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Forex Broker

A broker is any person or firm that charges a fee in exchange for executing trades for a trader. A Forex broker does not charge a commission for placing a buy or a sell order the way a real estate broker would charge a percentage fee of the total price of a sale. A Forex broker is paid according to the spread ? or the difference between the trader's bid for a currency, and the seller's asking price for that currency. Usually this spread is less than 0.1% or ten pips. (Pips are the smallest movement a currency can make on the Forex. Pips are commonly called referred to as points.) The lower the spread, the less a trader pays a Forex broker for a trade.

The Forex market is global and does not have one central regulatory agency like the Security Exchange Commission. Each country is responsible for the actions of trades in it's own country. A Forex broker in America must register with the Commodities Futures Trading Commission (CFTC). While traders are not regulated, Forex brokers are. A Forex broker must be registered as a Futures Commercial Merchant (FCM) before that Forex broker is allowed to accept a deposit for an account from a trader. Once registered, a Forex broker is given an identification number so that a trader can check the status of a Forex broker before hiring that Forex broker. There are such people known as introducing brokers who may solicit traders for a registered Forex broker, but the introducing broker cannot accept a deposit for a trader's account. It is a good idea for any trader hiring a Forex broker to check the status of the Forex broker with the authorities.

Kevin Anderson is the owner and opperator of http://www.forextradingcenter.info a site developed to give users the most updated information, articles, and news related to the Forex Market.

In The News:

CNBC
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Economic Times, India - Sep 6, 2008
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Monsters and Critics.com - Sep 6, 2008
... the trading of currencies on the internet after scores of citizens went bankrupt, suffering big losses in currency trading with foreign markets. ...

Times Online
$A opens higher as risk appetite returns
Sydney Morning Herald, Australia - 7 hours ago
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Business Standard, India - 13 hours ago
Action in the new currency trading segment suggests that market expectations are in the range of Rs 44.80 to the dollar by the end of the month. ...

India Infoline.com
Defining the role of currency futures and other derivatives
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KBS
Gov't to Ease Foreign Currency Trading Rules
KBS, South Korea - Sep 5, 2008
Most forms of personal foreign currency trading under ten-thousand dollars will be permitted starting next year. The Ministry of Strategy and Finance said ...

Seoul shares rally; banks up on Fannie/Freddie news
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Currency Trading’s Growing Asian Hub
Wall Street Journal Blogs, NY - Aug 28, 2008
A decade ago, some government officials in Southeast Asia lambasted currency traders, blaming them for driving down the value of many Asian currencies. ...

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