The Foreign Exchange or Forex market is the cumulative trading activity of banks, financial institutions, governments, and individual investors/traders (retail and wholesale) exchanging and speculating on the movements of nation’s currency.
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The Forex market is the world’s largest in value and most liquid, with an average daily turnover of $5 trillion USD. Forex is traded 24 hours a day, non-stop, mostly out of global financial centers such as Sydney, Tokyo, Hong Kong, Singapore, Frankfurt, Paris, London and New York.
There is no central marketplace for the Forex market, all Forex trading is conducted ‘over the counter’. Forex prices are quoted by traders representing the major banks, central banks and other financial institutions, and, in turn, brokers’ aggregate price feeds from the different banks and re-quote to their customers. As FX market evolves and advances, market participants are brought closer through the use of technologies like Electronic Communication Network (ECN) and Straight Through Processing (STP), which enables trading at smaller bid-ask spreads and lower transaction fees. Now a days we see the growing in trend of Forex algorithmic trading.