Currency broker

15 Questions to Ask Your Broker. There are many Forex Brokers, but not all were created equal. When it comes to your money , you want to be certain that your Broker meets your expectations. It is your right to ask as many questions as you need to feel comfortable about your venture and if you don’t get the answers your want, you should consider finding another Broker. Size matters.

Because the Forex market is an over-the-counter market with no centralized exchange, not everyone receives access to the same prices or quality of execution. Institutions with the largest trade volume and the most solid financials have access to better prices and execution. The bigger the broker, the better they are able to pass on the benefits of size, better prices, and better execution to you. Not all Forex Brokers quote rates the same way. Below are two possible options Dealing Desk means that your Forex Broker creates the pricing and executes your orders.

The spread is usually fixed, which means that traditionally, the spreads are higher than average variable spreads. Check for restrictions on placing orders during news or economic events for many traders, this is a key time to trade. No Dealing Desk usually means that multiple banks stream competing prices through your Forex Broker, so your orders are executed by the banks themselves. This means that there are usually no restrictions on trading news or economic events, but you should check with your broker. Most major currency pairs are quoted to four decimal places, so a pip would typically equal .0001 or one basis point.

Forex Brokers generally round the price up or down to the nearest pip but some now offer Fractional Pip-Pricing. It ads an additional decimal place, so spreads are usually tighter and more accurate. Many traders favor short-term scalping strategies, which involves placing orders inside the spread. For scalping to be profitable for the client, the market maker must lose, so some Forex Brokers disallow the strategy. This strategy involves a high level of risk. Rollover is interest earned or paid on Forex positions held overnight. It varies depending on the difference in interest rates between a currency pair and fluctuates day to day with the movement of prices.

A Negative Roll is when you sell a currency that pays higher interest rate, so you pay interest. A Positive Roll is when you buy a currency that pays higher interest rate, so you can earn interest. Negative Rolls are routine, but not all Forex Brokers offer positive rolls. The "Carry Trade" is a popular Forex strategy which benefits from Positive Rolls and the high leverage available in the Forex market. For example, if you buy the USDJPY, you can earn a positive roll.

You are essentially borrowing the Japanese yen at a low interest rate cost to buy the US dollar with a high interest rate earning. Remember that leverage can dramatically amplify your losses, so beware of this technique, as it carries a high level of risk. Hedging lets you simultaneously hold BUY and SELL positions in the same currency pair. The most effective way to trade a market if you are uncertain about its direction is to find concrete support and resistance levels. This allows you to pinpoint levels where significant price action will take place. Hedged positions do not necessarily limit risk as traders can find themselves losing on both sides of the trade.

While this strategy tends to work temporarily in range markets, it does not work well in trending markets. Placing stop-loss orders on your positions to mitigate your risk is strongly recommended. The National Futures Association, a self-regulatory organization in the US, adopted a new Compliance Rule 2-43 in 2009 that prohibits customers of Forex Dealer Members to open a "hedged" position in the same account. This rule may not apply to Forex Dealers outside of the US. Forex trading works 24 hours a day.

Does your Forex Broker? When you ask them questions, do they answer them clearly and honestly or do they give you the run-around? If your Forex Broker can’t answer the 15 questions below, you may want to look for one who can. 15 Questions You Should Ask Your Forex Broker.

The following 15 questions are based on the above information and relate to basic information that your Forex Broker should answer without hesitation. How long have you been a Forex Broker? In what financial condition is your company? Will you show me your balance sheet? Do you have good relationships with reputable banks?

Who is quoting the rates, my broker, a bank, or multiple banks? Are the spreads fixed of variable? How tight are the spreads? Do you offer Fractional Pip Pricing? Are there any trading restrictions? Can I place orders inside the Spread?

Can I earn interest on positive rolls? Can I earn positive rolls at all margin levels? Are rollover rates displayed prominently? Where?

Does the trading platform allow me to hedge? Can I lose more money than I put into my account? What is the quality and availability of customer service? Be aware that trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Welcome to The Currency Broker. We have chosen to partner with Mercury Foreign Exchange Limited to enable us to offer you the best experience with your foreign exchange transactions from start to finish. Mercury FX is a trusted, FCA Regulated, global currency specialist working with Individauls and Businesses offering their clients free, no obligation multi-currency accounts. Each time you trade between currencies and make international payments Mercury FX will beat the street on the exchange rate and charge less for the international payment too.

