Forex Currency Pairs in 2026: Majors, Minors and How Exchange Rates Work
BY TIOmarkets
|March 7, 2026The forex market is the largest financial market in the world, with an average daily trading volume of $7.5 trillion. At the centre of every forex trade is a currency pair: two currencies quoted against each other, representing the rate at which one can be exchanged for the other. Understanding how currency pairs are structured, categorised, and priced is the foundation of forex trading.
At TIOmarkets, you can trade 70+ currency pairs on MT4 or MT5, covering major, minor, and exotic pairs, with variable spreads and leverage available up to unlimited on the Standard account.
What Is a Currency Pair?
A currency pair is a price quotation of one currency against another. Every forex trade involves simultaneously buying one currency and selling another. The two currencies in a pair are referred to as the base currency and the quote currency.
The base currency is the first currency listed in the pair. The quote currency is the second. The price of a currency pair tells you how much of the quote currency is needed to buy one unit of the base currency.
For example, if EURUSD is quoted at 1.1000, it means one euro buys 1.1000 US dollars. If the rate rises to 1.1100, the euro has strengthened against the dollar. If it falls to 1.0900, the euro has weakened.
When you go long a currency pair, you are buying the base currency and selling the quote currency. When you go short, you are selling the base currency and buying the quote currency.
Major Currency Pairs
Major currency pairs are those that include the US dollar on one side and are paired with one of the world's other most widely traded currencies. They are the most liquid currency pairs in the forex market, typically offering tighter spreads and higher trading volumes than other categories.
The major pairs available at TIOmarkets include:
EURUSD (Euro vs US Dollar), GBPUSD (British Pound vs US Dollar), USDJPY (US Dollar vs Japanese Yen), USDCHF (US Dollar vs Swiss Franc), AUDUSD (Australian Dollar vs US Dollar), NZDUSD (New Zealand Dollar vs US Dollar), and USDCAD (US Dollar vs Canadian Dollar).
Each of these pairs involves the US dollar, which remains the world's primary reserve currency and is involved in the majority of global forex transactions. Because of their high liquidity, major pairs are often the starting point for traders new to the forex market.
Minor Currency Pairs (Cross Pairs)
Minor currency pairs, also known as cross pairs or crosses, are pairs that do not include the US dollar. They are formed from two of the other major currencies trading directly against each other.
Common minor pairs available at TIOmarkets include euro crosses such as EURGBP, EURJPY, EURAUD, EURCAD, EURCHF, and EURNZD; sterling crosses such as GBPJPY, GBPAUD, GBPCAD, GBPCHF, and GBPNZD; and other crosses including AUDJPY, AUDCAD, AUDCHF, AUDNZD, CADJPY, CADCHF, CHFJPY, NZDJPY, NZDCAD, and NZDCHF.
Minor pairs typically carry wider spreads than major pairs, reflecting lower liquidity. They can still be actively traded, particularly during the sessions when both constituent currencies are most active. For example, GBPJPY tends to be most liquid during the overlap between the London and Tokyo sessions.
Exotic Currency Pairs
Exotic currency pairs pair a major currency, typically the US dollar or euro, with the currency of an emerging market or smaller economy. They tend to have lower liquidity, wider spreads, and can be more sensitive to political and economic developments in the smaller economy.
Exotic pairs available at TIOmarkets include USDTRY (US Dollar vs Turkish Lira), USDZAR (US Dollar vs South African Rand), USDMXN (US Dollar vs Mexican Peso), USDNOK (US Dollar vs Norwegian Krone), USDSEK (US Dollar vs Swedish Krona), USDPLN (US Dollar vs Polish Zloty), USDHUF (US Dollar vs Hungarian Forint), USDCZK (US Dollar vs Czech Koruna), USDCNH (US Dollar vs Chinese Renminbi), USDHKD (US Dollar vs Hong Kong Dollar), USDSGD (US Dollar vs Singapore Dollar), EURTRY (Euro vs Turkish Lira), EURMXN (Euro vs Mexican Peso), EURSEK (Euro vs Swedish Krona), EURPLN (Euro vs Polish Zloty), EURHUF (Euro vs Hungarian Forint), EURCZK (Euro vs Czech Koruna), GBPSEK (Great Britain Pound vs Swedish Krona), GBPCZK (GBP vs CZK), SGDJPY (Singapore Dollar vs Japanese Yen), NOKSEK (Norwegian Krone vs Swedish Krone), AEDUSD (Arab Emirates Dirham vs US Dollar), and AUDNZD (Australian Dollar vs New Zealand Dollar).
