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The foreign exchange market is the generic term for the worldwide institutions that exist to exchange or trade currencies. Foreign exchange is often referred to as “forex” or “FX.”

The foreign exchange market is an ‘over the counter’ (OTC) market, that means that there is no central exchange and clearing house where orders are matched.

FX dealers and market makers around the world are linked to each other around-the-clock via telephone, computer, and fax, creating one cohesive market.

Full article at: Forex for Beginners