FOREX

The most traded pairs involving the US dollar and other major currencies (e.g., EUR/USD, USD/JPY).

These pairs have high liquidity and relatively lower volatility.

Pairs that do not include the US dollar but involve other major currencies (e.g., EUR/GBP).

Pairs involving a major currency and a currency from a smaller or emerging economy (e.g., USD/TRY).

These tend to have higher volatility and lower liquidity.

Immediate exchange of currencies at current market prices

Contracts to buy or sell currencies at a future date at a predetermined price, used for hedging or speculation.