Eur or Euro is an abbreviation for European Unions. It is a common international money that is traded among many countries and by private individuals as well. This is basically in the form of a currency that has been universally accepted across Europe. There is actually no central body that governs the trading but rather each country has its own set of laws governing its currency.
In order to trade in Euro, you have to open an account with a registered agent who will give you Eur through a bank transfer. You can also get Eur online directly from Eur providers like Invest dot France, Euroclear and many others. These are some of the ways of getting Eur through indirect quotes.
The direct quote: The Eur trader is the person who requests the Eur from you in the name of a dealer. Usually, this is done in one unit or in multiples of one unit. When you request for Eur you are buying one unit at a time from the seller. So there is a fair trade of course.
The conversion rate is usually 1.2305 against the domestic currency. So when you request for Eur you are buying one unit of the domestic currency for every one unit that you are selling to the Eur dealer. There is no difference in the exchange rates between the different currencies. You can use this to your advantage to profit in the market. But, the only problem is that there is no published list of Eur quote currency pairs so you have to rely on other resources like Yahoo Answers to find the best one.
The indirect quote: This is just like the direct quote where you sell one unit and buy another. The difference is that Eur is not bought and sold in one transaction. Instead it is bought indirectly using the services of a broker who will be negotiating with a Eur dealer. And, this is considered as a high risk trade because the Eur dealer may run away with your money. So, you should always make sure that you are dealing with a regulated direct one or indirect one.
The direct one: A number of foreign exchange brokers provide indirect quotes for the base currency. These are for FX traders who don't want to exchange their domestic currency directly. However, these are not regulated by any government agency and therefore you will have to make sure that they are legitimate. In fact, you may find some people claiming that they offer the best service but in reality they don't. It is therefore recommended that you use indirect quotes for your foreign trade.
How to use indirect quotes? For many years the direct foreign exchange market was used by most of the traders. But, now with the advancement in technology, more foreign exchange brokers have appeared on the scene. And, most of them provide a direct quoting facility. You can easily make a request for a direct quote from any of the Eur forex brokerages if you are looking for a low-risk trade.
In order to get a direct quote, you need to fill out a simple application form. Usually, the broker will ask you to select the country where you would like to trade. The country code should then be entered into the "select country" text box. Then, you will be given a list of currencies which are available for your selected country. Click "select" and you will receive a list of currency pairs that are available for your selected foreign currency units.