Before understanding this problem, let’s first take a look at a case: Xiao Zhang always hopes to be an expert in foreign exchange, but he also knows that if he blindly enters the foreign exchange market, he will be hit with a lot of blood, so he always studies foreign exchange knowledge in his spare time, but it is basically theoretical. He has no actual combat experience and does not know anything about the actual operation.
His friend knew that he was studying foreign exchange, so he asked him how foreign exchange was actually traded. This question made Zhang dumbfounded, because he had never studied this question. How exactly does that person trade foreign exchange? Foreign exchange transactions can be divided into four types:
Over the counter: It has four steps:
1. The investor obtains the relevant form (application form for foreign exchange trading or power of attorney) at the counter, fills it out, and submits it together with his ID card and passbook to the staff for review;
2. After verification, the confirmation sheet will be submitted to the investor for confirmation. The exchange rate on the confirmation sheet shall prevail;
3. After the investor confirms and signs, the transaction will be concluded. Note that the transaction cannot be canceled;
4. After the review, the agent will give the confirmation, ID card and passbook to the investor.
Telephone transactions: Again, there are four steps:
1. The investor shall take his ID card to the bank to open a special passbook and reserve the password;
2. Before telephone transactions, you should get the operating instructions and trading procedures of telephone transactions, fill in the application for telephone transactions, ID card and passbook to the counter, and set up a special password for telephone transactions;
3. Conduct transactions in accordance with the transaction regulations of each bank;
4. The phone transaction should be confirmed by telephone inquiry after completion.
Self-service transactions. It is traded by investors on the electronic trading equipment of the bank’s trading branch.
Online trading. It allows investors to send orders to banks using computers and the Internet. It also allows investors to transfer funds, check prices and confirm trades. In the future, this trading pattern is the most promising way in foreign exchange trading.
The above is Xiaobian and you introduce the method of individual foreign exchange trading, hoping to help foreign exchange investors.
