Market participants engage the forex remotely, via internet connectivity. Currency pairs are bought and sold 24 hours a day, 5 days a week by participants worldwide. On the foreign exchange market (forex), trade is conducted in an exclusively electronic format. Instead, you simply need computing power, internet connectivity and an FX broker to engage the world's currency markets. You don't have to stand in line at a currency dealer and pay undue premiums to trade monies.
Participating in the foreign exchange market is the easiest, most efficient way of exchanging currencies. Forex traders enjoy the utmost in liquidy, which promotes tight spreads, regular volatilities and rock-bottom pricing. Accordingly, participants are able to trade currencies from anywhere, anytime the market is open. The forex market is a decentralised, electronic exchange. There are several key differences between swapping currencies abroad and buying or selling forex. In both cases, you-as a traveler or a business owner-may want to hold your money until the forex exchange rate is more favorable. Imagine what that could do to the bottom line if, like in the example above, simply exchanging one currency for another costs you more depending on when you do it? These few pennies add up quickly. A large international company may need to pay overseas employees. This tiny change may not seem like a big deal. A single pound on Monday could get you 1.19 euros.
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