The forex market was founded in the year 1971 in place of fixed currency exchanges. The forex trading market grew progressively all through the 1970′s. However, with the advance of technology in the 1980′s foreign exchange increased from trading amounts of $70 billion per day to current amounts of $1.5 trillion per day. The foreign exchange market includes more than 5000 trading organizations, like central government banks, which includes the US Federal Reserve, international banks as well as commercial companies in addition to brokers for each kind of foreign money exchange. Forex does not have any centralized location. Key trading centers for foreign exchange are situated in Tokyo, New York, London, Singapore, Hong Kong, Frankfurt and Paris. All buying and selling is performed over the phone or internet.