Foreign exchange market
The foreign exchange market (forex, FX, or currency market) is a form of exchange for the international trading of currencies. The foreign exchange market is also known to be the largest in the world with over $5.1 trillion being traded every day. The markets are also open 24 hours a day for 5 days a week and are some of the most active as traders from across the globe exchange currencies.
Retail Forex MarketEdit
While most forex is traded by large institutions, banks and corporations, there are a great many retail foreign exchange traders. These are traders that will trade on their own accounts and buy / sell forex in order to target a specific return. This has increased dramatically recently with internet usage and online trading platforms. In the moral context this practice is to be avoided as personal behavior and also considering potential damage to the real economy.
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The forex market is open 24 hours a day, five days a week, except for holidays. Currencies may still trade on a holiday if at least the country/global market is open for business.
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Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.
- McGeever, Jamie. "Daily FX trading volume falls 5.5 pct to $5.1 trillion -BIS". U.S. Retrieved 2018-07-02.
- Walters, Steve (6 February 2018). "Online Trading Platforms". Coin Bureau. Retrieved 2 July 2018.