How much do currency brokers charge?
As a general rule, banks charge up to 4%-5% for currency transfers.
What is a currency broker?
A foreign exchange broker, or forex broker, is a financial service provider that lets you buy and sell currency. It's a bit like a middleman between traders and the interbank, which is a global market that allows you to trade foreign currency. Traditionally, a forex broker would buy and sell currencies on your behalf.
Which broker is best for currency?
Best Forex Brokers for 2022. IG - Best overall broker, most trusted.Saxo Bank - Best web based trading platform.CMC Markets - Excellent overall, best platform technology.Interactive Brokers - Great overall, best for professionals.TD Ameritrade FX - Best desktop platform, U.S. only.FOREX.com - Excellent all-round offering.
Do currency brokers make money?
They make a market for their clients, creating bid and ask prices for liquidity and matching buy orders with sell orders already on their book in order to minimise risk. Forex brokers who are market makers make money through spreads, as well as by betting against their clients' positions.