The Wall Street Journal says that this is changing the way in which currencies are traded. Previously, for big blocks of currency, traders would have to manually request a quote from Wall Street brokerages, which still dominate forex trading through the interbank market. The brokerage would match up buyer and seller and take a cut, in the form of the spread. Retail traders, on the other hand, have never known such a troublesome process, having always been afforded electronic quotes and instant execution. However, the price paid for this convenience comes in the form of wide spreads, since both your retail broker and its representative on the interbank markets must both earn a profit.


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