Your Forex Broker

Friend or Foe?

Forex brokers could be thought of as banks or bookmakers. Or something in between perhaps. The function of a forex broker is to enable you to trade forex currencies so they are an absolutely essential requirement of your business.

All brokers provide a trading platform enabling you to place currency "buy" or "sell" orders of varying size. These are the trades which will either make or lose your money. You need to deposit money with your broker and, if your trades are largely successful, withdraw your profits on demand.

So when you open an account with a broker, the procedure is much the same as opening a bank account. The broker will need you to prove who you are and verify the source of your funds. Depending on the broker, this can be a simple or incredibly laborious process.

Not all brokers offer the facilities you will need for automatic trading so EzeFX provides a list of those we have used, which brokers have proved fair and reliable and the problems we have encountered with a few.

Your broker should allow you to trade manually if you wish or automatically using a robot. To learn more about robots and why you should trade using them, click "Robots" on the menu bar.