A forex broker is a financial services company that allows traders to buy and sell foreign currencies. Forex is the short form for Foreign exchange. Buying and selling of foreign currencies in the forex market are always between two different currencies. A forex broker is also know as a retail forex broker or a currency trading broker. Forex market is an all day long market. And the customers of a forex broker uses the platforms to get guided on the directions of currencies. Their customers also include big financial services firms that buy and sell for investment banks and other customers. An forex broker which is not up to a firm or company size will handle only a small portion of the whole foreign exchange market.
The Role Of A Forex Broker
Buying and selling of foreign currencies are between pairs of the currencies of the 10 nations that make up the G10. Some of the nation’s that make up the G10 are the U.S dollar (USD), the Euro (EUR), the pound Sterling (GBP), the Japanese Yen (JPY), the Australian dollar (AUD), the New Zealand dollar (NZD), the Canadian dollar (CAD), and the Swiss franc (CHF). Some forex brokers allows clients to buy and sell in other currencies including those of upcoming markets. When a trade buys a currency pair he opens a trade and when he sells the same pair he closes the trade. For example, a trader who wants to trade Euros for U.S. dollars buys the EUR/USD pair. To open the trade, the trader buys the pair which is buying Euros with U.S. dollars. And to close the trade, the trader sells the pair, which is buying U.S dollars with Euros. The trader makes a profit if the exchange rate is higher when the trader closes. If not the traders makes a loss.
To have a successful buying and selling in the foreign exchange market, selecting the best forex brokers is very essential. Choosing the best forex broker firms with the pre-eminent trading conditions is always difficult for both beginner and professional traders. To choose the best forex broker for traders, learning the detailed information about commissions, and scrutinizing various types of trading accounts are things that one must become proficient in. Below are some of the best Forex brokers
Admiral Markets UK:
In 2001, The Admiral market broker began operations. The operations of the Admiral Markets are licensed and registered by the Australian securities and investments commission (ASIC). The Federal Financial Markets service has issued a lifetime license to the Admiral market broker and is also regulated by the financial conduct authority (FCA). Admiral market broker now operates in more than 40 countries with a cash cycle of up to USD 40 billion.
One of their specific features is the access to the FX+ project. Admiral markets brokers has received awards like the “Forex 2012” (best of the best) by The New Europe magazine in 2002. The company’s minimum deposit is $100. Some advantages of Admiral markets broker over other brokers is that they provide Legal professional protection if necessary, provision of training materials for beginner traders to put them through and also easy and quick profits withdrawal when you want to
In 2009, RoboForex company was found and operates In more than 169 countries with more than 3.5 million clients working with them. This represent the major leading software developers of the forex brokerage industry. Respected financial markets experts partner with RoboForex brokerage company cause they are reliable. The brokerage company has won a lot of prestigious awards. Some of the advantages they have over other brokerage company is that they have a very low minimum deposit of $10 and also provide good trading conditions, they provide quick and easy withdrawal of profits and they also have the highest affiliate payments ranging from $5 per lot.
In February 2006, The FxPro broker was registered in Cyprus. CySEC (Cyprus), Bahamian SCB, FCA(UK), and South African FSB are financial regulators that licensed the operations of FxPro brokerage company. The brokerage company currently operates in more than 170 countries and has won numerous prestigious awards like “best forex trading platform” and “best trading platform. The brokerage company is best known for its ability to provide the best trading tools and allows traders to trade more than 70 currency pairs, futures and stocks. $100 is the minimum deposit one can make in the brokerage company which can be high for begginner traders. Some advantages FxPro brokerage company has over other brokerage company is that they provide trusted and reliable guides for novice traders, they have a capital exceeding 100 million Euros.