The foreign exchange market, also known as forex, FX, or currency market, is a global decentralized or over-the-counter market for the trading of currencies. It is the largest financial market in the world in terms of trading volume, with participants including banks, forex dealers, commercial companies, central banks, investment management firms, hedge funds, retail forex dealers, and investors. The foreign exchange market determines foreign exchange rates for every currency, and it includes all aspects of buying, selling, and exchanging currencies at current or determined prices. The market assists international trade and investments by enabling currency conversion, allowing businesses to import goods from other countries and pay in their local currency. The foreign exchange market is unique because of its huge trading volume, geographical dispersion, continuous operation, variety of factors that affect exchange rates, and low margins of relative profit compared with other markets. The market also supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. The foreign exchange market has become far more complex over the past three decades, with algorithmic trading and non-bank intermediation becoming prominent features.