Example: USD/TRY and EUR/TRY currency pair belongs to the minor currencies and usually is the choice of Turkish market participants. Compared to major currencies the group of exotic currency pairs is characterized by relatively low trading volume and high spreads. Most market participants choose the Forex market due to its wide trading opportunities.
Forex - is the largest financial market in the world where traders can trade more than 100 financial tools via the internet. The basic trading tools at the Forex market are currencies, commodities, and stock indices. A currency pair is a quotation featuring two different currencies. In other words, a currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market. Example: Selling euros in exchange for US dollars at the local exchange office is similar to opening a long position in EUR / USD at the Forex market.
In the foreign exchange market, the currency is traded in pairs. Here a trader has a long position on one currency of the pair and a short position on the other currency. So on the exchange market, a trader can trade different financial tools without going to a local exchange station. Currency pairs can be separated into two types: Major and exotic currencies.
Major currencies: These currency pairs are the most actively traded. Major pairs have more volume and thus more stability and less volatility. There are 7 major pairs: AUD/USD, GBP/USD, EUR/USD, USD/CAD, USD/JPY, USD/CHF. Exotic currency pairs are minor and typically refer to the currency of emerging markets.
We invite you to meet Mekness investment world. You can follow the steps below to be an online investor with us.
You can fill the free demo account form on the side to open an unreal account and try the market without any risk.
You can apply to open a real account to enter the world of investment.
After depositing the initial investment you can easily start to trade.
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