Forex trading, or currency trading, or FX trading, as it can be also abbreviated, are all terms that describe the currency exchange market as we know it today, which in simple language refers to the global, decentralized marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates. It is one of the largest, most liquid markets in the world with an average daily trading volume exceeding $5 trillion. Forex trading allows you to buy and sell currencies 24 hours a day and five days a week.
| Instrument Symbol | Instrument Name |
|---|---|
| EURUSD | Euro vs US Dollar |
| USDJPY | US Dollar vs Japanese Yen |
| GBPUSD | British Pound vs US Dollar |
| AUDUSD | Australian Dollar vs US Dollar |
| USDCAD | US Dollar vs Canadian Dollar |
| USDCHF | US Dollar vs Swiss Franc |
| NZDUSD | New Zealand Dollar vs US Dollar |
| USDMXN | US Dollar vs Mexican Peso |
| USDRUB | US Dollar vs Russian Ruble |
Currencies are traded in pairs and these pairs fall under three categories; Majors, Minors and Exotics.
The Majors are the most popular and most liquid pairs and always have the US dollar as one half of the pair. Examples include the EUR/USD and the USD/JPY.
The Minors are the pairs which do not include the US dollar, but contain the remaining major currencies; the EUR, JPY and GBP. The Minors have also been nicknamed 'Crosses'. Examples include the EUR/CHF and the EUR/GBP.
The Exotics currency pairs are made up of a major currency pair coupled with the currency of a developing economy. Examples include the USD/HKD and the USD/NOK.
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