Forex spot calculator
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- 12.07.2020
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Bid-Ask Spread—The difference between the bid and ask price. Theoretically, buyers want the smallest possible spreads, while sellers want the highest spreads. Real-world currency exchanges with brokers, banks, or businesses typically do not follow precise market rates. As financial middlemen, most will set exchange rates of their own at bid-ask spreads that return a percentage as profit for doing business.
Some call this profit a fee or commission. Pip—A pip is the smallest unit of value in a bid-ask spread. A pip is sometimes called a point. Currency Pair—A quote of the relative value of one currency unit against another currency unit. The first currency in a currency pair is called the base currency, while the second is called the quote currency.
Interbank bank-to-bank Rate—This is the wholesale exchange rate that banks use between themselves. Major Currencies—This refers to a short list of the most traded currencies, which generally stay the same year-to-year. Most recently, this includes the U. The USD in a currency pair with any of the others is known as a major currency pair.
What is Currency? Currency is a universal medium of exchange for goods and services in an economy, and it is believed to have been used as such dating back at least 3, years. Before this, it is assumed that bartering, which is the exchange of goods and services without the use of money, was likely used.
Throughout history, currency has taken many different forms. Some examples include coins, barley, gold, silver, squirrel pelts, 8-ton carved limestone rocks, salt, knives, cowrie shells, stamps, potato mashers, peppercorn, tea bricks, and cheese. History of Currency As history has shown, anything that a group of people in an economy attaches value to can be used as currency. For practical reasons, Lydian currency took on the form of a round coin, which became the first ever standardized unit of currency.
Paper currency, on the other hand, was invented in Asia and was brought back to Europe by Marco Polo after his travels to Asia. Modern Currency Modern currency is much more uniform and regulated. Major currencies in the world today take on the physical form of paper bills or coins which are easily carried on a person, but most of a person's currency is typically stored in digital accounts. The value of these currencies is backed by the promise of their issuing governments, which makes them fiat money currency declared by the government to be an official medium of payment but is not backed by a physical commodity.
Before fiat money existed, currencies were usually backed by a commodity such as gold or silver. While modern currency is physically represented by coins and paper bills, most large-scale currency transactions are done electronically.
Modern technology utilizes sophisticated currency exchange mechanisms and systems to exchange currencies between digital accounts rather than physically. Even the exchange of currency for everyday goods and services such as groceries or haircuts involves physical currencies less and less due to the growing popularity of debit cards, credit cards, and mobile payments.
Cryptocurrency Cryptocurrencies are digital currencies operating independently of a central bank or authority, in which encryption techniques are used to regulate the generation of units of currency as well as to verify the transfer of funds. The current technology behind cryptocurrencies is called blockchain, which is a decentralized ledger of all transactions across a peer-to-peer network. A prominent feature of blockchain is that participants can confirm transactions without the need for a central clearing authority, such as a central bank or government.
The value of cryptocurrencies fluctuates, just like a regular currency, and they can be traded in the same way as any other currency. Some experts say that there is a slight chance that cryptocurrencies become the currency of the future. For the purposes of this calculator, Bitcoin is the only cryptocurrency available for conversion at the moment. Forex and Exchange Rates Currencies used in different countries are rarely, if ever, exactly equal in value. As a result, exchange rates the rate at which a currency is exchanged for another exist to enable the equal exchange of currencies.
Real-time exchange rates are supplied by the foreign exchange market forex , the same place where most currency transactions take place. The forex is a global, decentralized, over-the-counter market for the trading of currencies. Each day, trillions of dollars US worth of currency are traded. The market functions at high speeds, with exchange rates changing every second. The most common forex transactions are exchanges between the U.
Prepaid cards are also convenient and safe since they reduce the need to carry as much currency and because a PIN is usually required to take out funds, Stallings says. Heads up: Stallings warns that some prepaid debit cards can come with substantial fees, may not be usable everywhere and can leave you without funds if stolen.
He advises to read the fine print before purchasing. Airport or hotel exchange desk: Thumbs down Airport exchange desks have some of the highest currency exchange rates, which means you pay more in dollars for conversion. Meyers of EuroCheapo. Airport exchange desks depend on their convenience to make money.
You'll be better off finding an ATM in the airport and using your debit card to get cash. Hotel exchange desks are just as pricey but for a different reason. Heads up: Don't be duped by the sign at the currency exchange counter claiming "no fees, no commissions.
Dynamic currency conversion: Thumbs down Some credit card companies give U. It's called dynamic currency conversion. If you're not careful, dynamic currency conversion could cost you big time. While this seems convenient, it is one of the worst deals in travel and should always be avoided," Fodor's Stallings says. According to Meyers, it's always better to pay in the local currency when traveling. This adds an extra conversion, which is good for the banks but not for you," says Meyers. The extra conversion means you will pay more in fees.
Heads up: According to Stallings, you should insist that your transaction be charged in the local currency or just pay in cash. Traveler's checks: Thumbs down Sales of traveler's checks are in decline as travelers adopt new technology and more convenient methods of payment, says Brusilovsky of Travelex Currency Services. According to the U. Federal Reserve, traveler's checks peaked in the s but have declined in use ever since.
But they can still provide a safety net, Meyers says. But, if they are made out in dollars, you'll need to convert them at a bank or currency counter, which can mean a fee or a lousy conversion rate. Heads up: A few hundred dollars in traveler's checks can be a good emergency fund if you have any trouble with your cards or lose your wallet, Meyers says.
Cash advance: Thumbs down Getting a cash advance on your credit card is an easy way to break the bank, whether you're abroad or in the U. Your card might offer a fair currency exchange rate, but the interest rate on cash advances can be high. Cash-advance interest rates are more than 20 percent on some cards, and the interest starts accruing as soon as you take out the advance.
For example, one bank's reward card has a cash advance annual percentage rate, or APR, of There's also a fee tacked on for taking out the advance.
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I am now able to cherry pick profitable trades. For this example we will use pips for our stop-loss. Account balance: Pretty straight forward, traders just need to input the account equity. For our example, we will type This money management rule allows traders to last longer in their trading careers, and eventually, also to recoup from previously losing trades.
Now, we hit the "Calculate" button. Next, the calculator displays the amount of units that the 0. You might also find our Drawdown Calculator useful. It can help you to accurately calculate how your trading account equity can be affected after a series of losing trades. Embed this Position Size and Risk Calculator on Your Website Our tools and calculators are developed and built to help the trading community to better understand the particulars that can affect their account balance and to help them on their overall trading.
Regardless if investors trade the Forex market, cryptocurrencies or any other financial instruments, our complete suite of accurate Forex tools and calculators are programmed to work with any data inputted. By using live market data, our set of calculators allows traders to always get the most accurate results possible, and they work with most FX pairs, metals and even cryptocurrencies. Also, these great calculators are translated into 23 different languages including Arabic, Russian, Japanese and Chinese.
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