A forex broker is a financial institution that helps its clients make trades in foreign currencies, also known as Forex.
Forex trading refers to the buying and selling of currencies on the foreign exchange market. Brokers offer a variety of services such as online trading, chat support, and mobile apps. You can easily find forex brokers in Kenya via https://globex360.co.za/best-forex-broker-in-kenya/.
There are three main types of forex brokers: retail, institutional, and global.
Retail Forex Brokers are those that offer their services to individuals who are not registered with a financial institution. Institutional Forex Brokers are those that provide their services to institutions such as banks and governments. Global Forex Brokers are those that offer their services to both individuals and institutions Worldwide.
When choosing a forex broker, it is important to consider the type of account that you want to open. Each type of account has its own pros and cons. For example, an individual account is good for day trading because it offers higher commission rates than institutional accounts.
Another important factor to consider when choosing a forex broker is the platform that they use. There are two main types of platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 is more popular among retail forex traders because it is easier to use than MT5, but MT5 has been seen as more reliable by institutional traders.