Forex currencies can be seen traded in pairs, against one another. Forex currencies exist as a method of trading through an online brokerage account. Electronic currency trading involves converting base currency to a foreign currency at the market exchange rates through an online brokerage account.

Each currency pair exists as an individual trading product and is traditionally noted XXXYYY or XXX/YYY, The first currency (XXX) is the base currency that is quoted relative to the second currency (YYY), called the counter currency (or quote currency). For instance, the quotation EURUSD (EUR/USD) 1.5465 is the price of the euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. Historically, the base currency was the stronger currency at the creation of the pair.

However, when the euro was created, the European Central Bank mandated that it always be the base currency in any pairing.