Yes, the Forex market has no central exchange. There are a few reasons for this:

• The Forex market is the largest and most liquid market in the world, with trillions of dollars changing hands every day. It would be difficult and expensive to operate a central exchange that could handle this volume of trading.
• The Forex market is global, with participants from all over the world. A central exchange would need to be located in a way that was convenient for all participants, which would be difficult.
• The Forex market is constantly evolving. New trading technologies are emerging all the time, and a central exchange would need to be constantly updated to keep up.

As a result of these factors, the Forex market has evolved into a decentralized market that is based on electronic trading. This allows for 24/7 trading and access to a wide range of participants.

Here are some of the benefits of having no central exchange for the Forex market:

• Greater liquidity: The lack of a central exchange means that there is always someone willing to trade, even during off-peak hours. This provides greater liquidity for traders, which can help to reduce spreads and improve execution quality.
• Lower costs: There are no exchange fees or commissions to pay when trading on the Forex market. This can save traders a significant amount of money, especially when trading large volumes.
• Greater flexibility: Traders can trade on their own terms, without having to worry about the rules and regulations of a central exchange. This gives them more flexibility to trade the way they want to.

Of course, there are also some risks associated with trading on a decentralized market. For example, there is no central authority to guarantee the settlement of trades. This means that traders need to be careful to choose reputable brokers and trading platforms.

Overall, the lack of a central exchange for the Forex market has both benefits and risks. However, the benefits of greater liquidity, lower costs, and greater flexibility generally outweigh the risks. This is why the Forex market has become the largest and most liquid market in the world.