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.