Forex trading is the act of buying or selling currencies. With FR, you can trade forex for low costs and no commissions!
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What is Forex
Also referred to as forex or the FX market, the foreign exchange market is the largest financial market in the world, with a daily turnover in excess of $6 trillion. Unlike other markets, forex has no physical or centralised location, and it is open 24 hours a day, Sunday night to Friday night.
Forex trading is essentially the simultaneous buying of one currency and selling of another, on this massive decentralised global market.
In the Forex market, currencies are always quoted and traded in pairs, such as the GBPUSD. The first currency (GBP) is the base currency, while the second (USD) is the counter or quote currency. The price of the GBPUSD at any given time is basically the exchange rate of the two currencies. In the GBPUSD example, the prevailing price will indicate the amount of US dollars you will have to pay for 1 unit of GBP (Pound sterling).
You can speculate on the prices of over 300 major, minor and exotic currency pairs, on all our intuitive and powerful platforms.
There are 8 major currencies: USD, JPY, EUR, GBP, CHF, CAD, AUD and NZD. A major currency pair is any of the other 7 currencies paired with the USD, such as the EURUSD and USDJPY.
Minors are any of the other 7 major currencies when not paired with the USD. Examples include the AUDJPY,
EURCAD and EURGBP.
Exotic currencies are currencies of emerging nations, such as Hong Kong, Norway and South Africa. An exotic currency pair will include one major currency and one exotic currency, such as the USDZAR, USDNOK and USDHKD.
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