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The foreign exchange market (forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency.
The interbank market is the top-level foreign exchange market where banks exchange different currencies. [1] The banks can either deal with one another directly, or through electronic brokering platforms.
Retail foreign exchange trading is a small segment of the larger foreign exchange market where individuals speculate on the exchange rate between different currencies. This segment has developed with the advent of dedicated electronic trading platforms and the internet, which allows individuals to access the global currency markets.
Currency distribution of global foreign exchange market turnover [1. Currency ISO 4217 code Symbol or Abbrev. [2] Proportion of daily volume Change (2019–2022)
As the currency loses its buying power and becomes less attractive in the foreign market, the exchange rate will likely drop in favor of stronger currencies. 2. Interest rates
Exchanging currency at home often allows you to avoid many higher fees associated with foreign exchange abroad. Here are the best places to consider exchanging money close to you. Your bank or ...