What is Forex?

With a daily turnover of $5.1 trillion, the foreign exchange market, commonly known as forex or FX, is the world’s biggest traded market.

To put this in perspective, the stock market in the United States exchanges about $257 billion each day; a sizable figure, but a fraction of what forex trades.

Banks, organisations, and individual traders trade forex 24 hours a day, 5 days a week all over the world. Because there is no centralised marketplace for forex, unlike other financial markets, currencies are traded over the counter in whatever market is open at the moment.

How FX Trading works

Buying one currency while simultaneously selling another is the basis of forex trading. Traders in forex try to earn by buying and selling currencies and actively speculating on the future direction of the currencies.

World’s Major Currencies

United States USD Switzerland CHF
Eurozone EUR Canada CAD
Japan JPY Australia AUD
Great Britain GBP New Zealand NZD

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