Forex market is a worldwide known market. It is the most dynamic market with approximately $5 trillion average trading volume. Forex is the market where fiat currencies are traded. They come in pairs and one currency is traded against the other.
It brings large opportunities for every trader who finds volatility familiar to make profits.
Foreign Exchange (Forex) could be described as a network of traders or investors, who buy one currency by paying with another one. If you ever travelled outside your country and you exchanged your currency for the currency of the country you went, you did a Forex transaction. A part of Forex transactions are done for practical reasons like this and the other part for generating profits. The amount of currency converted every day has a direct impact on the price movements of the currency pairs. This makes Forex highly volatile. Many traders find this attractive, leading them to high profits and also increasing levels of risk.
Major pairs- Seven currency pairs that occupy 80% of global fiat currency trading,
including EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD and AUD/USD.
Minor pairs- Less traded compared to majors. Usually includes majors against
one another where the US dollar is not included: EUR/GBP, EUR/CHF, GBP/JPY.
Exotics- These pairs are created by a major coming against a currency
from small/ developing economies: USD/PLN, GBP/MXN, EUR/CZK.
Main Forex Categories
Forex Live Prices
Daily Highs and Lows