CFDs are complex instruments and carry a significant risk of losing money. Leverage cap, retail loss percentage, and crypto availability are entity-specific — see risk disclosure for your jurisdiction.
Forex
Currency. At pip resolution.
Currency pairs across majors, minors, and exotics. Every spread claim carries the window it was measured over.
- Pairs
- 18a selection
- Spread from
- 0.0 pips
- Hours
- 24/5
- Most traded
- EUR/USD
Reference snapshot · 05:00 UTC · refreshes hourly
05:00 UTCSydney · Tokyo +1
Major strength · 24h
USD ↑ bid- 1.02%
- 0.84%
- 0.28%
- 0.36%
- 0.63%
- 0.91%
- 0.95%
- 1.11%
Sessions
Sydney closes in 2h- Sydney
- Tokyo
- HongKong
- Frankfurt
- London
- NewYork
Wides
By spreadCarry
By swapWhy forex here
Built for the world's deepest market
The deepest market there is, priced by a method you can read and check line by line.
Spreads from 0.0 pips
Tight pricing on the majors, with the full cost shown before you trade. Nothing is buried in the fill.
Deep liquidity, honest fills
Aggregated bank and non-bank liquidity for consistent fills. Slippage can cut both ways, not only against you.
24/5 session coverage
Trade the handover from Sydney to Tokyo to London to New York, Sunday's open to Friday's close.
An auditable method
Every spread, swap, and roll is documented in the Markets Method. You can see how each price is built.
The session relay
One book, four shifts
Spot FX has no opening bell. The same book is handed Sydney → Tokyo → London → New York, five days a week. The dial shows which floor is awake right now. The ledger reads what each shift usually means for flow, and which of our pairs do their day's work in it.
24-hour dial · UTC
UTC 05:00
Sydney closes in 120m
- AsiaSydney · Tokyo · Hong Kongopen now
- EuropeFrankfurt · London
- AmericasNew York
The London and New York overlap
13:00 – 17:00 UTCNot liveFor four hours the two deepest shifts run at once. The day's volume peaks inside this window, and much of the day's scheduled US data lands here.
Spreads across the book usually sit at their tightest here. The bands are typical figures, not a live quote; the spread you deal moves with the market.
The relay ledger
- SydneyWeek open22:00 – 07:00 UTCOpencloses in 2h
The week's first print. The book reopens here before anywhere else, and AUD and NZD trade their home hours.
Thinnest shift of the four: early-week prints can gap, and size moves the price more than it does later in the day.
Busiest pairsAUD/USDNZD/USDAUD/JPY - TokyoAsia range00:00 – 09:00 UTCOpencloses in 4h
The yen does its day's work. USD/JPY and the JPY crosses concentrate their flow in this shift.
A range-trading session by habit: moves tend to stay boxed until the European desks arrive.
Busiest pairsUSD/JPYEUR/JPYGBP/JPYAUD/JPYCAD/JPY - LondonDeepest book08:00 – 17:00 UTCClosedopens in 3h
The deepest book of the day. EUR, GBP and CHF trade their home session, and more FX volume flows through this shift than any other.
European data lands at the open; trends started in this shift often set the day's direction.
Busiest pairsEUR/USDGBP/USDUSD/CHFEUR/GBPEUR/JPY - New YorkData shift13:00 – 22:00 UTCClosedopens in 8h
US data sets the tone. Payrolls, CPI and Fed communication all land in this shift and move every USD pair at once.
Liquidity peaks while London is still open, then thins into the 22:00 UTC close.
Busiest pairsEUR/USDGBP/USDUSD/JPYAUD/USDUSD/CAD
Busiest-pairs lists come from each pair's home currencies across our 18-pair catalogue, not from a volume feed.
The 22:00 UTC rollover stamp
Hold a position through 22:00 UTC and it is financed for one night. The charge lands as the swap line on the ticket, credited or debited by direction and the pair's rate gap.
Wednesday books three nights
Spot FX settles two business days forward, so Wednesday's stamp carries the weekend: three nights of financing booked at once. Trading stops for the weekend. The financing keeps accruing.
Friday close · Sunday open
The book closes Friday 22:00 UTC and reopens with Sydney on Sunday. Weekend headlines reprice the open, and the first prints can gap past resting orders. A stop is not a guaranteed fill.
Session times in wall-clock UTC · daylight-saving shifts not modelled · schedule as of 2026-08-09
Sort
- Majors
- EUR/USDEUR/USD change positive 1.02%1.07921
- GBP/USDGBP/USD change positive 0.28%1.27678
- USD/JPYUSD/JPY change positive 0.36%151.301
- AUD/USDAUD/USD change negative 0.63%0.65819
- USD/CADUSD/CAD change negative 0.84%1.35164
- USD/CHFUSD/CHF change positive 0.95%0.88419
- NZD/USDNZD/USD change negative 1.11%0.60450
- Minors
- EUR/GBPEUR/GBP change negative 0.59%0.85307
- EUR/JPYEUR/JPY change positive 1.32%164.326
- GBP/JPYGBP/JPY change negative 1.44%192.482
- EUR/CHFEUR/CHF change negative 1.59%0.95382
- AUD/JPYAUD/JPY change negative 0.34%99.226
- CAD/JPYCAD/JPY change positive 0.17%111.509
- Exotics
- USD/TRYUSD/TRY change negative 0.10%32.07574
- USD/ZARUSD/ZAR change negative 1.08%18.57457
- USD/MXNUSD/MXN change negative 1.40%17.08378
- USD/SGDUSD/SGD change positive 0.91%1.34681
- USD/HKDUSD/HKD change positive 0.80%7.83421
Not live · updated 05:00 UTC
Prices here are not live to the tick; your fill comes from the platform's live quote.
