What is a Forex Broker and How do you Choose the Right Broker?

What is Forex Broker?

At present, it is obvious that Forex trading is more interesting because a Thai trader can trade in a foreign company as well. The trading company, also known as a Forex broker has an important role working as an intermediary between traders and the central market. After any trader has opened trading, the broker provides services to send the trading order to the central market. According to trading rules, retail traders are not allowed to send orders directly to the market themselves. In Thailand, there is currently no law supporting a Forex broker. The Forex broker, therefore, cannot open a trading company directly in Thailand.

There are 2 main types of Forex brokers:

1.     Dealing Desk (DD)

Dealing Desk is also known as a broker that operates through banking counters. This type of broker will automatically make a market match with the other side for traders. Most dealing desk brokers have a fixed spread.

2.     Non-Dealing Desk (NDD)

Non-Dealing Desks are also known as brokers that do not operate through banking counters. This means brokers will act like middlemen who simply receive and send information from traders to the central market. Therefore, graph prices will be displayed based on the market price which helps the trading to proceed quickly. Also, the traders can choose their own strategies to be used and more easily adapt in trading.

How to Choose a Forex Broker?

Traders receive a lot of information from online media from broker advertisements. The most important information they have is how to choose a broker wisely and how to focus completely focus on your trade, for example.

● Thai language help desk

It is definite that money is the first matter in trading with any brokers. By contacting them to support traders in Thai — deposit, withdraw money or any other issues in a transaction with the broker company — will make the Forex trading smooth. Also using Thai trading platforms will help traders select Forex mode more easily.

●  Fast financial transactions and deposits and withdrawals

While trading online, traders are worried about their money when deposits and withdrawals are delayed longer than necessary. Besides, this may cause the trader to be unable to concentrate on trading and will hence make error-prone decisions while opening the buying order. This might be a psychological game in trading. Choosing the right company that is interested in these issues is important.

Conclusion

Nowadays, it is accepted that making money online is another alternative way of earning a second income other than primary income. Similarly, trading by Forex companies is another option to make a better profit. Choosing a smart broker wisely will be another decision that will make your dream come true.