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Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. While this could be interpreted to mean that about one in three traders does not lose money trading currencies, that's not the same as getting rich trading forex.

TD Ameritrade is our top rated-forex broker. It has the best platform, both in terms of its ease of use and in the breadth of the tools it provides. It also offers the most currency pairs, which gives you an opportunity to trade in exotic pairs that have the potential for high returns.

Forex without broker. The concept of trading without a broker in the financial market may seem quite absurd as first. But, with currency exchange, a broker may not always be required to carry out trading. Forex without broker is based on a similar concept and, at times, can be quite advantageous.

These rates are usually pegged to the U.S. dollar. Their central banks have enough money in their foreign currency reserves to control how much their currency is worth. To keep the exchange rate fixed, the central bank holds U.S. dollars. It also increases the supply of dollars, sending its value down.

Forex Broker Fees. In return for executing buy or sell orders, the forex broker will charge a commission per trade or a spread. That is how forex brokers make their money. A spread is a difference between the bid price and the ask price for thetrade.

Assume you open an account for $100 (the minimum initial deposit most forex brokers accept). Your risk on each trade is therefore limited to $1 per trade (1% of$100). If you place a trade in the EUR/USD, buying or selling one micro lot, your stop loss order must be within 10 pips of your entry price.