The FX market is one of two 24-hours-a-day (during weekdays) trading markets, the other being cryptocurrencies (though crypto markets don’t pause on weekends). Traditionally, the forex market was dominated by institutional firms and large banks, but its popularity among retail traders has significantly grown over the past decade. However, there's a caveat: Newer traders in the market have lured in fraudsters looking to take advantage of less knowledgeable investors.

At its core, forex trading is about capturing the changing values of pairs of currencies. For example, if you think one currency will gain in value against another, you'll buy one to sell it later at a higher price.