Foreign exchange market is a major segment of Finance; it is also known by a variety of names like currency or forex or FX market. In terms of value traded, Foreign exchange market is the largest financial market in the world; and transactions and activities continue in this market round the clock and include trading between large commercial banks, central banks, individuals and other entities indulging in speculation of currencies, many governments and global corporations. Although individuals may not be generally associated with this market in a direct way, Foreign exchange market have an impact on individuals in many ways.
Forex or FX is a shorter from of Foreign Exchange, and in plain words Forex means any foreign currency. However, Forex is a term which denotes the Foreign Exchange Market and the transactions taking into place this market. In fact, Forex transactions do not take place in any designated place rather dealers in Forex (like Banks and others) conduct transactions of buying and selling of foreign exchange from their own offices. In monetary terms, Forex is the largest market in the world and it remains open round the clock.
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