Classified according to the external form of the foreign exchange market, the foreign exchange market can be divided into an invisible foreign exchange market and a tangible foreign exchange market.

The invisible foreign exchange market, also known as the abstract foreign exchange market, refers to the foreign exchange market without a fixed and specific place. This kind of market was originally popular in the United Kingdom and the United States, so its organizational form is called the Anglo-American method. Now, this form of organization has not only expanded to other regions such as Canada and Tokyo, but also penetrated into continental Europe. The main characteristics of the invisible foreign exchange market are: first, there is no definite opening and closing time. Second, foreign exchange buyers and sellers do not need to conduct face-to-face transactions. Foreign exchange suppliers and demanders rely on communication equipment such as telex, telegraph, and telephone to communicate with foreign exchange institutions. Third, there must be a good trust relationship between the subjects, otherwise, this kind of transaction will be difficult to complete. Currently, with the exception of some continental European countries where foreign exchange transactions between banks and customers are still conducted on foreign exchange exchanges, foreign exchange transactions in countries around the world are conducted through modern communication networks. The invisible foreign exchange market has become the dominant form of today's foreign exchange market.

The tangible foreign exchange market, also known as the specific foreign exchange market, refers to the foreign exchange market with a specific fixed place. This kind of market was originally popular in continental Europe, so its organizational form is called the continental method. The main characteristics of the tangible foreign exchange market are: first, fixed places generally refer to foreign exchange exchanges, usually located in financial centers around the world. Second, both parties engaged in foreign exchange business conduct foreign exchange transactions within the prescribed time on each trading day. In the era of free competition, foreign exchange trading in Western countries was mainly concentrated on foreign exchange exchanges. However, after entering the monopoly stage, banks monopolized foreign exchange transactions, resulting in the decline of foreign exchange exchanges.

The foreign exchange markets with large trading volume and international influence in the world include London, New York, Paris, Frankfurt, Zurich, Tokyo, Luxembourg, Hong Kong, Singapore, Bahrain, Milan, Montreal and Amsterdam. The foreign exchange traded in these markets mainly includes more than ten currencies, including the US dollar, British pound, German mark, French franc, Swiss franc, Japanese yen, Italian lira, Canadian dollar and Dutch guilder. Other currencies are also bought and sold, but in very small numbers.