Wider spreads on exotic pairs mean the cost of entry and exit is higher. Traders should factor this into their approach and always check current spreads inside the platform before trading.
How Currency Pairs Are Priced
Every currency pair is quoted with two prices: the bid price and the ask price.
The bid price is the rate at which you can sell the base currency. The ask price is the rate at which you can buy the base currency. The ask price is always higher than the bid price. The difference between the two is called the spread.
The spread represents the cost of the trade. When you open a position, you buy at the ask price. When you close it, you sell at the bid price. The price must move in your favour by at least the distance of the spread before your trade reaches breakeven.
Spreads at TIOmarkets are variable and float with market conditions. They are typically higher than minimum figures shown and can widen during periods of high volatility or around major news events. Always check live prices inside the MT4 or MT5 platform before placing a trade.
Pips and Points
In forex trading, price movements are measured in pips. A pip is the smallest standard unit of price movement for a currency pair. For most pairs, a pip is the fourth decimal place, so a move from 1.1000 to 1.1001 represents one pip.
For pairs involving the Japanese yen, a pip is the second decimal place. A move in USDJPY from 157.80 to 157.81 represents one pip.
Some brokers and platforms also quote a fifth decimal place (or third for yen pairs). These fractional pips are sometimes called points or pipettes and represent one tenth of a pip.
Understanding pip values is important for calculating profit, loss, and the cost of spreads on any given trade.
Forex Is Traded in Lots
In the forex market, trades are placed in terms of lots. A standard lot equals 100,000 units of the base currency. A mini lot equals 10,000 units, and a micro lot equals 1,000 units.
At TIOmarkets, the minimum trade volume depends on the account type. On Standard, Raw, and VIP Black accounts, the minimum is 0.01 lots. On the Nano account, the minimum is 0.001 lots, giving greater flexibility for smaller position sizes.
The lot size you choose directly affects both your potential profit or loss per pip and the margin required to open the trade.
Leverage and Margin in Forex Trading
Forex trading involves leverage, which allows you to control a position larger than your account balance. The margin requirement determines how much of your own funds you need to hold as a deposit to open and maintain a position.
At TIOmarkets, the margin requirement for most major and minor currency pairs is 1%, meaning a standard lot of 100,000 units requires a margin of 1,000 units of the base currency. Some exotic pairs and cross pairs carry higher margin requirements; the full margin table is available on the TIOmarkets contract specifications page and inside the MT4 or MT5 platform.
Leverage on the Standard account is available up to unlimited, subject to change depending on market conditions and applicable regulatory requirements. MT5 is required to access the unlimited leverage feature. On Raw and VIP Black accounts, leverage is available up to 1:500 on request, also subject to change.
Leverage amplifies both potential profits and potential losses relative to your margin deposit. A position that moves against you can result in losses that exceed the margin used to open it. Managing position size and using stop loss orders are important parts of trading with leverage.
What Drives Currency Pair Prices?
Currency pairs move in response to the relative economic and monetary conditions of the two countries or regions involved. Several key factors regularly influence exchange rates.
Interest rate differentials. The difference in interest rates set by the two countries' central banks is one of the primary long-term drivers of a currency pair. Higher interest rates tend to attract capital flows and support the higher-yielding currency. Changes in rate expectations, as well as actual rate decisions, can move currency pairs significantly.
Economic data. GDP growth, inflation, employment, retail sales, and manufacturing activity all affect perceptions of an economy's health and therefore the demand for its currency. Data that surprises relative to expectations tends to cause the larger price moves.
