2.3 What are retail forex Brokers?

 

This is where we roll up our sleeves and get down to business – the hurly burly of actual, gut-wrenching, sweat-and-blood retain Forex trading with retail Forex brokers.

 

Evolution of retail Forex brokers

 

Darvin's theory of evolution... form Dinosaurs to Human beings, well, we are ignoring the Microorganism but basically the Forex brokers' evolution is comparable to the evolution of dinosaurs to human beings. The ones catering to only the needs of huge trading volumes of commercial Forex needs, hedge funds and likes to the retail Forex brokers to help you and me - the retail Forex traders. 

 

The first basic fact – we can only trade Forex through a Forex broker. And these days everybody does it on-line. In the old days, the retail guys like you and me were shut out of the huge Forex money-making machine due to prohibitive costs and because the market was more or less controlled by the large banks, governments and corporate entities. This changed, however, when the U.S. Commodities and Futures Trading Commission made regulatory changes that permitted online trading in currencies. The internet now made it possible for anyone to trade Forex by enrolling with a broker and trading Forex from the comfort of their own home or office. Meanwhile, the Forex market went from strength to strength as more and more countries decontrolled their currencies and global trade expanded. The Forex market soon became the largest global market, trading trillions of dollars – and guys like you and I wanted a piece of the action!

 

So let’s get down to getting ourselves a good online broker and start trading. In the following chapters we’ll take a look at the whole business of selecting a broker, distinguishing between the good and not-so-good brokers, how to be safe in this tricky world and finally, to open a trading account. Keep reading!

There are different kinds of Forex brokers and that you will learn in the next chapters.

 
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