What is a forex broker?

A forex broker is a financial services company that provides traders access to a platform for buying and selling foreign currencies. Forex is short for foreign exchange. Transactions in the forex market are always between a pair of two different currencies. A forex broker may also known be as a retail forex broker or a currency trading broker.

Do forex brokers use multiple banks?

Many forex brokers use multiple banks for pricing, and they'll offer you the best one available. A forex broker is a link between a trader and the network of banks that have access to forex liquidity. Forex brokers give you access to foreign exchange trading and leverage to trade with.

What is a forex account?

Forex accounts give investors and traders the ability to trade all major currency pairs and some emerging market pairs. A forex account is a type of account that a forex trader opens with a retail forex broker. Forex accounts come in many forms, but the first that is opened is often the forex demo account .

Do forex brokers offer a demo account?

Most forex brokers offer demo accounts that let prospective clients look at the stand-alone, web interface and mobile platforms, allowing them to trade forex pairs with play money. This software displays the same quotes, charts, and watchlists as the real system, so it’s an invaluable resource to examine the quality of the broker’s bid/ask pricing.