Being a 100% speculative market, no currencies are physically exchanged in the forex market. Instead the whole trading is based on contracts for amount and exchange rate of currency pairs. It is necessary for every trader to know the main forex trading currencies online before he starts. How can you think of achieving success in forex market if you are not even aware of the top currencies for forex trading?
Here, in this article, we will discuss some of the most popular forex trading currencies online. Read on.
United States Dollar (USD)
U.S dollar, as one of the main forex trading currencies, is very popular among traders.
Using the decimal system, this currency consists of 100 (equal) cents. The opening of the euro in 1999 has no doubt reduced the importance of dollar but only marginally.
Pound Sterling (GBP)
Pound Sterling or GBP is the official currency of the United Kingdom. As an important online forex trading currency, it is sometimes abbreviated as the sterling, especially in the wholesale financial markets.
Another of the popular currencies for forex trading, it is most frequently traded in the forex market. As the official currency of the Euro zone or Euro Area, today it is the single currency for more than 317 million Europeans. Directly affecting more than 500 million people worldwide, it was designed to become the premier currency.
Japanese Yen (JPY)
Japanese Yen, is the currency of Japan. Having a less significant international presence as compared to U.S. dollar or Euro, however, it remains as one of the most traded forex trading currencies online. Being very liquid around the globe, the demand for this currency for forex trading is mostly intense among the Japanese.
Swiss Franc (CHF)
Swiss Franc, another of the main forex trading currencies, belongs neither to European Monetary Union nor G-7 countries. However, it is seen as the most stable of currencies for forex trading.
Now thyat you have learned the basics the only thing that is stopping you to trade is a forex account with one of the reliable Forex brokers such as Juno markets opinions and you are ready for your first trade. Make sure you get well familiar with the online forex trading currencies discussed in this article, before making any trades