A business that allows customers to exchange one currency for another currency. A currency exchange may be a stand-alone business or may be part of the services offered by a bank or other financial institution. The currency exchange profits from its services either through adjusting the exchange rate or taking a commission.
Foreign currency trading, which became possible for the average investor about 15 years ago, has added that social aspect -- and been made all the easier -- thanks to online broker OANDA and its retail platform, fxUnity, which has mobile and gamification features. The idea behind their sites is to remove as many barriers to entry as possible, so that anyone -- not just savvy investors, can use them.