Does forex brokers works like online casinos?

I am still new to fx trading but there’s been some rumors that people are saying that forex is like gambling and forex brokers works like online casinos. Well, I don’t want to argue with them since I’m still new but from what I’ve learned fx brokers make money with spread. That is similar to money changer at airports or banks. Please share your opinion folks. Thanks a lot.

Yes they do make money by spread, but their work is very different from that of a casino.

depends if you’re using an ECN broker or not

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The house always wins.

Banks = the house.
Retail = normal punters.

On the stock exchange, the outcome depends on the behavior of a people-driven money supply. Therefore, it highly depends on such external factors as international politics, the state of large oil companies, the presence or absence of some products in a country, economic, financial crises, natural disasters, etc. There are no specific and clear rules here, but there are dependencies on the behavior of the value of securities on a very large number of criteria. The Forex exchange is dominated by the laws of supply and demand. On the contrary, casino game outcome may depend on your luck. And there are no guarantees that it is trustworthy.

Casino make money from your loss and they always bet against your hand. That is different from Forex brokers.

you just describe how some forex brokers operate

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FX brokers offer CFD for trading (contract for difference). This type of contract doesn’t provide for actual exchange of currencies between the parties (similar to trading futures without delivery) and traded over-the-counter (contrasting to futures or options which are traded on exchanges).

The latter implies a private deal (trade) between two parties - dealer (market maker) and client.

If your broker decides to act as a dealer for a client (make the market for him) then it’s quite similar to say that a casino accepts bets both on red and black from a client (make the game for him) and naturally conflict of interest arises between them because they play against each other. But I don’t see a problem with that if broker is regulated and acts fairly. For example I trade with Hotforex and Tickmill brokers which state that they act as an execution venue on some trades. It’s perfectly Ok for me.

Totally different.

if it is a casino then it is also a more decent casino than casinos. because casino is a consequence of losing a house, losing happiness, evils, human trafficking, there are countless consequences that the law never recognizes nor protects the casino. :innocent:

All I can say is that is much difficult for forex brokers because online casinos are much easier and give much guarantee. Yeah, they do make money by spread, but their work is not that secure than casinos. Personally, I am playing online casinos for 4 years, and for me is very convenient. Even I had some problems, with time I managed to do it right, without mistakes, and now I do a lot of money.
All of this is because of a big help from where they really do care about comfortable payment options, bonuses, and customer support.
Also, they offer their users a large number of table games such as roulette, blackjack, craps, and baccarat.
So, being a player of online casinos is not so bad, especially when you find good sites that you can trust. In this way, you can make really good money.

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