Continue reading...Here we take a brief look at how the forex market began and how it has evolved over the years.
The foreign exchange, FX or forex market, as we know it has been evolving for hundreds of years. It is believed that the concept of banking first arose in ancient Mesopotamian times. Royal palaces and temples were used to store harvested commodities which in turn created the need for receipts. These receipts were used for transfers to those who made the deposits and to third parties. The very same banking and receipt business was also used in ancient Egypt. Receipts were often used to settle debts with priests, tax collectors and exchanged with traders. It wasn?t until the early forms of coinage came about that we saw the first real currency traders. As empires were divided, expanded, conquered and founded the currencies of different cultures had to be exchanged for one another.
During the Middle Ages paper bills replaced coins as the currency of choice. This made foreign exchange much...
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