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What are the currency pairs?

Take a look with us at XGLBAL the currencies that are traded and how they are traded on the MT5 platform. Considering how massive the Forex market is as a whole, let’s dive deeper into the individual currencies that are what makes up most of the huge financial market.

XGLOBAL would like to introduce you a list example below of the most popular, actively traded currencies in the Forex market as well as their abbreviations that traders use:

  • US Dollar (USD)
  • Euro (EUR)
  • Japanese Yen (JPY)
  • Pound Sterling (GBP)
  • Australian Dollar (AUD)
  • Swiss Franc (CHF)
  • Canadian Dollar (CAD)

In the Forex market, you cannot simply buy or sell these single currencies alone they have to paired with another currency. XGLOBAL provides major pairs (most traded pairs in the market) and also minor pairs. When you want to buy a specific currency, what are you going to pay for it with? Of course, another currency. This is where the idea of Forex currency pairs comes from.

Here we have listed the most commonly traded Forex currency pairs:

  • Euro / US Dollar (EUR/USD)
  • US Dollar / Japanese Yen (USD/JPY)
  • Pound Sterling / US Dollar (GBP/USD)
  • US Dollar / Swiss Franc (USD/CHF)
  • Australian Dollar / US Dollar (AUD/USD)
  • US Dollar / Canadian Dollar (USD/CAD)

For example, if your analysis is telling you to buy EUR/USD. This essentially means that you are buying the Euro and selling the US Dollar. Because each currency pair is actually a relationship between the two different currencies quoted.

Open a Demo account with XGLOBAL to test how to trade currency pairs on MT5 platform along with many other symbols.