Majors, minors and exotics
Majors, minors and exotics are groups of currency pairs. Majors pair the US dollar with the largest currencies, minors leave out the dollar, and exotics include emerging-market currencies.
How it works
The majors usually include EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD and NZD/USD. They are the most liquid pairs, with the most trading, the tightest spreads and fewer sudden jumps. EUR/USD is the most traded pair in the world.
Minors (crosses) are pairs of major currencies without the dollar, such as EUR/GBP, EUR/JPY and GBP/JPY. Their spreads are wider, and some, like GBP/JPY, move very sharply. Exotics are pairs like USD/TRY, USD/ZAR or USD/MXN, with high spreads and swaps and a risk of sudden jumps driven by politics and local central banks.
The grouping matters in practice: it affects trading costs, volatility and, with many regulators, the maximum leverage. In the EU, for example, retail clients get higher leverage on majors than on other pairs.
A broker's spread on EUR/USD might be around 0.1–1 pip, while on USD/TRY it can be dozens of pips. If you make 20 trades of 1 lot, a 20-pip difference in spread at $10 per pip costs $200 per trade, or $4,000 in extra costs.
A common mistake is picking exotics because they move a lot and look like quick money. Those big moves are often eaten by spread and swap, and gaps can jump right over your stop. As a beginner, start with one or two major pairs and learn how they behave in different sessions.
Questions and answers
Which currency pairs are the majors?
Usually the seven pairs with the US dollar: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD and NZD/USD. Some sources count only the first four.
What are cross pairs?
They are pairs that do not include the US dollar, such as EUR/GBP or EUR/JPY. They are also called minors.
Should beginners trade exotic pairs?
Better not: they have wide spreads, costly swaps and sharp jumps. Liquid majors are easier to start with.
Related terms
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Updated: 2026-10-19