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Forex Market Participants

The Major Categories of Forex Market Participants


Foreign Exchange is the largest financial market in the world with a daily volume of more than $5 trillion.


The Forex market operates as a decentralized network where institutions and common traders can carry out their foreign exchange transactions. Actually, there are many different categories of participants including banks, commercial corporations, investment firms, retail traders, and of course hundreds of Forex Brokers.

These are the key players in the Foreign Exchange market:


Interbank Participants

The interbank market is the leading power in terms of currency trading volumes. Banks of all types and sizes trade currencies through the ECN (Electronic Communication Network). Large European Banks account for a large percentage of total currency volumes. The leading private banks in the Forex marker include Deutsche Bank, UBS, and Barclays.

Forex Market Share

Read more: Forex Market Participants

Becoming a Forex Broker

How to Become a Forex Broker


How to Become a Forex Broker

Reuters recently reported that the Forex market sees over $5.1 trillion worth of currency trades every day. All the world’s equity markets combined don't even come close to this figure. The trading of big amounts of money every day is one of the major reasons why some people opt to become Forex brokers, including experienced traders.


Of course, like in any other career, you need hard work and discipline to become a successful Forex broker. Those who succeed can make a healthy living through trading, but an added benefit of becoming a successful broker is networking with other traders who can assist you in forming a money management fund in the future. 

Understanding the Forex Market

Before you can become a successful broker, you need to have a good understanding of the Forex market. Make sure you fully understand the underlying principles behind currency pairings and different sub-disciplines that play a role in the field, such as technical analysis and macroeconomics. Be on the lookout for new jargon, pricing, orders, and anything else that can help you give sound advice to your clients. FXCM stated that the USD/EUR is the most traded currency pair in the world, which is a good place to start, but extra challenging if either one is not your native currency. If you're only familiar with the economic factors surrounding your country's currency, you will need to expand your financial understanding in relation to other territories.

That being said, don’t just rely on your own research. One of the most effective ways to learn about the Forex market is to talk to practicing or retired brokers. They will be able to give you practical advice that you will not be able to find in books. If you can't find any practicing or retired Forex brokers, search for online discussion groups.

Apart from advising clients, brokers need to ensure that their clients' software platforms are operating properly, meet their orders, and maintain an appropriate bid/ask spread, upon which you'll depend for revenues. Forex brokers need to be tech-savvy in order to meet their clients' demands. 

Get your certifications

Take note that there are no strict educational requirements to become a Forex broker. However, a degree in economics or business would certainly help your chances of becoming hired by a brokerage firm, if you wish to pursue a full-time employment.

Forex brokers licenses can be obtained by taking the National Association of Securities Dealers Series 3 test. The organization offers review materials online but in order to take the test, you'll have to be sponsored by an already-licensed brokerage firm.

Read more: Becoming a Forex Broker
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