The act of exchanging the legal tender of one country for another. Customer - The party that executes an Agreement with FXAsia. Customer Account Application - The FXAsia Customer Account Application, including all applicable addenda thereto. The Customer Account Application is incorporated by reference into and constitutes an integral part of the Customer Agreement. Currency Pair - The two currencies that make up a foreign exchange rate. IE: USD/CHF.
In finance, the exchange rate between two currencies specifies how much one currency is worth in terms of the other. For example an exchange rate of 120 Japanese Yen to the Dollar means that ?120 is worth the same as $1. An exchange rate is also known as a foreign exchange rate, or FX rate. The Currency Market or Foreign Exchange Market is the largest market in the world. By some estimates, about $2 trillion worth of currency changes hands every day.
