Foreign exchange market is a global arena where currency conversion takes place. In simple words one currency can be bought with another currency. For instance UK pounds can buy US dollars and vice versa. As there are numerous currencies across the globe, we need currency converter so that we can deal in any currency in any part of the world. For instance, you are from Australia and traveling to UK and you only have Australian dollars, then you would not be able to keep up in UK where the currency is UK pounds. This is one of the common cases where currency conversion is required.