Forex, or foreign exchange, is a network of buyers and sellers, who transfer international currency pairs between each other at an agreed price. It is the means by which individuals, companies and central banks convert one currency into another.
Forex trading is conducted over the counter, meaning there’s no physical exchange and a global network of banks and other financial institutions oversee the market. The forex market is run by a global network of banks, spread across four major forex trading centres in different time zones: London, New York, Sydney and Tokyo. There is no central location and you can trade forex 24 hours a day from Monday to Friday; the forex market is closed on weekends.