What is a broker dealer
A broker dealer is a term used to refer to financial services regulations. It refers specifically to a person or company that trades currencies and securities in an independent account, on behalf of its customers.
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Broker dealer explained
A broker dealer is a person or firm that operates a business in buying and selling securities. The dealer operates as both a broker and a dealer, depending on the specific transactions taking place.
A brokerage company is a financial institution that offers the trade of financial services such as currency exchange, futures and other securities. A broker is an agent who executes order on behalf of its clients. A dealer is an agent who trade from the company’s account. The broker dealer therefore refers to the specific individual or individuals that execute all orders on behalf of its clients, as well as from the company’s account.
As most brokerage companies act as both brokers and dealers, the term broker-dealer is commonly used to describe both of them. In order to become a broker dealer you must first establish your forex brokerage company in the jurisdiction of your choice. Furthermore, you must clearly outline the specific services you wish to offer within your brokerage firm. From here, you must obtain a forex license and obtain insurance. Once your company has been licensed and registered, from here, you able to begin your relevant broker dealer services.
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