You can place bets on the world’s currencies through forex (foreign exchange) brokerage accounts, buying or selling currency pairs that react to economic developments all over the globe. The forex market operates 24hour daily Monday to Friday, opening on Sunday afternoon in the U.S. and closing after stock traders complete their business on Friday afternoon. The volume of currency trading is enormous, transacting an estimated $6 Trillion per day, which is larger than the world’s stock or bond markets.

Brokers hold your money in an account that changes value nightly in reaction to daily profits and losses, and they handle fees that may include commissions, access to expert advice and withdrawal requests. Some brokers hide their fee schedules within legal jargon buried deep in website fine print, which means potential clients need to do their homework before opening an account. To help you avoid unwelcome surprises, here’s an in-depth look at how to choose a forex broker.