- There are over 100 Foreign Currencies
- Differences of Major and Minor Currencies
- Cross and Minor Currencies
- What are Safe-Haven Currencies?
There are over 100 Foreign Currencies
There are over 100 different foreign currencies though, not all of them are traded often.
Meaning some Minor currencies are traded small amount comparing to other major currencies.
The following is the most traded Forex currencies of all time.
Over 85% of all daily transactions involve trading of these major currencies.
- US Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- British Pound (GBP)
- Swiss Franc (CHF)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
A licensed Forex and CFD broker, IronFX offers not only Forex majors and minors but over 1000 financial instruments including Forex, CFDs on Stock Indices, Commodities, Stocks, Metals and Energies.
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Differences of Major and Minor Currencies
Foreign Exchange Markets are active 24/5 and each currency’s value is changing every second.
You may not see much differences between “Major” and ”Minor” currencies, because both market price moves anyway and you can make the same profit and loss by trading them.
But there are some differences that you cannot miss.
Major Foreign Currencies
- More liquidity in the market
- Spread is tighter
- Swap rate is lower
Minor Foreign Currencies
- Less liquidity in the market
- Spread is wider
- Swap rate is higher
Both types of currencies have different benefits for traders.
Cross and Minor Currencies
Currency pairs that do not include the USD are called “cross rates” or “crosses”, also known as “minors”.
The most actively traded are derived from the three major non-USD currencies: EUR, JPY, and GBP (For example: EUR/GBP,GBP/JPY, EUR/CAD).
Trade the markets with IronFX and ensure your backing by their 24/5 expert multilingual support.
What are Safe-Haven Currencies?
Safe havens are real; USD, EUR, and JPY are three of them.
These currencies are considered an ideal solution for trading during the market crash, primarily because they tend not to correlate with the performance of stocks and bonds.