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The foreign exchange market is a place where everyone can trade almost all currencies from all over the globe. The vast majority of daily transactions are completed on bigger scale between the banks around the world. Only a quarter of all trades are done by individual retail traders.
Individual Forex trading including futures and options are traded on a few foreign exchange centers in New York, London and Tokyo. The Forex market is the largest financial market in the world and has daily transaction turnover of USD 1.5 billion. That would equal around twenty days worth of trading on New York stock exchange market.
Forex has no specific location. Thanks to modern technology, traders are able to complete transactions over the phone or internet or other electronic ways. This is why trading got a name OTC (over the counter).
Forex exchange market stays opened 24 hours a day from Monday to Friday and trades continuously between Europe, America and Asia. While one market closes another opens keeping the money floating with no problem or hold up.
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