Dionysios solomos currency converter

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Important Key Terms

Below is a short list of some of the important terms pertinent to foreign currency exchange.

Exchange Rate—The value of one currency expressed in terms of another.

Forex—The foreign exchange market (forex) is a global, decentralized, over-the-counter market for the trading of currencies and is the largest market in the world (followed by the credit market).

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This market is a necessity because one unit of currency very rarely equals exactly one unit of another currency. The forex is able to facilitate the receipt or payment of units of currency that are equal in value.

Bid Price—The price that a buyer is willing to pay for a unit of currency.

Ask Price—The price that a seller is willing to accept for a unit of currency.

Bid-Ask Spread—The difference between the bid and ask price.

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