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 you need a reputable online broker to trade Forex?

To trade forex, you need a reputable online broker. Trading with a trusted forex broker is a crucial factor for success in international currency markets. As a contract for difference (CFD) trader or forex investor, you may have specific needs related to which platform, trading tools, or research requirements you have.

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.

How do I know if a forex broker is hacked?

Go to the NFA website to verify the broker’s compliance and look for complaints or disciplinary actions that could affect your final decision. The safety of your funds and private information is more important than any other consideration when you open a forex account because brokers can get hacked or go bankrupt.