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Post Info TOPIC: Forex Trading Pairs - Top 10 Forex Pairs To Trade


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Forex Trading Pairs - Top 10 Forex Pairs To Trade

What Are the Top Forex Pairs to Trade?

Though forex trading is attracting more and more people from all over the globe, not many beginners in the world of forex know what the most profitable and tradable currency pairs are. 

Hence, to help you choose the best foreign currencies to invest in, we present the top 10 forex pairs to trade. In fact, learning about forex pairs is the most important step to help you master the art of forex trading. 

On top of that, we at Trading Education provide an online forex trading course that will guide you step by step on your learning journey and help you establish a profitable forex trading strategy for success.

What are Currency Pairs in Forex Trading?

Forex, defined as a global market for currency trading, is the largest and most liquid financial market in the world. To be more precise, forex trading can be described as the process of buying one currency and selling another at the same time. Thus, currencies are always traded in pairs. 

We should note that in forex, there is a base currency and a quote currency. The base one is the one quoted first in a forex pair, while the quote one is the one that comes second. If you decide to trade USD/EUR, for example, the US dollar will be your base currency and the euro will be your quote one. 

There is also a bid price and an ask price – the rate you can sell a pair at and the rate at which you can purchase a pair, respectively. The difference between the two is the so-called market spread.

Do not forget that the price displayed for a forex pair shows you how much of the quote currency you’ll need in order to buy the base currency. If the price for GBP/USD is 1.31, for instance, that means that one pound is worth 1.31 dollars.  

Types of Forex Pairs to Trade

Given the fact that forex is a global market, it’s no surprise that there is a wide range of forex pairs to trade. There are three main types of currency pairs: majors, minors or crosses, and exotic pairs. Major pairs always include the US dollar, and they are the most popular and liquid in the world. Examples include USD/EUR, USD/CHF, and so on and on.

Forex pairs that do not include the USD are not major pairs. When it comes to minor pairs to trade, we talk about pairs that don’t include the US dollar but at least one of the world’s leading currencies (e.g., the Japanese yen, the euro, the British pound). Examples include NZD/JPY, EUR/CAD, GBP/AUD, and so on and on.

Exotic pairs, on the other hand, include a currency from an emerging economy (e.g., Hungary).  Though they are the least traded forex pairs, exotic pairs are worth considering. They may include currencies, such as the Emirati dirham (AED), the Malaysian ringgit (MYR), the Thai baht (THB), the Polish zloty (PLN), and others.

top 10 forex pairs to trade

Top 10 Forex Pairs to Trade

While there are different foreign currencies that forex traders can sell and buy, here are the top 10 forex pairs to trade:

1. EUR/USD (Euro/US Dollar)

EUR/USD is the most traded currency pair in the world. Euro (EUR) is the currency of the European Union, while the Dollar (USD) is the currency of the United States of America.

Most European Union countries are characterized by developed economies. Also, in the United States are located the largest companies in the world. Therefore EUR/USD it is the most liquid currency pairing in the world. The European Central Bank has the most significant impact on the Euro, as interest rates play a vital role in the movement of this currency pair. Meanwhile, the most significant impact on the Dollar has the US Federal Reserve - often referred to as the Fed, which eight times a year issues reports on the country's economy, influencing the movement of the Dollar.

We all know that the euro and the US dollar are two of the leading currencies across the globe. Thus, it’s no surprise that this pair is one of the most popular and liquid forex pair to trade in. Note that as the market is going forward, experts expect that the euro will strengthen.



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