Interestingly, the daily amount traded on the global forex market remains a keen point of debate. While some sources put this figure at a healthy $5.3 trillion, for example, it's often argued that this sum includes double-counted and internal bank trades.
If these are removed, the actual sum is said to be closer to $3 trillion, and this places the nature and popularity of the forex market in a slightly different context.
Still, this remains a sizeable sum, and there's no doubt that the forex market has become increasingly diverse and accessible during the last decade. But why is this the case, and what role has Fin-Tech played in driving such an evolution?
Bringing forex trading to the masses
While you may argue that the amount of money traded on the forex market is less than initially thought (particularly since the financial crisis of 2008), the sheer number of traders and orders executed has increased noticeably. This is thanks almost entirely to the Fin-Tech revolution, which has seen reinvented traditional investment methodologies while simultaneously breaking down the barriers to entry that once surrounded the financial and forex markets.
More specifically, we've seen online trading platforms and forex trading applications emerge as the quintessential Fin-Tech applications, creating universally accessible channels that connect investors of all descriptions to the financial market. This includes complex and volatile entities such as the foreign exchange, which was once exclusive to all but the most experienced and well-resourced corporate investors.
However, this has proved to be just the beginning. The agile and evolutionary nature of Fin-Tech means that these online trading platforms and mobile apps have continued to diversify at a truly frightening rate, as they continually adapt to the needs of users and the unique demands of the forex market in particular. So, no longer do they connect traders with real-time access to the most challenging of marketplaces, but they also provide comprehensive data-sets and analytical tools that help even the most inexperienced investor to make informed decisions.
The last word
As a result of this sustained, Fin-Tech inspired evolution, investors can now effectively trade on the foreign exchange without the need for huge cash resources, significant financial market experience or access to a physical, third-party broker. In fact, so long as you have a strong knowledge base and a keen sense if determinism, there's every chance that you'll be able to leverage online trading platforms to hone your investment strategies and grow into a successful trader.
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