Aayush Jindal
Trading currency pairs in the forex market means you are buying one currency and at the same time as selling another.
The first currency in the pair is known as the base currency, and the second one as the quote currency. Whenever you buy a currency pair, you are buying the base currency and selling the quote currency. Alternatively, when you sell a currency pair, you sell the base currency and buy the quote currency. All transactions are performed in the US Dollar and if your base currency is something other than the USD, Titan FX will convert it into the equivalent USD while executing a trade.
Currency symbols
Each currency pair is quoted with 3 characters, the table below lists symbols, countries and respective currency.
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Major currency pairs
Majority of major currency pairs contain the US Dollar as either base or quote currency. Major pairs are the most commonly traded pair in the forex market and comprise around 75-80% of total daily trading volume. Major pairs are divided into 2 categories, majors and commodity linked.
Major pairs: EUR/USD, GBP/USD (Nickname: Cable). USD/JPY and USD/CHF (Swissy).
Commodity linked pairs: AUD/USD (Aussie), NZD/USD (Kiwi) and USD/CAD (Loonie).
Titan FX offers spreads as low as 0 pips for almost all major pairs since they are the most traded and liquid pairs.
Cross currency pairs / minor currency pairs
Cross currency pairs are the ones which do not contain the US Dollar as either a base or quote currency. They are also termed as minor currency pairs and generally split into four categories – Euro Crosses, Pound Crosses, Yen Crosses and others.
Euro crosses: EUR/GBP, EUR/CHF, EUR/CAD, EUR/AUD and EUR/NZD.
Pound crosses: GBP/CHF, GBP/CAD, GBP/AUD and GBP/NZD.
Yen crosses: EUR/JPY, GBP/JPY, AUD/JPY, CAD/JPY, NZD/JPY and CHF/JPY.
Other crosses: AUD/NZD, AUD/CAD, NZD/CAD, CAD/CHF and a few others.
Exotic currency pairs
Exotic currency pairs are ones which contain the currency of an emerging/small economy and a major currency, these are comparatively traded less. The table below list some of the important exotic currency pairs.
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Titan FX provides traders with approximately 70 currency pairs including majors, minors and exotic pairs. A large variety of currency pairs will help traders to have a positive trading experience with Titan FX.