What is forex
Currency is traded on the foreign exchange market. Currency is important because it allows us to buy goods and services both locally and across borders. To conduct foreign trade and business, international currencies must be exchanged.
For example:
If you live in the United States and want to buy cheese from France, you or the company from which you buy the cheese must pay the French in euros (EUR). This means that the importer in the United States would have to convert the equivalent value of US dollars (USD) into euros.
The same goes for traveling..
Because euros (€) are not the local currency, a French tourist visiting Egypt cannot pay in euros to see the pyramids. The tourist must exchange euros for local currency, in this case the Egyptian pound, at the current exchange rate.
One distinguishing feature of this international market is the absence of a central marketplace for foreign exchange.
Currency trading is instead done electronically over the counter (OTC), which means that all transactions take place through computer networks among traders all over the world, rather than on a single centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded globally in Frankfurt, Hong Kong, London, and New York.
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