What is Forex?
"Forex" is a portmanteau of FOReign currency and EXchange, sometimes known simply as FX. Foreign exchange is the process of converting one currency into another. It is done electronically by traders around the world in a marketplace that never sleeps (during week days). This is why exchange rates change constantly.
What is P2P?
"P2P" stands for "peer-to-peer." P2P transfer companies provide users with an online platform that depends on digital transfers rather than physical transfers. The ideal is that a P2P transfer cuts out commission charges and fees by bypassing brokers, banks and/or forex. Infact no foreign transfer takes place and your money never leaves the country. A P2P transfer company searches for a partner in the country where you want to send money to. This partner will equally be looking to send money to your country. Your money is transfered to your P2P partners recipient in your country, while your P2P partners money is transfered to your recipent in his country.
The downside with P2P is that it can be harder to transfer larger amounts as it depends on finding a partner looking to transfer the same amount. Equally it can be challenging to find a partner in smaller countries/currencies.