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Hi John, yes they do...unless they want to fiddle around with limitorders where they join the bid/ask.
Smaller institutions (banks) usually just buy at market (Ask) but the big banks might be more prone to use limits to save the spread costs...But spreads these days are very low in the majors.
Most FX trading is done via EBS and Mathcing which works in the same way as a futures orderbook.
Institutions can not be generalized as one entity. Some have deeper liquidity than another and may buy at the ask if necessary. Second, the purpose for some may be hedging, cash conversion or other where a tick is of insignificance.
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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