I am looking for an online forex trader that will let me trade the chinese yuan (CNY), but I've found that they don't seem to list what currencies you can trade through them. Does anybody know how I can find out (via the web) what currencies a forex broker trades? Ideally, I want to find one that trades the major currencies in addition to at least the chinese yuan, and has high leverage (200:1 or 400:1).

Answer
Oanda allows you to trade a number of what they call "exotic" currencies including the USD/CNY. The last time I checked though the spread was fairly high.

Good luck.

Paul Upp

explain this FOREX to me in street words please !!?

This paragraph from a website and i want to understand it in street words , please tell me what is saying here in simple words :

"Because you're not buying anything physical, this kind of trading can be confusing. Think of buying a currency as buying a share in a particular country. When you buy, say, Japanese Yen, you are in effect buying a share in the Japanese economy, as the price of the currency is a direct reflection of what the market thinks about the current and future health of the Japanese economy.

In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country's economy, compared to the other countries' economies. "

Answer
Find a better website. They couldn't explain a circle without confusing someone.

When trading in Forex, you are buying and selling currencies, one against another. You buy yen using dollars. Later on, you have to sell yen and get dollars back to finish the trade. You can do this with any currency pair, and you can buy either one first.

Buy yen with euros.
Buy sterling with chinese yuan.
Whatever.
You just have to do the other half later on to close the trade.

Is that more clear?