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    Learn Forex

    A start-here path for forex: how currency pairs work, what moves EUR/USD and the dollar, key terms and the risks of leverage.

    Forex is the market for exchanging currencies, and the US dollar is on one side of almost every trade. Start with how pairs are quoted, then what moves them.

    Start here

    1. Forex market hub โ†’Majors, the dollar and the macro catalysts.
    2. EUR/USD โ†’The Fedโ€“ECB policy gap and market structure.
    3. US Dollar Index (DXY) โ†’What the dollar gauge measures.
    4. How to trade forex โ†’A beginner process with risk management.
    5. Position size calculator โ†’Size a trade before you place it.

    Key terms in plain language

    Currency pair
    A quote of one currency in terms of another. EUR/USD shows how many US dollars one euro costs.
    Base and quote currency
    In EUR/USD the euro is the base and the dollar is the quote. A rising quote means the base currency is strengthening.
    Pip
    The smallest standard price move for most pairs, usually the fourth decimal place, or the second for pairs quoted in yen.
    Spread
    The difference between the price you can buy at and the price you can sell at. It is a cost of trading.
    Leverage
    Trading a larger position than your deposit by using borrowed exposure. It magnifies losses as well as gains.
    Major pairs
    Pairs that combine the US dollar with large, liquid currencies. The BIS reports that the ten most-traded pairs all involve the US dollar.
    Policy rate
    The interest rate a central bank sets to steer the economy. Expectations for it are a main driver of currency pairs.

    Guides and analysis

    Related tools and pages

    Frequently asked questions

    How big is the forex market?

    The BIS Triennial Survey reports that OTC FX trading reached US$9.6 trillion a day in April 2025, with the US dollar on one side of 89.2% of trades.

    What moves EUR/USD?

    Mainly the interest-rate and policy expectations of the Federal Reserve and the ECB, relative inflation and growth, data surprises and risk sentiment.

    Is forex trading risky?

    Yes. Leverage can magnify losses, and most retail forex is traded through leveraged products. Read the risk disclosure and use a demo account first.

    Sources (3)

    Show

    Official or primary sources used for the facts above. Figures and terms change, so check the source before acting on them.

    1. Bank for International Settlements โ€” OTC foreign exchange turnover in April 2025Market size and the dollar's role.Accessed
    2. ICE โ€” U.S. Dollar Index Contracts โ€” FAQDXY composition.Accessed
    3. European Central Bank โ€” Key ECB interest ratesThe euro side of the policy gap.Accessed

    Written by Volodymyr Kravchenko from official sources. See the methodology.

    This content is provided for educational purposes only and is not investment advice. Trading involves risk, and past performance does not guarantee future results. Affiliate relationships may exist. Always conduct your own independent research before making financial decisions.

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