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Learning What is forex?

What is Forex?

Forex is an abbreviation of Foreign Exchange. It's a market where freely convertible currencies are traded. Transactions take place between central banks, commercial banks and other financial institutions.

History of the Forex market

The modern foreign exchange market was born in 1973, when leaders of great world powers decided, that currencies of different countries should no longer be tied to the value of the US dollar.

Fixed exchange rates were replaced by freely changing exchange rates, which created the perfect conditions for currency speculation and using it to earn a hefty profit.

The Forex market became especially popular near the end of the 1990s, when global trading environments became interactive. This made it possible for private capital to flow to the international currency exchange market, which in turn increased the liquidity and sales volume of the market.

The daily sales volume of the Forex market is 4 trillion dollars. That's an incredible amount of money. This progress has been been greatly hastened by the progress of the computer age, which has enabled increasingly better access for all who wish to participate.

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Working hours of the Forex market

The Forex market operates round the clock!

The Forex market operates 24 hours a day on 5 days of the week. Different central banks, commercial banks and other financial institutions are situated in different time zones. In one time zone the working day might end, but in another it is just beginning. The trading week begins in Tokyo at 23.00 GMT and ends in Chicago at 22.00.

Participants of the Forex market

Central banksCommercial banksInvestment banks
Pension fundsInsurance companiesSmall investors



How do transactions on the Forex market take place?

Nowadays all transactions take place on interactive trading platforms. Traders receive information on prices in real time and are able to buy and sell at any moment.

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Dynamics of the Forex market
The turnover of the Forex market is growing every year!
* Valuutaturu päevane käive (USD)


The turnover of the Forex market is growing every year. By now it is more than 4,5 trillion dollars. The currency exchange market has the highest liquidity of all financial markets and the profitability rises every year. The fast development of the internet has also developed trading possibilities on the Forex market. More and more investors are trading on the Forex market every year!

Volumes of foreign exchange transactions

Other pairs
The trading volumes of different currency pairs are very different. Looking at them separately, we can see that the most popular is EUR/USD, then USD/JPY, GBR/USD and USD/CHF, but it is important to note that all currency pairs are interconnected and many of them move in sync. For example: if the USD becomes weaker in comparison with the EUR, it will also most probably become weaker in comparison with the GBP.