Forex is the largest and most liquid market on the planet. It trades 6.5 billion dollars daily.
The large size of the market and the extensive hours of the market causes challenges regarding regulation.
Forex trades 24 hours a day, five days per week, all over the world.
Trading begins on Monday morning in Sydney, Australia. And then follows the sun westward, next to Tokyo and then to London. Finally closing on Friday evening in New York.
There is no centralized body governing the currency trading market.
Instead, governmental and independent bodies oversee forex trading around the world.
In the United States, The National Futures Association (NFA) and Commodities Futures Trading Commission (CFTC) regulate brokers.
These regulatory bodies set standards that brokers under their jurisdiction must comply with. These standards include being requiring brokers to be registered and licensed. Brokers must also undergo regular audits, as well as report certain changes of service to their clients. This helps ensure that currency trading is ethical and fair for all involved.
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