And they all want a piece of the market since online currency trading is huge business.
But why are currency brokers so necessary? Forex Brokers perform the role of the middle man when investing in the forex market.
Forex brokers make their money by charging us something called the spread.
Some brokers charge low spreads while others charge standard spreads across the board.
Below is a brief glance at two very popular and recognized forex brokers on the web today.
Even from the start, they offered trading accounts in different base currencies.
Oanda is the creation of Richard Olsen who founded the Olsen Group.
The “Forex Traders bill of rights” and “Introduction to High Frequency Trading”.
Their have variable spreads that are competitive.
FXCM is the worlds most popular online forex broker to date.
They are a multi-lingual currency broker with all the key languages covered and it takes as little as $25 to open a micro account with them.
They have a total of 6 base currencies for trading accounts that include the Yen, Pound, Euro and the USD.
This is good news as it makes forex trading accessible to most people as well as increasing competition in the online forex broker arena.
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