New to Forex and day trading?
The Forex (also known as foreign exchange or FX) market is a global marketplace for trading and exchanging national currencies against each other.
Forex markets are among the most liquid and the biggest markets in the world, largely due to the reach of worldwide trade, finance and commerce.
Currencies trade against each other as exchange rate pairs. For example, GBP£/USD.
Forex markets exist as cash markets as well as derivatives. The latter offer futures, options, swaps and forwards.
Traders on the forex market use it to hedge against interest rate and international currency risk. They also speculate on geopolitical events and to diversify their portfolios.