WHAT IS THE FOREX?The word 'FOREX' (or FX) refers to the foreign exchange market. This is the market involved in trading currencies between countries. When visiting another country, you might exchange your currency for the local currency. By making this trade, you are actually contributing to the FOREX market.
The FOREX market developed over a period of decades in response to increasing international trade as a means to negotiate the value of one currency compared to that of another. The FOREX market as we know it today is a recent development, beginning in the 1970s. Only in the last 10 years or so has FOREX gained in popularity to the point where it has become nearly as common as trading stocks. With average daily trading approaching $4 trillion, it's the fastest growing market today.
FOREX trading is 'over-the-counter' (OTC), which means that trading is conducted directly between the seller and the buyer. Unlike the stock market, there is no central exchange, so trading is done anywhere, at any time. Banks and other financial institutions do not have exclusive access to this market, which means the public - that's you - can get in on the action.
The FOREX market is global by nature. There are three markets, held in Europe, Asia and the United States, with each one having different trading hours from another. This translates to nearly 24-hour trading, 6 days per week.
The FOREX market is the most liquid and one of the most exciting markets in the world. With access to the market 24 hours a day, you are afforded the opportunity to trade at your own leisure, but you have to know what you're doing. The MTI's online FOREX education course is the perfect way to learn the nuances of the market so you can trade with confidence.
What is the Forex ?
The word 'FOREX' (or FX) refers to the foreign exchange market. This is the market involved in trading currencies between countries. When visiting another country, you might exchange your currency for the local currency.