Foreign-Exchange Trader Salary
|Salary||$40,547 - $128,802|
|Bonus||$1,479 - $62,848|
|Total Pay (||$40,746 - $149,662|
Job Description for Foreign-Exchange Trader
Foreign-exchange traders are responsible for conducting financial trading in foreign currencies across the globe on behalf of their company. These professionals use their expertise to buy and sell certain currencies and stock options at specific time intervals.Read More...
Some of their main responsibilities include keeping up to date on currency exchange rates, market volatility, and recent events that can change the value of different currencies in different countries. They receive recommendations and strategy information from the senior foreign exchange trader in their organization. They generate profitability and income for their company by executing trades and generating spread income. They have strong interpersonal skills to communicate in person, over the phone, or through electronic means to reach all trading goals within an specific timeline. They work in a fast-paced environment where stress is high, as there is pressure to buy and sell hedging products with very specific time frames. Foreign-exchange traders also provide advice when opening and closing foreign exchange accounts. They build rapports with clients and generate more business for their firm. In addition, these professionals are in charge of facilitating and reviewing financial contracts. They make sure that these contracts comply with trading desk procedures and federal regulations for financial security and privacy. Foreign-exchange traders have excellent technical skills to position and acquire different foreign products and to automate processes as much as needed.
These professionals can work independently or as part of cross-functional teams. A bachelor's degree in finance, economics, accounting, or a related field is required for this position. In addition, previous years of experience as a trader can be helpful.
Foreign-Exchange Trader Tasks
- Analyze currency markets and reports.
- Manage accounts, and meticulously track losses and profits.
- Buy, sell and exchange foreign currencies to exploit fluctuations in markets and increase profitability.
Pay by Experience Level for Foreign-Exchange Trader
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Foreign-Exchange Traders. Salaries for inexperienced workers average out to $86K, and those with five to 10 years' experience earn a higher median of $74K. After working for 10 to 20 years, Foreign-Exchange Traders make a median salary of $100K. Veterans who boast more than two decades of experience make around $140K on average — an ample six-figure paycheck.
Key Stats for Foreign-Exchange Trader
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