What is currency?

Currency is a financial instrument of any country such BDT, USD, JPY etc. It  is a generally accepted form of money including coins and paper notes which is issued by a government and circulated within an economy. It used as a medium of exchange  for goods and services.It is fundamental instrument which is used for national and international trade. 

Different Currency Symbol

Types of currencies: 

1. Fiat Currency
2. Asset Backed Currency
3. Commodity Backed Currency
4. Digital Currency

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Now let us explain what the currency codes are.

USD = US Dollar , 

EUR = Euro, 

JPY  = Japanese Yen, 

GBP = Great Britian Pound, 

CHF = Swiss Franc, 

CAD = Canadian Dollar,

AUD = Australian Dollar, 

NZD = New Zealand Dollar

Currency Pair:

Currency pair is a Forex instrument such as EUR/USD. When you trade in forex market through a broker then you exchange two currencies in pair. For example : If you buy EUR , you pay USD and if you sell USD , you pay EUR. . Here EUR means EURO and USD means US Dollar

Major Currency pairs in forex market:

1. EUR/USD, GBP/USD, USD/JPY, USD/CHF
2. USD/CAD, AUD/USD, NZD/USD

Major crosses Currency:

EUR/JPY, EUR/GBP, EUR/CHF, AUD/JPY, NZD/JPY

                             ➤ Currencies are traded against one another 

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