The Forex market is known to be a very lucrative market, with trillions of dollars exchanged daily. To get started in the Forex market and make the most of your investments in it, you need to select a suitable broker. Forex brokers do not charge a commission, but generate their income from the difference in the sale and purchase price of currencies at any given point of time. This difference is referred to as the spread, and is calculated in pips. To save money, choose a broker who offers lower spreads on your Forex investments.
Select an appropriate broker
While in the equities market brokers function independently, in the Forex market they are usually registered with banks and other kinds of lending institutions. The reason being, these brokers require large amounts of capital to process Forex transactions. Forex brokers must be registered with the Futures Commission Merchant (FCM), and they come under the purview of the Commodity Futures Trading Commission (CFTC). To ensure that you are dealing with the appropriate Forex broker, you can check his or her website, or that of the organization where the broker is registered. It will be worthwhile if you select one...
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