What is Forex?

Forex, short for the foreign exchange market, is a global marketplace for trading currencies. Participants in the forex market include central banks, commercial banks, hedge funds, investment firms, and individual investors. Forex trading operates 24 hours a day, five days a week, as it involves various financial centers around the world.

The primary objective of forex trading is to profit from the fluctuations in exchange rates between different currencies. When you trade forex, you're essentially buying one currency and selling another simultaneously. Currency pairs, such as the Euro versus the US Dollar (EUR/USD) or the British Pound versus the Japanese Yen (GBP/JPY), are the basis of forex trading.

The forex market is considered the largest and most liquid financial market in the world, with an average daily trading volume exceeding $6 trillion. It's important to note that forex trading can be highly speculative and involves significant risks, so it's vital for traders to understand the market and develop a solid trading strategy before diving in.

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