The foreign exchange market (Forex) can be of two natures:
The cash spot market (the spot market)
The futures market for currencies (the forward exchange through future currency contracts)
The spot currency market (or spot) brings together all the Forex transactions that constitute an instantaneous purchase and sale of currencies. You buy the Euro Dollar par value for cash, so you immediately buy the Euro and sell at the same time the Dollar. The transaction is carried out at the real time price, the latter being calculated as soon as an exchange takes place and there are hundreds of thousands per second.
The spot foreign exchange (forex) market trades electronically around the world. It is the world’s largest market, with over $5 trillion traded daily; its size dwarfs the interest rate and commodity markets.
The current price of a financial instrument is called the spot price. It is the price at which an instrument can be sold or bought at immediately. Buyers and sellers create the spot price by posting their buy and sell orders. In liquid markets, the spot price may change by the second, as orders get filled and new ones enter the marketplace.
https://www.investopedia.com/terms/s/spottrade.asp
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