In simple terms the act of forex trading involves the purchasing and selling of different foreign currencies. These transactions or trades are conducted on one of the largest financial markets known as the forex market. It operates on a 24 hour basis for five days per week and can be accessed via online trading platforms.
In order to trade effectively you must be aware of the different market movements and the trends and/or global happenings which affect the changes. In recent years, forex computer software has been designed to assist with the analysis of these trends simplifying the process of forex trading slightly. Furthermore, FX converters have also been developed in order to assist traders with currency calculations. This article reviews the different FX converter types which can be found online.
The OANDA FX Converter
OANDA is a website which offers a simple FX converter using data from the top market contributors. It is used by various financial market traders including many large corporations, forex brokers and retail traders. It is particularly popular among many tax authorities and accounting firms.
This online FX converter is accessible in more than 12 different languages and also offers historical currency conversion in a range of languages and formats. Furthermore, one is able to observe a percentile shift for the major currencies as listed by day, week, month or year.
In addition to the FX converter feature, OANDA also offers other conversion research tools which include different currency codes, facts and currency designs. Further conversion tools which may be utilised include area, volume, length, mass and temperature conversions.
The XE FX Converter
This online currency converter is arguably the most well-known and commonly used converter worldwide. It offers a very basic method of conversion using standard commercial data for all global currencies. One benefit of the XE converter is that it is free of charge and one does not need to purchase software in order to complete conversion calculations. Furthermore, the convertor also provides currency rates from approximately 150 resources worldwide.
While used by many individuals including retail traders and forex brokers, the XE FX converter is most popular among government agencies and larger financial institutions. This is due to XE being a conversion and money transfer site whereby an individual can transfer funds from one country to another safely. Other FX features include the forex trading tools including forex news releases.
The Oz Forex FX Converter
The Oz Forex website is an Australian based site that offers numerous types of forex tools including that of the FX converter. Similar to the aforementioned websites, it also offers a rather basic foreign exchange converter with a facility to safely transfer funds from one to country to another. A beneficial aspect of this website is that it offers a low transfer fee and highly competitive rates.
Another feature which must be considered when perusing Oz Forex is the ability to obtain prior currency conversion rates with seasonal patterns, long-term forex charts and raw analytical data. This means that one will be able to compare approximately five exchange rates when reviewing the FX dashboard. One is also able to examine present forex news and forex charts. There is also a daily commentary on the forex news available on the website.