The latest rates for USD (US Dollar) / HKD (Hong Kong Dollar) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest forex market data to bring you live information to help you make the best forex trading decisions every day.
Sunday May 2, 2021 1 USD (US Dollar) is 7.767304 of HKD (Hong Kong Dollar) .
Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.
Forex pairs explained
Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.
Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case USD (US Dollar) and a quote currency HKD (Hong Kong Dollar).
The price displayed for a currency pair represents the amount of quote currency, or HKD (Hong Kong Dollar) you will need to spend to purchase one unit of the base currency USD (US Dollar) In this example that means you need to spend 7.767304 of HKD (Hong Kong Dollar) in order to purchase 1 USD (US Dollar).
Forex pairs fall into three categories
Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:
* Major currencies represent the most commonly traded currencies on the market. Different brokers will use different criteria, but almost all lists will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
* Commodity currencies are currency pairs whose price is closely tied to commodities such as oil, iron ore, and coal. Commonly cited examples are AUD/USD and USD/CAD
* Cross currencies are all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.
What are the most traded forex pairs in the world?
1. EUR/USD (Euro/US Dollar)
2. USD/JPY (US Dollar/Japanese Yen)
3. GBP/USD (British Pound Sterling/US Dollar)
4. AUD/USD (Australian Dollar/US Dollar)
5. USD/CAD (US Dollar/Canadian Dollar)
6. USD/CNY (US Dollar/Chinese Renminbi)
7. USD/CHF (US Dollar/Swiss Franc)
8. USD/HKD (US Dollar/Hong Kong Dollar)
9. EUR/GBP (Euro/British Pound Sterling)
10. USD/KRW (US Dollar/South Korean Won)
Is cryptocurrency trading the same as forex trading?
Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.
It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.