The first evidence of money exchange is referenced in Talmudic writings, where people would change money, whilst taking a commission for themselves.
The world’s first bank, Monde Dei Paschi di Siena was founded in Tuscany.
The Gold Standard was introduced. This is one of the most important events in the history of Forex, and was a commitment to fix the value of a currency to a specific quantity of gold.
The Eurodollar market was established as the Soviet Union deposited much of its oil revenue outside the US in order to avoid the control of the US authorities.
US President Richard Nixon eliminated the Gold Standard to combat high inflation levels, which led to free-floating currency exchange rates.
London became the centre of the Eurodollar market when British banks lent dollars as an alternative to pounds in order to maintain their position in the global financial markets.
Increasing popularity of the internet. Until this time, currency trading was almost exclusive to large companies who conducted business internationally.
There are now more than 19.3 million retail FX traders worldwide operating through more than 700 Forex brokerages.