Do you know that with an average of about US $ 5 trillion transactions on daily basis, the forex market is considered as the world’s largest market (even greater than the stock market)?
Wondering what forex is all about?
Forex is a term used for ‘foreign exchange’. One can be involved in foreign exchange both for the business and personal reasons, called forex trading and forex transaction respectively.
What is Forex Transaction?
Have you ever travelled out of country? If you have, then you have performed a forex transaction.
In simple words, forex transaction can be defined as exchanging of one currency for another. Let’s say, you are travelling from the United States to Europe and you convert US dollars into Euros. This conversion is called a ‘forex transaction’.
What is Forex Trading?
Forex trading is the international market that deals in buying and selling of various currencies. Put simply, one is involved in forex trading when he/she takes up the currency exchange as business and seeks to earn profit from the continuously fluctuating currency exchange rates.
Who is a Forex Broker?
Forex broker is an intermediary (usually a firm) that allows a person or a business to trade currencies. A forex broker provides both sellers and buyers of different currencies with a platform to do their business. Also, it acts as the middleman between the buyer/ seller and the foreign exchange market.
In simple words, when people need to sell or buy any currency, they go to a forex broker that connects them with the respective sellers or buyers.
Forex brokers also give advice to the investors with regard to the current conditions of foreign exchange market.
Things to Consider While Looking for a Good Forex Broker
Finding a good forex broker is not an easy task. The topmost quality of a good forex broker, also backed by this review of World First’s services, is that they offer multiple options for international money transfers at low exchange rates.
In addition to this, the following other factors need to be considered while looking for a good forex broker:
· Regulatory Compliance
One of the foremost things to look for in a forex broker is the regulatory compliance. Make sure that the broker is officially registered and a member of the regulatory organization.
Choosing to work with an unregistered broker means you are deliberately presenting yourself for a number of problems.
· Currency Pairs Offered
While one can be involved in trading of a large number of currencies, few of them enjoy high popularity and are traded with highest liquidity. The currency pairs that come under this category include: Euro/ US dollar, US dollar/ Japanese yen, British pound/ US dollar and US dollar/ Swiss franc.
To find the best forex broker for you, look for the currency pairs they offer, especially for the one(s) you are going to deal in. The larger the variety of currency pairs a broker offers, the greater the chances that you will find the ones you are interested in.
· Account Types Offered
Different brokers offer different types of account for forex trading, mainly on the basis of the amount of trading one is involved in. Some of the main types of accounts include; mini, standard, demo and micro.
Also, brokers differ with regard to the amount of spread they charge from each client and also with in terms of the value added services they offer to different types of account holders.
All these factors need to be considered by anyone searching for a good forex broker to avoid problems and to earn maximum profit.
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