How currency exchange market works
Forex market exists where one currency is traded for another currency. Foreign Exchange Market or formally known as FOREX, is generally works as an international currency exchange market. Investors and speculators now allowed to trade any currencies from all around the world thru the Forex market.
Forex is a very unique type of trading where traders are buying and selling 'money' in the same time. All the trading in forex market are done in pairs, such as Euro/JPY, USD/CHF, CAD/USD,GBY/JPY,EUR/USD and so many more. Right now,forex can be considered as the world largest trading market where an average of $1.9 trillion trades is done on a daily basis. The turnover rates in FOREX are nearly 30 times larger than the total volume of equity trades in United States.
Forex is relative new to the publics nonetheless. Forex trading only made available to the publics in year 1998 where big sized inter-bank units are sliced into smaller pieces and offered to individual traders like you and me. Before that time, Forex is only a game for banks, multi national cooperation, and big currency dealers.Public do not have chance to trade on that time. Only those with large business size and strong financial background were permitted to trade foreign currencies.
Forex broker comparison
Here i put some comparison for the forex broker
| Broker | Min Deposit | Commission | Max Leverage | ECN? | E-Gold? | MT4? | Since |
|---|---|---|---|---|---|---|---|
| Forex Club | $10 | $4/100k | -- | Y | N | N | 2000 |
| Easy-Forex | $50 | N | ??? | N | N | N | 2001 |
| iForex.com | $100 | N | 400:1 | N | N | N | 1996 |
| Hotspot FX | $7500 | $3/100k | 50:1 | Y | N | N | 2000 |
| Forex.com | $250 | N | 200:1 | N | N | N | 1998 |
| CMC Markets | $2000 | N | 100:1 | N | N | N | 2003 |
| FXCM | $300 | N | 200:1 | NDD | N | N | 1999 |
| FX Solutions | $250 | N | 400:1 | N | N | N | 1995 |
| Realtime Forex | €2500 | N | 50:1 | N | N | N | 2001 |
| Interactive Brokers | $5000 | $2/100k | 50:1 | Y | N | N | 1998 |
| Oanda | -- | N | 50:1 | N | N | N | 2001 |
| MG Forex | $200 | N | 400:1 | N | N | N | 2000 |
| CBFX | $500 | Y | 100:1 | N | N | N | 2001 |
| GFT Forex | $250 | N | 400:1 | N | N | N | 2001 |
| EFX Group | $400 | $5/100k | 100:1 | Y | -- | N | 2000 |
| MB Trading | $400 | Y | 100:1 | Y | N | -- | 2002 |
| LiteForex | $1 | N | 500:1 | Y | Y | -- | 2004 |
| FX Cast | $1 | N | 400:1 | N | Y | Y | 2005 |
| Dukascopy | $50,000 | N | -- | Y | N | -- | 2004 |
| FX Open | $1 | N | 500:1 | N | Y | Y | -- |
| Marketiva | $1 | N | -- | N | Y | N | 2005 |
| Swissnet Broker | $200 | N | -- | Y | N | -- | 2005 |
| Ava Fx | $100 | N | 200:1 | N | Y | N | 2006 |
| Real Trade Group | $20 | N | -- | N | Y | Y | 2003 |
| Money Forex | $250 | N | ??? | N | N | N | -- |
| Forex Web Trader | $250 | N | -- | -- | -- | -- | -- |
| IFC Markets | $1 | N | -- | -- | -- | -- | -- |
| North Finance | $100 | -- | 500:1 | N | N | Y | 2003 |
| Interbank FX | $250 | -- | 200:1 | N | N | Y | 2001 |
| GFX (Forex.ch) | $2000 | -- | -- | N | N | Y | 2006 |