skrill also does not support funding through prepaid cards.

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When depositing funds, Dakken Group do not apply any charges but your own bank or card provider may apply their own charges.

*Card Payments can be deposited at anytime but in certain circumstances beyond Dakken Group control some payments may only be applied between the deposit processing times that apply to Bank transfer deposits. Minimum deposit and withdrawal amounts of £65/€90/$100 apply unless the trading account is being closed. Please note that in certain circumstances Dakken Group may require additional supporting documentation before funds can be applied or withdrawn from your trading account.

**Minimum withdrawal amount of £65/€90/$100 apply unless the trading account is being closed.

Please allow 3-5 working days for all withdrawals (including international transfers and card refunds). For more information please contact our Client Management Support.

Please note that in accordance with UK Money Laundering Regulations Dakken Group is unable to accept third party or prepaid card payments and the name of the deposit or via the above methods must be consistent with the ADSS account name.

Dakken Group will not accept any remittance which is considered to be a third party or pre-paid card payment. In addition, please note that Dakken Group applies a return to source withdrawal policy.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk and may not be suitable for all investors. Past performance of an investment is no guide to its performance in the future. Investments, or income from them, can go down as well as up. You may not necessarily get back the amount you invested.

All opinions, news, analysis, prices or other information contained on this website are provided as general market commentary and does not constitute investment advice, nor a solicitation or recommendation for you to buy or sell any over-the-counter product or other financial instrument. Please, ensure you understand all risks and seeking dependent advice if necessary.

This website is owned and operated by Clandestiny Group LLC, Company registration number: 1342 LLC 2021 and registered address First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines.