Forex
Forex (foreign exchange) is the global market where currencies are traded against each other. It is the most active financial market in the world.
Forex has no central exchange: it is an over-the-counter market between banks, funds, companies, central banks and brokers. It turns over about $7.5 trillion a day according to the BIS (2022).
It is open 24 hours a day, five days a week, from Sunday evening to Friday evening, handing over between Sydney, Tokyo, London and New York. London is the largest centre.
Retail traders access it through brokers offering CFDs or leveraged spot forex. The deep liquidity of the major pairs means low spreads, but leverage makes losses come fast.