About Currency Trading Brokers

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Because of market volatility, choose currency trading brokers that are reliable major banks or brokerage firms. Avoid currency trading scams with help from a financial consultant in this free video on currency trading and investing.

Part of the Video Series: Currency Trading Guide
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Video Transcript

I'm Roger Groh and we're here today to talk about currency trading brokers. When I think about a traditional currency trading broker, that's somewhere where I go and I actually give them money and they give me a different currency in exchange, physically. So I take a dollar, I give a dollar to a currency broker, let's say American Express or Bank of America or CitiBank and they give me back another currency, Euros, Yen, wherever you happen to be traveling or whatever you're going to be doing. That's such a small part of the currency trading business though and that probably is not how you will be trading currency. The way you're going to be trading currency is actually buying or selling an option with somebody else. And the truth of the matter is, anybody could be a broker. Now there might be a technical term for a broker, but the reality is, anybody can be a currency broker. So you need to do your due diligence, you need to be really sure that the person on the other end who has agreed to give you money can really do it. Are they going to be here in a week? Or is it a scam? I would be very careful about what you do and make sure you pick reliable partners to work with. Mostly pick major banks and brokerage firms in my mind, that's probably the safest place to start. And think short term, not long term. I'm Roger Groh and that's how you pick a currency trading broker.

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