With online Forex trading booming, the need to have a reliable and accurate currency converter is a must. There is no question that having a converter that can help in terms of trading and conversion is vital for any online business. This software can be created through one simple formula using the Microsoft Excel. It may seem hard at first glance, but this is not as difficult as you would like to believe. You can create a converter using Excel and even convert any currency in just a few simple steps. There are also other options such as choosing other sites that offer online currency conversion software free for your use.
First, you have to pick the currency that you wish to convert to another currency of your choice. Then find the latest or the current conversion rate online that is reliable like Yahoo or Google which lists international currencies. The online world is teeming with online converters, so search and choose one that you feel will give you the most accurate rate for your currency. Most of these websites will offer only reliable software for purposes of conversion. Online reputation is everything for these players in the financial market so getting the best and most updated version is crucial in promoting Forex trading.
The next thing that you can do is open Excel. Once done, you can label the first column of the spreadsheet as “Currency converter”, the second one as “Currency Conversion Factor” and the third one as “Converted Currency.” After doing this, you can place the amount of money to be converted on the first column. Then on the second column place the conversion factor. For the third column you must come up with a conversion formula such as “+column1/cell1 * + column/cell1.” Once you have done this, simply hit enter and you will see your converted amount. If you are feeling creative you may even add colors to your converter. You may even add formatting to improve the appearance of your currency converter.
In selecting the best online converter, it is important that you check reviews online. Choose more than one and compare to help you choose the best. There are websites that offer these converters free for use and some can even be downloaded straight to your computer. Whatever you choose, you have to make sure that you go for one that is suitable for all your trading needs. If you are a trader who makes international investments and travels a lot, then this is a trading tool that you must have to give you an advantage in the Forex world.
To get the best online converter, then you can start with the more popular ones like the XE Online Currency Converter and the MSN Currency Converter. Yahoo also lists reliable exchange rates and currency rate converters. In fact in order to compete with the ever-changing financial marketing trends, most financial websites have built-in converters for convenience. By doing this, the online financial markets are encouraging good business and Forex trading as well as getting lucrative sources of profit online.