The Foreign Exchange currency market is known as FX. It is the simultaneous buying of one currency and selling of another, currencies are traded and exchanged in pairs. Traders are all unified on one goal, making profit. Profits are produced when the prices moves in the trader direction.

In the past, Forex markets were accessed only by larger financial institutes and investment banks, large multinational companies, global money managers, international currency dealers, and liquidity provider. Lately, online trading is allowed offering trading platforms for each individual who wants to trade currencies in order to gain profit.
 

As defined by the International Trade Commission, Forex is an Over- The- Counter market (OTC) which means that trading occurs between two counter parties through an electronic network. Trading is not centralized on an exchange, as with the stock markets. That means that there is no local position nor central exchange nor clearing hours to match the order. On the contrary, the Forex online trading is available 24 hours a day through an electronic network of banks, institutions and individuals trading one currency for another.
Forex traders usually discuss currencies prices ending in the market bid/ask prices which are then supplied into computers and on the official quote screens.

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