What Is Traded In Forex?

In simple we can say Money is traded in Forex Market.

In forex trading, when you buy the EURO, you are basically buying a “share” in the European Countries economy. You are betting that the Europe economy is doing well, and will even get better as time goes. Once you sell those “shares” back to the market, hopefully, you will end up with a profit.

In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to other countries’ economies.

Major Currencies in the Forex Market

Symbol	Country	Currency	Nickname
USD	United States	Dollar	Buck
EUR	Euro zone members	Euro	Fiber
JPY	Japan	Yen	Yen
GBP	Great Britain	Pound	Cable
CHF	Switzerland	Franc	Swissy
CAD	Canada	Dollar	Loonie
AUD	Australia	Dollar	Aussie
NZD	New Zealand	Dollar	Kiwi

Currency symbols always have three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency.

What Is Forex?

In very simple, If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting. When you do this, you’ve participated in the forex market! You’ve exchanged one currency for another.

In other ways,  In a forex trade, you buy one currency while simultaneously selling another - that is, you're exchanging the sold currency for the one you're buying.

The foreign exchange market, which is known as “forex” or “FX,” is the largest financial market in the world. Compared to the measly $22.4 billion per day volume of the New York Stock Exchange (NYSE), the foreign exchange market looks absolutely ginormous with its $5.3 TRILLION a day trade volume.

One unique aspect of this international market is that there is no central marketplace for foreign exchange.The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone. This means that when the trading day in the U.S. ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly.

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