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Forex, also known as foreign exchange or FX, refers to the global decentralized market for trading currencies. In simple terms, it is the buying and selling of different currencies against each other with the aim of making a profit from the fluctuations in their exchange rates. The forex market is the largest and most liquid financial market in the world, with an average daily trading volume of around $6.6 trillion. It operates 24 hours a day, five days a week, across different time zones, as it involves a network of banks, financial institutions, corporations, governments, and individual traders.