Instruments and markets
Major pairs
The most traded currency pairs, all quoted against the US dollar: EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD and AUD/USD. They carry the tightest spreads and the deepest liquidity, which makes them the cheapest pairs to trade frequently.
GFN’s figure
Major pairs carry the tightest costs available on a GFN account, where commission is $3.50 per side, $7 per lot round turn and leverage is up to 1:50 - though leverage can vary by instrument.
In detail
Major pairs,explained
Majors are where a cost-sensitive strategy belongs. The spread advantage over an exotic pair is frequently larger than the entire edge of a short-term system.
They are also the most heavily scheduled: the releases that move them are known in advance, which makes them the pairs most affected by news-window restrictions.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
Forex
The market for exchanging one currency for another, traded as pairs. It runs 24 hours from Sunday evening to Friday evening and is the deepest market by volume, which is why spreads on major pairs are so tight.
Minor pairs
Pairs between major currencies that do not include the US dollar - EUR/GBP, GBP/JPY, EUR/AUD and similar. Spreads are wider than on the majors and daily ranges are often larger, so the same strategy costs more to run.
Exotic pairs
Pairs matching a major currency with a smaller or emerging-market one - USD/TRY, USD/ZAR, USD/MXN and similar. Spreads are wide, moves are large, swap charges are heavy and liquidity can disappear with very little warning.
Spread
The gap between the bid and the ask price. It is the cost paid on entry: a position opens slightly underwater by the width of the spread before the market has moved at all.
Liquidity
How much can be traded at a given price without moving it. Deep liquidity produces tight spreads and reliable fills; thin liquidity produces wide spreads, slippage and gaps.
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