It would be fair enough to mention “money” as the ultimate answer here. Forex trading is a bit complex because there isn’t any physical purchase involved. Just imagine as if you are in a different country and buying currencies.
The economy of that state is very important concerning the depiction of the price of the currency at the time when it is being bought or sold.
Forex trading is a simple thing to understand. If for example, you are buying a Japanese Yen then this means that you are buying a share in the Japanese economy.
The basic idea is that a bet is being placed by you in accordance with your assumption that the particular economy is doing quite well and will improve with time passing by.
A simple rule that can be followed here is that the currencies of different countries are exchanged here and they reflect upon each other’s economies.
You will be looking forward to doing more maths with the currencies after graduating from the Bitcoko school.
Major Currencies The basket of currencies has many items for you to set off with, however, you will be considering the major currencies in the beginning.
You will be working with 3 letters for the currency symbols, the first 2 letters reflect the country name and the last one reflects upon the currency of that country.
Let us take a simple example for understanding. Suppose you have NZD here, the first 2 letters NZ reflect New Zealand whereas dollar is depicted by D. got it?
The above illustration has all the major currencies in crested in it and the ones which are most famously traded.
To your surprise, let us tell you something really fun. “Buck” as they call it, is not the only nickname for dollar.
There are many more nicknames for the same currency such as bones, dead presidents, cash money, cheddar, paper, loot, cheese, bread and benjamins. The list might go on if you meet more Americans sooner.
In case you want to go to work then you will say that you want to earn some benjamins.
Fun Fact: In Peru, they nickname US dollar as Coco which is used for a pet name for Jorge.