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What is a commodity currency?

A commodity currency is a currency in forex that comes from a country with large reserves of some specific valuable item, or commodity. This country’s currency value is very closely linked to the price of that commodity since so much of their economy is based on producing and exporting that item. Let’s take an example. Say you make lemonade.

What is commodity backed money?

Commodity-backed money is a type of currency guaranteed by a physical commodity, such as gold or silver. The idea behind commodity-backed money is that the currency is backed by something tangible, which provides stability and confidence in the currency. In the past, commodity-backed money was common.

What currency pairs are used to buy commodities?

Traders and investors seeking exposure to commodity price fluctuations often take positions in commodity currency pairs as a proxy investment for buying commodities. The commodity pairs include pairing the U.S. dollar (USD) with the Canadian dollar (CAD), Australian dollar (AUD), and the New Zealand dollar (NZD).

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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