What are FX derivatives products?

Could you please elaborate on what FX derivatives products are? I'm interested in understanding the core principles and functionalities of these financial instruments. How do they work? What are the main types of FX derivatives available in the market? Could you also explain the risks involved in trading these products and how investors can manage them effectively? Additionally, I'm curious about the role of FX derivatives in hedging strategies and how they can be utilized for risk mitigation. Thank you for your insights!