Forex, or foreign exchange, is the largest financial market in the world. According to the Bank for International Settlements (BIS), daily global trading volume hit $7.51 trillion in April 2022—and it’s still growing.
Currency pairs are typically classified as major, minor, or exotic.
Major pairs consist of the most traded currencies globally, always including the USD—such as EUR/USD, GBP/USD, or USD/JPY. Minor pairs feature major currencies paired without the USD—such as EUR/GBP, GBP/JPY, or AUD/CAD.
Exotic pairs combine a major currency with one from a developing or less-traded market—such as USD/TRY, USD/MXN, or EUR/HUF.