The forex broker acts as an intermediaries in the currency markets. Without them, we cannot place our orders. However, there are other options around forex brokers. Floor trading is one way to around them and dealing directly with the banks (Huge sums of money) is another.
Unfortunately, most of us aren't Billionaires and lack the skill and resilience necessary for the rigors of floor trading. Banks offer forex brokers rates on currency pairs. The forex brokers then turns a profit by offering their customers these currency pairs at a higher spread. The profit is made through the spread. Below is a concise look at two very accepted and well-known forex brokers on the web today.
Very popular, Oanda is one of the biggest players in the online currency trading scene. Even from the start, they offered trading accounts in various base currencies. They started life as a large currency converting provider for larger companies that required the service. Oanda is owned by the founder of the Olsen Group, Richard Olsen. He has penned two accepted books that deal with the currency markets, Introduction to high frequency trading and the forex traders bill of rights
Oanda has won many awards year by year such as the 2008 Euromoney award for excellence. Their have variable spreads that are competitive. Oanda uses a java based trading software that clients can log into from any computer as long as it has an internet connection.
FXCM is the worlds most accepted online forex broker to date. They have been aggressively expanding globally and have the lowest spreads among the top online brokers. Their services are offered in most main languages (Chinese, Arabic, French etc) and opening a FXCM Micro account costs just $25. Their trading software is named the Trading Station 2 and are testing Metatrader 4 for future use as well. They have a total of 6 base currencies for trading accounts that include the Yen, Pound, Euro and the USD. - 22871
Unfortunately, most of us aren't Billionaires and lack the skill and resilience necessary for the rigors of floor trading. Banks offer forex brokers rates on currency pairs. The forex brokers then turns a profit by offering their customers these currency pairs at a higher spread. The profit is made through the spread. Below is a concise look at two very accepted and well-known forex brokers on the web today.
Very popular, Oanda is one of the biggest players in the online currency trading scene. Even from the start, they offered trading accounts in various base currencies. They started life as a large currency converting provider for larger companies that required the service. Oanda is owned by the founder of the Olsen Group, Richard Olsen. He has penned two accepted books that deal with the currency markets, Introduction to high frequency trading and the forex traders bill of rights
Oanda has won many awards year by year such as the 2008 Euromoney award for excellence. Their have variable spreads that are competitive. Oanda uses a java based trading software that clients can log into from any computer as long as it has an internet connection.
FXCM is the worlds most accepted online forex broker to date. They have been aggressively expanding globally and have the lowest spreads among the top online brokers. Their services are offered in most main languages (Chinese, Arabic, French etc) and opening a FXCM Micro account costs just $25. Their trading software is named the Trading Station 2 and are testing Metatrader 4 for future use as well. They have a total of 6 base currencies for trading accounts that include the Yen, Pound, Euro and the USD. - 22871
About the Author:
Fxcm along with Easy Forex are just a few subjects that this author specializes on. Prema De Silva has been in the forex trading market for over 7 years. Her aim is to share her knowledge on the subject whever she can.
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