Forex (also known as Foreign Exchange or FX) is a trade between currencies of the world. Like other type of trade, Forex also has its own market.
The foreign exchange market enables companies, banks and other financial institutions to buy and sell foreign currencies, sometimes in large amounts. Since foreign exchange is conducted on every part of the world, the market is open for 24 hours a day, seven days a week. The motivations behind this demand for foreign currency is that it includes capital flows arising from trade in goods and services, cross-border investment and loans and assumption on the future level of exchange rates.
Forex market is the largest market in the world and also the fastest. The sums of money involved are very large with transactions that can last for one or two days only.
The following are the major traded currency in the market:
US Dollar (USD) Japanese Yen (JPY) Euro (EUR) Canadian Dollar (CAD) Australian Dollar (AUD) Swiss Franc (CHF) British Pound (G&P)
Generally, there are three types of participants in the forex market:
The foreign exchange market enables companies, banks and other financial institutions to buy and sell foreign currencies, sometimes in large amounts. Since foreign exchange is conducted on every part of the world, the market is open for 24 hours a day, seven days a week. The motivations behind this demand for foreign currency is that it includes capital flows arising from trade in goods and services, cross-border investment and loans and assumption on the future level of exchange rates.
Forex market is the largest market in the world and also the fastest. The sums of money involved are very large with transactions that can last for one or two days only.
The following are the major traded currency in the market:
US Dollar (USD) Japanese Yen (JPY) Euro (EUR) Canadian Dollar (CAD) Australian Dollar (AUD) Swiss Franc (CHF) British Pound (G&P)
Generally, there are three types of participants in the forex market:
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