BEST-FX-4U

What Is a Key Currency FX Trading?

If taken more generally, key currency refers to any currency used by a nation to trade internationally. In more specific definitions, however, key currency points toward the money used by countries that belong to the Group of Seven. The Group of Seven is composed of countries that are considered to be leading the economic field internationally. Because they are leading countries, they usually trade with several other nations. This means that the key currency is valuable not just to themselves but also to those trading partners. You can already get a sense of this meaning from the very term “key.” A key currency is, therefore, very important in the field of forex trading.
Investigating the role of key currency in foreign exchange
Just how valuable is key currency in foreign exchange trading?  Key currency is more liquid than other currencies because many traders are using it together with another currency as pairing. Having both key currencies in a pairing is also popular. One key currency is powerful on its own but having two dominant currencies could ensure wins if you know when to trade which for which other. A key currency can battle with another key currency for dominance. That is where you should be extra wary.
Picking a key currency to trade with
As of now, the US dollar is still dominating the key currency list. There other powerful currencies such as the British Pound and the European Euro. The Japanese Yen may have a small value, but it is quite popular in foreign exchange trading. It is still considered a key currency. Though the US dollar has proven itself dominant for many years, it is still wise to be constantly updated with which key currency is rising and which key currency is falling. This is the rule when it comes to foreign exchange trading. You always have to be on the watch for changes.

Finexo

I have seen many ads for Finexo.com as a Forex Broker lately and some very favorable reviews on other sites, so I decided to find out what all the hoopla was about. They advertise an award winning platform and so it was my mission to see if it is all it is cracked up to be.

Live & Demo Differences

Several things stuck out immediately about Finexo’s demo platform, these were:

1. You could trade up to $15,000 of currency (most demos offer you a $50,000) which actually worked out well as it gave me enough of a view to see how it functions; and 2. Prices were in real time.

I was satisfied with their demo platform.

What We Liked About Finexo

The ability to place limit orders inside the spread. Strangely enough when a limit order is placed on the screen the limit order can be amended and cancelled, it is only when you click on the “Order” button and enter a limit order that allows the previous problems mentioned above to be encountered.

I loved the look and feel of the platform overall and the daily reviews they post are a refreshing change from the rest.

What We Didn’t Like About Finexo

I was a little taken aback at the follow-ups, the salespeople were very eager to handle my account and while I was not interested in opening an account, and informed them I was just interested in reviewing them, they were a little persistent. Now this is not such a bad thing because when you need to get them on the phone they should be there, and the people in Finexo seem to always be there.

However since I was just window shopping it was turned off.

In summary…

Finexo
• Market Depth
• Place limit orders inside the spread
• Ability to split positions

Finexo Cons
• Spreads are average
• No mini accounts
• Highest leverage set at 200:1

Is there a whole lot to like about Finexo? For me – yes. I had seen so many good recommendations from professional Forex traders and was expecting something special however it is anything but special, but maybe that’s the difference – and the reason why professional Forex traders like it. For little people (like me) I am torn about Finexo being my preferred broker, but they have made one giant step in the right direction with market depth and allowing the user to interact inside the spread.