The foreign exchange market is a decentralised, over-the-counter (OTC) global market. The daily volume of the Forex market surpasses $4 trillion as day worldwide. To put this in perspective the daily volume traded on the New York stock exchange is $25 billion making it the largest financial market in the world. The total Forex volume is well over three times the total amount of the stocks and futures markets combined.
The participants of the Forex market include banks, corporations, institutional investors, hedge funds and individuals. In simple terms Forex trading is where you can buy and sell currencies, simultaneously. The way it works is much like the process of currency exchange at airports or hotels where you can exchange the currency you deal with for the local currency.
The Forex market is open 24 hours a day 5 days a week, enabling traders to buy and sell around the clock acting on global news events as they happen.