What's Forex?

Forex is an acronym for foreign exchange, a market where people exchange the currency of one country for the currency of another in order to do business internationally. Typical situations in which such currency exchange is necessary include payments of import and export purchases and the sale of goods or services between countries
Forex is also called the cash market or spot interbank market. The spot market means trading on-the-spot, at whatever the price is at that moment.