XE review explained by professional forex trading experts, All you need to know about XM.com online foreign exchange website.
What is XE Foreign exchange tool
XE.com (XE) is a Canadian-based online foreign exchange tools and services company headquartered in Newmarket, Ontario. It is best known for its online currency converter application and offers exchange rate information, international money transfers, and other currency-related services on its website. As of early 2013, independent ranking site Alexa ranked XE in the top 500 of all sites worldwide by traffic, and a top 100 traffic site in Ireland, South Africa, and the UAE. XE.com has over 275 million unique visitors each year.
XE.com was founded in 1993 by Steven Dengler, who currently serves as Director, and Beric Farmer, who currently serves as President and CEO. Its name at founding was Xenon Laboratories Incorporated and originally, the company provided computer consulting and internet services to businesses. In December 1994, the company registered the domain name XE.com, choosing the letters XE from the two-letter atomic symbol for Xenon. A year later, the company launched a currency converter, providing live currency information online. In early 2001, as the Internet became more prevalent, the company formally changed its name to XE.com Inc. and focused its efforts on its website and online currency tools. In 2002, XE launched an international money transfer service called XE Money Transfer. Offered online, this service allowed both consumers and businesses to send funds internationally.
On July 06, 2015, electronic payments provider Euronet Worldwide, Inc. acquired XE.
XE.com offers various free online currency tools, including the XE Currency Converter which allows visitors to check live exchange rates of any world currency. The website also offers free historical charts and rate tables. The company provides a foreign exchange service (XE Money Transfer) and a commercial currency data feed service (XE Currency Data) that offers accurate and reliable exchange rates for businesses. Other features include customized converters, a currency encyclopedia, travel expense calculator, and forex currency news In 2010, the company introduced a free mobile app (XE Currency) which is available on iOS, Android, BlackBerry, Windows Phone, Windows 8, and Firefox OS devices. In early 2013, a paid version (XE Currency Pro) was made available for iPhone users. In September 2016, the XE Currency App reached over 55 million downloads.
What Is Forex Trading
Linguistically speaking, the word “Forex” is a blend word, the result of combining the two words “foreign” and “exchange.”
Forex is an investment opportunity whereby you can make money online by trading one or more foreign currencies for another at an agreed exchange price in the online over-the-counter (OTC) Forex trading market (Fx trading).
The Fx trading market is like any other market where goods are traded except that Fx involves only trading foreign currencies. Foreign currency exchange is the most traded market in the world even more than stock markets, The Forex market is turning over an average of $5.3 trillion each and every day.
The FX trading market involves free-floating currencies (or those not supported by any specific material like silver or gold), which are treated like goods in the Fx trading market. You can buy Euro dollars by paying Australian dollars or you can buy the Japanese Yen by paying U.S. dollars, etc.
Profits and losses in the online Forex market are based on fluctuations in the values of different currencies, with the two most widely traded currencies being the U.S. dollar and the Euro (kings of currencies). The Japanese Yen, Canadian Dollar, Australian Dollar and New Zealand Dollar are also popular for currency exchanges.
In Fx, traders use leveraging to profit from differences in exchange rates between two countries. Since Forex is a “leveraged” product, you are only required to make a deposit equal to a small percentage of the full value of the currency and the remainder is a “loan” (or leverage) provided to traders by the Fx broker who is handling their account(s). This translates to significantly higher profits (or losses) from initial capital spent than in traditional trading. The leverage that is attainable in the Fx market is one of the highest for investors.
In order to participate in the Foreign exchange trading market, a trader must first open a currency trading account with a broker. In order to trade $100,000 worth of currency with a margin of 1%, a trader only has to deposit $1,000 into his or her account. The amount of leverage provided is usually 1:50, 1:100 or 1:200 or more, depending on the broker and the amount the investor is trading.
You may think 100:1 leveraging seems extremely risky, but it’s significantly less considering that currency prices usually don’t change by more than 1% in daily trading. If currency values fluctuated as much as equities, brokers wouldn’t be able to provide as much leverage.
What is XE.com Foreign exchange tool
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