What is Forex?

The Foreign Exchange market, also referred to as the "Forex" or "FX" market is the most traded financial market in the world, with a daily average turnover of US$3.2 trillion.

The FX market is considered an Over The Counter (OTC) or 'interbank/interdealer' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network. Unlike other markets you may be familiar with, there is no central marketplace for Forex or currency trading; instead, all transactions are conducted through dealers over-the-counter.

A true 24-hour market from Sunday 5:00 PM ET to Friday 5:00PM ET, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.