Forex Trading : Beginners facts

The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market.

1 - United States dollar USD ($)
2 - Euro EUR (€)
3 - Japanese yen JPY (¥)
4 - Pound sterling GBP (£)
5 - Australian dollar AUD (A$)
6 - Canadian dollar CAD (C$)
7 - Swiss franc CHF (Fr)
8 - Renminbi CNY (元)
9 - Swedish krona SEK (kr)
10 - New Zealand dollar NZD (NZ$)
11 - Mexican peso MXN ($)
12 - Singapore dollar SGD (S$)
13 - Hong Kong dollar HKD (HK$)
14 - Norwegian krone NOK (kr)
15 - South Korean won KRW (₩)
16 - Turkish lira TRY (₺)
17 - Russian ruble RUB (₽)
18 - Indian rupee INR (₹)
19 - Brazilian real BRL (R$)
20 - South African rand ZAR (R)

The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: 1 USD is worth X CAD, or CHF, or JPY, etc..