Online Currency Exchange

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Dictionary Says

Definition of 'Online Currency Exchange '

An online system for exchanging one country's currency for another. There is no central exchange in the forex market because it is a network of computers that connect banks, brokers and traders together. Online currency exchanges are essentially forex brokers that allow for delivery of the currencies traded.
Investopedia Says

Investopedia explains 'Online Currency Exchange '

Online forex currency exchanges will often provide the service of an online currency converter along with the option to actually convert the currencies for a nominal fee. This fee is similar to the spread quoted in pips.

A couple of advantages of exchanging currencies online include being able to do it from the comfort of your home or office, and/or being able to lock in a preferred exchange rate at the time you see it, rather than having to run to the brick-and-mortar currency exchange and risk missing the rate because of market movements.
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