Don’t be fooled on Foreign Exchange!

It’s summer and everyone is gearing up for the holidays. Travel on your mind and dont know where to get started? Well to begin with plan your trip carefully and dont be duped by gimmicky sales in the foreign exchange market. As a lay person, it would be easy to get tricked into a host of deals such a zero margin sale or buy at mid markets rates and what not.

So are these offers for real or just an illusion?

There are two aspects to the foreign exchange rate that you see. It is extremely fluctuant through the day and varies from second to second as per the international rate.

International foreign exchange market trades 24 hours and 5 days a week and that’s how rates are determined. These forex rates change multiple times in a second. Money changers use this feed as a base to quote rates to consumers after adding their margins.

You might argue that you checked the live rates on Google and Yahoo live rates and the zero margin sale concurs with that so should, in fact, be real.

That brings me to the second aspect of foreign exchange which is “live” feeds. Even though the rates quoted on XE, OANDA, Google, and Yahoo are displayed minute to minute these are not real-time live feeds. These are in fact delayed feeds (usually by around 15 minutes) and are slightly altered with a margin of course. The actual Interbank Rate is not what is displayed and this is your cue that there is no such thing as a zero margin as claimed.

Also dont compare the interbank rate with the rate offered by your bank. The interbank rate is the lowest possible rate in the market using which banks operate amongst themselves. Whereas the rate offered by banks is mostly, if not always, the highest possible rate out there in the market you can buy foreign exchange from. So it would be a mistake to compare a bank offered rate to the alleged zero margin rate and make a conclusion. Best is to buy your currency from a money changer listed on Fxkart.com. Our platform allows the money changers to compete in real time thereby bringing the rates further down for your requirement.

So dont get lured by fake deals and offers. Fxkart offers get a real-time feed from credible forex rate feed suppliers and offers you a fair rate which is comprised of the Interbank rate plus a money changer margin. Fxkart is fair, fast, free and not disguising its rates in gimmicky sales.

So go ahead and transact worry free on Fxkart.com using live rates.

Be smart with Fxkart and dont be fooled on foreign exchange deals!