A currency converter is a very handy tool not only for Forex world but as well as daily life. When you travel, order goods over internet it's necessary to find current value of foreign currency. Many of these currency converters can be found on the internet but most of them are delivered only with advertisement of the company, like broker house or travel agency who, provide this kind of tool.
What are the types of currency converters?
There are many types of currency converters online. The types differ by their intended purposes and the information they give. Choosing the right converter depends on what you really need from it. Below are some of the useful converters that you have to choose from.
- The short list converter:This converter is used for conversions of the most-used currencies in the world. Note that there are over 100 currencies in use worldwide. In the short list converter, only the major currencies are reflected, so this converter is best for international traders since all currencies are not frequently traded.
- The second converter is the long form currency converter: This converter is just like the latter except that it has up to 50, maybe more, currencies allowing for less popular currencies to be converted as well. This converter is a bit cumbersome and unnecessarily costly unless you have to deal with a large collection of different currencies.
- The cross rates currency converter:This type of converter is the easiest and fastest to use. The converter has currencies matched against each other and their rates as well. It also allows setting a base rate where one can set a particular currency, take for example the Dollar and then the other currencies are all compared to it. The limitation is that it only displays the major currencies. Other websites offer as many as 20 currencies.
How converters work.
Currency converters gather information over the internet. Some are in the form of software that can be downloaded and installed onto computer; therefore, they need an internet connection in order to give accurate information since currency values constantly fluctuate against each other. To save himself or herself from the hassle of downloading and installing this software, the trader can simply use the pre-installed currency converters on websites like the ones from the Forex website which provide reliable exchange rates.
For website owners and bloggers, having currency converter services on your pages is a good idea, especially if your site is a financial website. There are many websites offering converters at different prices, but. Forex offers these tools for free. Forex offers many Forex resources such as displaying the current foreign exchange rates, various Forex charts, swap history, economic calendar, pip value calculator, currency converter and margin calculator which can be installed on anyone's website all at no cost.
