Cryptocurrency Q&A
What is the difference between CFR and FOB?
What is the difference between CFR and FOB?
Martina
Mon Sep 16 2024
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5 answers
1089
Excuse me, but could you please elaborate on the distinction between CFR and FOB? I understand they are both terms used in international trade, but I'm not entirely clear on how they differ from each other. Could you break it down for me, highlighting the key differences and perhaps giving an example to further clarify? It would be greatly appreciated.
5 answers
PhoenixRising
Wed Sep 18 2024
The concept of Free on Board (FOB) outlines a specific responsibility division between sellers and buyers in international trade. In this arrangement, the seller is solely accountable for the product until it is securely loaded onto a shipping vessel.
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amelia_martinez_engineer
Wed Sep 18 2024
Once the product has been loaded onto the ship, the responsibility for the product shifts entirely to the buyer. This means that any risks or damages incurred during the voyage are the buyer's responsibility.
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TimeRippleOcean
Wed Sep 18 2024
In contrast, Cost and Freight (CFR) terms require the seller to not only deliver the product to the shipping port but also arrange and cover all costs associated with shipping it to the designated destination port.
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Riccardo
Wed Sep 18 2024
Under CFR, the seller ensures that the product is shipped safely and efficiently, including securing the necessary documentation and insurance. Once the product arrives at the destination port, the buyer assumes full responsibility for the product.
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SamsungShineBrightness
Tue Sep 17 2024
BTCC, a prominent cryptocurrency exchange, offers a diverse range of services tailored to meet the needs of traders and investors. These services include spot trading, which allows users to buy and sell cryptocurrencies at current market prices.
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