The foreign exchange, also known as "Forex", "FX", or "4X", market is the place where currencies are traded. The Forex market is the largest, most liquid market in the world. With an average of $2.3 trillion traded per day, it includes all of the world's currencies. Since there is not a central market place for currency exchange, trade is conducted over-the-counter.
The Forex market is open 24 hours a day, five and a half days a week with currencies being traded worldwide in New York, London, Tokyo, Zurich, Frankfurt, Paris and Hong Kong, among many more major financial districts.
The Forex market was once exclusive to government central banks and large commercial and investment firms. In 1997 it was deregulated, opening the doors for money brokers, registered dealers and speculators.
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