The Forex Exchange Market (Forex) is the electronic medium in which one nation's currency is exchanged for that of another. This is the largest financial market in the world, with the equivalent of over 3 trillion dollars traded a day in 2007. (Graphic)The Forex is not bound to any one trading floor and their is no central exchange. Instead, the market is run electronically, within a network of banks. This market is open 24hrs, 6 days a week.Major Forex participants include corporations, central banks, hedge funds and millions of traders worldwide. Some of the major banks that provide liquidity to this market include Bank of America (BAC), Credit Suisse, First Boston, J.P.Morgan, Goldman Sachs (GS) and HSBC (HTN).Why trade the Forex?
- Larger market and much more liquid
- Few currency pairs vs over 40,000 stocks
- Trade in a up trend or down trend market
- Less capital needed to open an account
- Greater leverage (up to 400:1)
- Open 24 hrs, 6 days per week
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