The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex and related markets currently is over US$ 3 trillion. Forex is traded off-exchange.

As such, we believe it is the reason it has been referred to as the market closest to the ideal perfect competition.

*Information provided by Wikipedia.