Forex or FX is a shorter from of Foreign Exchange, and in plain words Forex means any foreign currency. However, Forex is a term which denotes the Foreign Exchange Market and the transactions taking into place this market. In fact, Forex transactions do not take place in any designated place rather dealers in Forex (like Banks and others) conduct transactions of buying and selling of foreign exchange from their own offices. In monetary terms, Forex is the largest market in the world and it remains open round the clock.