How to Become a Foreign Exchange Dealer

About Foreign Exchange Dealer

The Forex markets or Foreign Exchange Markets is an exciting career for those who wish to excel in the field of finance. The Forex markets usually give clarity and detailed understanding of the process of buying and selling currencies. The jobs in this field are wide and fast-paced. One of the significant jobs in the Forex market is Foreign Exchange Dealer. The major responsibility of the foreign exchange dealer is to market and sell monetary exchange strategies to clients. They also conduct currency exchanges themselves. Foreign exchange dealers may work independently or for a company with a huge volume of currency exchange transactions. They also work for banks or international money exchange.

Eligibility to become Foreign Exchange Dealer

In order to become a Forex dealer, a person must have a Master’s degree in Finance. After Class 12, students can take up Finance, Banking, Marketing and Business Management courses in UG. After completing UG, a Master’s degree in Finance/ Marketing (mostly MBA Finance/ Marketing) is relevant. Once the candidates acquire a degree in the relevant field, they should have at least three years of experience in Sales.

Foreign exchange dealers work in offices or bank buildings, sometimes as part of a sales team, and will usually have a supervisor to whom they report regularly. They can also work in the sales team of banks that deal with foreign currencies. If a person wants to become a Forex dealer, he/ she should obtain the necessary certification in currency derivatives. They can also do a certification course in Trade Finance, Treasury and Import-Export Operation.

Subjects Combination: Students from any stream in Class 12 can take up Business Management/ Finance courses.

Eligibility: -

• For taking up UG courses in Business Management/ Finance, Class 12 is the major qualification required.
• For taking up MBA Finance/ Marketing courses, the candidates must have a Bachelor’s degree in any stream.
• For taking up PG courses, the candidates need to clear entrance exams like CAT, MAT, GMAT, ATMA, XAT etc.
• After completing the Master’s degree, the candidates need at least three years experience in Sales, Marketing/ Finance.
• If a person wants to become a Forex dealer, he/ she should obtain the necessary certification in currency derivatives. They can also do a certification course in Trade Finance, Treasury and Import-Export Operation.
• For stating own stock broking company or Forex company, the candidates need to acquire certain certifications.

Types of Job Roles Foreign Exchange Dealer

The following are some of the job roles available in Forex Markets: -

Forex Market Analyst/ Currency Strategist/ Currency Researcher: Forex market analyst works for a forex brokerage and performs analysis and research with an aim to write a daily market commentary regarding the forex market and the economic and political issues that affect currency values.

Foreign Exchange Dealer: The major responsibility of the foreign exchange dealer is to market and sell monetary exchange strategies to clients. Foreign exchange dealers may have to travel long distances to conduct business and meet with clients.

Forex Account Manager: Hedge funds and currency mutual funds that deal in forex trading require the expertise of account managers and professional forex traders to make decisions on buying and selling.

Exchange Operations Manager: The responsibility of an exchange operations manager includes verifying customer identities, processing new customer accounts, processing customer withdrawals, deposits and transfers.

Employment Opportunities for Foreign Exchange Dealer

Foreign Exchange Dealers can find employment in all the companies that deal with foreign currencies. The forex dealers are necessary for -

• Banks
• Financial Institutions
• Investment Companies
• Forex Markets
• Foreign Exchange Agencies

Top Recruiting Agencies for Foreign Exchange Dealer

Here are some of the top forex companies in India that recruit or hire forex dealers: -

• eToro
• LiteForex
• FXCM
• FBS
• Zerodha

Pay Scale/Salary of Foreign Exchange Dealer

Foreign Exchange Dealer in diverse sectors earns a satisfactory salary. Most companies pay more for highly skilled and experienced Foreign Exchange Dealer. The average salary structure of Foreign Exchange Dealer is detailed below.

Note: The above figures are an estimate and may vary from individual to individual and company to company.

Books & Study Material to Become Foreign Exchange Dealer

Here is the list of some of the books that a person can refer if he/she wants to become a forex dealer/ trader: -

• Currency Trading for Dummies by Brian Dolan
• Day Trading the Currency Market by Kathy Lien
• Currency Forecasting by Merrill Lynch
• Japanese Candlestick Charting Techniques by Steve Nison
• How to Make a Living Trading Foreign Exchange by Courtney Smith

Pros of becoming a Foreign Exchange Dealer

• An exciting career with greater scope for development of skills
• Lucrative salaries

Cons of becoming a Foreign Exchange Dealer

• Strange working hours and pressure
• Foreign exchange dealers may have to travel long distances to conduct business and meet with clients.