How does one become a forex broker?
yossarian asked:
What do you need to do to setup a currency trading firm providing forex products to businesses?
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on Wednesday, January 28th, 2009 at 12:00 am and is filed under Other - Business & Finance.
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What do you need to do to setup a currency trading firm providing forex products to businesses?
January 31st, 2009 at 12:46 am
Hi there,
Well first of all I opened up my own firm 2 years ago so I can offer you some incite on this matter. I do everything from stock, bonds, mutual funds, insurance, annuities, wealth management, options, futures etc you get the point.
You are going to need several things.
1.) clients,
futures license
2.) e/o insurance
3.) you need to produce at least 200k in gross commission to even be looked at if your opening up a firm.
4) compliance officer
5) clearing company to clear you trades.
6) series 7 license (allows you to trade equities)
7) series 63 license ( allows you to practice in your state)
9) Insurance License
10) series 66 or 65 license allows you to charge for your advise and time.
11) and you need experience.
Those are just a few things you need along with marketing etc.
I got to run I saw your post and thought I would give you a little info.