Here is a continuation on choosing a forex broker.
The retail forex broker “taxonomy” is popularly marketed:
WOW! Look at all those fancy acronyms!
But there’s a problem…
This is NOT accurate!
Here’s what reality actually looks like:
Regardless of how retail forex brokers present themselves on their website or market their services, there’s really only one “type” of forex broker for retail traders.
And the most interesting part is that forex brokers are NOT even brokers!
Have you noticed that the word “broker” is not used on the websites of many so-called “forex brokers”?
(And for the ones that do, it’s primarily for SEO purposes to help their website appear in search results on Google.)
Why is this?
Because technically, they are not really brokers!
There is actually no such thing as a retail forex “broker.”
Calling a forex broker a “broker” is a misnomer, which is defined as a “wrong or inaccurate name or designation”.
If a “forex broker” isn’t a broker, what is it then?
While the image earlier provides a hint, the answer to this question is like the relationship status that some of you all might’ve displayed on Facebook in the past….
But have no fear. Our goal is to help you learn what forex brokers really are and how they operate.
And to help explain what a forex broker is, let’s start with a story on tomorrow’s post.
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