Central bank communications. Forward guidance, press conferences, and policy statements from central banks such as the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan can shift market expectations and move currency pairs, sometimes before any rate change occurs.
Political and geopolitical events. Elections, government policy shifts, trade disputes, and geopolitical tensions can affect currency valuations. Uncertainty tends to increase volatility, particularly for currencies of countries directly involved.
Risk sentiment. The US dollar, Swiss franc, and Japanese yen are traditionally considered safe haven currencies. They tend to strengthen during periods of global uncertainty as investors seek lower-risk assets. Higher-yielding and commodity-linked currencies such as the Australian and New Zealand dollars tend to perform better in risk-on environments.
Trade balances and capital flows. Countries with strong export positions generate demand for their currency as trading partners buy it to pay for goods and services. Large capital flows, including foreign direct investment and portfolio investment, also affect exchange rates over time.
Account Types for Forex Trading
TIOmarkets offers four account types that support forex trading across all 70+ currency pairs.
The Standard account offers spreads from 1.1 pips with zero commission. The minimum deposit is $20 or currency equivalent. Leverage is available up to unlimited, subject to change. MT5 is required for the unlimited leverage feature. This account is created automatically on registration.
The Raw account offers spreads from 0.0 pips with a commission of $6 per round turn lot. The minimum deposit is $250 or currency equivalent. Leverage is up to 1:500 on request, subject to change.
The VIP Black account offers spreads from 0.3 pips with zero commission. The minimum deposit is $1,000 or currency equivalent. Leverage is up to 1:500 on request, subject to change.
The Nano account offers spreads from 0.6 pips with a commission of $6 per round turn lot. The minimum deposit is $20 (USD only), the minimum trade volume is 0.001 lots, and it is available on MT5 only.
All spreads are variable and typically higher than the minimum figures shown. The commission on Raw and Nano accounts is charged in full when the position is opened and covers both the opening and closing of the trade.
How to Start Trading Forex Currency Pairs with TIOmarkets
Step 1: Open an account. Register with TIOmarkets. The Standard account is created automatically on registration. Raw and VIP Black accounts can be opened separately via the client area.
Step 2: Verify your identity. Full account verification is required before you can make a withdrawal. Upload proof of identity and proof of address via the client area.
Step 3: Fund your account. The minimum deposit is $20 or currency equivalent on Standard accounts, $250 on Raw, and $1,000 on VIP Black. TIOmarkets charges no deposit fee when the minimum amount is met. You have a 14-day grace period to trade before verification is required.
Step 4: Download MT4 or MT5. Both platforms are available for desktop, web, and mobile.
Step 5: Transfer funds and start trading. Transfer funds from your TIOmarkets wallet to your trading account via the client area, locate your chosen currency pair in the market watch window, and place your trade.
Orders are executed at the best available market price, which may result in positive or negative slippage.
FAQ
Risk disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Never deposit more than you are prepared to lose. Professional client’s losses can exceed their deposit. Please see our risk warning policy and seek independent professional advice if you do not fully understand. This information is not directed or intended for distribution to or use by residents of certain countries/jurisdictions including, but not limited to, USA & Countries included in the OFAC sanction list. The Company holds the right to alter the aforementioned list of countries at its own discretion.
TIOmarkets offers an exclusively execution-only service. The views expressed are for information purposes only. None of the content provided constitutes any form of investment advice. The comments are made available purely for educational and marketing purposes and do NOT constitute advice or investment recommendation (and should not be considered as such) and do not in any way constitute an invitation to acquire any financial instrument or product. TIOmarkets and its affiliates and consultants are not liable for any damages that may be caused by individual comments or statements by TIOmarkets analysis and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his/her investment decisions. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances, or needs. The content has not been prepared in accordance with any legal requirements for financial analysis and must, therefore, be viewed by the reader as marketing information. TIOmarkets prohibits duplication or publication without explicit approval.
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Behind every blog post lies the combined experience of the people working at TIOmarkets. We are a team of dedicated industry professionals and financial markets enthusiasts committed to providing you with trading education and financial markets commentary. Our goal is to help empower you with the knowledge you need to trade in the markets effectively.
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