Forex (FX) is the platform for the exchange of different national currencies. It is one of the world’s largest, most liquid markets, with huge quantity of dollars which changes hands daily. There is no proper straight system, but the forex market is connected with an online network of banks, dealers, companies, and individual traders. London and New York City are the main trading hubs, while Tokyo, Hong Kong, and Singapore are also all major centers. All the major banks in the world take part in trading. The trading of currency occurs all over the day and the session of European market begins as and when the session of Asian market ends, which is also followed by the trading of the North American session and finally comes back to the Asian trading session. Except for holidays, the forex market is open 24 hours a day, five days a week. The trader or the buyer purchases some quantity of currencies in a conventional way by paying different currency of the same amount in a trading market.
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Not a single market exchange dominates the foreign exchange market, but a global network of traders from all over the world. The brokers of the foreign trading market also serve as market makers and they post bids and demands for high rates for two of kind currency that varies from the market’s most competitive bid. The market consists of two levels; the market for interbank and the market for over – the-counter (OTC). The interbank market is a market where large banks exchange currencies on behalf of customers for reasons such as hedging, balance sheet changes. The Over –the-counter market is a market where a trader or brokers trade on online platforms.
The exchange market is exceptional due to their features: they have an incredible dimension of trading, demonstrates world’s biggest assets which primarily focus on higher liquidity rates, and also it is widely spread all over the world with uninterrupted operations.
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