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What is
Forex Trading?

Forex trading, or foreign exchange trading, involves converting one currency into another. In forex, you always trade in currency pairs—selling one currency while simultaneously buying another.

Each currency in a pair is represented by a three-letter code, typically consisting of two letters indicating the region and one letter representing the currency. For example, USD stands for the US dollar, while JPY represents the Japanese yen. In the USD/JPY pair, you are buying US dollars while selling Japanese yen.

Some of the most commonly traded forex pairs include:

EUR/USD: Euro vs. US dollar
EUR/GBP: Euro vs. British pound
GBP/USD: British pound vs. US dollar

How does forex
trading work?

Institutional forex trading takes place directly between two parties in an over-the-counter (OTC) market. Meaning there are no centralized exchanges (like the stock market), and the institutional forex market is instead run by a global network of banks and other organizations. Transactions are spread across four major forex trading centers in different time zones: London, New York, Sydney, and Tokyo. Since there is no centralized location, you can trade forex 24 hours a day.

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