Forex trading

The place to LEARN all about investing in forex

What is forex / foreign exchange?

Foreign Exchange, is a decentralized global market, where the exchange of over 180 global currencies takes place. It is facilitated through brokers, in an Over-the-Counter market and it is by far the largest market in the world, with the Bank of International Settlements, recording a 7.5 trillion-dollar, daily volume (a small % of that involves retail trading).

Forex rates

courtesy of TradingView

Forex trading involves two foreign currencies

Each currency is represented by a code known as ISO 4217

ISO 4217 is a standard published in 1978, that defined how currencies will be represented through codes. The first 2 letters denote the country code, and the third denotes the first letter of the currency symbol.

Check out our list of 250+ currency codes

*we included the calling code for the country as a bonus

A

Country	Currency	Symbol	Calling code
Afghanistan	Afghan afghani	AFN	93
Aland Islands (Finland)	European euro	EUR	358 18
Albania	Albanian lek	ALL	355
Algeria	Algerian dinar	DZD	213
American Samoa (USA)	United States dollar	USD	1 684
Andorra	European euro	EUR	376
Angola	Angolan kwanza	AOA	244
Anguilla (UK)	East Caribbean dollar	XCD	1 264
Antigua and Barbuda	East Caribbean dollar	XCD	1 268
Argentina	Argentine peso	ARS	54
Armenia	Armenian dram	AMD	374
Aruba (Netherlands)	Aruban florin	AWG	297
Ascension Island (UK)	Saint Helena pound	SHP	247
Australia	Australian dollar	AUD	61
Austria	European euro	EUR	43
Azerbaijan	Azerbaijan manat	AZN	994

B

Country	Currency	Symbol	Calling code
Bahamas	Bahamian dollar	BSD	1 242
Bahrain	Bahraini dinar	BHD	973
Bangladesh	Bangladeshi taka	BDT	880
Barbados	Barbadian dollar	BBD	1 246
Belarus	Belarusian ruble	BYN	375
Belgium	European euro	EUR	32
Belize	Belize dollar	BZD	501
Benin	West African CFA franc	XOF	229
Bermuda (UK)	Bermudian dollar	BMD	1 441
Bhutan	Bhutanese ngultrum	BTN	975
Bolivia	Bolivian boliviano	BOB	591
Bonaire (Netherlands)	United States dollar	USD	599 7
Bosnia and Herzegovina	Bosnia and Herzegovina convertible mark	BAM	387
Botswana	Botswana pula	BWP	267
Brazil	Brazilian real	BRL	55
British Indian Ocean Territory (UK)	United States dollar	USD	246
British Virgin Islands (UK)	United States dollar	USD	1 284
Brunei	Brunei dollar	BND	673
Bulgaria	Bulgarian lev	BGN	359
Burkina Faso	West African CFA franc	XOF	226
Burundi	Burundi franc	BIF	257

C

Country	Currency	Symbol	Calling code
Bahamas	Bahamian dollar	BSD	1 242
Bahrain	Bahraini dinar	BHD	973
Bangladesh	Bangladeshi taka	BDT	880
Barbados	Barbadian dollar	BBD	1 246
Belarus	Belarusian ruble	BYN	375
Belgium	European euro	EUR	32
Belize	Belize dollar	BZD	501
Benin	West African CFA franc	XOF	229
Bermuda (UK)	Bermudian dollar	BMD	1 441
Bhutan	Bhutanese ngultrum	BTN	975
Bolivia	Bolivian boliviano	BOB	591
Bonaire (Netherlands)	United States dollar	USD	599 7
Bosnia and Herzegovina	Bosnia and Herzegovina convertible mark	BAM	387
Botswana	Botswana pula	BWP	267
Brazil	Brazilian real	BRL	55
British Indian Ocean Territory (UK)	United States dollar	USD	246
British Virgin Islands (UK)	United States dollar	USD	1 284
Brunei	Brunei dollar	BND	673
Bulgaria	Bulgarian lev	BGN	359
Burkina Faso	West African CFA franc	XOF	226
Burundi	Burundi franc	BIF	257

D

Country	Currency	Symbol	Calling code
Denmark	Danish krone	DKK	45
Djibouti	Djiboutian franc	DJF	253
Dominica	East Caribbean dollar	XCD	1 767
Dominican Republic	Dominican peso	DOP	1 809

E

Country	Currency	Symbol	Calling code
Ecuador	United States dollar	USD	593
Egypt	Egyptian pound	EGP	20
El Salvador	United States dollar	USD	503
Equatorial Guinea	Central African CFA franc	XAF	240
Eritrea	Eritrean nakfa	ERN	291
Estonia	European euro	EUR	372
Eswatini	Swazi lilangeni	SZL	268
Ethiopia	Ethiopian birr	ETB	251

