Soon after Forex became popular increasing number of people became interested in it. Among Forex traders there are both professional investors and beginners. However, all of them pursue only one aim-to get profit from fluctuating rates of currencies. Forex traders get access to currency exchange market usually through a Forex trading broker.
The Role of a Forex Trading Broker
Forex trading becomes available through a Forex trading broker, which is like a intermediary between the trader and the market. Without a Forex trading broker the trader will not be able to see the market trends both on the minute and day charts. Each Forex broker receives quotations from quotation providers (banks, financial companies, informative agencies), and the ability to execute orders from liquidity providers, that can be either banks or large financial organizations. As a rule, a quotation and liquidity provider are the same organization. After receiving the current rates the broker delivers it to its customers. These quotations are displayed on the screen though the trading terminal, provided by the Forex broker, on where the trader may see the market condition and make trading decisions, i.e. to open or close positions, make analysis, etc. So, a Forex broker is an intermediary between buyers and sellers, as well as between traders and liquidity providers.
Choosing a Forex Trading Broker
If you wish to become a Forex trader, you need to choose the best broker for you. Due to the fact that Forex trading is carried out online, choosing a broker is quite an easy task. Searching in the Internet, you may find websites of many brokers and compare the services, provided by them. The following important criteria should be taken into consideration:
- Reliability
- Service transparency
- Availability of both major and cross currency pairs
- High-quality customer support
Surely, without sufficient experience it is difficult to distinguish one broker from another. In any case, you may try to trade with different brokers, so as to choose the one that corresponds to your requirements and preferences.
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