Exchange Forex is the market of an interbank currency exchange on free prices. Forex routinely name the currency market and trade in currency.
Daily turn-over at exchange FOREX:
• in 1977 - 5 billion dollars
• in 1987 - 600 billion dollars
• in 1997 - 1,2 bln. dollars
• in 2000 - 1,5 bln. dollars
In 2005-2006 the volume of a day turn-over in market FOREX fluctuated, by different estimations, from 2 to 4 bln. dollars.
Forex is the international interbanking market. Operations are spent through system of institutes: central banks, business banks, investment banks, brokers and dealers, pension funds, assurance companies, transnational corporations etc. The volume of one contract with real delivery of currency for the second working day (a spot) routinely makes the market about 5 million US dollars or their equivalent. Routinely Forex name not currency exchange system in general, and exclusively marginal speculative trade through business banks. At use of a word Forex almost always is meant marginal trade.
On the statistican profit on gambling on the market Forex receive about 10-15 percent of traders. Forex is not a monetary exchange or other official trading platform with accurate rules and an operating time. Traded currencies (unlike shares, bills, bonds) have no independent yield which would be not connected with course fluctuations in the currency market. It does not allow to expect the future price of currency on the basis of regular profit or dividends as it is done on equity market.
Investments on Forex mean assignment for personal trade or for transfer to confidential management to other trader. Thus character of the trade has no significance. Investments on equity market mean buying shares (or "portfolio" of shares) on a long term for the purpose of reception of dividends and-or additions of value of shares.