F

Country	Currency	Symbol	Calling code
Falkland Islands (UK)	Falkland Islands pound	FKP	500
Faroe Islands (Denmark)	Faroese krona	none	298
Fiji	Fijian dollar	FJD	679
Finland	European euro	EUR	358
France	European euro	EUR	33
French Guiana (France)	European euro	EUR	594
French Polynesia (France)	CFP franc	XPF	689

G

Country	Currency	Symbol	Calling code
Gabon	Central African CFA franc	XAF	241
Gambia	Gambian dalasi	GMD	220
Georgia	Georgian lari	GEL	995
Germany	European euro	EUR	49
Ghana	Ghanaian cedi	GHS	233
Gibraltar (UK)	Gibraltar pound	GIP	350
Greece	European euro	EUR	30
Greenland (Denmark)	Danish krone	DKK	299
Grenada	East Caribbean dollar	XCD	1 473
Guadeloupe (France)	European euro	EUR	590
Guam (USA)	United States dollar	USD	1 671
Guatemala	Guatemalan quetzal	GTQ	502
Guernsey (UK)	Guernsey Pound	GGP	44
Guinea	Guinean franc	GNF	224
Guinea-Bissau	West African CFA franc	XOF	245
Guyana	Guyanese dollar	GYD	592

H

Country	Currency	Symbol	Calling code
Haiti	Haitian gourde	HTG	509
Honduras	Honduran lempira	HNL	504
Hong Kong (China)	Hong Kong dollar	HKD	852
Hungary	Hungarian forint	HUF	36

I

Country	Currency	Symbol	Calling code
Iceland	Icelandic krona	ISK	354
India	Indian rupee	INR	91
Indonesia	Indonesian rupiah	IDR	62
International Monetary Fund (IMF)	SDR (Special Drawing Right)	XDR
Iran	Iranian rial	IRR	98
Iraq	Iraqi dinar	IQD	964
Ireland	European euro	EUR	353
Isle of Man (UK)	Manx pound	IMP	44
Israel	Israeli new shekel	ILS	972
Italy	European euro	EUR	39

J

Country	Currency	Symbol	Calling code
Jamaica	Jamaican dollar	JMD	1 876
Japan	Japanese yen	JPY	81
Jersey (UK)	Jersey pound	JEP	44
Jordan	Jordanian dinar	JOD	962

K

Country	Currency	Symbol	Calling code
Kazakhstan	Kazakhstani tenge	KZT	7
Kenya	Kenyan shilling	KES	254
Kiribati	Australian dollar	AUD	686
Kosovo	European euro	EUR	383
Kuwait	Kuwaiti dinar	KWD	965
Kyrgyzstan	Kyrgyzstani som	KGS	996

L

Country	Currency	Symbol	Calling code
Laos	Lao kip	LAK	856
Latvia	European euro	EUR	371
Lebanon	Lebanese pound	LBP	961
Lesotho	Lesotho loti	LSL	266
Liberia	Liberian dollar	LRD	231
Libya	Libyan dinar	LYD	218
Liechtenstein	Swiss franc	CHF	423
Lithuania	European euro	EUR	370
Luxembourg	European euro	EUR	352

M

Country	Currency	Symbol	Calling code
Macau (China)	Macanese pataca	MOP	853
Madagascar	Malagasy ariary	MGA	261
Malawi	Malawian kwacha	MWK	265
Malaysia	Malaysian ringgit	MYR	60
Maldives	Maldivian rufiyaa	MVR	960
Mali	West African CFA franc	XOF	223
Malta	European euro	EUR	356
Marshall Islands	United States dollar	USD	692
Martinique (France)	European euro	EUR	596
Mauritania	Mauritanian ouguiya	MRU	222
Mauritius	Mauritian rupee	MUR	230
Mayotte (France)	European euro	EUR	262
Mexico	Mexican peso	MXN	52
Micronesia	United States dollar	USD	691
Moldova	Moldovan leu	MDL	373
Monaco	European euro	EUR	377
Mongolia	Mongolian tugrik	MNT	976
Montenegro	European euro	EUR	382
Montserrat (UK)	East Caribbean dollar	XCD	1 664
Morocco	Moroccan dirham	MAD	212
Mozambique	Mozambican metical	MZN	258
Myanmar	Myanmar kyat	MMK	95

