What is FOREX?

FOREX:
Foreign Exchange(FOREX) or Currency Market is the arena where currency is traded for another. It is one of the largest financial markets with over $1.9 trillion changing hands daily. The Foreign Exchange market has no physical location and no central exchange. The Forex Market operates through a global network of corporations, individuals and banks trading one currency for another. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Foreign Exchange is indeed an interbank market which means there is no single universal exchange for specific currency pair. The market operates 24 hours per day throughout the week. Today, international portfolio members, day traders, importers and exporters, long-term holders, multinational corporations and hedge funds all use the Forex exchange market to pay for goods and services.