The majority of the foreign exchange brokers execute business via phone. The phone lines between brokers and banks are dedicated, or direct, and are usually in-stalled free of charge by the broker. A foreign exchange brokerage firm has direct lines to banks around the world. Brokers charge a commission that is paid equally by the buyer and the seller.
The fees are negotiated on an individual basis by the bank and the brokerage firm the broker will always show the highest bid and the lowest offer. Brokers cannot be forced into taking a principal's role if the name switch takes longer than anticipated. Another advantage of the brokers' market is that brokers might provide a broader selection of banks to their customers.
The fees are negotiated on an individual basis by the bank and the brokerage firm the broker will always show the highest bid and the lowest offer. Brokers cannot be forced into taking a principal's role if the name switch takes longer than anticipated. Another advantage of the brokers' market is that brokers might provide a broader selection of banks to their customers.
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