Forex trading would be impossible without brokerage firms. Newcomers in this case may not understand who the Forex brokers. So you need to get acquainted with the term closer. All those who are interested in making a profit from trading in this market, in the commission of profitable trades should find a competent broker. Its main task is to ensure that market participants special software, as well as the ongoing monitoring of the transactions.
Forex broker - who is it?
Forex brokers are considered to be a kind of intermediary between the market and traders. The role of the broker may act, both individuals and legal entities. Given the rules of law, that an individual has no right to carry out transactions directly on the exchange. To do this, contact the person who will act in the interests of the trader. In this case, it must have the necessary license. His activities monitored by the respective government agencies.
In order to begin to trade will need to register on the resource broker. It will also need to open an account and replenish it convenient. The foreign exchange market will be available through a special trading platform, which is required to download to your PC. Brokers can use a variety of platforms. One of the most popular is considered MetaTrader 4 platform that allows trading. Also, a trader can develop their trading strategies, conduct analysis on charts.
What does the broker?
Broker activity involves the following tasks:
1. Provide credit support, if there is such a need.
2. Traders important to get quality software, which is necessary for doing business, studying the market situation. For this purpose, a special trading platform.
3. Specialists help remove a major intermediary in the transaction, as well as the relevant trading platform.
4. Provision of quotations of assets, which are necessary for doing business.
5. Also to cope with minor tasks such as customer training, news and technical support. Specialists and provide input and output means.
How to choose a forex broker?
There are different situations, such as when a dubious broker can refuse to pay. That is why the cost is extremely attentive to the choice of broker. This will save time and money. You need to look at factors such as:
- the time during which the mediator works in the market;
- the presence of positive feedback on the network;
- reputation;
- a license for the activity.
When you select should think and how is your trading style. After all, there are intermediaries that have a narrow specialization. In order to ensure the reliability of the expert, it is necessary to study the rankings that can be found online.
Based on materials PaxForex
