Understanding Forex Trading Part II
April 16, 2008 by Stephen S Alison
Understanding Forex Trading © By Stephen S Alison
Difference Between Foreign Currency and Foreign Exchange – Anyone who has traveled outside their country of residence would have had some exposure to both foreign currency and foreign exchange.
For example, if you live in the United States and travelled, lets say, to London, England you may have exchanged your home currency i.e. US $ for British Pounds. The British Pounds are referred to as a foreign currency and the act of exchanging your US $ for British Pounds is called foreign exchange.
The Foreign Exchange Market – Unlike some financial markets, the foreign exchange market has no single location as it is not dealt across a trading floor. Instead, trading is done via telephone and computer links between dealers in different trading centres and different countries.
The FX market is considered an Over The Counter (OTC) or ‘interbank’ market, as transactions are conducted between two counterparts over the telephone or via an electronic network. Trading is not centralized on an exchange, as it is with the stock and futures markets. .
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