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The liquidity providers. Brokers specifically are a part of that group.
Spot fx is dominated by forex brokers and their liquidity providers. There's a whole aspect in the un-regulated off-shore realm as well. They don't operate under scrutiny and can be the anyone or entity...Hedgefunds, arms of regulated brokers (off-books) and even the liquidity providers themselves. I can open a brokerage with enough seed capital, an Mt4 license and a brick and mortar domiciled somewhere in the Marshall Island etc.
There's nuances that just aren't known by uninformed traders nor made public.
Can you help answer these questions from other members on NexusFi?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
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I know when you started this thread you were talking about people hating on profitable traders on fx trading sites but I thought the conversation had pivoted to talking about the advantages of trading futures vs retail fx shops. Hence my reply was from the perspective of futures - spot FX isn't something I've experience in. In fact the few times I've ever looked at the popular options open to US customers to trade FX I've always left in disbelief about how uncompetitive/one-sided it is against the retail trader.
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Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote