What is the forex market? The world's biggest market, explained simply
By SendPay Business · · 2 min read
- 1Type in your own numbers
- 2The tool works it out
- 3See the answer clearly
The foreign exchange market, or forex, is where currencies are bought and sold. It is the largest financial market in the world, with trillions of dollars changing hands every day. Every time a business pays a supplier abroad or a traveller swaps pounds for euros, the forex market sets the price.
Who trades currencies
- Banks, trading with each other and for their customers.
- Businesses paying for goods and services abroad.
- Investment funds and other financial firms.
- Central banks managing their reserves.
- Individuals, from travellers to retail traders.
Why it never closes on weekdays
Forex has no single exchange building. It runs over the counter between banks and dealers around the world, so as one financial centre closes another opens. Trading runs roughly from Sunday evening to Friday evening, UK time.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
The main trading sessions
Traders usually talk about four sessions: Sydney, Tokyo, London and New York. London is the biggest single centre. Prices tend to move most when sessions overlap, especially when London and New York are both open.
What it means for everyday transfers
The rates you see on a transfer or card payment come from this market, usually with a margin added on top. Knowing the mid-market rate helps you see how much that margin is.
Where SendPay fits
SendPay does not offer forex trading. A SendPay platform lets your customers hold GBP, EUR and USD and exchange between them in your own branded app, at a fee you set, powered by licensed partners.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
What is the mid-market rate?
The midpoint between buy and sell prices on this market.
Mid-market rate →Can I launch my own currency exchange app?
Yes, with multi-currency accounts and exchange.
Currency exchange business →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.