Forex can be defined as the sale and purchase of currencies. This process happens over the counter. It is less governed by authorities and is also less sophisticated.
Foreign Exchange Market is also known as Forex . Forex is the market in which currencies are traded. It incorporates all aspects of buying, selling and exchanging currencies at current or decided prices. The Forex is the biggest market in the world regarding the aggregate money esteem exchanged, and any individual, firm or nation may take an interest in this market. It is open 24 hours in all days, excepts for weekends.
Suppose you are trading with EUR/USD. Here the base currency is EUR and the quoted currency is USD. The ask or bid price for the currency pair represents how much you will get in the quote currency for selling one unit of base currency. For example, one EURO is exchanged for 1.2500 U.S. dollars.