In Our Time
At the Kansas City Fed's Jackson Hole symposium, Fed Chairman Kevin Warsh discusses AI and the economy, forward guidance, the principles he believes should guide monetary policy and his view of the US economy.
16 min read
Latest
Use Caution Responding to Messaging Apps
The CFTC warns about crypto trading scams that begin with unsolicited messages and group chats on WhatsApp, Telegram and other apps, and explains how to respond and tighten privacy settings.
Pause Before You Pay: Unusual Money Transfer Instructions May Signal Fraud
A CFTC advisory on scams that push victims to pay through crypto ATMs, gift cards, couriers, unfamiliar apps or fake trading platforms, with red flags to watch for and how to verify before paying.
Why Gold Didn't Actually Overtake Treasury Securities as the World's "Favorite" Reserve Asset
A Federal Reserve Board economist looks at why world gold reserves overtook foreign official holdings of US Treasuries in value in 2025, and at the roles of gold prices and legacy Bretton Woods-era holdings.
The International Role of the U.S. Dollar – 2025 Edition
Federal Reserve Board economists review the dollar's use in official reserves, as an anchor currency, in trade invoicing, banking, debt issuance and FX trading, and weigh possible challenges to its dominance.
The sections
Brokers
CFD and FX brokers: regulation, execution, expansion and the people running them.
Liquidity & Tech
Liquidity providers, bridges, platforms and the plumbing behind every trade.
Prop Firms
Funded-trader programmes, payout rules and the firms that honour them.
Traders & Educators
Profiles of traders, mentors and educators, and how they work.
Markets
Guides and analysis on how the markets our readers trade actually work.
Awards
The GTO Trading Awards: categories, methodology and winners.
Traders & Educators
All profiles
How to choose a trading educator: red flags, green flags and questions to ask
Trading education ranges from rigorous courses to sales funnels for brokers. A few checks separate teachers from marketers, and regulators have started to act on the worst of the latter.
Before you copy a trader: a practical checklist
Copy trading hands your trading decisions to someone else. Track record, drawdown, fees, slippage and regulation all deserve a look before you connect your account.
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Where the industry works
London
The world's largest FX trading centre
Limassol
Home to many retail CFD brokers
Dubai
Fast-growing hub for MENA brokers
Singapore
Asia's leading FX centre
Hong Kong
Gateway to Greater China
Panama City
A base for Latin American business
São Paulo
Latin America's largest market
Mexico City
A growing retail trading audience
Bangkok
Part of South-East Asia's retail boom
Zurich
Private banking and prime brokerage
Recognition your clients can verify
Twelve categories for brokers, liquidity providers, prop firms and educators, judged on published criteria and never on payment.
Guides & analysis
Markets
Inside the FX market: what the BIS Triennial Survey tells us
Every three years, central banks count the world's currency trading. The 2025 survey found a market of roughly $9.5 trillion a day, still dominated by the dollar, by London and by FX swaps.
What moves gold prices: the drivers behind XAU/USD
Real yields, the dollar, central-bank buying, risk sentiment and ETF flows all pull on gold. The balance between them has shifted in recent years, and understanding that shift matters more than any single forecast.
How prop firm payout rules work, and what to read before you pay
Profit splits get the headlines, but drawdown definitions, consistency rules and payout conditions decide whether a funded trader is ever paid. A guide to the small print.
Swap rates and overnight financing, explained
Hold a leveraged FX position past the daily cut-off and you pay or receive financing. Here is how swaps are built, why Wednesday often costs three times as much, and what swap-free accounts really charge.
FX trading sessions: how liquidity moves around the clock
The currency market never formally opens or closes on weekdays, but liquidity follows the sun from Sydney to New York. Knowing the rhythm explains why spreads behave the way they do.
What a liquidity provider does, and why it matters to traders
Between a retail trader's click and the interbank market sits a chain of banks, prime brokers, aggregators and bridges. Understanding that chain explains a lot about spreads, fills and rejections.
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