The market has arisen from the need for a system to facilitate the exchange of different currencies from around the world in order to trade.
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Education Articles & Tutorials Forex Basics What are the Best Currency Pairs to Trade?
What are the Best Currency Pairs to Trade?
Reading time: 9 minutes
Name a market that never closes during the working week, has the largest volume of the world's business, with people from all countries of the world participating every day. Yes, you guessed right – the Foreign Exchange Market (Forex).
What are the best currency pairs to trade? The answer isn't straightforward, as it varies with each trader. You need to take the time to analyse different pairs against your own strategy, to determine which are the best Forex pairs to trade on your own account.The famous phrase 'money never sleeps' – coined by the well-known Hollywood movie 'Wall Street' – sums up the foreign currency exchange market perfectly. A currency pair quotes two currency abbreviations, followed by the value of the base currency, which is based on the currency counter.
he following currency pairs (listed below) are not necessarily the best Forex pairs to trade, but they are the ones that have high liquidity, and which occupy the most foreign exchange transactions:
EUR/USD (Euro – US Dollar)
USD/JPY (US dollar – Japanese Yen)
GBP/USD (British Pound – US Dollar)
AUD/USD (Australian Dollar – US Dollar)
USD/CHF (US Dollar – Swiss Franc)
USD/CAD (US Dollar – Canadian Dollar)
There are many Forex pairs available for trading and it is highly recommended to try trading most of them before you choose a particular one to stick with. As Forex trading is risky, try it first on a Demo account with a virtual balance, which contains virtual funds of $10,000. Identifying the best currency pair to trade is not easy. The best way to accomplish this is through hands-on experience. Simply open a Demo account, and start trading on the live markets when you are ready, and you will be well on your way to success in the Forex markets!