Here you will find reviews of the leading forex brokers in Mexico. The Mexican foreign exchange market is developing rapidly, and thanks to the newest Internet technology, its progress is faster than ever before. The official currency in Mexico is the Peso and it is currently one of the most traded currencies in the Forex market. Unfortunately for Mexican traders, their country’s official currency isn’t as influential as the American Dollar, Euro, British Pound or the Japanese Yen.
Mexico’s foreign exchange market is run by the Mexican government, the Bank of Mexico, the largest Mexican commercial banks and several financial institutions. The Mexican foreign exchange market and all its policies are controlled by two regulatory bodies – the Mexican Ministry of Finance and the central Bank of Mexico.
The Mexican Peso’s exchange rate with foreign currencies is based on the value of the Peso, the trading volume it generated, and its supply on the market. If the Peso is highly sought and its supply is low, then its exchange rate will rise.
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Best Forex Brokers in Mexico
Surprisingly, the Mexican Peso is used in countries other than Mexico. It finds wide use in North America, South East Asia, the Pacific Islands and China. Its popularity around the world has turned it into one of the favorite currencies of Forex traders, so it is regularly traded on the foreign exchange market.
Forex trading wasn’t so popular in Mexico, but thanks to the Internet and the opportunity to participate in the foreign exchange market online, it has turned into one of the biggest sources of funds for the Mexican economy. The Internet helped popularize Forex trading in Mexico and nowadays there are hundreds of websites, brokers, agencies and news portals that offer Forex trading, financial news, tips, systems, tricks and strategies.
Over the past couple of years, there have been several periods in which the Mexican Peso was exceptionally highly sought on the market. These periods were welcomed by the Mexican government, because the popularity of the peso helped the country’s economy grow. Unfortunately for traders, such periods aren’t easy to product, so few of them know when it is time to trade with the Mexican Peso.
The latest statistics show that the Mexican foreign exchange market has made remarkable process over the past three years, and expectations are that the market will continue expanding in the future. According to reports, it won’t be long before the Mexican regulatory bodies introduce new Forex trading policies and limitations that will attract more traders to the Mexican Forex market.