The Ask Price is the price a trader is willing to pay for a particular currency pair (or Base Currency). Thus, the trader wants to sell the base currency as well as the quote/subsidiary currency. Thus, the Ask Price represents the price to be paid for one unit of that currency. It is often also referred to as the Offer or Buy Price.
The Bid Price is the price at which a currency trader can sell the respective base currency. The trader can therefore use it to calculate the profit he could make by selling immediately. The Bid Price is usually lower than the Ask Price. The term Sell Price is also commonly used.
