Let’s explain why currency trading is an important activity in France. Although France is not known as a currency trading nation like the United States or China, it is slowly rising through the ranks. France is ranked among the great European powers. The country is best known for its stunning architecture, mouth-watering desserts, and for being home to the city of love, Paris. If these are all the things we know about the European nation, currency trading is surprisingly widespread there. This is largely due to the support provided to the foreign exchange market by the Banque de France, whose mission is to stabilize the market.
A history in finance
Before the euro was the main currency of the country, France used the French franc. Since the introduction of the euro in 2002, it has been the main currency and is used in all monetary transactions. Forex trading is nothing new; however, with the introduction of online trading, the market has seen a massive increase in activity in the country. France can also boast of having some of the strongest brokers and trading services. Remember that the Euro is very liquid and is used in popular currency pairs like EUR/USD.
The Banque de France and its influence
Much of the popularity of FX trading is due to the support and influence of the Banque de France. What distinguishes the Banque de France from other central banks is that it is one of the strongest defenders of the foreign exchange markets. The overall objective is to stabilize the market, improve and help its development, as well as introduce brand new fiscal and foreign exchange policies when the need arises.
Another aspect of this popularity is that the French regulate the market. It is highly organized and strictly controlled. Fraudulent brokers and trading platforms are weeded out fairly quickly, and despite these strict regulations, forex trading remains popular. Also, these restrictions protect traders from major losses. France is renowned for having the public interest in trading at heart and for actively guiding the public to make better decisions.
Forex payment methods
It may come as a surprise, but the different forex payment methods are another factor that makes the market so popular. The choice of payment method is very important, and traders take into account the following elements: the degree of security of the transaction and the speed of the transaction. Brokers have a clear description of what you need to do to deposit, withdraw and select lot sizes. In some cases, brokers also limit the amount you can deposit and withdraw. So you need to find a broker that suits your needs.
Forex trading in France also comes with guidelines for choosing your preferred payment method, which bolsters regulators’ support for traders. This allows traders to make informed decisions. Recommendations include macro accounts for professional traders and wealthy traders. This is because macro accounts are usually high amounts that cater to wealthy traders.
We have seen how mobile technology has developed over time to improve our lives. It cannot be underestimated. In fact, mobile technology allows us to conduct our lives from the comfort of our sofas. So what does it have to do with forex trading? Well, in France, this popular market is also mobile. But why ? From 2011 to 2018, smartphone ownership saw a massive increase in the country. It has gone from 17% to 75% in the space of seven years. Well, back to forex trading.
Mobile FX trading is rapidly gaining momentum. With its introduction in France, brokers are also getting into it and investing to integrate strategies and more into mobile. Trading companies are betting big on mobile trading. This has largely satisfied traders and also contributes to the popularity of the market. Ease of use is cited as one of the main reasons for the success of mobile trading. The developers are looking to fix some pain points and add features that are guaranteed to be usable. These functions include maintaining a watchlist, viewing your trading portfolio, and executing trades. Think of it this way: you’re bringing the desktop experience to your mobile, but optimizing it.