Forex brokers make their money by charging us something called the spread.Spreads vary according to the currency pair traded as well as the forex broker that is placing the order. Some brokers charge low spreads while others charge standard spreads across the board. Some even charge a commission on top of the spread.
Below is a brief glance at two very popular and recognized forex brokers on the web today. Oanda is an extremely popular forex broker. Even from the start, they offered trading accounts in different base currencies. Oanda actually started as a company converting large sums of currencies for large corporations.
Oanda is the creation of Richard Olsen who founded the Olsen Group. Richard Olsen is responsible for two popular books on forex trading. The "Forex Traders bill of rights" and "Introduction to High Frequency Trading". They have collected a good number of awards over the years including the 2009 World finance forex award. Their have variable spreads that are competitive. They have a web based trading platform that users can use from any computer terminal worldwide.
FXCM is the worlds most popular online forex broker to date. They are famous for having some of the lowest spreads on the market and have been slowly marketing themselves in a number of countries. They are a multi-lingual currency broker with all the key languages covered and it takes as little as $25 to open a micro account with them.
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