The Exchanges happen (OTC) Over the Counter Markets. So there is no intermediary required between the Traders. The Traders can Buy or Sell Currencies as per their wish, and there are no limitations in the Trading market. The four major trading centers run the Forex Market from different time zones. They are in London, New York, Sydney, and Tokyo. Since there is no central location, Traders can trade 24 hours a day.
In Spot Market the Exchange of the Currency Pair takes place at the exact point the trade is settled.
A Contract is agreed to Buy or Sell currencies at the specified price set in the future.
A Contract is agreed to Buy or Sell currencies at the specified price set in the future. Unlike Forwards,the Futures Market is legally binding.
Option Market is same as the Future Market but has an option to buy or option the product.
A Swap Market is a derivative contract in which on party exchanges or swaps the value or cash flows of one asset for another.