You keep the saving. Same Day Transactions. One Account, Global Reach. Open one, free, no obligation account with Mercury FX and you can receive, transact between and make payments in over forty currencies.

Mercury FX are able to hedge forward commercial exposure. If you need to protect yourself or your company against currency market fluctuations then we're here to help. Personalised Service.

Give Mercury FX a call and they will discuss your exact requirements with you and assist you in getting the best from your currency transactions. Why choose Mercury FX? 40+ Tradable Currencies FCA Regulated Offices in London and Hong Kong Better rates than the bank Safe and Secure Segregated Funds. Import Export Emigration Regular Payments Overseas Property Send Money Home Online Transfers + much more Go to top of page. The Currency Broker Limited.

co Mercury Foreign Exchange Limited. London, EC2V 6AX. Phone +44 (0)20 7199 3790. Sign Up For Newsletter. Put your e-mail and click on the envelope button.

The Currency Broker Limited makes available foreign exchange services through its business relationship with Mercury Foreign Exchange Limited where Mercury Foreign Exchange Limited facilitates the direct provision of foreign exchange services. Mercury Foreign Exchange Limited is registered with HM Revenue and Customs under Registration Number 12500717. Mercury Foreign Exchange Limited is registered with the Financial Conduct Authority (FCA) under the Payment Services Regulations 2009 under register reference No. 531127 for the provision of payment services. Please note that with the exception of forward and rolling spot transactions, foreign exchange is not regulated by the Financial Conduct Authority and therefore clients are not covered under the Financial Conduct Compensation Scheme or the Financial Ombudsman Service. © 2015 The Currency Broker Limited | All rights reserved. Registered in England and Wales No.9174716. Registered office 145-157 St John Street, London, EC1V 4PW, United Kingdom.

Have an opinion on the US Dollar? Trade it! Currency Trading is around the clock 245 Trade currencies just like stocks, buysell & trade from charts Start small Trade Now with $50 Mini Account. Around-the-clock forex trading—24 hours a day, five days a week Trade forex, oil and stock indicies commission free Start small Trade now with a $50 Mini account. Forex, Spread Betting and CFDS. Trade OTC GoldSilver Bullion. with FXCM Bullion.

Excellence, Flexibility & Transparency. Part of FXCM Group Generous leverage up to 2001 No re-quotes Choice between FXCM Trading Station and MT4 platform. Residents of are not eligible to apply for an FXCM live trading account with any FXCM Entity. At FXCM, we strive to give you the best trading experience. We offer access to the global forex trading market, with intuitive platform options, including our award-winning Trading Station. We also provide forex education, so whether you’re just getting started in the exciting world of forex trading, or you just want to sharpen the trading tools you’ve developed over the years, we’re here to help.

Our customer service team, one of the best in the industry, is available 247, wherever you are in the world. Try us out! Sign up for a free FXCM practice account, which lets you test out the platform and experience some of the account benefits we give to our traders. When you’re ready, you can open an FXCM account with as little as $ 50. Spreads & Commissions Static spreads are time-weighted Standard account averages based on tradable FXCM prices from January 1, 2016 to March 31, 2016. Live spreads apply to Standard accounts, are variable, and are subject to delay.

Spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays, or for actions relying on this information. Live Spreads Widget Dynamic live spreads are the best available prices from FXCM’s No Dealing Desk execution. When static spreads are displayed, the figures are time-weighted averages derived from tradable prices at FXCM from April 1,2017 to June 30,2017. Spreads shown are available on Standard and Active Trader commission-based accounts. Spreads are variable and are subject to delay.

The spread figures are for informational purposes only. Note that account types and spreads offerings may vary between FXCM entities. FXCM is not liable for errors, omissions or delays, or for actions relying on this information. High Risk Investment Notice Trading forexCFD's on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of deposits.

Leverage can work against you. Due to the certain restrictions imposed by the local law and regulation, German resident retail client(s) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds. Be aware and fully understand all risks associated with the market and trading. Prior to trading any products offered by Forex Capital Markets Limited, inclusive of all EU branches, FXCM Australia Pty. Limited, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM Australia Pty. Limited (“FXCM AU”) (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement and Terms of Business.

