Currencies are always quoted in pairs because a currency only has value relative to another. Understanding the structure of a pair is the first concrete skill in फॉरेक्स.
Base and quote
In EUR/USD, the first currency (EUR) is thebaseand the second (USD) is thequote. The price tells आप how much of the quote currency is needed to खरीदें one unit of the base. If EUR/USD is 1.0850, one euro costs 1.0850 US dollars. Buying the pair means buying the base and selling the quote.
Majors, minors and exotics
Majorsalways include the US dollar paired with another large economy's currency (EUR/USD, USD/JPY, GBP/USD).Minorsor crosses pair two majors without the dollar (EUR/GBP, EUR/JPY).Exoticspair a major with a smaller or emerging-market currency (USD/TRY, USD/ZAR); these have wider spreads and sharper moves.
Why this matters for cost and risk
Majors are cheapest to trade and most liquid. Exotics can look tempting because they move a lot, but the wider spread and lower liquidity raise your real cost and your risk of slippage. Beginners are usually better served learning on one or two majors.
Key takeaways
- A pair's price shows how much quote currency buys one unit of the base.
- Majors include USD and are the most liquid and cheapest to trade.
- Exotics move more but cost more and slip more — handle with care.