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Understanding the Forex Exchange Market
by Jareth Carter
http://www.forexjoy.com

Forex, or FX, is the abbreviation for the foreign
exchange market. It is the largest market in the
world! A 1998 study of the Forex market by the
International Bank of Settlements (IBS) shows that
Forex had a daily global turnover of $1.4
Trillion! This is a huge increase from just a few
years before.

Since this is such a huge market it~s obviously
controlled by very large financial institutions
and commercial banks. Investment banks, money
centers and central banks have a huge role in the
Forex Market. Vast solo transactions of anywhere
from $200 to $500 million are very frequent in
such a marketplace.

Now you know that the Forex market is global but
if you are looking for the main currency exchange
center look no further than Great Britain. Great
Britain~s prime location makes it perfect for both
Asian and American markets. In fact, it accounts
for 30% of the daily activity in the market alone.
Even the United States falls second to Great
Britain.

The Forex market uses global currencies to
exchange and trade in pairs. The first currency is
always called the base currency. The US dollar is
the base currency for almost all currencies except
the Australian, the Euro and the British.

Forex is an over the counter market. This means
that there is no exchange floor like there is with
stocks and bonds and other options. Trades occur
directly between the market operators like a stock
broker and the person who is placing the order.
Trades occur over an electric network or
telephone.

Not only can you trade stocks but you can also
trade currency. What does this mean to trade
currencies? Well, basically you are trading one
country~s currency for that of another. You would
typically do this because you feel that one will
rise in value and be worth more than it was when
you first traded it, making you a profit. When you
are considering this, you also need to factor in
how much the broker will pay. This is what makes
it much like stocks.

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