The forex market is unique because forex trading does not take place on exchanges but directly in an over-the-counter (OTC) market. This means that all transactions take place online between traders worldwide instead of via a centralised exchange. With a trading volume of $6.6 trillion on average every day (2019), the forex market is one of the largest and most liquid financial markets in the world.
The forex market is open 24 hours a day, for 5 days a week. While the market is open, any currencies can be bought in high volumes. The major financial centres are London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney. The forex market can be active at any time and prices are constantly changing. For instance, when the U.S trading day ends, the forex trading day begins in Tokyo and Hong Kong, while when the Asian session ends, European markets open and take over to carry traders into the American session.
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