What is the forex market?

Written by
Bence András R.
Fact checked by
Adam N.
Updated
Jul 2022

The forex market is the global financial market for buying and selling currencies or forex trading.

The vast majority of currency transactions are conducted on so-called OTC (over-the-counter) markets. Unlike, for example, the trading of stocks on the NYSE, trading currencies on an OTC market is not overseen by a centralized exchange.

Instead, banks act as market makers – offering a bid price to buy, and an ask price to sell a particular currency pair.

When is the market open?

The forex market is open continuously from 11:00 PM Sunday until 11:00 PM Friday, London time, in different parts of the world. The highest trading activity within each day is when the London and New York markets are both open. As there are multiple markets around the globe with overlapping trading hours, forex market hours are almost nonstop, which might be appealing for some traders.

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Author of this article

Bence András Rózsa
Bence András Rózsa

Bence is a former broker analyst for BrokerChooser. Having an MSc in international economy and finance, he focused on equities, cryptos and newcomer financial services. He also gained years of experience within the brokerage industry, specializing in stock and CFD/forex brokers, crypto providers and robo-advisors.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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