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Currencies are traded like any other asset, similar to how you would trade stocks or even your couch. This trading takes place in the Foreign Exchange Market, commonly known as Forex. With an astonishing daily turnover of approximately $6 trillion, Forex stands as the world's most liquid market. The exchange rates here fluctuate daily due to various economic and financial influences in the geographical regions where the currencies are used. These factors include interest rates, central bank policies, political climates, and economic growth rates.
Just like any market, there is regulation. In this case, the regulatory bodies consist of banks and financial institutions worldwide, forming a global network overseeing Forex market activities.
Forex offers opportunities for both individuals and institutions to profit and diversify their portfolios. It operates 24 hours a day from Monday to Friday, with the most frequently traded currencies being: