Foreign exchange, also known as forex, is the process of converting one currency into another. It is a global market where currencies are traded 24 hours a day, 5 days a week. The foreign exchange market is the largest financial market in the world, with a daily trading volume of over $5 trillion.
There are many reasons why someone might need to buy foreign exchange. For example, businesses that import or export goods and services need to convert their currency into the currency of the country they are trading with. Individuals who are traveling abroad may also need to buy foreign exchange to pay for their expenses.