What is the foreign exchange market?
The foreign exchange market is the largest financial market in the world, trading more than $4trn around the world. Roughly a fifth of this is traded in the US and a third traded in London.
It is the most liquid financial market in the world with traders including large banks, central banks, institutional investors, central banks and currency speculators. The majority of trade is speculative, with particpants looking to turn a profit.
The market is unique because it is open 24hours a day between 15:15 EST on Sunday to 17:00 EST Friday. During this time thousands of factos affect each individual currency, ranging from US elections, to British retail sales to natural disasters.
The main players are the banks who trade the vast mahority of the $4trn every day at the 'interbank' rate - literally a rate between the banks.
Smaller banks and companies such as World First can get this rate as well and by taking smaller profits, are able to pass this advantage on to their clients.
There are, of course, risks to dealing in the world's financial markets and it can be tough trying to navigate them without specialist help. Fluctuations in exchange rates can make a huge difference in the amount of money you end up with - a rate can move by as much as 10% over the course of a few days.
So, it's important - regardless of the size of transaction you need to undertake - that you use global foreign exchange specialists who are on your side every step of the way.