In forex, currencies are traded in pairs. The first currency in a pair (highlighted here in green) is called the base currency. The second currency in a pair (highlighted here in orange) is called the quote currency. The quote currency is sometimes referred to as the counter currency. The best way to understand base and quote currencies is in terms of exchange rates. An exchange rate of 1.14020, for example, would mean that 1 unit of base currency would cost 1.14020 units of quote currency. So, in this case, to own 1 EUR, the equivalent of 1.14020 USD is needed. And that’s that! Check out the next video for a more in-depth look at major currency pairs.

What are Base and Quote Currencies? | FXTM Learn Forex in 60 Seconds

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