In foreign exchange market, a broker holds the role as intermediary between the investor and the currency market. A foreign exchange broker is a company or individual with the responsibility to provide traders or investors with real-time information about the market and deliver their order into the foreign exchange market.
What Forex Brokers Do?
Basically, a company providing the service as foreign exchange broker helps traders and investors with information connected with currency trading. The company supplies the updates on what is happening in the foreign exchange market such as the condition of the market, conversion rates, etc. In addition, brokers may also offer the service as a trading platform for traders. how to start a Brokerage firm
Types of Forex Broker
In general for retail trading, there are two types of forex broker an investor may choose to cooperate with: the Electronic Communications Network and Market Makers. Both types have different characteristics and are suitable for different types of investors.
Electronic Communications Network (ECN)
The ECN provides direct access to the interbank market. However, this type requires investors to spend larger deposits as starter. Therefore this broker is rather unsuitable for beginner investors or individual traders with low budget.
Market Makers
Market Makers often work as counter party to facilitate their clients' transaction. Market Makers are friendly for investors with low budgets or those who start learning how to trade currencies. As small as the deposit, there are Market Makers out there that allow traders to be active in the foreign exchange market with only $1 in their account. MT4 plugin
How Do They Generate Profits?
Forex brokers commonly do not generate money from their clients' currency trade. Instead, they gain profits from the bid/ask spread. However, ECNs and Market Makers have different ways of generating profits. ECN collects commission fees from its clients and gets bigger profits when the clients improve their deposits in the account. Market Makers, on the other hand, make money from the losses of their clients. As natural counter party to its client, Market Maker gets profit when the client loses money.
Some Indicators to Determine Good Brokers
Apart from the shady ones, there are good forex brokers and they are easy to spot. When choosing forex brokers, there are some considerations you might want to know.
Governmental certification
In the United States, all reputable brokerage firms are members of the National Futures association (NFA) and registered as a Future Commission Merchant and Retail Foreign Exchange Dealer with the U.S. Commodity Futures Trading Commission (CTFC). Conduct some background check to make sure the forex broker of your preference is registered in the organization. Top Broker CRM
Currency Pair
Currency pairs offered by brokerage firm may differ from one to another. Most popular currency pairs to be traded are EUR/USD (U.S. dollar and the Euro), GBP/USD (British pound and U.S. dollar), USD/JPY (U.S. dollar and Japanese yen), and USD/CHF (U.S. dollar and Swiss franc). No matter which one is your currency pair preference, make sure the brokerage firm provides your preferred pair prior to signing the agreement.
Trading Interface
The platform for investor's trading activities should be user friendly, with easy to operate features and reliable analytical tools. Avoid using forex broker with poorly designed trading platform as glitches and errors in the software might endanger your currency trading activities.
Customer Service
Foreign exchange market never stops to operate 24/7. Even in the middle of the night when you are about to sleep, the market is still alive. To monitor the development of the market as well as other forex trading-related matters, you need a brokerage firm with live customer service always ready 24 hour a day. Try to make a quick call to your preference broker to find out if such customer service is available in the company.
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