|PROOF THAT THE WORD FOREX IS NOT RECOGNIZED TO MEAN OFF-EXCHANGE SIMULATED TRADING.
LIKEWISE OCT (OVER THE COUNTER TRADING) IS NOT THOUGHT TO MEAN OFF-EXCHANGE SIMULATED TRADING EITHER.
‘Investopedia explains Forex – FX’
There is no central marketplace for currency exchange; trade is conducted over the counter. The forex market is open 24 hours a day, five days a week and currencies are traded worldwide among the major financial centers of London, New York, Tokyo, Zürich, Frankfurt, Hong Kong, Singapore, Paris and Sydney.
The forex is the largest market in the world in terms of the total cash value traded, and any person, firm or country may participate in this market.
Definition of ‘Forex – FX’
The market in which currencies are traded. The forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world.
Definition of ‘Foreign Exchange’
The exchange of one currency for another, or the conversion of one currency into another currency. Foreign exchange also refers to the global market where currencies are traded virtually around-the-clock. The term foreign exchange is usually abbreviated as “forex” and occasionally as “FX.”
The foreign exchange market (forex, FX, or currency market)
Is a form of exchange for the global decentralized trading of international currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. EBS and Reuters’ dealing 3000 are two main interbank FX trading platforms. The foreign exchange market determines the relative values of different currencies.
In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying some quantity of another currency.