The foreign exchange market, which is usually known as “Forex” or “FX” is the largest financial market in the world. Foreign exchange of Forex is an off –exchange retail foreign currency market where participants purchase currency in exchange for another at current exchange rate.
For
e.g. when you travel in any other country, currency used in that
country is different from your country, so to spend money in that
country you need to convert your currency into that currency at some
rate which means you participated in Forex market and you exchanged
one currency for another.