Forex Facts

1.  The Modern Forex System Started Forming in the 1970's.

2.  Forex trades 24 hours a day, except weekends.

3.  Forex trading hours are from 20:15 UTC Sunday to 22:00 UTC Friday.

4.  Average daily turnover in Forex markets is $3.98 billion.

5.  Forex is the largest and most liquid financial market in the world.

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6.  London accounts for 34% of all trading making it #1.

7.  New York accounts for 17% of all trading making it #2.

8.  Tokyo accounts for 6% of all trading making it #3.9.  Exchange traded FX futures contracts were introduced in 1972 at the Chicago Mercantile Exchange.

10.  FX futures account for 7% of the foreign exchange market volume.

11.  FX trading has more then doubled since 2001.

12.  Minimum trading size is usually 100,000 units of base currency, called a "lot".

13.  PIP (percentage in point) is the smallest quoted change for an exchange rate or currency pair.

14.  A pip is one unit of the fourth decimal point, or 1/100th of one percent.

15.  US currency is the most heavily traded currency, followed by the Euro.

16.  Up to 25% of all trades are executed using an algorithm.

17.  A "SPOT" is a two day transaction, whereas future contracts are 3 months.

18.  The CFTC (U.S. Commodity Futures Trading Commission) regulates Forex in the U.S.

I hope you enjoyed reading about these fascinating forex facts.  My hope is to spur you to want to learn even more about currency trading.