Foreign Exchange Market ( Forex, FX or Currency Market)
The foreign exchange market ( Forex, FX or currency market) is a global online network where traders buy and sell currencies, and participants are able to buy, sell, exchange and speculate on currencies. The foreign exchange market is made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors. Also It is a market where the currencies of different countries are bought and sold is called a foreign exchange market.
This global foreign exchange market has two tiers. The first tier is the interbank market. It is place the biggest banks exchange currencies with each other. The second tier is the OTC (over the counter) market. That is place and individuals trade. It becomes very popular since there are many companies that offer online trading platforms.