Forex Trading Floors Blog “Where did it all begin?”
Here at Forex Trading Floors thought we would start a running blog on where and when Forex Trading started and how it became what it is today.
Exchange trading and Currency first began in ancient times. These People known as Money-Changers helped others to change money and took a commission or charged a fee. They were living in the times of the Talmudic writings (Biblical times). These people (also sometimes called "kollybistẻs") used city-stalls and at feast times used the temples known as the Court of Gentiles, which means that anyone was allowed to enter the outer area of these temples. These money-changers were also known in more recent ancient times as silver-smiths and, or, gold-smiths.
During the fourth century the Byzantium government kept a hold on the exchange of currency.
Exchange and currency was also an important element of trade in the ancient world so that people could buy and sell items like food, china and raw materials. If a Greek coin held more gold than an Egyptian coin due to its size or amount, then a merchant could trade fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why the vast majority of world currencies are derivatives of a universally recognised standard like silver and gold.
Next week on “Where did it all begin” Forex Trading Floors will be covering The Medieval Times.
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