Explain briefly.
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The key characteristics of the Forex market include its high liquidity, 24-hour trading, decentralized structure, and low transaction costs. Trading in currency pairs functions by quoting one currency against another, where the first currency (base currency) is bought or sold for the second currency (quote currency), with the exchange rate indicating how much of the quote currency is needed to purchase one unit of the base currency.
Liquidity: The Forex market is highly liquid due to the vast number of participants, allowing for quick buy and sell transactions without significant price fluctuations.