The FXCM Group may provide general commentary which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action. The FXCM Group is headquartered at 55 Water Street, 50th Floor, New York, NY 10041 USA. Forex Capital Markets Limited ("FXCM LTD") is authorised and regulated in the UK by the Financial Conduct Authority. Registration number 217689.

Registered in England and Wales with Companies House company number 04072877. FXCM Australia Pty. Limited ("FXCM AU") is regulated by the Australian Securities and Investments Commission, AFSL 309763. FXCM AU ACN 121934432. FXCM Markets Limited ("FXCM Markets") is an operating subsidiary within the FXCM Group. FXCM Markets is not regulated and not subject to the regulatory oversight that govern other FXCM Group entities, which includes but is not limited to, Financial Conduct Authority, and the Australian Securities and Investments Commission.

FXCM Global Services, LLC is an operating subsidiary within the FXCM Group. FXCM Global Services, LLC is not regulated and not subject to regulatory oversight. Past Performance Past Performance is not an indicator of future results. Copyright © 2017 Forex Capital Markets.

All rights reserved. Top Rated Currency Brokers. Finding a forex currency broker can be a daunting task. At ForexCharts we strive to provide you with the most accurate and up to date information on foreign currency exchange brokers to aid you in your quest. The following foreign currency brokers are ranked by spreads, customer service, currency pairs offered and ease-of-use. Read detailed broker reviews by clicking the “Review” link in each row. In order to trade foreign currencies, you must be able to access the market, and in order to gain access, you must choose from reputable forex brokers that can support your personal trading style while also serving as your “unseen” business partner.

Since you may never see your new business partner, your process for selection should entail a healthy dose of due diligence since money will be involved. Quick decisions are ill advised at this stage. Caution and skepticism will protect you in the long run. What are the steps for choosing a currency broker? 1) What kind of trader are you? A “day trader” may favor an “ECN” type of forex broker, such as XM, where fees and spreads are tight and “scalping” is allowed. If you are a “position trader”, then a “Market-Maker” type of foreign exchange broker, such as Markets.

com or AvaTrade, may suit your needs 2) Research the market by reading reviews, checking with trader message boards for complaints, and looking over each broker’s website. You want to validate that his reputation is sound and his systems are of high quality 3) Here are the more important points to notice a. Is the broker in your country? It is best to begin with a broker that has a presence in your country of residence.

You can then easily verify that it is regulated and has the proper credentials to operate. b. How long have they been in business? Someone very new may still have problems to work out – better to go with experienced professionals c. What kind of support is provided? You will want to check their trading software and whether several forms of support are offered.

For example, training tutorials, market commentary, responsive customer service, economic calendars, and news feeds are the basics d. Are they “247” or restricted to specific time zones? e. Which currency pairs are offered and what are the average spreads? f. Does the spread cover their commission and “leverage” or are there other hidden fees? g. Are there special restrictions on deposits and withdrawals?

h. Make sure they offer a free “demo” account service. You will want to practice on their platform before ever putting real capital on the line. 4) At this point, you need to select a small group for further review and comparison. Compare applicable features and determine how each currency broker attempts to out do his fellow competitors 5) Lastly, make your selection and open your “demo” account. Practice trading for a few days and validate that you are comfortable with the platform.

If you are satisfied, then send along a small deposit of a few hundred dollars at the outset. Start trading with mini-lots to ensure that the “live” system resembles the “demo” test. There will be differences, but these should be slight. If all goes well, then increase your deposit and have at it! The Internet has definitely revolutionized forex trading, but we rarely have a “face-to-face” meeting with our forex broker, our most important business partner in this field of endeavor. Invest the time up front in making a prudent choice, and it will pay dividends down the road. Start your research by reading our reviews in the top list above and visit the respective currency broker for more information. There is a high level of risk associated with trading foreign exchange on margin and it may not be appropriate for all types of investors.

The high degree of leverage can either work for you or against you. Before you decide to invest in foreign exchange, it is recommended to carefully assess your investment goals, experience level, and your desired amount of risk. No information or opinion stated on this site should be considered a solicitation or offer to buy or sell any currency, equity, or other financial products or services. Past performance does not predict or guarantee future performance. Only the NFA regulated brokers featured on this site are available to U. S. customers.

