Have you travelled abroad to another country?
If you been to a foreign country, then it is likely that you may have converted your local currency i.e. South African Rand (ZAR) to another currency like Euro or a US Dollar. If you exchanged your currency before, then you have already traded in the forex market.
Let's assume that you exchange R15,000 for $1000 through your bank or local regulated exchanger, for travelling abroad to US. In this example, you would be physically selling your home currency (South African Rand) for buying US Dollar. When you are exchanging your money for travelling abroad, you (through your bank) are making a forex transaction in the global forex market without even knowing.
If you been to a foreign country, then it is likely that you may have converted your local currency i.e. South African Rand (ZAR) to another currency like Euro or a US Dollar. If you exchanged your currency before, then you have already traded in the forex market.
Let's assume that you exchange R15,000 for $1000 through your bank or local regulated exchanger, for travelling abroad to US. In this example, you would be physically selling your home currency (South African Rand) for buying US Dollar. When you are exchanging your money for travelling abroad, you (through your bank) are making a forex transaction in the global forex market without even knowing.
