Exchange – The global market where currencies are traded. Also called forex or FX. It is an OTC (over-the-counter) market with no central exchange. In this market, participants buy and sell currency pairs for commerce or speculation. The exchange rate of a pair fluctuates based on supply and demand. For example, forex is where banks, corporations, and retail traders trade currencies 24/5. (See also Forex below.)

Back to Robots Glossary Index