Read our legal disclaimer. Copyright © 2017 Forexcharts. All Rights Reserved. Are Currency Brokers Cheaper Than Banks? With plenty of currency brokers out there, choosing the right one requires plenty of research into company websites and profiles. Here are five considerations when choosing a currency broker Firstly, find out whether the broker is compliant with local regulation - for instance, in the UK the broker should be regulated by the Financial Conduct Authority (FCA). This provides extra security by ensuring that the company safeguards client funds and maintains a certain level of capital funds.

A broker that is a member of a regulatory body will state this on it's website. You should only open an account with a firm that is fully regulated. Currency brokers offer far better exchange rates and lower fees than any bank, however it is important to compare the exchange rates fees between the different currency brokers. The currency market is extremely competitive and some firms quote &lsquointerbank&rsquo exchange rates to get your attention and then add additional fees increase margins. Don't be fooled - get a quote upfront and confirm if there are any fees attached before proceeding.

You may also want to consider how quickly a broker can transfer your money. Most currency exchange firms can deliver the funds to an international bank account within 1-2 days while others may take longer. This sometimes depends on which country you&rsquore sending money to, but either way it&rsquos worth looking in to if you&rsquore in a hurry. 4. Customer Support. Good brokers offer 247 support for their customers. Foreign exchange markets are open 24 hours a day, therefore a broker's customer support should also be available to answer all your questions at any time during the week.

In this respect, having access to your own dedicated FX dealer who can help manage the various risks involved with foreign exchange is key, so ensure that the FX firm has good 247 customer service so you can make a sound and quick deal, whenever you&rsquore ready to. Lastly, consider the dealing system (both desktop and mobile) that a company offers. Is it simple and quick to make an international money transfer or slow and confusing? Sending money abroad does not need to be difficult so ensure your broker has up-to-date technology which allows you to conduct a transfer quickly and without too much hassle. Why use a currency broker?

Our customers use our service for a variety of reasons - saving money every time they do! Here are some of the more popular reasons people use OFX If you would like to jump right in and open. an account with our preferred broker, simply click on the button below. Find the Best Deal.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

Saxo Bank Forex Trading Increases 3% in July. Copenhagen based Saxo Bank has bucked the trend of decreasing forex trading volumes by reporting a tidy 3% increase in the month of July. The multi-asset broking firm which terms itself a facilitator in fiscal markets announced that it did $249 .

Making Money via Forex Trading. People have been trading in foreign currencies since time immemorial, but it has been only in the past half century that it has developed into a huge industry. The Breton Woods agreements of 1944 and 1971 led to the start of the forex industry . Why Forex Trading is Growing in Popularity? Forex trading has been increasing in popularity over the past few years, so much so that people from different parts of the world are jumping on the bandwagon.

Individuals are realising that this is a great way to make money in their spare time, . Foreign Exchange Brokers. Guarantee the best exchange rate by getting financial help from the people in the know. A foreign exchange (FX) broker acts as a substitute to the traditional methods of transferring funds overseas. They provide both corporate and private clients with far better rates of exchange than what banks offer and have specific expertise in the area.

Many foreign exchange brokers also provide free transfers which again is an advantage against a high street bank. Secure a more competitive exchange rate’ Specialist foreign exchange brokers are able to offer highly competitive exchange rates and some even offer a fee-free service, helping you make additional savings. With in depth knowledge of what drives foreign exchange markets, they can help you optimise the timing of your transaction so that you achieve the best possible exchange rate. Opening a trading account with them is quick, simple and completely free. How do foreign exchange brokers make their money if their rates are so good? They buy their currency at a wholesale price and then sell it at a retail price, you will find in the vast majority of instances the retail price with a foreign exchange broker is far less than that of your bank.

When would I look to use a foreign exchange broker? Whenever you need to move funds from one currency to another. This could be for many reasons from an overseas property purchase, paying a supplier for goods, emigrating, sending money to a family member etc. Mr and Mrs Smith recently purchased a holiday home in the Algarve. They need to send regular monthly payments of £500 to cover their new Euro mortgage. After doing so with their well known high street bank they realized that they were being charged a £30 transfer fee each time they did this.

