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In addition to share trading, commodity trading, and index trading in the form of CFDs, iFOREX also offers an array of tradable currency pairs ranging from major and more popular pairs, to exotic currencies that are far less common. Most people are unaware that the Forex market is 10 times larger than any stock market, accommodates a daily trade of over $4 trillion and presents numerous opportunities for individual traders.
Please see some of the most popular currency pairs at iFOREX below:
Rates are according to the sell price of the pair.
For a full list of the Currency pairs that you can trade at iFOREX, please click here.
Forex operates through a global network of banks, corporations and individuals trading one currency against another. As Forex is available on numerous exchanges across the globe, traders and investors alike can take advantage of this market, which is open on a 24 hour basis.
The most common forex currency pairings in currency use the US Dollar (USD). These are called forex major pairs from how popular they are. Out of 200% of coin usage as every pair has two currencies in currency trading, the USD has over 85% of usage. This means that any fluctuations on the US Dollar can influence forex currency trading as a whole.
Other common currencies in forex currency trading are the Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP), Renminbi (CNY), Australian Dollar (AUD), Canadian Dollar (CAD), & Swiss Franc (CHF). These currency pairs are forex minor pairs because they use common currencies, but not the most common one by a wide margin, the US Dollar. Some traders like the minor currency pairs as a way to diversify their currency trading portfolio and making it less reliant on the US economy.
Forex currency trading are beloved instruments for day traders as they can easily leverage the movement in currency values and to minimize the risk by placing limits, stop loss & take profit, to automize the process. The forex major pairs are especially liked because it's easier to track the movements of economies in relation to the US economy, in things like money reserves which the US Dollar is the most used worldwide, and international business, with the US being the largest global economy. Traders know that a lot of powerful institution don't want to see the US Dollar specifically plummet or increase greatly in value, so they know they can gains on a daily basis.
However, if the US Dollar does fluctuate greatly due to changes in America, they can go away from forex major pairs to forex minor pairs, not trading in the major currency on the planets. The alternative forex currency can diversify a portfolio well when they are well thought of with the same limits. Some may even follow the news on the economic calendar and other sources to make exotic currencies, not often traded ones, if they can forecast well an increase or a decrease value compared to the other currency.
Check the full list of all forex currencies available on iFOREX.