The Best 10 Forex Currency Pairs in October 2024

Forex is by far the largest trading market, available 24 hours five days a week. It is also the most volatile market and hence provides the opportunity for heftier profits.

A forex currency pair includes the US dollar and/or other global currencies.

The first currency in the pairing, for instance, the British pound in GBP/USD, is the base currency. The second currency, the US dollar in the above example, is known as the quote currency.

Generally, the base currency will be the trader’s domestic currency.

The price of a forex currency pair is an expression of how much of the quote currency is needed to buy one unit of the base currency.

For instance, EUR/GBP 1.45 indicates that £1.45 is required to buy one Euro. A value of EUR/USD 1.89 means that $1.89 would buy one Euro.

For more information on investing in this market, read The Best Ways to Learn More About Forex Trading.

The Top Forex Currency Pairs include:

1. EUR/USD
2. GBP/USD
3. USD/JPY
4. AUD/USD
5. EUR/GBP
6. USD/CAD
7. USD/CHF
8. NZD/CHF
9. USD/CNY
10. USD/HKD

A list of the Top Forex Brokers for October 2024:

1. Plus500
2. Pepperstone
3. eToro
4. AvaTrade
5. IG
6. Saxo

Description of the Best Forex Brokers for October 2024

Plus500 instruments are available for trading exclusively via CFDs and the service offered on the platform is CFD-based.

Another user-friendly entry on our list of the best forex and CFD brokers in the UK is Plus500, providing an easy-to-use and accessible service.

You’ll find over 60 CFD currency pairs with competitive spreads, no commission and available leverage of up to 1:30.

Although MetaTrader and cTrader are not available, Plus500’s own platform is very user-friendly. It comes with a range of intuitive risk management features and is available on web and mobile.

Plus500 requires a minimum deposit of £100 if using a credit or debit card, and £500 if using bank transfer.

Plus500 UK Ltd authorized & regulated by the FCA (#509909).

Pepperstone offers a robust range of forex currency pairs, making it a versatile platform for forex traders.

Pepperstone provides access to over 90 currency pairs, including major, minor, and exotic pairs. This extensive selection allows traders to engage in a variety of trading strategies across different market conditions.

The broker offers highly competitive spreads, starting from as low as 0.0 pips on major pairs like EUR/USD through its Razor account. This is advantageous for traders looking to minimize trading costs and enhance profitability.

Pepperstone offers leverage up to 1:500 for professional clients, while retail clients can access leverage up to 1:30 due to regulatory restrictions.

This high leverage can amplify trading potential but also increases risk, so it's important for traders to use it judiciously.

Pepperstone supports several leading trading platforms including MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView and Pepperstone's own platform (coming soon to the UK).

These platforms are equipped with advanced charting tools, automated trading capabilities, and a range of technical indicators, catering to both novice and experienced traders.

Pepperstone is regulated by multiple top-tier regulatory bodies, including the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC), among others.

This regulatory oversight ensures a secure and transparent trading environment.

The broker offers various additional tools such as Autochartist for pattern recognition and cTrader Automate, enhancing the trading experience and providing traders with valuable market insights.

Below content does not apply to US users.

Founded in 2007, eToro is considered a very low-risk broker as it is highly regulated by the Financial Conduct Authority (FCA) in the UK and many other regulatory bodies elsewhere.

Opening an account is free and you can access a $100,000 demo account to test the system.

It offers 47 currency pairs for trading. Spreads for forex trading have recently been significantly reduced and range from a very competitive 1 to 3 pips for major currency pairs.

Typical spreads for EURUSD and USDJPY trades, for example, are just 1 pip.

You can see the full list of spreads on the eToro website.

You’ll need to deposit a minimum of $200 for Copy Trading, eToro's standout feature which allows you to follow other traders and copy their trades.

This forex broker is great for beginners due to its user-friendly interface and app and 24-hour customer support. It allows you to trade currencies, stocks and cryptocurrencies in one portfolio and the Copy Trading system is a great way to learn.

The company also offers trading courses and features a Learning Lab which houses a variety of tools to support clients with their trading experience.

51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

AvaTrade is widely regarded as one of the premier Forex brokers in the industry, earning its reputation through a combination of stellar service, cutting-edge technology, and a commitment to client success.

With over a decade of experience, AvaTrade has cultivated a global presence, serving traders in over 150 countries.

The platform offers a diverse range of assets, including currencies, commodities, stocks, and indices, providing ample opportunities for traders to diversify their portfolios.

AvaTrade's user-friendly interface and intuitive trading platforms cater to traders of all levels, from beginners to seasoned professionals.

