Jasz
VIP Contributor
Currency pairs and exchange rates are the two main things you need to know about forex. Currency pairs are all the currencies that are traded with each other. For example, USD/CAD is one currency pair, but there may be dozens of others in addition to that one. Currency pairs are two different currencies that you want to trade against each other. For example, if you want to trade euros against dollars, then you would enter an order for euros/USD.
The exchange rate (also called the spot rate) is the price of a currency against another currency. This can change daily and even hourly. Exchange rates are the prices of one currency in terms of another currency. For example, when you look at a website that shows you how much money you can get for your euros by selling them to someone in dollars, that's an exchange rate that's being calculated using one currency as a measurement of another.
The exchange rate (also called the spot rate) is the price of a currency against another currency. This can change daily and even hourly. Exchange rates are the prices of one currency in terms of another currency. For example, when you look at a website that shows you how much money you can get for your euros by selling them to someone in dollars, that's an exchange rate that's being calculated using one currency as a measurement of another.
