What is a currency broker?

What are Currency Brokers? Currency brokers are a group of specialists who focus on the purchase and sale of currencies and the ability to transfer money abroad. Unlike other brokers, this group specializes in currencies only, and this allows them to have a deep understanding of the global currency market.

What is currency trading?

Currency trading is buying or selling currency pairs in the foreign exchange market at a specific exchange rate. The forex market is one of the largest and most liquid markets in the world, reaching a daily turnover of $6.6 trillion in 2019. 1 In its simplest form, if you travel internationally, you might already have engaged in currency trading.

Why should you choose a currency exchange broker?

Given the above, currency exchange brokers can provide much better rates to their clients. In doing so, one can receive a substantially higher pay off that would have been collected in banks and other such institutions.

What is a branded currency?

There are also branded currencies, like airline and credit card points and Disney Dollars. These are issued by companies and are used only to pay for the products and services to which they are tied. The exchange rate is the current value of any currency relative to another currency.