By Indy – The middle man function in forex trading is assumed by forex brokers. Without them, we cannot place our orders. However, there are other options around forex brokers. Dealing directly with banks are an option only the richest traders have while floor trading is the other way around brokers.
Regrettably, most of us aren’t billionaires and lack the ability and resilience necessary for the rigors of floor trading. Forex brokers get their own currency rates from the bank. Money is made as the broker charges their customers a higher spread on the currency pair. The profit is made through the spread. Here are two of the top online forex brokers.
Oanda is a large and popular forex broker. They were one of the few key brokers that offered accounts in numerous base accounts from the beginning. Oanda actually started as a company converting large sums of currencies for large corporations. It is the brainchild of Richard Olsen of the Olsen Group. 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 various awards year by year such as the 2008 Euromoney award for excellence. They have lower than usual variable spreads compared to other brokers. They use a java based trading platform that enables clients to trade anywhere in the world with a java enabled computer and an internet connection.
FXCM is the worlds most popular online forex broker to date. They have been aggressively expanding globally and have the lowest spreads among the top online brokers. They are a multi-lingual forex broker with all the major languages covered and it takes as little as $25 to open a micro account with them. Their trading software is named the Trading Station 2 and are testing Metatrader 4 for future use as well. Accounts can be had in Euro, British pound, American Dollar, Japanese Yen and the Australia dollar.
About the Author
Indy operates a finance based portal www.forextrading.my , as well as being a real estate agent for 15 years now, but his my true passion lies in marine aquariums. His website deals with many forms of investment such a the bonds market, stock trading, forex trading and mutual funds.
