Forex, Fx or Foreign Exchange Market is a network of the largest financial institutions in the world such as central banks, commercial banks, and other financial institutions, corporate customers and forex brokers, where foreign currency is bought and sold.
Daily forex trading in traditional forex exchange is very large and was estimated at USD 1.5 trillion in 1998.
The forex market is a 24 hour global forex market that works all week except Saturdays and Sundays with no opening or closing hours.
The four largest forex centers in the world are London, New York, Tokyo and Singapore. Usually forex trading is brisk in North America mornings, or afternoons in Europe due to both markets being open at the same time and usually due to new US economic data being released.
The forex trading markets regularly trade a very wide range of currencies; however the majority of forex transactions are in five major currencies: the US Dollar, the Euro, the British Pound, the Yen and the Swiss Frank. The greatest number of forex currency trades are made against the US Dollar.
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