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- About MGX
Forex is a huge over-the-counter platform where various currencies are exchanged: dollars are exchanged for euros, euros for yen, yen for yuans, pounds or francs, etc. Forex is the world's largest financial market in terms of trading volume, liquidity, and value. It operates 24 hours a day, is estimated at about $2,500,000,000,000,000 (2.5 quadrillion US dollars), and its daily turnover reaches $7.0 trillion per day. By comparison, it takes six months for the New York Stock Exchange to reach what is traded in Forex in just one day.
Forex includes about 170 different currencies. However, almost 70% of the trading volume takes place in the currencies of the seven most developed countries, and the US dollar accounts for more than 85% of all transactions in this market.
The market participants are mainly financial institutions, such as central and commercial banks, investment funds and multinational corporations, as well as brokers, private investors and traders. Retail trade accounts for only 5.5% of this market. But even this "only" is a huge amount of $385,000,000 daily.