Forex trading without brokers, available options, advantages and disadvantages
Many of those who have tried their hand at currency trading believe that the main reason for their failures is brokers who interfere in the trading process.
Therefore, you can often hear the question “Is Forex trading possible without brokers?” In their opinion, the absence of intermediaries will improve trading results.
Everyone has the right to their opinion, so we will try to answer this question.
Yes, today there are several options for trading Forex without brokers, and they are quite affordable for everyone.
But, first of all, it should be noted that in any case you will have to work through an intermediary; you will be able to carry out transactions with currency directly only if the transaction takes place directly with the seller or buyer.
Available forex trading options without brokers
Online banking is one of the most accessible options available in most banks. To implement it, it is enough to have several accounts and access to online banking:
To exchange one currency for another, you need to open accounts in the required currencies, for example, an account in dollars, euros and Russian rubles.
The exchange is made instantly and the money appears in the appropriate account.
It should be noted that the following disadvantages of this option are a large commission and a limited selection of currencies for which exchange can be made.
Electronic payment systems - such as Yandex money (Yumani), WebMoney and other similar electronic money options:
Here everything is a little more complicated; for operations you should use the appropriate application, which you need to install on your computer or phone.
After this, you can literally exchange one currency for another in just a couple of clicks, after which the purchased currency will appear in the corresponding wallet.
If we talk about the disadvantages, there are quite a few of them, first of all, this is the cost of exchange, which can range from 1 to 3 percent; there are also additional costs when replenishing an electronic wallet and withdrawing money to a bank card.
Applications on the phone - or in other words, electronic payment systems that have their own plastic card:
The best example of this option, in my opinion, is Revolut. In order to use this application, you must first register on the Revolut website , and then install their application on your phone.
Exchange in Revolut is much more functional than with the other options described above. Here you can not only quickly exchange several dozen currencies, but also carry out transactions with cryptocurrencies and securities.
At the same time, there are charts of exchange rate movement and it is possible to place pending orders, and profits can be withdrawn directly from the Revolut card, which is issued free of charge.
True, this option is not without its drawbacks - firstly, Revolut is not available in all countries, there are limits on free withdrawals, and the commission sometimes leaves much to be desired.
As they say, everything is learned by comparison, try trading Forex without brokers and the tools they provide, and you yourself decide whether or not this option is worth your attention or use classic trading through a brokerage company .