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The Foreign Exchange market is composed of different participants and each participant has
an important role to play. The participants in the Forex market are as follows:
In the Forex market, banks have the principal role to play. They employ traders to trade its
proprietary accounts in order to create income and the banks also buy or sell currencies on
behalf of customers for commercial or trading purposes.
The Federal Reserve in the US or the European Central Bank and other national central banks
play a crucial role in the Forex market. Money supply, inflation and interest rates are often
controlled by governments' central banks.
Through brokers, retail traders get access to the Forex market. Retail brokers, while largely
controlled and regulated in the USA by the CFTC and NFA have in the past been subjected to
periodic foreign exchange scams so in 2009, these agencies began imposing stricter
requirements. Brokers come in two types: brokers and market makers.
Retail traders do not have direct access to the Forex market and gain access through brokers.
Trading is made possible through online trading platforms with real time currency rates,
volumes and etc.
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Hedge funds have gained a reputation for aggressive currency speculation since 1996. These
funds aim to make profit for investors and receive a percentage of the profits in return.
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Although it is impossible to know what every player in the foreign currency exchange market
is planning at any point, having an awareness of their existence and their potential can help a
forex trader make wiser, more profitable decisions.
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