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This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. The year is considered by at least one source to be the beginning of demo forex account foreign exchange: the gold standard began in click here year.

Prior to the First World War, there was a much more demo forex account control of international trade.