The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC)market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market.

What is crypto trading?

This type of trading involves exchanging one cryptocurrency for another, buying and selling coins, and exchanging fiat money into crypto.

It bears some similarities to foreign exchange (forex), where fiat currencies from across the globe are traded 24 hours a day.

The number of cryptocurrencies has exploded in recent years – and estimates suggest there are now more than 1,500 in existence.

Many of these coins can only be acquired using a major cryptocurrency such as Bitcoin or Ethereum. Because of this, you’ll likely need to perform trades if you want to contribute to initial coin offerings (ICOs,) or use a blockchain company’s services.

One upside of crypto trading is that you can get involved without mining coins yourself – a process that takes time, energy, technical knowhow and a lot of computing power.