Introduction to Forex Market, Foreign Exchange Market

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Introduction to Forex, Foreign Exchange Market

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Introduction to Forex, Foreign Exchange Market
FOREX = FOReign EXchange

The currency (foreign exchange) market is the largest market in the world. It is also referred to as the Foreign Exchange market, or "Forex" or "FX" market for short. It is the biggest and most liquid market in the world. The Forex market is a cash (or "spot") interbank market.

Foreign Exchange simply means the simutltaneous of buying of one currency and selling of another. In other words, the currency of one country is exchanged for those of another. The currencies are always traded in pairs - Euro/US Dollar (EUR/USD), US Dollar/Japanese Yen (USD/JPY), etc. In excess of 85 percent of all daily transactions involve trading of the major currencies - Australian Dollar, British Pound, Canadian Dollar, Japanese Yen, Swiss Franc, and the U.S. Dollar.

Unlike any other markets, trading of currencies is not centralized on an exchange. Forex is a true 24 hour market, trading moves from major banking centers starting from Wellington, Sdyney, Far East, Europe and finally to the U.S.

Traditionally, Forex trading has been a 'professionals only' market available exclusively to banks and large institutions. Today, with the advance technology, online Forex brokers are now offering trading facilities to 'retail traders'. Almost anyone with computer and Internet connection can trade Forex.

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