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Lol, usually people are trying to get the IB rate, because it is minimal for major currencies, lets say EUR USD might be 1.19999 and 1.20001 and yes, some entities may by agreement trade without that "fee" at 1.2 exactly that would also be the published rate you see in print and internet services. The 2.5% you've been quoted is unlikely to be "...


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You are not very far off the mark, but as an outsider you may lack knowledge and understanding of some of the finer points. Supporting your notion would be the UK "spreadbetting" shops, where there's no suggestion that you are "trading" forex, but the user experience is (largely) the same, you "bet" the dollar will go up or down ...


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As shown in the screenshot above, TT is telegraphic transfer (wire transfer in another sense). You can best think of it as your "Paynow" across banks/accounts but because in this case there's FX currencies involved, it usually takes time (1-3 days process time across different banks) and an additional fee/charge for the transfer. OD stands for on-...


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