The term Forex is derived from the words ‘Foreign’ and ‘Exchange’ and quite simply means to take part in trades involving  the exchange of one countries currency with another. Other terms often used to refer to Forex include ‘Spot FX’ or simply ‘FX’.
The Forex (acronym for foreign exchange) currency market trades an estimated $3-to-$3.5 Trillion Dollars a day. Yes, that is correct, $3.5 Trillion a Day. It is the biggest and fastest growing liquid market on earth!

The Foreign Exchange Market was established in 1971 with the abolishment of fixed currency exchanges. The FOREX grew steadily throughout the 1980’s, but with the technological advances of the 90’s FOREX grew from trading levels of $50 billion a day to the current level of $3.5 trillion daily.

Most transactions in FX markets are made between US dollars and a second currency. Transactions are usually made using online trading systems made available by banks and forex brokers.

The Forex market being the most prolific liquid market in the world is what attracts those trillions of dollars per day. This fast-paced market operates 24/7, 5 1/2 days a week, beginning with trade in Wellington, New Zealand, and continuing on to Sydney, Australia; Tokyo, Japan; Berlin, Germany; London, England; and New York, New York before the whole cycle begins again.

Currency rates are forever fluctuating depending on supply and demand and economic and political influences in countries all over the world. The aim of any Forex trader is to spot which currency will next rise or fall in value against another currency.

The Forex market is massive when compared to the around $25-to-$35 Billion a day traded on U.S. Stock Exchanges on an average day and Forex trading exceeds the combined volume of ALL the world major exchanges trading equities, futures, and other instruments.

But the Forex market does not have a physical address. It’s actually a large network of individual investors and central banks all involved in the process of changing currency.

The participants in this daily world market juggernaut are Central and Commercial Banks, Major Corporations, Institutional Investors, Hedge Funds, and Private Individuals.

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The major currencies found in the Forex market are:

• USD: U.S. Dollar

• CAD: Canadian Dollar

• GBP: British Pound

• EUR: Euro

• CHF: Swiss Franc

• AUD: Australian Dollar

• JPY: Japanese Yen

World Markets Open

• New York Market trade times: 8am – 4pm EST

• Europe Market trade times: 2am – 12Noon EST

• Great Britain Market trade times: 3am – 11am EST

• Tokyo Market trade times: 8pm – 4am EST

• Australia Market trade times: 7pm – 3am EST

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