Everytime you travel abroad or wish to buy foreign goods you need to pay money in the currency of the travel or buying destination. Forex is the trading of different currencies against each other or the simultaneous buying and selling of currencies. Currencies are exchanged in currency pairs such as the Euro and the US dollar. You can buy forex from money lenders, banks, travel agents and airports. Currency exchanges are also offered on exchanges like NSE, BSE, MCX-SX and USE.

Additionally, within Forex there’s spot, forward and future trading. Spot market is the place from where you can buy and sell currencies according to the demand for that currency. In Forward markets, you can buy and sell currencies over-the-counter and the terms and conditions of the deal are decided by the two parties. Future markets deal with buying and selling according to standard sizes and settlement dates.

Forex trading creates wealth of about $5.3 trillion everyday. Forex Time FXTM and Netdania are a couple of forex trading apps available on Google Play. Once you trade in forex you must realize there’s a risk of loss of money. Accepting small losses instead of focusing on how much you made will be useful in the long run.