What is a Spot Market? A Futures Market?

A Spot Market is the primary forex market where those currency pairs are swapped and exchange rates are determined in real-time, based on supply and demand.

A Futures Market is used by traders who want to speculate or hedge against future price changes in a currency. It allows traders to opt for a standardized contract to buy or sell a predetermined amount of a currency at a specific exchange rate at a date in the future.