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  Latest
Make Money in Forex by Avoiding These Psychological Risks May 24, 2022
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Currency Converter

Mira Team by Mira Team
December 24, 2020
in Forex Terms
Reading Time: 1 min read
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Definition – What does Currency Converter mean?

A currency converter is a tool, usually provided online, which helps the user calculate how much a specific amount of currency is worth in terms of another currency. People often use a currency converter to figure out how much a foreign item costs in terms of their domestic currency or how much a sum of money will be worth when changed into another currency.

ForexTerms explains Currency Converter

Currency converters are simple calculators that usually use bank exchange rates to make their calculations. More complex currency converters follow the market rates of currency pairs and are updated frequently as rates change. Currency values are constantly changing in the forex market, so currency converters are often working on old information.

For this reason, currency converters offer a good means of estimating an exchange rate, but the actual rate will usually change before the transaction is made.

ⓘ Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite.

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