The Foreign Exchange Market for Beginners

The Foreign Exchange Market for Beginners The foreign exchange market or forex market as it is often called is the market in which currencies are traded. The spot currency market is open twenty-four hours a day, five days a week, with currencies being traded around the world in all of the major financial centers. The first currency of a currency pair is called the "Base currency," while the second currency is called the counter currency. The currency pair shows how much of the counter currency is needed to purchase one unit of the base currency. When purchasing a currency pair, the base currency is being bought, while the counter currency is being sold. Forex Capital Markets is an online currency trading firm that offers a free demo account to traders who are new and interested in the foreign exchange market.