A selection of our most-traded instruments. The full list is on the platform.
Bar shows 24h move vs the day's largest mover.
The rate board
Every pair is two interest rates
Long a currency pair, you hold the base currency and owe the quote currency, so every night your position sits between two central-bank rates. The gap between them sets which side of the pair earns and which side pays, before any spread or markup.
The central bank ladder
One benchmark for every currency we quote: overnight fixings where an official one is published, policy rates where not, sorted highest to lowest. Rows flip live as fresh official prints land; the slower policy rates are curated by hand and keep their dated stamp.
- TRYTCMB 1W repoas of Jun 11, 2026 · TCMB36.00%Curated
- MXNBanxico targetas of Jun 11, 2026 · Banxico7.00%Curated
- ZARSARB repoas of Jun 11, 2026 · SARB7.00%Curated
- AUDAONIAas of Jun 11, 2026 · RBA4.35%Curated
- GBPSONIAas of Jun 11, 2026 · BoE3.73%Curated
- USDSOFRas of Jun 11, 2026 · OFR3.60%Curated
- NZDNZD OCRas of Jun 11, 2026 · RBNZ2.25%Curated
- CADCORRAas of Jun 11, 2026 · BoC2.24%Curated
- HKDHIBOR O/Nas of Jun 11, 2026 · HKMA1.97%Curated
- EUR€STRas of Jun 11, 2026 · ECB1.93%Curated
- SGDSORAas of Jun 11, 2026 · MAS1.60%Curated
- JPYTONAas of Jun 11, 2026 · BOJ0.73%Curated
- CHFSNB policyas of Jun 11, 2026 · SNB0.00%Curated
The differential matrix
Base rate minus quote rate, per pair. A positive differential means the long side of the pair earns the gap; a negative one means it pays. Direction only, before costs.
| Pair | Base − quote | Differential | Long side |
|---|---|---|---|
| EUR/USD | 1.93 − 3.60 | −1.67% | paysDated |
| GBP/USD | 3.73 − 3.60 | +0.13% | near flatDated |
| USD/JPY | 3.60 − 0.73 | +2.87% | earnsDated |
| AUD/USD | 4.35 − 3.60 | +0.75% | earnsDated |
| USD/CAD | 3.60 − 2.24 | +1.36% | earnsDated |
| USD/CHF | 3.60 − 0.00 | +3.60% | earnsDated |
| NZD/USD | 2.25 − 3.60 | −1.35% | paysDated |
| EUR/GBP | 1.93 − 3.73 | −1.80% | paysDated |
| EUR/JPY | 1.93 − 0.73 | +1.20% | earnsDated |
| GBP/JPY | 3.73 − 0.73 | +3.00% | earnsDated |
| EUR/CHF | 1.93 − 0.00 | +1.93% | earnsDated |
| AUD/JPY | 4.35 − 0.73 | +3.62% | earnsDated |
| CAD/JPY | 2.24 − 0.73 | +1.51% | earnsDated |
| USD/TRY | 3.60 − 36.00 | −32.40% | paysDated |
| USD/ZAR | 3.60 − 7.00 | −3.40% | paysDated |
| USD/MXN | 3.60 − 7.00 | −3.40% | paysDated |
| USD/SGD | 3.60 − 1.60 | +2.00% | earnsDated |
| USD/HKD | 3.60 − 1.97 | +1.63% | earnsDated |
Direction reads for the long side of the pair and reverses when you sell. Bars share the majors-and-minors scale; exotic differentials run beyond it and clip.
Curated benchmarks as of 2026-06-11 · live prints carry their own value dates · direction only, not dealt swaps
Forex primer·6 short cards
What is a pip
A pip is the smallest standard price increment for a currency pair: 0.0001 on most majors, 0.01 on JPY pairs. Spreads are quoted in pips. The pip engine below prices one pip for your exact size.
Majors, minors, exotics
Majors pair USD with the other top reserve currencies. Minors are crosses between non-USD majors. Exotics involve emerging-market currencies with wider spreads.
Leverage and margin
Leverage is the ratio of position size to deposit. Margin is the deposit required to hold the position. Both are capped by your account entity; see the risk disclosure.
Overnight financing
Holding a position past the daily rollover applies a swap charge or credit based on the interest-rate differential between the two currencies. The rate board above shows which side of every pair earns and which pays.
