1. The word forex, also known as FX, is an abbreviation for foreign exchange. Foreign exchange refers to an act of changing one currency from into another for various reasons grouped as trading or tourism. 2. Hence, currencies are traded in the forex market. There is no central place for this market. Still, it is traded over-the-counter internationally and runs 24x7, not bound by time. 3. The price quotes change regularly and it is one of the highly volatile markets. It must be noted that forex is one of the largest traded markets across the globe.