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As of 2016, it was reported that retail foreign exchange trading represented 5.5% of the whole foreign exchange market ($282 billion in daily trading turnover). [1] Prior to the development of forex trading platforms in the late 1990s, forex trading was restricted to large financial institutions.
There are two main types of retail FX brokers offering the opportunity for speculative currency trading: brokers and dealers or market makers. Brokers serve as an agent of the customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or ...
A non-bank foreign exchange company also known as foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies.
This is typically done using electronic trading platforms where traders can place orders and have them executed at a trading venue such as a stock market either directly or via a broker. Electronic trading first started in the 1970s but significant development occurred during the 1990s and again in the 2000s with the spread of the Internet.
CMC Markets and several subdivisions offer trading on forex, indices, commodities, shares and treasuries, as well as cash equities products for institutional clients. [ 42 ] [ 58 ] By 2023, the company had more than 300,000 clients worldwide. [ 46 ]
Forex.com claims to be the number one U.S. broker for forex trading by client assets and has been serving forex traders in the U.S. since 2001. It is a forex-specific platform, although the ...
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