Session overlap
Liquidity is deepest when two regional sessions overlap, and the London and New York hours are the deepest stretch of all. The session meridian above marks the overlap on the dial.
Slippage and gaps
Prices can move between order placement and execution, especially around news events and at session opens. Plan stops on volatility, not displayed spread alone. The week ahead below maps this week's scheduled releases onto our pairs.
The pip engine
Size the position before the opinion
The first number a new forex trader gets wrong is not direction. It is size. Pick a pair, set a lot size and a stop distance, and the engine prices one pip, the whole position, and what the stop would cost, before any market view enters the room.
Sizing readout
Worked figuresRisk = pip value × stop distance
- Pip value
- $1.00
- Position notional
- $10,792
- Risk at stop
- $30.00
Risk against a $10,000 account
0.30% · inside the 1% guideline
Entry priceEUR/USD 1.0792
Pair
USD is the quote currency, so one pip on one standard lot is $10 at any exchange rate. The price could double tomorrow and the pip value would not move.
0.10 lots
One standard lot is 100,000 units of the base currency. The four detents are the sizes real tickets use: micro, mini, standard and five lots.
30 pips
Tight · 10 pipsWide · 100 pips
The stop belongs at the price that proves the idea wrong. Size the lots to fit the risk, never the stop to fit the lots.
On $1,000
3.0%
of the account at the stop
On $10,000
0.30%
of the account at the stop
On $100,000
0.03%
of the account at the stop
Risk is inside the 1% guideline at this account size.
FAQ·6 questions
How much leverage can I use?
Leverage caps depend on your regulator and account type; retail limits are set by jurisdiction. Your available leverage is shown in the platform before you trade, and it amplifies both gains and losses.
When is the forex market open?
Around the clock, from roughly Sunday 22:00 UTC (Sydney open) to Friday 22:00 UTC (New York close). Liquidity is deepest while London and New York are both open.
Which session should I trade?
It depends on the pair: EUR, GBP and CHF do their day's work in the London shift, JPY concentrates in Tokyo, and every USD pair moves when US data lands in New York. Depth peaks while London and New York are both open, and the Sydney open is the thinnest book of the week. The session meridian above shows which floor is awake right now and what each shift usually means for flow.
What is an overnight swap?
A credit or debit applied when you hold a position past the daily roll. It reflects the interest-rate differential between the two currencies, it can be positive or negative, and the Wednesday roll is typically charged triple to cover the weekend.
Why do I earn swap on one pair and pay on another?
Direction follows the gap between the two currencies' interest rates: long a pair, you hold the base currency's rate and owe the quote currency's. When the base rate is higher, the long side tends to earn; when it's lower, it pays, and selling reverses the sign. Dealt swaps also add our markup and forward points, so a small positive differential can still net negative. The rate board above lists every benchmark and each pair's differential.
What's the minimum trade size?
Forex trades in lots: a micro-lot (0.01) is 1,000 units of the base currency, so you can size positions to your account. The exact minimum is shown in the platform.
The week ahead
Five days of scheduled risk
Every high-impact release left on this trading week's calendar, keyed by the currency it prints in and mapped onto the pairs on our board. We add no commentary and no forecasts of our own. You get the schedule, the consensus numbers, and the quotes each print touches.
Quiet board
Nothing high-impact is left on the board. The new trading week's schedule publishes on Sunday and lands here on the next hourly refresh.
Calendar: ForexFactoryHigh-impact releases only · calendar read Oct 4, 2026, 5:19 AM UTC
Worked trade·Made-up numbers, not advice
Sell EUR/USD at 1.0846, target 1.0816 (30 pips) on €200,000 nominal, before commission and overnight financing.
- Direction
- Sell
- Entry
- 1.0846
- Target
- 1.0816
- Pips
- 30
- Size
- €200,000
- Hypothetical P&L
- +$600
Made-up levels. Excludes commission and overnight financing; not a forecast or advice.
Open in calculatorsCosts
Three costs, all on the table
Everything you pay to hold a forex position, shown on EUR/USD, the busiest pair on the book.
Shown on EUR/USD
- Spread0.2–0.6 pips
The bid/ask difference, your main cost. Tightest on the majors, wider when liquidity thins.
- Overnight swap5.0 / -5.1 pts
A credit or debit for holding past the daily roll, long versus short, set by the rate gap between the two currencies.
- CommissionSpread-only
No separate commission on standard accounts; the spread is the cost. Raw-spread accounts charge commission per side, at the rate published for your entity.
Markets method
See how we price markets.
Six chapters on where the prices on these pages come from: liquidity, spreads, rollovers, gap pricing, exchange aggregation, and the audit trail.
Cross-class compare
Compare instruments
Place this market next to any other class and check price, spread, session, and carry in the same frame.
Next market
Indices
Continue through the market rooms without returning to the hub.
These figures come from our pricing model, not a live quote. What you pay depends on your account type and market conditions.
Ready to trade these markets.
Open a Standard account from the minimum and see the live spread on the ticket. Withdraw the balance whenever you like.