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The term ’currency trading’ can mean different things. If you want to learn about how to save time and money on foreign payments and currency transfers, visit XE Currency Transfers. These articles, on the other hand, discuss currency trading as buying and selling currency on the foreign exchange (or ’Forex’) market with the intent to make money, often called ’speculative forex trading’. XE does not offer speculative forex trading, nor do we recommend any firms that offer this service. These articles are provided for general information only. How Forex Works The currency exchange rate is the rate at which one currency can be exchanged for another. It is always quoted in pairs like the EUR/USD (the Euro and the US Dollar). Exchange rates fluctuate based on economic factors like inflation, industrial production and geopolitical events. These factors will influence whether you buy or sell a currency pair. Other definitions of the term ’currency’ are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government’s physical metal reserves). Some currencies are legal tender in certain political jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value. Digital currency has arisen with the popularity of computers and the Internet. 72524
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