A friend mentioned to them about using a foreign exchange broker so they found a reputable one who provided them with details of their segregated accounts and decided to open a free account with them. Everything was set up in no time, not only was the forign exchange broker able to offer Mr and Mrs Smith a service which involved no transfer fees, they also gave them a good insight into foreign exchange with market trends and analysis, furthermore it turned out that their rate was as much as 4% better than they were receiving from their high street bank. If you are looking to make an international money transfer, we recommend TorFx as our preferred currency provider.

Sending money overseas over £5000? Free Transfers, No Fees! Request a quote today! A UK based IT company ordered some new software from the USA. They instantly got invoiced for the software when the dollar was at $1.70 against the pound, however their bank didn’t offer them forward a forward contract. They were unaware they could have received a forward so when they eventually paid for the product 30 days later when it arrived the dollar had dropped to $1.55 against the pound and they had made a huge loss due to the turn in the market. Not wanting the same to happen again the finance team sought advice from a foreign exchange broker who were amazed at the misfortune the client had.

The foreign exchange broker said in that instance they would have reserved the dollars at $1.70 for the client who could then have paid the supplier and the original price when the new software arrived, this way they wouldn’t have been affected by the drop in the market. Foreign exchange brokers are part of the biggest market in the world trading upwards of 1.9 trillion US Dollars every single day. The market is notorious for its volatile fluctuations making attentiveness, knowledge and proficiency essential for a successful money transfer. In a nut shell the FX brokers purpose is to achieve the best foreign exchange rates for their clients. How to Become a Currency Broker. Currency brokers are trained, licensed financial professionals. The world of foreign exchange trading is fast-paced, exciting and potentially very profitable.

Foreign exchange traders make money by correctly anticipating whether a specific currency will increase or decrease in value. Foreign exchange or currency brokers buy or sell large amounts of national currencies for clients or their employer, such as the yen, euro and dollar, with the intent to close the position at a later date after the exchange rate has moved in the anticipated direction. Foreign exchange or FX brokers are licensed financial service professionals who typically work for investment banks, major brokerage houses and hedge funds. 1. Complete a bachelor's degree program in finance, economics, statistics, business or international relations. A broader background including social science and cultural studies is also useful for currency brokers, because many of the factors affecting foreign exchange rates are not amenable to traditional financial analysis. 2. Apply for internships or work-study programs after your junior year. Even if you can't get an internship working directly in foreign exchange, any kind of financial industry experience will serve you in good stead in your job search.

3. Apply for entry-level financial analyst or research analyst positions at investment banks and major brokerages. Unless you have industry connections or were a 4.0 student at Harvard or Stanford, you are probably going to have to pay your dues by working as an analyst or related position for a year or two before moving up to trading, never mind currency trading. 4. Pass the FINRANational Futures Association Dealers Series 3 and Series 34 exams to become a fully licensed foreign exchange broker. These exams cover all aspects of foreign exchange terminology and regulations. Note that in most cases you are actually working under the license of your employer. Some states also have licensing requirements for currency or commodity brokers. 5. Undertake a comprehensive job search for currency broker positions, beginning with your current employer.

Take full advantage of your professional network when looking for a job. Getting a heads up from a colleague or friend about a position just opening up can help you get your foot in the door. Bank-Beating Exchange Rates.

International Money Transfer Provider of the Year & Best Customer Service Award Winners 2016 & 2017. Award Winning Service. International Money Transfer Provider of the Year & Best Customer Service Award Winners 2016 & 2017. We have been providing bank-beating foreign exchange rates for over ten years. We are authorised by the FCA as a Payments Institution, transacting over Ј3bn a year. We manage your international currency payments for free, with no hidden fees. A personal Account Manager is on hand to ensure a fast, seamless transfer.

Foreign Currency Exchange Rates. TorFX has been providing bank-beating foreign exchange and international payments for over ten years. As a leading currency broker, our goal is to connect clients with ultra-competitive exchange rates and a uniquely dedicated international money transfer service. Both personal and business clients can benefit from our fast, free transfers and individual approach to account management. Personal Money Transfers. Foreign currency transfers for individuals.

or call us 0800 612 9625. Business Money Transfers. Foreign currency transfers for businesses. or call us 0800 612 6028. Award Winning International Money Transfers. Our fee-free transfers and customer first approach has seen us win a number of awards, including International Money Transfer Provider of the Year and Best Customer Service. Whatever your currency requirement, we can help.