N

Country	Currency	Symbol	Calling code
Namibia	Namibian dollar	NAD	264
Nauru	Australian dollar	AUD	674
Nepal	Nepalese rupee	NPR	977
Netherlands	European euro	EUR	31
New Caledonia (France)	CFP franc	XPF	687
New Zealand	New Zealand dollar	NZD	64
Nicaragua	Nicaraguan cordoba	NIO	505
Niger	West African CFA franc	XOF	227
Nigeria	Nigerian naira	NGN	234
Niue (New Zealand)	New Zealand dollar	NZD	683
Norfolk Island (Australia)	Australian dollar	AUD	672 3
Northern Mariana Islands (USA)	United States dollar	USD	1 670
North Korea	North Korean won	KPW	850
North Macedonia	Macedonian denar	MKD	389
Norway	Norwegian krone	NOK	47

O

Country	Currency	Symbol	Calling code
Oman	Omani rial	OMR	968

P

Country	Currency	Symbol	Calling code
Pakistan	Pakistani rupee	PKR	92
Palau	United States dollar	USD	680
Palestine	Israeli new shekel	ILS	970
Panama	United States dollar	USD	507
Papua New Guinea	Papua New Guinean kina	PGK	675
Paraguay	Paraguayan guarani	PYG	595
Peru	Peruvian sol	PEN	51
Philippines	Philippine peso	PHP	63
Pitcairn Islands (UK)	New Zealand dollar	NZD	64
Poland	Polish zloty	PLN	48
Portugal	European euro	EUR	351
Puerto Rico (USA)	United States dollar	USD	1 787

Q

Country	Currency	Symbol	Calling code
Qatar	Qatari riyal	QAR	974

R

Country	Currency	Symbol	Calling code
Reunion (France)	European euro	EUR	262
Romania	Romanian leu	RON	40
Russia	Russian ruble	RUB	7
Rwanda	Rwandan franc	RWF	250

S

Country	Currency	Symbol	Calling code
Saba (Netherlands)	United States dollar	USD	599 4
Saint Barthelemy (France)	European euro	EUR	590
Saint Helena (UK)	Saint Helena pound	SHP	290
Saint Kitts and Nevis	East Caribbean dollar	XCD	1 869
Saint Lucia	East Caribbean dollar	XCD	1 758
Saint Martin (France)	European euro	EUR	590
Saint Pierre and Miquelon (France)	European euro	EUR	508
Saint Vincent and the Grenadines	East Caribbean dollar	XCD	1 784
Samoa	Samoan tala	WST	685
San Marino	European euro	EUR	378
Sao Tome and Principe	Sao Tome and Principe dobra	STN	239
Saudi Arabia	Saudi Arabian riyal	SAR	966
Senegal	West African CFA franc	XOF	221
Serbia	Serbian dinar	RSD	381
Seychelles	Seychellois rupee	SCR	248
Sierra Leone	Sierra Leonean leone	SLE	232
Singapore	Singapore dollar	SGD	65
Sint Eustatius (Netherlands)	United States dollar	USD	599 3
Sint Maarten (Netherlands)	Netherlands Antillean guilder	ANG	1 721
Slovakia	European euro	EUR	421
Slovenia	European euro	EUR	386
Solomon Islands	Solomon Islands dollar	SBD	677
Somalia	Somali shilling	SOS	252
South Africa	South African rand	ZAR	27
South Georgia Island (UK)	Pound sterling	GBP	500
South Korea	South Korean won	KRW	82
South Sudan	South Sudanese pound	SSP	211
Spain	European euro	EUR	34
Sri Lanka	Sri Lankan rupee	LKR	94
Sudan	Sudanese pound	SDG	249
Suriname	Surinamese dollar	SRD	597
Svalbard and Jan Mayen (Norway)	Norwegian krone	NOK	47 79
Sweden	Swedish krona	SEK	46
Switzerland	Swiss franc	CHF	41
Syria	Syrian pound	SYP	963

T

Country	Currency	Symbol	Calling code
Taiwan	New Taiwan dollar	TWD	886
Tajikistan	Tajikistani somoni	TJS	992
Tanzania	Tanzanian shilling	TZS	255
Thailand	Thai baht	THB	66
Timor-Leste	United States dollar	USD	670
Togo	West African CFA franc	XOF	228
Tokelau (New Zealand)	New Zealand dollar	NZD	690
Tonga	Tongan pa’anga	TOP	676
Trinidad and Tobago	Trinidad and Tobago dollar	TTD	1 868
Tristan da Cunha (UK)	Pound sterling	GBP	290 8
Tunisia	Tunisian dinar	TND	216
Turkey	Turkish lira	TRY	90
Turkmenistan	Turkmen manat	TMT	993
Turks and Caicos Islands (UK)	United States dollar	USD	1 649
Tuvalu	Australian dollar	AUD	688

