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A currency pair compares the value of two currencies, such as EUR/USD. The first currency (base) is quoted relative to the second currency (quote).
TYes, Forex trading is legal in most countries, provided you use regulated brokers. Always ensure compliance with your country's laws and regulations.
A pip (percentage in point) is the smallest price movement in a currency pair, typically the fourth decimal place in most pairs.
Forex trading (foreign exchange trading) is the act of buying and selling currencies in the global market. Traders aim to profit from fluctuations in exchange rates between currency pairs.