Forex is the most popular over-the-counter market. In the forex market, currencies are bought and sold through a network of banks. Since it is an OTC market, forex trading is decentralized and takes place 24 hours a day. There are 4 main trading sessions, namely Sydney, London, New York and Tokyo.
The most popular type of forex market is the spot forex market. In forex, spot transactions involve the electronic exchange of currency pairs using an online trading platform. Other market types include the forward forex market and the futures forex market.