U

Country	Currency	Symbol	Calling code
Uganda	Ugandan shilling	UGX	256
Ukraine	Ukrainian hryvnia	UAH	380
United Arab Emirates	UAE dirham	AED	971
United Kingdom	Pound sterling	GBP	44
United States of America	United States dollar	USD	1
Uruguay	Uruguayan peso	UYU	598
US Virgin Islands (USA)	United States dollar	USD	1 340
Uzbekistan	Uzbekistani som	UZS	998

V

Country	Currency	Symbol	Calling code
Vanuatu	Vanuatu vatu	VUV	678
Vatican City (Holy See)	European euro	EUR	379
Venezuela	Venezuelan bolivar	VES	58
Vietnam	Vietnamese dong	VND	84

W

Country	Currency	Symbol	Calling code
Wake Island (USA)	United States dollar	USD	808
Wallis and Futuna (France)	CFP franc	XPF	681

Y

Country	Currency	Symbol	Calling code
Yemen	Yemeni rial	YER	967

Z

Country	Currency	Symbol	Calling code
Zambia	Zambian kwacha	ZMW	260
Zimbabwe	United States dollar	USD	263

Is forex trading a new language for you? Visit our database with basic and advanced definitions

Forex trading – currency wars

To exchange one currency for another, you need both to be at play. Hence the name “pair”, which refers to the two currencies fighting for a price

MAJORS / HEAVYWEIGHTS

Major currency pairs include the heavily traded (over 80% of the action) EUR, GBP, JPY and CHF against the USD. They also include the commodity pairs of AUD, NZD and CAD against the USD (currency pairs affected by commodity prices since their countries export large amounts of commodities.

MINORS / MIDDLEWEIGHTS

Minor pairs (also known as Crosses) are major currencies that trade with one another and don’t involve the USD. The EUR/GBP is an example of two major currencies trading against each other, rather than against the USD. In this example, the pair can be called Euro Cross, since it involves the Euro.

EXOTICS / LIGHTWEIGHTS

The Exotic currency pairs are the most volatile due to the fact that they get the least action. They usually involve a major currency (though not always the case) trading against a less popular currency like the South African Rand, the Mexican Peso, the Hong Kong Dollar, the Chinese Yuan and others.

How to trade forex?

Educate yourself

What is forex, its structure, the trading hours, CFDs

Learn more

Forex pricing

Symbols, bid/ask, pips, spread, price movers

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Forex logistics

Margin, margin call, stop out, leverage, lots, rollovers

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Risk management

Stop loss, trailing stop, take profit, pending orders

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Types of analysis

Fundamental, technical, sentimental analysis

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Build trading plan

Trader types, risk tolerance, start small, pick direction, test

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Choose a broker

Strict selection process, open a/c, KYC, funding, trade

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Keep learning

Trading log, review, evolve, socialize, use technology

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Trading example

Hypothetical example on a EUR/USD, CFD transaction

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FAQs

Profitability, how to choose a broker, what to trade?

Learn more

Who trades forex?

Forex is decentralized, with no central authority like a bank or government controlling the operations

Every market participant, from a cent trader to a systemically large bank, create the market

There is a ladder of significance though, relative to who gets the best pricing based on size

Tier 1

Interbank market (Deutche Bank, UBS, Barclays, RBS, J.P.Morgan

Tier 2

Electronic Brokering Services (EBS), Refinitiv FXall, Integral, Currenex

Tier 3

Central and commercial banks, Hedge funds, institutions, investment firms

Tier 4

Retail traders, smaller market participants and companies

Factors affecting forex prices

Correlations

The alignment of one instrument with another. If they move together there is a positive correlation. If they move in different directions, its negative. If there is no correlation, the relationship is neutral.

Pros of forex trading

Cons of forex trading

Decentralized – There’s no central authority that can manipulate the market

Accessibility – Thousands of online brokers and options for any experience level

Constant – Open 24 hours, from Monday to Friday, with overlapping sessions

Low entry minimums – Cent and micro accounts allow very low entry minimums

Liquidity – The most liquid market in the world, with $7.5 trillion daily volume

Volatility – although required to capture market moves, it carries unpredictability

Leveraged risk – although leverage is sought after, it can be a double edge sword

Bad actors – from thousands of options, there are always bad actors to be careful of

Ease of access – easy access enables entry without proper diligence and education

Addictive – the nature of trading can get addictive to the point of financial ruin

Traders can trade forex through

Forex trading hours

GMT – Monday to Friday

Research and education is key

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