Forex Trading without a broker

Is it possible to trade forex without a broker? Where or what site can you do this?

Well… you can ‘trade’ forex in real life, by finding a forex kiosk at an airport or a tourist area, and buying and selling cash that way. The spread and fees would be extremely prohibitive, though.

No, it isn’t.

Even if you used a bank, it would really be their broker service that you’d be using (and paying more for the privilege).

The important thing is to distinguish between “[B]actual[/B] brokers” (who do the trade for you in the interbank market, to which you don’t have access yourself, and charge you a tiny commission/fee for the service provided) and “businesses [B]pretending[/B] to be brokers” (who actually hold the other side of your position while also holding your money, as well as making up and interpreting all the rules, policies and procedures governing the transactions themselves, while doing so).

Check this out for additional information :slight_smile:

I agree with you, that was my suggestion as well. Would be interesting to compare the spreads…

[QUOTE=“Rambo35;703352”] I agree with you, that was my suggestion as well. Would be interesting to compare the spreads…[/QUOTE]

I was thinking on similar lines recently. Say, if you didn’t want to open a FX account in the traditional sense (with margin and leverage):

Broker A allows you to send “international money transfers” at rate x, depositing into an account abroad. Broker B allows you to do the same thing, but at rate y > x. You have accounts in two countries (dual national for instance). Can you not implement a strategy to profit from the spread between the two brokers assuming both allow you to transfer to and from both countries? If so, would this constitute FX trading and thus be subject to taxation?

Indeed this is the only option. It would bring a lot less risk and excitement, but it will be more secure.

Oh my, when I wrote my question I was thinking of trading stocks - not forex. Anyway, I used to have an GBH/GBP account. Unfortunately, I needed the money for an investment, so I closed it. :frowning: It did not pay off as I expected, but I did not lose money either. Anyway, I know of several companies that hire telecommuters and those employees have the option to be paid in their local currency or in USD, although most would ask for USD.

I never heard forex trading without any broker , How it is possible to enter in forex market without any help of broker. Broker connect us with forex market we use their terminal for trading . We have to choose the broker which suits according to our needs.

it’s like this website I saw earlier about - i think you can trade stocks without the expensive cuts that brokers ask for or get. Just like in this site, you can learn so much and just use online platforms. Then again, I am definitely not an expert, so this is just a thought.

I have to admit that I am wrong. I studied and researched on this topic further and I found that sites like this or let’s say, securities US are the “brokers” or e-brokers perhaps. You will still pay fees or percentages, so no. You need a broker to trade, I guess.

Yes, just buy a certain amount of a currency and find a people want to exchange it for another currency they own. Is that too tough? Or an exchanger e-currency as Bitcoin is a good way.

But I think broker is the best way to trade Forex with minimal cost.

Is it really though? I live in Thailand where there is no commission and some of the exchange bureaux work on tight spreads. OK its not for very short term trading, but over a slightly longer period and cutting out brokerage costs, surely it could be a goer?

You cant trade forex without a broker.
Download Metatrader4 terminal and start trading demo.
Not wise to go live until you have a good track record from your demo trading.

Sure it is. If you buy some dollars from me for sterling, then that would be a forex trade and no broker would have been involved.

I have $15,000 USD, and they’re offered at £12,000. Want to trade?

In truth, that’s all that the interbank market is. The rate of connection between the nodes in these electronic communication networks is less than you might imagine. Your friend Bill might also be buying some USD from my friend Ben - that’s not the same as a centralized network where Ben and I show our best offers, Bill and you show your best bids, and maybe one of us gets filled.

In practice, though, unless you have a large group of friends with lots of money who all like to trade forex and all have a tendency to take opposing market views to your own . . . then you’re going to want to use a broker.

Nick

ps. Give me a shout if you want those dollars - I’ll do them at £11,995!

Got millions? Become a broker yourself…

Thought… get three people working swing shift, trade movement 24/5, become rich.

Na zdrowie,
Tim

I never heard forex trading without any broker , How it is possible to enter in forex market without any help of broker. Broker connect us with forex market we use their terminal for trading . We have to choose the broker which suits according to our needs.

Yes, it’s possible, it’s called “trading”, aka “the activity or process of buying, selling, or exchanging goods or services”.
So what you do is you find a person who wants to hand over his foreign cash in “exchange” for your native cash. Then you bury this foreign cash in your backyard (hope that your neighbours don’t see it so best to do it at night silently and without big mag lights, and if your neighbour did spot you digging you best lie for example your beloved goldfish died).
Then after some weeks, months or years you again find a person who again wishes to “trade” (like pokemon trading on the gameboy but for adults) his native cash to your foreign cash. Then you hope you receive back more native cash than your original amount which depends on the shift in the relational international currency rates that happened during this locked up time. This “style” of trading does not require any commission fees from a mr. broker middleman, but it does require gasoline and physical activity, alot more social and extraverted in this regard. And no, there is no “stop losses” and “take profits” in this manner of trading, so if you fear a massive rally/dip counter to your desired outcome you will have to be quick and take that first bus to a trader social event.
So yeah, old school trading is pretty cool if you ask me and it happens in every store every day. Your local cashier for example is a trader in disguise (scalper considering the amount of exchanges she executes in a day) but instead of offering foreign cash or gold she offers goods like salad and toys. When she asks what I do for a living, I always say “The same as you lovely lady”. Then she says “Cool, but do you also get so many angry customers?” I say “Nah, foreigners are pretty nice”.