With an estimated average global daily turnover of more than US$6.5 trillion — up from $5 trillion just a few years ago — the forex market is by far the largest and most liquid financial market in the world.
The forex market is open 24 hours a day, five days a week for banks, businesses, investment firms, hedge funds, and retail traders to buy and sell currencies.
The base currency is always quoted on the left and is the first currency in a forex pair. This currency is always worth one and is bought or sold in exchange for the quote currency.So, using the previous example, it will cost a trader 1.1918 USD to purchase one EUR. A trader could also sell 1 EUR for 1.1916 USD. When you trade forex, you are constantly buying one currency and selling another.