The first currency listed in the currency pair is called the base currency; the second currency is referred to as the quote, or sometimes counter currency. When published with an exchange rate, the currency pair indicates how much of the quote currency is required to purchase one unit of the base currency. For example, EUR / USD = 1.5467 indicates that one euro can buy 1.5467 US dollars
There are many official currencies that are used all over the world, but there only a handful of currencies that are traded actively in the Forex market. In currency trading, only the most economically/politically stable and liquid currencies are demanded in sufficient quantities. For example, due to the size and strength of the United States economy, the American dollar is the world’s most actively traded currency.
In general, the eight most traded currencies (in no specific order) are the U.S. dollar (USD), the Canadian dollar (CAD), the euro (EUR), the British pound (GBP), the Swiss franc (CHF), the New Zealand dollar (NZD), the Australian dollar (AUD) and the Japanese yen (JPY). Mathematically 27 pairs can be formed from above 8 currencies but only 18 pairs has been quoted by the Forex market makers. Pairs at 5stars Forex: USD/CAD EUR/JPY, EUR/USD EUR/CHF, USD/CHF EUR/GBP, GBP/USD AUD/CAD, NZD/USD GBP/CHF, AUD/USD GBP/JPY, USD/JPY CHF/JPY, EUR/CAD AUD/JPY, EUR/AUD AUD/NZD
One Cancels the Other order referred as two separate orders that are linked together on the same market. The first linked order to be triggered and filled is entered into a live position, whilst the second order is subsequently deleted. This means one order filled will cancel the other. Traders use this order when they sense that one of the two scenarios may play out in a certain currency pair. For more information about OCO orders visit us; contact us at;