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Saturday 21 July 2018
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What Is Forex

The foreign exchange market – also known as forex or the FX market – is the world’s most traded market, with turnover of $5.1 trillion per day.*

 

To put this into perspective, the U.S. stock market trades around $257 billion a day; quite a large sum, but only a fraction of what forex trades.

Forex is traded 24 hours a day, 5 days a week across by banks, institutions and individual traders worldwide. Unlike other financial markets, there is no centralized marketplace for forex, currencies trade over the counter in whatever market is open at that time.

How FX Trading works

Trading forex involves the buying of one currency and simultaneous selling of another. In forex, traders attempt to profit by buying and selling currencies by actively speculating on the direction currencies are likely to take in the future.

World’s Major Currencies

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