To properly transact in the Swiss forex market, it might be beneficial to open a Swiss bank account to be wiring the money you make in the forex trade to. Although most people believe that only the rich and powerful can open a Swiss bank account, you too can, especially if your reasons are as genuine as to trade in the forex market. Bank accounts in Switzerland are known for their privacy advantages, as an aspiring forex trader, it is wise to open a Swiss bank account yourself because using an agent can run into some obstacles. Since the Swiss government forbids the bank account holders and even financial institutions from discussing specific bank details, you will be the only person to know your bank details.
If you will be using a forex broker in trading in the Swiss forex market, it will be important to find a reliable and most appropriate communication method, especially if you are outside Switzerland. This is a vital requirement since discussing developments, strategies and plans will rely on good communication channels. You should have a common language, English is a universal language, so you should settle for a broker who understands English perfectly if you do too.
What makes the Swiss forex a major player in the global forex market is its financial institutions and the prominence of Swiss banks. The Swiss Franc is listed among the top seven most traded currencies in the forex market. The leading currencies are the US dollar (USD), the Euro (€), British pound (£), the Japanese Yen (¥), the Australian dollar (AUD), the Canadian Dollar and The Swiss Franc. The US dollar is the most traded currency worldwide, being involved in over 85% of all forex trades. In the Swiss forex market, the most traded currency pair is the USD to Swiss Franc combination followed by the Euro to Franc and Sterling pound to Franc.