Major, Minor & Exotic Pairs

Fundamentals

How currency pairs are classified by liquidity: majors (with USD), minors/crosses (no USD), and exotics (emerging-market currencies).

Major pairs (EUR/USD, GBP/USD, USD/JPY and similar) always include the US dollar and the world's most-traded currencies, giving them the tightest spreads and deepest liquidity. Minor pairs — also called crosses — trade two major currencies without the dollar, such as EUR/GBP. Exotic pairs combine a major currency with an emerging-market currency (like USD/TRY or USD/ZAR); they carry wider spreads, thinner liquidity, and often bigger swap costs, reflecting their higher risk.

Related terms

Currency Pair →Spread →Liquidity →

More in Fundamentals

Pip Spread Leverage Margin Lot Bid/Ask Volatility Pipette Currency Pair Base Currency & Quote Currency Cross Currency Pair Spot Rate

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