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What Is Forex Trading? Get to Know Popular Currency Pairs Before You Start

A Forex currency pair compares the value of two currencies for trading or speculating on price differences in the Forex market. In Forex trading, you don't trade a single currency on its own but trade in “currency pairs” such as EUR/USD, GBP/USD or USD/JPY, which means buying one currency and selling another at the same time. When reading a Forex currency pair, the first currency is called the Base Currency, the main currency, and the second is called the Quote Currency, the reference currency. For example, EUR/USD compares the euro with the US dollar. Opening a Buy EUR/USD order means buying EUR and selling USD, while opening a Sell order means selling EUR and buying USD instead.

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How to Start Trading Forex
Learn market basics: currency pairs, Pip, Lot, Spread and how to use Leverage properly
Choose the right currency pairs
Plan your risk management
Prime Time for Forex Trading
The period when the market has the highest liquidity and the clearest price swings
London and New York sessions
Economic news
24-Hour Market
Access investment opportunities 24 hours a day on global market business days, without interruption
Trade anywhere, anytime
A stable connection
Key Precautions
Understand the risks of volatile currency markets and how to manage your emotions when trading
Always set a Stop Loss
Don't overtrade

Forex Trading Glossary

Pip

The smallest unit of price change. For example, if EUR/USD moves from 1.1000 to 1.1015, that's a change of 15 pips
Pip

Lot

The contract size used in Forex trading, which determines the trading volume of each order
  • Standard Lot = 100,000 units
  • Mini Lot = 10,000 units
  • Micro Lot = 1,000 units
Roughly, when trading the EUR/USD pair in Forex, 1 pip is worth about $10 for a Standard Lot, $1 for a Mini Lot and $0.10 for a Micro Lot
Lot

Commission

The commission charged per Forex trade; some account types may charge commission in addition to the Spread
Commission

Swap/Rollover

The overnight interest in Forex trading incurred when a trader holds an order past the end of the day. It may be either a fee you pay or interest you receive, depending on the currency pair and trade direction
Swap/Rollover

Leverage

A tool that amplifies your trade size. For example, 1:100 leverage lets you open a position 100 times your capital, increasing both potential profit and loss.
Leverage

Spread

The difference between the Bid and Ask prices in Forex trading, which is like a hidden fee traders must take into account before opening an order
Spread

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