What is Forex? Part 1

What is Forex?

Forex is usually called the “currency market” or “foreign exchange market” and is where the currency from a specific country is exchanged for the currency of another country. Forex is the biggest financial market on the globe and has over 3 trillion dollars worth of currency exchanges every day. This market is open 5 days a week, 24 hours a day and is based in London, Sydney, Tokyo, and New York. Many of the traders involved in the Forex market are exchanging foreign currencies for whatever currency is used in their home country. This could be companies that need to pay wages or expenses in other countries they are based in. A large part of the Forex market, however, is consisted of currency traders. Currency traders make speculations on the market which affect the exchange rates and can be compared to stock traders. Currency traders try to take advantage of even the smallest fluctuation in exchange rates.

What is Forex?

The Forex market doesn't utilize very much “inside information” and the exchange rates can be based on moves that may occur related to economic conditions around the globe or flows of money around the world. Foreign exchange related news is public so the entire world reacts to it simultaneously.

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