March 3, 2024

A Forex broker is a legitimate body that serves as an agent between sellers and buyers or the forex trading market.

Private people cannot perform currency transactions of their own. All trading activities must be reported through a Forex broker.

Forex broker operations are tightly controlled and authorized. Currency industry players are retail, legitimate and institutional shareholders. For example, a broker himself will serve as a counterparty in a deal.

Why is a broker needed in Forex Trading?


Let’s work out how to exchange forex minus a broker and the requirements for doing it. Next, merchants can have access to markets through a virtual trading system. A trader’s key asset is a trading site. A broker can load the latest quotations, and a dealer can evaluate a business condition. Trades are opened in a trading network, and instructions to sell/buy currencies at current rates are submitted.

You can’t enter the forex trading terminal without a broker. A broker typically buys an expensive license to use a MetaTrader and pays recurring payments for it. Brokers then build the connection to liquidity suppliers to open-market consumer transactions. Without the network and ECN technology that the broker offers to retail customers, you can’t sell.

You can’t just take a bag full of dollars, come to a foreign bank and say, “I want to trade in the currency market.” They’ll consider doing a trade transaction at the bank’s price. Only a broker may have links to buy/sell currency operations.

Ways of Trading Forex Without a Broker


1.Non-Dealing Desk (NDD) trading

Instant execution – This model ensures the trader’s order is performed at the specified value. There’s no assurance, though that the directive will be enforced. A trader delivers an order to open a deal at the platform’s rate.

Market execution – This method requires a broker explicitly. As for the market execution system, or NDD, a broker serves as an agent offering technological execution of a transaction. It provides quotes electronically and sends a trader’s orders immediately to liquidity suppliers or ECN networks. Orders don’t reach a broker’s internal structure.


  1. Currency investment without a broker account.

Purchase currency at a bank or trade office and sell it as the cost rises.  JP Morgan,  Deutsche Bank, UBS,Dukascopy, Citibank, —all these banks have Forex broker liquidity. If you trade cash currency at a financial institution, you become a Forex investor somehow while that bank may be named “brokers.”

You can also completely trust your manager to manage your money. You can do this by  investing in hedge funds or currency-related ETFs or purchasing  or selling  currency in only a couple of clicks via specific smartphone applications; use separate investment accounts.

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