Forex trading is the buying and selling of global currencies. It’s how individuals, businesses, central banks and governments pay for goods and services in other economies. Whenever you buy a product in another currency, or exchange cash to go on holiday, you’re trading forex.

However, a significant proportion of forex trades aren’t for practical purposes. Speculative FX traders seek to profit from fluctuations in the exchange rates between currencies, speculating on whether one will go up or down in value compared to another.

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