The foreign exchange market (FOREX) is the biggest and the most liquid market in the world with an average daily trading volume of about $5 trillion.
Forex is traded 24 hours a day, 5 days a week across banks, institutions and individual traders worldwide. Unlike other financial markets, forex is a global decentralized or over-the-counter (OTC) market for trading of currencies.
The Forex market is where one currency is exchanged for another one at a specific rate. This currency pair rate changes every second as a result of the constantly fluctuating global demand and supply for both currencies of the pair.
The Forex market allows participants, such as banks and individuals, to buy, sell or exchange currencies for both hedging and speculative purposes. The foreign exchange (forex) market is the largest financial market in the world and is made up of banks, commercial companies, central banks, investment management firms, hedge funds, retail forex brokers, and investors.