Major, Minor & Exotic Pairs

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.