Is this line from IBFXU correct?

I think this line from IBFXU is incorrect, can someone please verify for me:

"The current bid/ask price for EUR/USD is 1.2348/1.2350 – meaning a trader can buy $1 USD for 1.2350 EUR or sell $1 USD for 1.2348 EUR."

That can be found here under "margin trading example."

If I understand exchanges correctly, the rate of 1.2348 would indicate the number of USD needed to buy one EUR, correct??

Thanks,

Forexwindo

ROTFLOL. Yea, that line is incorrect. It costs less euro to buy the dollar, not more, as the EURUSD goes up. Ie: the value of the euro goes up relative to the dollar so it has more purchasing power and can buy more dollars with less.

An easy way to visualize it is to put an arrow between the 2 pair names.

EUR->USD ... 1 EUR converted to USD would be (currently) worth $1.5706.

GBP->USD ... 1 GBP could buy around $2 dollars.

Etc, etc.

Thanks. It's rough learning using material with errors in it. Hopefully it will help to reinforce things.

Forexwindo

Helpful hint: don't use learning materials from a dealing desk broker, their entire business model is based upon deception.