The Best Forex Brokers

The Best Forex Trading Platforms

What is it foreign exchange?

Foreign exchange

Foreign exchange is a creditor’s right that can be used in the balance of payments deficit held by the monetary administration (central bank, monetary authority, foreign exchange leveling fund and the Ministry of Finance) in the form of bank deposits, treasury bills, long-term and short-term government securities. In 2015, China ranked first in the world’s foreign exchange reserves. However, the United States, Japan, Germany and other countries have a large amount of private foreign exchange reserves. The country’s overall foreign exchange reserves are much higher than China’s.


By degree of restriction:

Freely convertible foreign exchange: It is usually used in international settlements and freely traded in international financial markets and used to pay off debts and debts in international finance and freely convertible to foreign currencies. For example, the US dollar, Hong Kong dollar, Canadian dollar, etc.

Limited free exchange of foreign exchange: It refers to foreign exchange that cannot be freely converted into other currencies or paid to a third country without the approval of the currency issuer. The International Monetary Fund stipulates that all currencies that have certain restrictions on international payments and transfers of funds are the subject to a limited freely convertible currency. More than half of the world’s national currencies are in limited freely convertible currencies, including the renminbi.

Accounting for foreign exchange: It is also known as liquidation of foreign exchange or bilateral foreign exchange, it refers to the foreign exchange that is charged to the designated bank accounts of both parties and cannot be converted into other currencies, and it cannot be paid to third countries.

By source:

Foreign exchange for trading, it is also known as physical trade foreign exchange. It refers to foreign exchange originating from and used in import and export trade, and it is an international payment method formed by the international circulation of goods.

Non-trade foreign exchange: It refers to all foreign exchange except for foreign exchange, that is a kind of foreign exchange that is not derived from or used for import and export trade. Such as labor foreign exchange, remittance and donation of foreign exchange.

Financial foreign exchange: It is different with foreign exchange and non-trade foreign exchange, it belongs to a kind of financial assets. Such as foreign exchange between banks, which is not derived from tangible trade or intangible trade, its also not used for tangible trade, but for the management and manipulation of various currency positions.


  1. Improve international economic and trade development.
  2. Adjustment of international funds.
  3. It is an important part of a country’s international reserves and the main means of payment for the settlement of international debt.

Forex broker

A foreign exchange broker is an intermediary who introduces clients to foreign exchange transactions. He does not trade foreign exchange himself, he only connects foreign exchange buyers and sellers and facilitates transactions. The income of foreign exchange brokers is obtained by collecting foreign exchange trading spreads and handling fees. And they do not bear the trading risks themselves.

Work content

  1. Foreign exchange margin business expansion
  2. From the perspective of customer interests, they provide professional financial investment planning with scientific professional knowledge and technology
  3. Provide reasonable advice and suggestions to help customers avoid risk
  4. Serve and maintain stock customers and return to customers regularly.

Income calculation

In the international foreign exchange market, one standard point is $10,000, which is also the basic unit of foreign exchange trading. One point represents 10 dollars. The foreign exchange margin is traded at a magnification of 100 times. In other words, one lot can be traded for every $1,000. Let’s take a $10,000 client account as an example to measure the monthly profitability of the client’s broker. If the customer places an order for 10,000 US dollars for 2 lots and makes 3-5 transactions per day, the one-month spread yield ratio is: 0.5×10×2×3×20/ 10000=6%     0.5×10×2×5×20/ 10000=10% The broker’s spread income is 6%-10% per month. Because the trading spread is objective, we may wish to call the forex broker’s spread income a “fixed income.”

If the broker adjusts the client’s commission to 3 points, and orders 10,000 dollars for 2 hands, and 3-5 times a day, the commission income ratio for one month is: 3×10×2×3×20/ 10000=36%  3×10×2×5×20/ 10000=60%, the broker commission income is 36%-60% per month. Since it is up to the broker to choose whether to adjust the commission and adjust the amount, we may wish to refer to the commission income of the foreign exchange broker as “floating income”.Therefore, the monthly income of a foreign exchange broker is equal to 6%-60% of the total amount of client funds he introduces.

What does a successful forex broker do? How did they spend days?

Starting in the morning

If they go to work early, they will definitely get up early and go to work on time. On the way to work, they will actively think about the goals of the day. They are very excited about the work of each day because they like what they do. They believe that what they do can give people opportunities and improve their lives. Sometimes they are considering a tough potential customer, and the exciting energy has prompted them to start tracking this potential customer.

With a cup of coffee, they can grasp the main points of the financial news of the day. Undoubtedly, most people use the points prepared by internal analysts for convenience. But as a perfect forex broker, he knows the importance of details, and he thinks that the extra insight can make him more confident. The information you prepare is not necessarily related to foreign exchange . It can be a macroeconomic article, or a new trading strategy article, or a strategy to invest in retirement savings, these can provide them with a new incentive concept. This is the potential user. The difference between conversion and non-conversion.

Entering the office

When they reach the office area, they will go directly to work. But for successful forex brokers, they have already acted. In order to develop potential customers, you must enter the state at the beginning, be ready and you are ready whenever you call.

As the best forex broker, they will give priority to other people’s opinions, keep the call efficiently and follow up in time.


They will have lunch on time, not just smoking.

Afternoon activities

They will continue to call. Some agents may be inefficient or too  much hurry with telephone, but the experienced Forex brokers can quickly ask questions to determine which customers are ready and which take longer to convert. Instead of wasting time on customers with no potential, they spend more time developing potential customers.

They spend part of their time on emails and chitchat, they can discover these potential customers and react quickly and effectively. They have a mindset of service and sales, they know when to help potential customers, when to further develop new customers.

After work

They may go to fitness, help to vent the tricky things they have encountered at work, or they will meet a few friends .When evening time, they feel they had a great day!

Trading platform

The foreign exchange trading platform refers to some independent traders with certain strength and credibility in the foreign exchange market, which constantly report the buying and selling price of the currency (two-way quotation) to the investors. The investors accept the trading requirements at the price.

The platform can hold its own funds to trade with investors. When the market transactions are scarce, the buyers and sellers do not need to wait for Co-occurrence. As long as there is a platform to take over the “opponent party” of the transaction, the transaction can be finished. In this way, an uninterrupted sale will be formed to maintain market liquidity. The general situation is a place for foreign exchange transactions.

Platform time

Opening hours of international major foreign exchange markets (Beijing time):

Wellington Forex Market, New Zealand: 04:00-12:00

Australian Foreign Exchange Market: 6:00-14:00
Tokyo Foreign Exchange Market: 08:00-14:30
Singapore Foreign Exchange Market: 09:00-16:00
London Foreign Exchange Market: 15:30-00:30
Frankfurt Foreign Exchange Market: 15:30-00:30
New York foreign exchange market: 21:00-04:00

Don’t blindly enter the market, it is best to look at the market, seize the opportunity and then place an order.