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What is a Forex Broker
A Forex broker works as the middleman between traders and the market liquidity. A Forex broker may execute buy and sell orders on behalf of his clients charging a trading spread or/and a predefined trading commission.
Forex Brokers are divided into 2 major categories according to the way they execute orders: The Dealing Desk (DD) Forex Brokers and The No Dealing Desk (NDD) Forex Brokers.
1) Dealing Desk Brokers (DD) or Market Makers
■ Market Makers
Market Makers Forex Brokers are trading on the opposite side than their clients. They charge fixed spreads and usually no trading commissions. This type of broker is ideal for Forex beginners.
2) No Dealing Desk Brokers (NDD)
No-Dealing Desk Brokers are divided into ECN and STP Forex Brokers.
■ ECN Forex Broker
An ECN Forex broker is providing its clients with direct access to the global Forex market. ECN brokers charge variable spreads and sometimes trading commissions too. They are considered the most competitive of all Forex Brokers.
■ STP Forex Broker
A STP Forex Broker is passing its clients orders directly to the liquidity providers. STP brokers are offering fixed spreads and sometimes they charge trading commissions too.
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