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NASDAQ estimates more than $5 trillion is traded every day in what it describes as “the most actively traded market in the word:” foreign exchange, or forex. Business leaders might expect AI to make its way into the forex world the way it has into finance and banking broadly. Most companies claim to assist foreign exchange traders by predicting when to trade or hold onto currencies. As it turns out, however, Most of the AI vendors in the forex space are in fact only claiming to use AI. There is strong evidence to suggest that their claims are illegitimate.
Business leaders in finance should not expect an AI to handle their foreign exchange trading anytime soon, and they might do well to be wary of AI vendor companies claiming to offer forex solutions. These companies are likely not using AI, and business leaders cannot afford to be fooled by vendor marketing tactics.
If there is going to be AI-based foreign exchange trading software available to businesses in the next two to five years, they will likely come out of either startups funded by venture capitalist firms in Silicon Valley or out of the largest banks, the latter of which may keep their solutions in-house.