As one of our valued traders, countless earning opportunities await you in our ZoomTrader Forex trading. You can take advantage of these opportunities in order to achieve success in trading binary options. We have a number of assets from different classes that you can choose from. Moreover, our varying trade types also give you a smooth and simple trading experience. You can use these trading types to trade assets from diverse markets such as Indices, Commodities, Forex, and Stocks among others. Furthermore, we are proud to offer you a wide range of Forex currency pairs that you can trade.
Get to know our ZoomTrader Forex/Currency pairs
Once you have your own trading account with us, you can readily notice our Forex or Currencies asset class in our ZoomTrader Asset Index. However, trading these currency pairs doesn’t necessarily mean that you have fully understood what these Forex/currency pairs are.
To shed light on this issue, Forex or currency pairs are composed of two currencies that are being bought and sold at the same time. You can better grasp the idea of our ZoomTrader Forex by comparing it with the game “tug-of-war”. With this simple analogy, you can imagine each currency holding one end of the rope.
And to give you a more concrete illustration, let’s use the most frequently traded currency pair as an example – the EUR/USD currency pair. This asset is considered volatile because of the fact that the exchange rates of these two currencies constantly fluctuate, resulting in the currency pair pulling on each other.
Simply put, ZoomTrader Forex works by speculating which currency would outperform the other, based on which currency is pulling stronger at the moment.
Choose your desired currency pairs
There are three different types of currency pairs available for ZoomTrader trading. These are the major currency pairs, the minor or cross currency pairs, and the exotic currency pairs. To give you an idea on which is which, we’ll define each type using examples.
First, the major currency pairs are the currencies that are paired like this: USD vs. another currency. In this ZoomTrader Forex type, a currency of a developed country is paired with the U.S. Dollar. An example of a major currency pair would be the most frequently traded EUR/USD.
On the other hand, a cross or minor currency pair is somehow similar with the major currency pair. The difference, however, comes in the fact that the currencies paired are those from the three major, non-USD currencies. These are the EUR, GBP, and JPY. Other currencies paired include the AUD, CHF, NZD, and CAD. A perfect example of a minor or cross currency pair is the EUR/GBP, or what is called the “Euro Pound” in Forex terms.
Lastly, the Exotic currency pairs are those that include one major currency and one currency of an emerging economy. We don’t recommend trading Exotic currency pairs for beginners since they can be more risky to trade than major and minor currencies. It’s basically caused by the fact that these exotic currency pairs have high spreads, with some even reaching up to twice the spreads of major currency pairs. One example of an exotic currency pair is the USD/THB or “Dollar Baht”.