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The phrase "are trading" is correct and usable in written English.
It can be used to describe an ongoing action of buying and selling, typically in a financial or commercial context.
Example: "The companies are trading shares on the stock market today."
Alternatives: "are exchanging" or "are buying and selling".
Dictionary
are trading
verb
To engage in trade
Exact(60)
Blogs are trading complaints.
They are trading baskets.
The people who are trading.
Both are trading around $700 a share.
(Arcelor shares are trading at around €33).
Big retailers are trading on the nostalgia.
Note that the girls are trading by the right hands, while the side boys are trading by the left hands.
Shares are trading slightly higher.
ConocoPhillips shares are trading flat.
Shares are trading up 9.6%.
Shares of MeadWestvaco are trading up 1.6%.
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