How Do Forex Traders Trade Currencies?

How Do Forex Traders Trade Currencies?

The foreign exchange market uses two markets, spot and forward, to trade currencies. The spot market is the largest and most popular of these, but you can also trade in the futures market. Most forex transactions involve currency pairs or exotic currencies. Exchange rates are always listed from the broker's perspective. For example, the EUR/USD currency pair moved from $1.35361 to $1.35371. The difference between the bid price and the ask price is called the spread, which is 4 pips for the EUR/USD currency pair.

Almost half of all foreign exchange transactions are based on the U.S. dollar, although other major currencies are also traded. The euro is the second most traded currency with an average daily trading volume of $2.1 trillion. Other popular currencies include Swiss Francs, Canadian Dollars and New Zealand Dollars. Most currency transactions take place 24 hours a day, with dollars and euros constantly traded around the world. There are 180 official currencies, so it's important to know which are the most popular.

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