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Forex currency trading guides for beginners - Basics

Currency Trading is Always in Pairs

When you trade currencies in forex, you buy sell one currency and buy another. Trading is carried out through a broker and currencies are always traded in pairs.

For example, we have the EUR/USD or the GBP/JPY. In subsequent lessons, we'll talk about what this pairings mean in terms of trading.

In Forex trading you always buy or sell in currency pairs.

The Major Currency Pairs

The table below shows the "major" currency pairs. Each listing contains the U.S. dollar (USD) on one side and are the most popularly traded pairs globally.

The major currency pairs in forex

Cross currency pairs

Other currency pairs which do not have the USD are referred to as cross-currency pairs or just the "crosses." Crosses that involve the "major currencies are known as "minors." The most widely traded crosses are taken from the EUR, JPY and GBP.

Euro Crosses

Euro cross currencies

Yen Crooses

Yen cross currencies

Pound Crosses

Pound cross currencies

Other crosses

other currency crosses

 

There are also currency pairs known as "exotic pairs". These are currency pairs that involve the USD being paired with the currency of an emerging economy like Brazil, Mexic etc. The table below gives a list of a few exotic pair currencies. Try figuring out what the currency symbols stand for. Remember the previous lesson?

Exotic pairs exotic currency pairs

Based on the broker you use, the may be the above exotic pairs. Know however that exotic pairs are not as widely traded as "majors" so the transaction fees are much higher.

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