What is a broker?
A broker is an individual or firm that acts as an intermediary between an investor and a securities exchange. Because securities exchanges only accept orders from individuals or firms who are members of that exchange, individual traders and investors need the services of exchange members.
Brokers provide that service and are compensated in various ways, either through commissions, fees, or through being paid by the exchange itself.
What is the function of the broker?
A broker facilitates forex trading through a method called spread betting. In spread betting, instead of buying or selling actual currency pairs, traders speculate on the direction in which the prices will move. The broker acts as an intermediary, offering a platform where traders can place their bets on whether the price of a currency pair will rise or fall. When traders place a bet, they do so based on the difference between the buying and selling price of a currency pair, known as the spread. The broker, provides the trading platform, access to various currency pairs, and executes trades on behalf of the traders.
They also provide leverage, allowing traders to control larger positions with a smaller amount of capital. In return for their services, brokers charge a small fee known as the spread, which is the difference between the buying and selling price of a currency pair.
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