Forex
Currency pairs, long or short
Forex on Meridian is a CFD on the exchange rate. You are not taking delivery of banknotes. You buy the pair if you expect the base currency to strengthen, or sell it if you expect the opposite. Prices are quoted around the clock from Sunday evening to Friday evening, London time.
01 — Forex
How a pair is quoted
EURUSD at 1.08 means one euro buys 1.08 dollars. The first currency is the base. You are trading the rate, not a stock.
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02 — Forex
Majors and crosses
Majors include the US dollar. Crosses such as EURGBP do not. Both are available when the symbol is listed on the desk.
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03 — Forex
Sessions
Liquidity is deepest when London and New York overlap. Spreads often widen into the daily roll and on holidays.
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04 — Forex
Financing
Positions held overnight can be charged or credited. The ticket and the position show the financing that applies.
Open accountCurrency rates
Majors and crosses. Bid and ask are the prices the ticket uses.
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- EUR, GBP, JPY, USD
- Majors
- Trading week
- 24/5
- No delivery
- CFD
- Margin wallet
- USD
How a pair is quoted
EURUSD at 1.08 means one euro buys 1.08 dollars. The first currency is the base. You are trading the rate, not a stock.
Majors and crosses
Majors include the US dollar. Crosses such as EURGBP do not. Both are available when the symbol is listed on the desk.
Sessions
Liquidity is deepest when London and New York overlap. Spreads often widen into the daily roll and on holidays.
Financing
Positions held overnight can be charged or credited. The ticket and the position show the financing that applies.
Pairs people start with
Liquid majors are the usual starting point because the spread is tighter and the price updates steadily.
- EURUSD, GBPUSD and USDJPY are the most watched majors.
- AUDUSD and USDCAD follow commodity and North American hours.
- USDCHF is a funding pair and can move sharply on risk events.
- Crosses such as EURJPY combine two non-dollar stories.
Risk that is specific to FX
Currency prices react to rates, data and central banks. Leverage means a small move in the rate is a large move in the wallet.
- Margin is held in USD even when the pair has no dollar.
- A stop does not protect you from a weekend gap.
- Exotic pairs can be wide and jumpy. Size down.
- Economic calendars cluster on the first Fridays and on rate days.
01
Open Forex
From the markets menu, choose Forex and search the pair.
02
Read both prices
The sell price and the buy price are different. That gap is the spread.
03
Set size and protection
Choose a size the margin can support and add a stop if you want a planned exit.
FAQ
Do I receive the foreign currency?
No. A forex CFD settles the gain or loss in your USD wallet. You do not hold a yen or euro balance from the trade itself.
What moves the price?
Interest rates, inflation prints, employment data and central-bank comments. The rate is the market's price for one currency in another.
When is the market closed?
From Friday evening until Sunday evening, London time, plus occasional holidays. You cannot exit a position while the market is shut.