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The foreign exchange market (FX) encompasses various types of markets, including Spot FX, Future derivatives, Forward Derivatives, and the CFD derivatives market, which is particularly popular among retail clients. This collective market constitutes the largest and most liquid financial market globally, with an average daily trading volume exceeding $5 trillion.

Within the FX CFD derivatives market, buyers and sellers engage in transactions, with major participants being large international banks that execute orders through electronic trading systems. This market operates over-the-counter (OTC), meaning it's not regulated by a centralized exchange, and as a result, quotes are provided individually by major international banks, with the spot market serving as the benchmark.

It's noteworthy that the spot FX market also operates OTC and is predominantly influenced by major international banks.

In forex trading, the spot price of a currency pair is influenced by various factors, including economic outlook, geopolitical events, and news data releases that may impact market sentiment positively or negatively.

Contracts for Difference (CFDs) enable traders to speculate on price movements by buying (going long) or selling (going short) without physically owning or exchanging the underlying currency. FX is quoted in pairs, with each pair representing a global currency or economy. The first currency in the pair is the 'base' currency, representing the volume being traded, while the second currency is the 'term' or 'quote' currency, representing the current exchange rate.