Additionally, the broker offers a wealth of educational resources, including webinars, tutorials, and market analysis, empowering clients to make informed trading decisions.

With top-notch security measures in place and responsive customer support available 24/5, AvaTrade continues to set the standard for excellence in the Forex brokerage industry, making it the top choice for traders worldwide.

IG is a great share trading platform for beginners thanks to its user-friendly interface and extensive educational resources.

Pros of IG include a wide range of trading instruments and markets, as well as the ability to access multiple account types and trading platforms. The platform also offers a demo account for beginners to practise trading strategies before investing real money.

However, IG isn’t the cheapest share trading platform, with relatively high trading fees and a minimum deposit requirement of £250 when paying by credit/debit card or PayPal.

In terms of additional fees, IG charges a commission fee for share trading, starting from £8 per trade. There’s also a custody fee of 0.25% per year for holdings of £250 or more.

Overall, IG is a solid choice for beginners looking for a user-friendly platform with extensive educational resources, but investors should be aware of its fees and minimum deposit requirements.

SAXO emerges as a leading choice for traders seeking a robust and reliable platform for trading forex currency pairs. Offering a blend of comprehensive features, competitive pricing, and exceptional service, SAXO is designed to cater to the needs of a diverse trading community, from novices to experienced professionals.

SAXO provides traders with unparalleled access to the forex market with an impressive selection of 185 FX pairs across majors, minors, and exotics, plus options for spot metals trading. This wide range ensures that traders can diversify their portfolios and capitalize on market movements across different currency spectrums.

Traders at SAXO enjoy highly competitive spreads, with major FX pairs starting from just 0.4 pips. For active traders, SAXO offers even lower rates, ensuring that high-volume trading can be conducted more cost-effectively. This pricing advantage is crucial for maximizing profitability in the volatile forex market.

With tier-1 liquidity, SAXO guarantees higher fill rates, which are essential for achieving optimal trade execution without frequent stop-outs or disappointing price slippages. This level of liquidity not only enhances the trading experience but also provides significant price improvements, contributing to better overall trading outcomes.

Recognizing the critical nature of risk management in trading, SAXO incorporates sophisticated risk management tools that enable traders to protect their investments effectively. These features help in managing exposure and safeguarding against potential market downturns, essential for maintaining a healthy trading account.

Whether preferring spot trading or exploring derivatives markets, SAXO accommodates all trading styles with its flexible platform options. This adaptability allows traders to engage in markets in a manner that best suits their strategy and market outlook, providing a tailored trading experience.

SAXO’s ‘Market Movers’ feature provides traders with real-time updates on the biggest gains and losses in the forex and spot metals markets each day. This tool is invaluable for staying informed about market trends and making timely decisions that align with the current market environment.

The Top 10 Forex Currency Pairs in 2024

Of the many currency combinations that you can choose from, the following are the top 10 forex currency pairs:

1. EUR/USD

The Euro and the US dollar represent our two major economies globally, and as such, this is the most-often traded currency pair.

This major pair is highly liquid, and the linked exchange rate is reliant on the European Central Bank, the US Federal Reserve interest rates and NFP (non-farm payroll) announcements.

51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

2. GBP/USD

This major pair is made up of the British pound and the US dollar and consequently relies on how well the British and American economies are faring.

The linked exchange rate for this pair is reliant on interest rates set by the Bank of England and the US Federal Reserve.

One additional factor to monitor concerning this pair is the UK’s departure from the EU.

3. USD/JPY

Made up of the US dollar and the Japanese yen, this major pair has high liquidity.

This is hardly surprising as the US dollar is the most traded currency globally and the Japanese yen is the most traded in the Asian market.

The exchange rate for this pair relies on interest rates set by the US Federal Reserve and the Bank of Japan. Other factors include the regularity of natural disasters in Japan.

4. AUD/USD

Another major, this pair is made up of the Australian dollar and the US dollar.

Factors that affect this pair include the value of commodities exported by Australia such as iron ore, gold and coal, and the interest rates set by the Reserve Bank of Australia and the US Federal Reserve.

5. EUR/GBP

This is a minor pair because it does not include the US dollar. It is made up of the Euro and the British pound.

The close link, geographically and due to strong trade arrangements between Europe and the UK, makes this a difficult pair to predict.

The run up to the UK’s departure from the EU has caused a highly volatile price for EUR/GBP.

Further factors to monitor include interest rates set by the Bank of England and the European Central Bank.

6. USD/CAD

This major pair includes the US dollar and the Canadian dollar.

