A spot market is any market that deals in the current price of a financial instrument.
Which Currencies Are Traded?
The most popular currencies along with their symbols are shown below:
| Symbol | Country | Currency | Nickname |
| USD | United States | Dollar | Buck |
| EUR | Euro members | Euro | Fiber |
| JPY | Japan | Yen | Yen |
| GBP | Great Britain | Pound | Cable |
| CHF | Switzerland | Franc | Swissy |
| CAD | Canada | Dollar | Loonie |
| AUD | Australia | Dollar | Aussie |
| NZD | New Zealand | Dollar | Kiwi |
Forex currency symbols are always three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency.
When Can Currencies Be Traded?
The spot FX market is unique within the world markets. It’s like a Super Wal-Mart where the market is open 24-hours a day. At any time, somewhere around the world a financial center is open for business, and banks and other institutions exchange currencies every hour of the day and night with generally only minor gaps on the weekend.
The foreign exchange markets follow the sun around the world, so you can trade late at night (if you’re a vampire) or in the morning (if you’re an early bird). Keep in mind though, the early bird doesn’t necessarily get the worm in this market - you might get the worm but a bigger, nastier bird of prey can sneak up and eat you too…
| Time Zone | New York | GMT |
| Tokyo Open | 7:00 pm | 0:00 |
| Tokyo Close | 4:00 am | 9:00 |
| London Open | 3:00 am | 8:00 |
| London Close | 12:00 pm | 17:00 |
| New York Open | 8:00 am | 13:00 |
| New York Close | 5:00 pm | 22:00 |
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