Wednesday April 15, 2020 - 00:51:11 GMT
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The "For"1-1 on Forex
(Photo by Pepi Stojanovski on Unsplash)
The world is changing at a dizzying rate.
In light of the COVID-19 pandemic, millions of people are discovering the wonders (and pains!) of working from home. A global, remote workforce has now become more of a reality than ever. Thankfully, this changing work environment means more diversified career options as well, with some of these options having been around for a while now.
Does the word ‘Forex’ ring any bells? You’ve probably heard or read about it in passing. Forex is a portmanteau for ‘foreign exchange’, and in layman’s terms, it’s essentially trading foreign currencies against one another in a global market.
Forex isn’t your average market, though; the marketplace is open 24 hours, five and a half days a week, and is completely decentralized. This decentralization means that when one market is closing in one time zone, another is either still running or just opening. In this sense, the Forex market has a strangely timeless and immaterial quality to it, which is why it’s so attractive to prospective traders around the world.
Unlike the traditional markets, such as the NASDAQ and NYSE, Forex has only been around since the early ’70s. Keep in mind this is well before the dawn of the World Wide Web, so naturally, the Forex market has seen massive changes since then. However, the concept of trading foreign currencies existed well before all these markets were around, about 500 years ago in Amsterdam. This foreign currency trading helped stabilize currency exchange rates, thereby facilitating international trade and cultivating an environment conducive to foreign trade.
What makes the modern-day Forex market so attractive is that individuals can trade on their own through banks or secondary markets created by brokers. Before the explosion of the internet, multinational corporations, hedge fund managers, and -illionaires were the only people engaging in foreign currency trading, and often at a much slower rate than today’s trading. Individual trading also mitigates loss and damage to the global market, as blunders are not suffered as a whole by a bank or corporation, but broken up into much smaller, individual losses instead.
However, many Forex traders are not merely in it for the lucrative wealth-building, but humanitarian reasons as well. This philanthropic aspect of Forex is another reason why trading may appeal to prospective traders with charitable aspirations. Forex traders have founded several non-profit organizations and charities with different missions. Some organizations focus on educating young traders who may otherwise lack resources, while specific charities may donate the bulk of their Forex earnings to helping those in need. No matter how you slice it, the ever-shifting Forex world does a lot of good.
That’s not to say that the traders who operate these philanthropic entities don’t run into problems, though. And for those who do encounter such problems, firms like Cohen Schneider Law exclusively cater to non-profits and charities in need of establishing organizational policies that comply with the law and help these entities achieve tax exemption status. Visit their website today for more information on their services.
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