One factor to monitor for this pair is Canada’s reliance on the price of oil, its main export.

As the price of oil rises, so too does the value of the Canadian dollar.

7. USD/CHF

This major pair, made up of the US dollar and the Swiss franc, is generally seen as a safe investment during times of economic and political turmoil.

Due to the popularity of this pair, there is a high level of data available and hence this pair has a high level of predictability.

8. NZD/CHF

This minor pair includes the New Zealand dollar and the Swiss franc.

New Zealand’s increasing agricultural influence worldwide means that any trader looking to invest in this pair must monitor global agricultural product prices.

The price of this pair is also influenced by the Reserve Bank of New Zealand.

9. USD/CNY

This major pair is made up of the US dollar and the Chinese renminbi or yuan.

CNY, however, refers to the trading of this currency in the onshore Chinese trading market. When the Chinese renminbi or yuan is traded offshore, it is referred to as CNH.

The leading factor to monitor when investing in this pair is the US-China trade war.

Historically, the value of the CNY has dropped against the US dollar due to the efforts of the Chinese government to drive down the price of their exports.

10. USD/HKD

This major pair, made up of the US dollar and the Hong Kong dollar, features a linked exchange rate that allows the HKD to move within a band of HK$7.75/7.85 to one US dollar.

One recent and important factor to monitor in relation to this pair is the ongoing situation in Hong Kong following the protests there in 2019.

What Are the Types of Currency Pair That You Can Trade?

Forex currency pairs can be divided into the following categories:

Majors

Majors are generally the most popular type of currency pair to trade. They will always include the US dollar and are generally the most liquid; that is, they provide the trader with the greatest ability to trade that pair on the forex market.

Majors have the highest liquidity of the three types of currency pair; however, the fact that these currencies are generally easier to research means that trading majors can be a crowded and therefore competitive market.

51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Minors

Minors do not include the US dollar but do include one of the other major global currencies (for instance, the Euro).

They have a lower level of liquidity than majors and there is generally less available data on these currencies.

Trading minor currency pairs is therefore a less competitive market which traders may be able to take advantage of.

Crosses

Crosses are any currency pairing that does not include the US dollar.

How is this different from a minor?

A minor must include one of the major currencies (for instance, the Euro), whereas a cross is made up of any non-US dollar currency.

Therefore, a minor is a type of cross.

For more on this topic, read What Are the Benefits of Forex Trading?

What Makes a Good Currency Pair?

What factors should you consider when deciding which forex currency pair to choose?

What Time of Day Will You Trade?

Will you trade during the day or at night? This might not seem a relevant question until you consider the route of the trading day:

• Opening in Asia
• Moving next to the Middle East
• Then Europe and London
• Finally, New York and the US

This means that not all of these trading areas will be open continually or at the same time.

For instance, if you are a night trader in the US, the Middle East and Europe/London may be closed and therefore your only option is the US and Asia.

The time of day when you trade will decide which currency markets are available to you.

Liquidity

This is generally the key factor when deciding which currency pairs to trade. As a trader, you want to trade currency pairs that you can easily buy and sell.

The exception to this rule is the trader who seeks to take advantage of the erratic performance of less liquid currency pairs. This method is called scalping and involves taking small profits several times throughout the day.

For more on this topic, read Forex Scalping: A Strategy Guide.

As mentioned in the previous section, majors have the highest liquidity, followed by minors and crosses.

Price Stability

The price stability of a currency is intrinsically linked to the economic health of the nation or nations connected to that currency.

For instance, the US to the US dollar or the UK to the British pound.

When considering which currency pair to choose, you should factor in the likely economic scenario of those countries.

Predictability

In other words, how much historical information is available on a currency.

The benefit of trading major currency pairs or pairs involving any major global currency is the vast amount of data available to judge how a currency is likely to perform.

Lesser global currencies, and especially currencies that are newer to the forex market, will carry less historical data and their performance will therefore be more difficult to predict.

Now that you know the factors that may affect your choice of forex currency pair, why not read Planning a Successful Long-Term Forex Strategy?

Frequently Asked Questions

Final Thoughts

The best forex pairs for you to trade will depend on many factors:

• What time of day you will trade
• Whether you are interested in making a long-term investment to achieve larger profits or are happy to scalp smaller profits many times each day
• Your knowledge of currency, the forex markets and global economies

Trading forex pairs carries the opportunity to make a healthy profit, but it requires patience and regular research.

If you want to discover how three successful Forex traders made it big, read our article Can You Make Money Trading Forex?.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.