Top 10 Forex Trade pairs: Forex is the largest trade market by far, open five days a week, 24 hours a day. It’s also the most volatile market, which means there’s more potential for profit.
Many traders now leverage a forex trading bot to automate their trades and make the most of the volatile forex market. These bots use algorithms to analyze market trends, execute trades, and even manage risk without the need for constant manual intervention. By using a trading bot, traders can take advantage of opportunities 24/7, potentially improving their trading efficiency and profitability.
The US dollar and/or other world currencies are included in a forex currency pair.
Currencies are usually exchanged in pairs because when you buy or sell one, you must also purchase or sell another. There is a base currency and a quote currency in every currency pair; the base currency comes first, and the quote currency appears next.
The base currency is the initial currency in the pairing, such as the US dollar in USD/JPY. The second currency, in this case, the Japanese yen, is referred to as the quote.
In most cases, the base currency will be the trader’s local currency. A forex currency pair’s price is an indication of how much of the quotation currency is required to purchase one unit of the base currency.
In the currency pair EUR/USD, for example, the base currency is EUR, and the quote currency is USD.
When the price is given was 1.5000, that indicates that one euro is worth the US $1.50.
What are the different types of forex pairs?
In general, forex pairings are classified into three types. The major currencies, commodity currencies, and cross currencies are as follows:
- The most-traded currencies on the market are the major currencies. Although opinions range on the number of significant currency pairings, most lists include USD/JPY, GBP/USD, EUR/USD, and USD/CHF.
- Commodity currencies are currency pairings whose value is strongly linked to a commodity such as oil, coal, or iron ore. This list includes commodity currencies such as AUD/USD and USD/CAD.
- Currency pairings that do not contain the US dollar are known as cross currencies. EUR/GBP and EUR/JPY are two cross currency pairs that have made it into the top 10.
List of Top 10 Most traded forex pairs in the world
- Euro/US dollar – EUR/USD
- US dollar/Japanese yen – USD/JPY
- British pound/US dollar – GBP/USD
- Australian dollar/US dollar – AUD/USD
- US dollar/Canadian dollar- USD/CAD
- US dollar/Chinese renminbi – USD/CNY
- US dollar/Swiss franc – USD/CHF
- US dollar/Hong Kong dollar – USD/HKD
- euro/British pound sterling – EUR/GBP
- US dollar/South Korean won – USD/KRW
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