Finance

The Roles and Responsibilities of a FOREX Broker

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FOREX Brokers are firms that allow traders access to buy and sell foreign currencies. The COVID-19 pandemic has seen a huge leap in the field to investment. With the introduction of smartphones and websites, the 21st Century has enabled easy access for the general public, other than professional traders to invest in FOREX.

This has made the role of FOREX Brokers a very important organ in today’s world. Some of the best online FOREX traders such as 70trades make sure to fulfill all the roles and responsibilities to meet client expectations.

Below we see some of the important roles of a FOREX Broker in today’s investment-driven economy:

· To Have A Competent Platform To Trade:

The fore and foremost vital role for a FOREX Broker is to create or have a platform competent enough for the traders to have proper access to the market. Creating websites and having smartphone applications on various operating systems is a must in today’s generation of technology. This provides ease of access for not only the professional traders but also for the general public. The market can be accessed through these devices on the go.

· Forex Broker Is A Firm Or An Individual That Works As The Mediator Between The Buyer And Seller:

They are the middlemen who create a link between the traders in the market. This has become easier with developing technological advancement. Therefore, buying and selling of foreign currencies has seen a rise in the market.

· The Only Link In The Market For Traders:

Your forex broker is the embodiment of your access to the forex market, and the one entity without whom your forex trading activities would, by definition, come to a complete halt. Viewed from this perspective and considering the extraordinary control that your forex broker thus wields over your trading activities, understanding what your broker does.

To trade with the Forex market, we need an intermediary who gives us access to trade in the market and is linked to Liquidity Providers.

There are two types of Broker:

1. Market Makers

2. Pure ECN brokers

Market Makers provide you Fixed Spreads and act as Liquidity providers on their own. Whereas, Pure ECN brokers Provide Variable Spreads and connectTrader directly to Liquidity Providers.

To avail more information about the FOREX market be sure to consult the experts at 70trades.

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