Economy
The Best Forex Pairs to Trade For Beginners in 2023: Experts’ Recommendations
If you’re new to Forex trading and want to know which currency pairs are good for trading in 2023, you’re in the right place! Traders Union (TU) experts have created a list of the best Forex pairs for beginners. They’ll explain what makes a currency pair good for trading, so you can start your Forex journey on the right path. Whether you want stability, liquidity, or volatility, the experts will guide you to the best Forex pairs to trade.
Currency pairs
TU’s analysts consider that understanding currency pairs is crucial for anyone new to Forex. These pairs, also called trading pairs, are used to exchange one country’s money for another. Each pair has two assets: the base currency and the quote currency. For example, in EUR/USD, the euro (EUR) is the base, and the U.S. dollar (USD) is the quote. The exchange rate informs you of the amount of the quoted currency required to purchase a single unit of the base currency. Currency pairs are always traded in pairs because one currency’s value depends on another.
Currency pairs categories
Currency pairs in the Forex market fall into three main categories: major pairs, crosses, and exotic pairs. According to analysts at Traders Union, you should be aware of the following information:
- Major currency pairs:
These are the most traded pairs, always including the U.S. dollar.
Examples include EUR/USD, USD/JPY, and GBP/USD.
Traders like them for high liquidity and tight spreads.
They reflect the strength of the U.S. dollar and react to global events.
- Cross currency pairs:
Also known as minor pairs, they don’t involve the U.S. dollar.
Examples are EUR/GBP and GBP/JPY.
Traders use them to speculate on major currency relationships.
While spreads can be wider, they offer trading opportunities based on regional insights.
- Exotic currency pairs:
These pairs mix major currencies with emerging or thinly traded currencies.
Examples include USD/SGD and EUR/TRY.
Exotics have lower liquidity, wider spreads, and higher volatility.
Experienced and risk-tolerant traders may find profit potential but need thorough research and risk management.
Keep in mind that different brokers and traders may slightly vary in how they classify these currency pairs.
Top currency pairs for beginner traders in Forex
For beginners in Forex trading, TU’s experts recommend starting with certain currency pairs that offer excellent learning and trading opportunities.
- EUR/USD
This pair combines the euro and the US dollar and is the most traded currency pair globally. It boasts low spreads, high liquidity, and stability, making it attractive for traders.
- USD/JPY
Pairing the US dollar with the Japanese yen, USD/JPY is driven by the yen’s influence in Asia and the dollar’s global prominence. It provides ample liquidity and narrow spreads.
- GBP/USD
Known as “Cable,” this pair includes the pound sterling and the US dollar. It represents a significant share of daily Forex transactions and is influenced by the relative strength of the British and American economies.
- AUD/USD
Pairing the Australian dollar with the US dollar, AUD/USD is influenced by commodity exports, especially metals and minerals. Interest rate differentials between Australia and the US also play a role.
- USD/CAD
Representing the US dollar against the Canadian dollar, USD/CAD is considered a commodity pair, closely tied to oil prices and economic indicators of both countries.
- USD/CHF
Combining the US dollar with the Swiss franc, USD/CHF is known as “Swissie” and is the seventh most traded currency pair worldwide. The Swiss franc’s value is influenced by the Swiss National Bank’s actions and economic data from Switzerland. Switzerland’s reputation for financial stability makes the CHF a popular safe-haven currency.
Conclusion
If you’re a newcomer to Forex trading, Traders Union has provided valuable insights into the best currency pairs for beginners in 2023. Understanding these pairs is fundamental, as they’re used to exchange one currency for another. Starting with the recommended pairs in this article, beginners can embark on their Forex journey with confidence and learning opportunities.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
