If you want to buy or sell the foreign currencies, you should know the structure of Forex market. Foreign exchange market is the market where billions of dollar trade is done. Three players make its structure.
1. Commercial Banks
Commercial banks buy or sell the foreign currency for their customer or for their own account. So, there is major part of structure which is covered by commercial banks. They try to buy or sell the foreign currency on the rate which their customers are ready to give or take. But it is not necessary that they will get success on their desired rate of forex. There are lots of other factors which will decide the rate of forex.
2. Forex Brokers
Second major part of structure of forex market is the forex brokers. They are commission agent. They helps to bring buyers of forex near to the sellers. Like other industries brokers, they sell or buy the forex on the behalf of their customers. There are very touch to the market.
3. Foreign Exchanges
Foreign exchange is physical market which will be in the capital of each country. Major markets are of London foreign exchange market, New york foreign exchange market, Singapore foreign exchange market. All are open at their fixed time. So, if it will keep in same series, whole forex exchange will open 24 hours.
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