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Currency Trading Basic – The Base Currency

What is base currency? To have a clear picture of it, We must know first what is currency pair. It is defined as the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market. In currency pair, there are two terms being used. The base currency and the quote currency. The base currency is simply the first currency quoted in a currency pair on forex. It is also typically considered the domestic currency or accounting currency. For example, if you were looking at the CAD/USD currency pair, the Canadian dollar would be the base currency and the U.S. dollar would be the quote currency. The price represents how much of the quote currency is needed for you to get one unit of the base currency.

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For a trader to succeed in this business field, He must know the basic terms of Forex trading. The video presented clearly explained what is currency pair and base currency. It aims to help individuals who are new to the forex market and those who are planning to join the trading world but does not have yet the proper basic knowledge.

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