what is forex
The Foreign Exchange market, referred to as "Forex" or "FX", is the
market where currencies are traded. Currencies are traded in pairs,
buying one currency whilst selling the other (for example British
pound and US dollar (GBP/USD)).
The Forex market is currently the largest and most liquid market in
the world with an average traded value that exceeds $3.2 trillion
Due to the fact that there is no physical marketplace for the
currency exchange market, it is considered an Over the Counter
Market (OTC). Trades are conducted through telephone, fax, or
electronic network (computers with access to internet), instead of a
physical trade floor.
The Forex market is open 24 hours a day, five days a week.
Currencies are traded worldwide among the major financial centres
of London, New
York , Tokyo ,
Zürich, Frankfurt, Hong
Kong , Singapore , Paris and Sydney -
covering all time zones.