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FX102. On today’s Video, I teach you everything you need to know about Currency pairs. As a Forex Trader, everything you will do in forex will circle around Currency pairs, so it is high time I simply the concept of Currency pairs. So Like 👍, enjoy the video and let me know on the comment section if you have any questions 😊
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⏰ Time Stamp ⏰
00:00 Intro
01:02 Table of Content
02:18 What is a Currency Pair
08:58 Major Currency Pairs
10:50 Cross Currency Pairs
12:30 Exotic Currency pairs
14:00 Outro
⏰ Time Stamp ⏰
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What Is a Currency Pair?
A currency pair is the quotation of two different currencies, with the value of one currency being quoted against the other. The first listed currency of a currency pair is called the base currency, and the second currency is called the quote currency.
Currency pairs compare the value of one currency to another—the base currency (or the first one) versus the second or the quote currency. It indicates how much of the quote currency is needed to purchase one unit of the base currency. Currencies are identified by an ISO currency code, or the three-letter alphabetic code they are associated with on the international market. So, for the U.S. dollar, the ISO code would be USD.
Understanding Currency Pairs
Trading currency pairs is conducted in the foreign exchange market, also known as the forex market. It is the largest and most liquid market in the financial world. This market allows for the buying, selling, exchanging, and speculation of currencies. It also enables the conversion of currencies for international trade and investment. The forex market is open 24 hours a day, five days a week (including most holidays), and sees a huge amount of trading volume
All forex trades involve the simultaneous purchase of one currency and sale of another, but the currency pair itself can be thought of as a single unit—an instrument that is bought or sold. When you buy a currency pair from a forex broker, you buy the base currency and sell the quote currency. Conversely, when you sell the currency pair, you sell the base currency and receive the quote currency.
Currency pairs are quoted based on their bid (buy) and ask prices (sell). The bid price is the price that the forex broker will buy the base currency from you in exchange for the quote or counter currency. The ask—also called the offer—is the price that the broker will sell you the base currency in exchange for the quote or counter currency.
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