Forex Information

Foreign Exchange (ForEx) is the selling of a particular currency to someone (individual, company or bank) and in return the buying of the currency they are offering. For example, you travel from the US to England . Upon arrival at the airport, you realize you need money to pay for the taxi to your hotel. You go to the foreign exchange counter and give them your US Dollars (USD), whether its cash, traveler's check or even your credit card, they give you the equivalent in British Pound (GBP). In this example, you sold USD and bought GBP, while the foreign exchange counter at the airport sold GBP and bought USD simultaneously. The Foreign Exchange market is used by world travelers, individual investors, corporations, hedge fund managers, investment and commercial banks, and by each country's central bank (i.e. America's Federal Reserve). Being utilized by so many entities worldwide, the Forex Foreign Exchange market is the world's largest financial market, which is probably what lead you to us in the first place.

But did you know that all of 2003 reported trading volume for the NYSE (New York Stock Exchange) of $9.6 trillion ($10.2 trillion for all of 2002) only equals 1 week's trading volume in the Foreign Exchange market. This is probably why so many banks and Fortune 500 companies heavily invest in this highly liquid market, the foreign exchange market operates 24 hours a day, 6 days a week (2:00 PM on Sunday until 4:00 PM on Friday EST), through an electronic network of banks, corporations and individual traders. Forex trading begins everyday in Sydney , moves to Tokyo , followed by London and then New York