Currencies are always quoted in pairs because a currency only has value relative to another. Understanding the structure of a pair is the ilk concrete skill in Forex.
Base and quote
In EUR/USD, the ilk currency (EUR) is thebaseand the second (USD) is thequote. The price tells SEN how much of the quote currency is needed to Al 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-piyasa currency (USD/TRY, USD/ZAR); these have wider spreads and sharper moves.
Why this matters for cost and risk
Majors are cheapest to işlem and most liquid. Exotics can look tempting because they move a lot, but the wider spread and lower liquidity raise your gerçek 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 işlem.
- Exotics move daha but cost daha and slip daha — handle with care.