Numbers in finance are often thrown around without context. $9.6 trillion per day is one of those numbers - repeated so often it risks becoming meaningless. This lesson puts it in context, explains what it means for you as a retail trader, and shows you which currencies and pairs make up the majority of that volume.
The $9.6 Trillion Number
Every three years, the Bank for International Settlements (BIS) publishes its official Triennial Survey of global forex market activity. The latest 2025 survey data shows average daily turnover reaching $9.6 trillion - a figure that makes forex by far the largest financial market in the world.
The New York Stock Exchange processes approximately $25 billion per day. The entire global equities market combined processes roughly $200 billion. The forex market dwarfs both by a factor of nearly fifty.
This volume is not evenly distributed across all currency pairs or all hours of the day. It is concentrated in a small number of major currency pairs, during the overlap of the London and New York trading sessions, and among a relatively small number of large financial institutions. Understanding where the volume is concentrated helps you understand where the best trading conditions are.
Why Size Matters for Traders
Market size translates directly into three practical advantages for retail traders.
Tight Spreads
Because so many participants are competing to buy and sell the most popular pairs at any given moment, the difference between the buy and sell price - the spread - is extremely small. EUR/USD, the most traded pair, typically trades with a spread of 0.1 to 0.5 pips at major brokers during active sessions.
Instant Execution
With $9.6 trillion in daily volume, finding a counterparty for your trade is never a problem. When you click buy on EUR/USD, your order is filled almost instantaneously regardless of the time of day or the size of your retail position.
Resistance to Manipulation
A market of this size cannot be manipulated by any single participant - including governments. Even central bank intervention - where a government sells billions of its own currency to push the price down - is often only effective for hours or days before market forces reassert themselves.
Most Traded Currencies
The US dollar dominates global forex trading. According to the 2025 BIS Triennial Survey, the dollar is involved in approximately 89% of all forex transactions - meaning one side of almost every trade in the world involves USD. This dominance reflects the dollar's status as the world's primary reserve currency and the currency in which most global commodities - including oil - are priced.
After the dollar, the most traded currencies are the [Euro (EUR)] (30%), [Japanese Yen (JPY)] (16%), [British Pound (GBP)] (16%), [Australian Dollar (AUD)], [Canadian Dollar (CAD)], [Swiss Franc (CHF)], and [New Zealand Dollar (NZD)]. These eight currencies - together with the US dollar - form the backbone of the forex market and account for the vast majority of all global trading volume.
Most Traded Currency Pairs
The most traded currency pairs - in order of volume - are:
01 EUR/USD - Euro vs US Dollar 02 USD/JPY - US Dollar vs Japanese Yen 03 GBP/USD - British Pound vs US Dollar 04 AUD/USD - Australian Dollar vs US Dollar 05 USD/CAD - US Dollar vs Canadian Dollar
These five pairs alone account for the majority of all retail forex trading volume. EUR/USD is by far the most traded, with the tightest spreads, the highest liquidity, and the most comprehensive analysis available from every source imaginable. For most beginners, this is where practical experience should start.