LESSON 7: CHOOSING A FOREX BROKER
Objectives: If you take this lesson to the end, you will: Know who a Forex Broker is. Know the types of Forex Brokers. Know the Functions of a Forex Broker. Know what to consider when choosing a Broker. Forex Broker A Forex broker is a financial intermediary that facilitates the buying and selling of currencies in the foreign exchange (Forex) market. Forex brokers provide traders (individuals or institutions) with access to the currency markets, enabling them to execute trades. In simple terms, a Forex broker acts as a bridge between retail traders and the global currency markets. Key Functions of a Forex Broker: Market Access: Forex brokers provide traders with a platform (often a software platform or an online portal) where they can buy and sell different currencies. They offer access to the vast global Forex market, where currency pairs such as EUR/USD, GBP/JPY, or USD/JPY are traded. Leverage: Brokers often provide leverage, allowing traders to control a larger positio...