Foreign Exchange/Trading

 foreign exchange

Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world, with an average daily trading volume of $5 trillion.

What is forex trading?

Forex, or foreign exchange, can be explained as a network of buyers and sellers, who transfer currency between each other at an agreed price. It is the means by which individuals, companies, and central banks convert one currency into another – if you have ever traveled abroad, then it is likely you have made a forex transaction.

While a lot of foreign exchange is done for practical purposes, the vast majority of currency conversion is undertaken with the aim of earning a profit. The amount of currency converted every day can make price movements of some currencies extremely volatile. It is this volatility that can make forex so attractive to traders: bringing about a greater chance of high profits, while also increasing the risk.

How do currency markets work?

Unlike shares or commodities, forex trading does not take place on exchanges but directly between two parties, in an over-the-counter (OTC) market. The forex market is run by a global network of banks, spread across four major forex trading centers in different time zones: London, New York, Sydney, and Tokyo. Because there is no central location, you can trade forex 24 hours a day.

There are three different types of forex market:

·         Spot forex market: the physical exchange of a currency pair, which takes place at the exact point the trade is settled – ie ‘on the spot’ – or within a short period of time

·         Forward forex market: a contract is agreed to buy or sell a set amount of a currency at a specified price, to be settled at a set date in the future or within a range of future dates

·         Future forex market: a contract is agreed to buy or sell a set amount of a given currency at a set price and date in the future. Unlike forwards, a futures contract is legally binding

​Most traders speculating on forex prices will not plan to take delivery of the currency itself; instead, they make exchange rate predictions to take advantage of price movements in the market.

However, forex Trading has actually made a lot of people rich a popular example is a Nigerian Housewife living in Abuja who made over Three Hundred Million Naira from the comfort of her home every year.

Unfortunately, anything that is good and doing well always attracts scammers as an avenue to scam people. A typical example is the Devilish young guy from Delta State Mr. Frank Bekenaiwe Ebi-Ela the C.E.O of Ela`s Excell Global Limited who scammed people of their hard-earned money and never look back.

Presently over Two Hundred People have now developed BP, three of them are stationed in the hospital for overshot sudden BP, Our correspondent gathered that the three men who were in the hospital as at the time our correspondent visit Delta State invested over Thirty Million each, one of them a retiree who sold his property just to send his money on an errand to make more could not withstand the shock.

Our Correspondent also got information concerning the family house of the fraudster and visited the place but was told that the Mother and the Sister had moved to New Layout of Jakpa Road, not far from Ecwa Church. Our correspondent learned that the scammer is now known as `` The Devilish young guy”’ it is funny that the entire family are all allies. The phone number of the sister is 090x599315x Judith, the Devilish mum encouraging the guy is 0708x90847x and 08037xxxxxx. We might reveal it in our next edition.

It is however unprofessional to do what we are about to do but our passion to help speak for the voiceless is making us do this.

Good Nigerians kindly read this in view of the rate of growing scamming schemes in Nigeria and the act of defrauding innocent citizens of their hard earn money we say  ``Mr. Frank Bekenaiwe Ebi-Ela the C.E.O of Ela`s Excell Global Limited a.k.a Devilish young guy ‘’ caused is the womb that carried you for 9 months until you pay back all you have defrauded them, your family and your Allies will not know peace until you pay back people their money.

·         You are cursed when you go out and when you come in until you pay people backs

·         Your Sister in Canada will not prosper until you refund the money you scammed people.

·         Your late father will not rest in peace until you refund their money

·         Your Sister Judith and your mother who were also allies will not know peace until you refund people back.

·         The Window of heaven and of mercy is shut against your family until you refund people's money.

Reader if you agree with me kindly type Amen, let's join hands in fighting criminality