Foreign currency exchange at banks is a huge money maker for the banks
and expensive for the consumer
Foreign currency exchange at banks is very costly and is normally
done only when absolutely necessary for travelling. Unlike foreign currency
trading, the banks charge their retail customers a significant premium
of 2 to 4 cents over what the spot rate is at any one time. Even a foreign
exchange broker who deals in foreign exchange option contracts will
charge a premium however when dealing with traders, this ends up being
one one hundreth of the retail price. FX traders typically pay 3 to
5 one-hundreth of a cent to enter a trade and position themself for
profit. Our associate brokers don't charge a commission on the trade
and as a trader you only pay when entering a trade, not when exiting.
There are lots of other benefits to fx trading that we can teach you.
Foreign currency exchange at banks is a necessary service but its difficult
to swallow after you've been trading in foreign currencies and understand
what a huge profit the banks are making on this. Small traders are now
catching the fx trading wave and we are helping them stay on the surfboard.
To find out more, click here.