Ready to learn about forex? No matter your skill level, we have videos and guides to help you take your trading to the next level. New trader? Have some experience? Want to go deep on strategy? Great, we have guides on specific strategies and how to use them. Most clients of these large financial institutions will get forex quotes from the market makers by making a telephone call to the customer dealing desk of the large financial institution that the market maker works at. The customer service person then verbally requests a quotation from the market marker in the relevant currency pair working on the trading desk.
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Forex transactions are generally done using credit lines that counterparties extend to each other, rather than on a margin basis. The list below gives some additional details about the main foreign exchange market participants operating in the Interbank forex market:. The biggest currency market traders operating in the Interbank forex market tend to work at major commercial and investment banks.
Due to its massive size, impressive liquidity and relative stability, the forex market has attracted a number of high net worth individual traders, proprietary bank traders, and hedge fund operators who have made a collective mint trading currencies speculatively. Some of the better known among these currency trading giants include:. Each foreign exchange trader mentioned above comes from a different educational background, although many of them worked for George Soros , who really seems to know what makes a currency player successful and appears to have the rare ability to communicate it to the brightest traders who work for him.
The retail forex market is primarily made up of individual speculators that trade on margin deposited in a trading account with an online forex broker using an electronic trading platform like MetaTrader , for example.
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In addition to individual traders, retail market participants also include tourists, travelers and students that travel or study outside of the country of origin. The great majority of retail forex participants typically trade currencies online through one of many online forex brokers and Introducing brokers. These retail forex market participants typically trade in small amounts that can range from micro to standard lot sizes , with the standard lot size usually consisting of , units of the base currency in a currency pair.
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A large percentage of the retail forex market is made up of individual speculators that take on relatively small positions in their online forex broker margin accounts. Nevertheless, while the retail forex market has grown exponentially with the advent of online trading, it still only represents a small fraction of total forex trading volume.
Below are listed the major players in the retail forex market:. Retail forex traders tend to operate in small transaction amounts relative to those dealt in the Interbank market.
The major forex players operating in the retail forex market tend to be the online forex brokers that cater to such clients. The following table shows the largest retail forex brokers by trading volume in billions of U.
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Dollars that was measured for each broker over a month and a half period starting on July 1 st of These trading volume numbers are displayed graphically in the bar chart shown below in Figure 1 along the vertical axis in billions of U. Dollars per trading day. Futures contracts on currencies have been available for trading since the late s through the International Monetary Market or IMM of the Chicago Mercantile Exchange.
In addition to exchange traded futures on currencies, the exchange offers other derivatives like options on the futures contracts. Electronic trading on both futures and options can take place when the live exchange market in Chicago is closed. Each of the IMM currency futures contracts are quoted in U.