Who is a forex broker?
A forex broker is a specialized financial services company that offers forex trading services. They are the company that represents your interests and helps you enter and exit trades on the forex market. Brokers act as middlemen, helping you find buyers or sellers as you need them.
Role of forex broker in forex trading
Brokers perform the following functions in forex trading:
They do comprehensive research about the market the trader is interested in and provide detailed technical analysis of trading avenues and profitability.
Buy and sell trades keeping in mind the financial goals of the trader.
Provide valuable advice to traders, specifically offering forex trading tips for beginners who need guidance in trading.
Promote the trader’s forex holdings to potential buyers.
In exchange for their services, the forex broker charges a few pips of the overall trade value from you as their commission.
Without the broker, it would be incredibly challenging for traders – especially beginners – to trade on the forex market successfully. This is why it's necessary to hire a broker for yourself at the earliest.
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