Commonly traded forex pairs are traditionally divided into two groups related to popularity and liquidity: majors and minors.
Forex traders sometimes refer to currencies by their popular nicknames. For example, GBP/USD is often also known as ‘Cable’. The term ‘Cable’ originated from the transatlantic communication cable between the two countries over a hundred years ago.
Other terms include ‘Swissy’ for Swiss Franc, ‘Loonie’ for Canadian dollar, ‘Aussie’ for Australian dollar and ‘Kiwi’ for New Zealand dollar. We have added the nicknames to some of the market examples below.
At City Index, you can trade 37 currency pairs including majors, minors and exotic pairs.
These are the most liquid currencies, I.e. they are the most actively traded currencies in the world. They constitute about 85% of the total trading volume in the forex market. The spreads for these currency pairs are usually tighter compared to the less traded minor currency pairs. EUR/USD is the most traded currency in terms of trading volume. Here are some examples of major currency pairs:
These are not traded as heavily as the major currencies, and so tend to fluctuate more often. Spreads for minor currency pairs also tend to be wider due to the medium sized liquidity in the market, as compared to major currency pairs. Here are some examples of minor currency pairs:
Spread betting, CFDs and Forex trading are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.
*Spread betting and CFD trading are exempt from UK stamp duty. Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.
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