Registering and trading with TorFX couldn&rsquot be simpler, and our Account Managers are always on hand to help. You can register with TorFX by phone or via our online registration form it's easy, fast and free! Once registered, you can get a dealing rate online or from your Account Manager. Our market-leading online platform allows you to buy currency and make transfers online 247. Depending on the currency youЂ™re sending, your transfer will arrive either the same day or within 1-2 working days. Our service is comprised of excellent exchange rates and fantastic customer service.

Every transfer is important to us and we want to build lasting relationships with every client. We are proud of our high TrustPilot rating and our loyal client base. Refer a Friend and get Ј50! Do you know of someone else who might benefit from our service?

For every friend you refer to us you'll get a Ј50 Amazon gift card. Refer a Friend. We partner with like-minded companies so their clients can benefit from our services and so we can introduce our clients to other useful services. Find out more about becoming a TorFX affiliate. Read More.

BoE Rate Hike Speculation Drives GBP USD to One-Year High. Tuesday 12th September, 2017. Commentary from various members of the Federal Open Market Committee (FOMC) did not improve the appeal of the US Dollar, with the general tone of comments proving rather dovish.

Investors were not impressed by this latest display of cautiousness, with the odds of a December interest rate hike seeming to diminish as a result. Even so, the mood towards the US Dollar improved after the. Subscribe to Market Updates. Picking the right time to move your money abroad can make a significant difference to the amount of currency you receive. Our regular market updates keep you up-to-date with the latest market movements. Salary of a Currency Trader. Trading currencies is a skill that is difficult for most people to comprehend.

Hemera TechnologiesAbleStock. comGetty Images. Before you get too excited about the impressive income you can make as a foreign exchange trader, consider the lifestyle required of those who make their living trading currencies. The market opens at 5 a. m. Monday morning, Australia time, and closes at 5 p. m. Friday evening, New York time, and every trading desk you are likely to work on has work shifts trading constantly. You are paid to live a life that consists of either trading or sleeping and little else.

Compensation consists of a base salary plus a bonus based on your years of trading at your firm and the trading profits you made during the bonus period. A first-year trader can expect an annual base of slightly more than $64,000 with a bonus that brings total compensation to approximately $85,000. Compensation varies depending on your experience and the firm. Commodity and currency traders median wages, according to the U. S. Bureau of Labor Statistics' 2010 survey, are $60,980 per year with a median yearly salary of $104,000 earned by the top 10 percent.

Firm profitability and trading volume can make a big difference in your bonus. Experienced traders at a major trading house can make base salaries of approximately $100,000 to $120,000, with bonuses bringing them to $150,000 to $250,000 or higher in total compensation. Regional Comparisons. Wall Street compensation came under considerable scrutiny as a result of the credit crisis of 2008, and future banking and securities industry changes may affect the way compensation is paid in the United States.

Currency trading centers include New York, Hong Kong and London, with major trading firms located in other cities and significant futures trading taking place in Chicago. Depending on where you live, your day may start with arrival on the trading desk by 530 a. m. and end 12 hours later. If you trade the Asian markets out of New York, your day may start at 4 p. m. and continue all night. One constant about work hours in this field is that 12 hours on the trading desk is not unusual.

Contributing Factors. John McCarthy, managing director and head of foreign exchange trading at ING Capital Markets, LLC, describes the qualities necessary to be a currency trader as "someone with a very agile and open mind and a facility with numbers who enjoys the pressure of taking risk and working in a time sensitive and risk sensitive environment." On top of that, you ordinarily need at least a master's in business administration or a Ph. D. in finance, economics, mathematics or physics to be considered for a job. If you don't have the educational credentials but can point to years of experience and a verifiable record of outstanding trading performance, you are also qualified. Although currency trading doesn't require securities licenses, many firms require that you pass the Series 3 National Commodity Futures Examination, 7 General Securities Representative and 63 Uniform Securities Agent State Law Examination given by the Financial Industry Regulatory Authority.

The global nature of business means currency trading is a growing industry. The outlook, according to the Bureau of Labor Statistics, is for 15 percent growth between 2010 and 2020.