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This is a complex answer, depending on what "level" of dealership you want. I'll try to make the answers as simple as possible.
If you are referring to the ability to trade physical or digital Fiat currencies, you may have to seek license from the local gov't department/ministry of finance (or equivalent) and then you can proceed in currency exchange. If it is other digital currencies, like LibertyReserve, BitCoin, eGold, etc, you may still need a license.
If you are referring to setting up a retail forex platform for speculators/investors, then you would have to negotiate deals with liquidity providers (banks, institutions, white label, etc) to get a price feed, ability to hedge your risk, etc. You may still need licenses depending on the jurisdiction in which you operate. You also would need to provide methods to accept deposits, withdrawals, etc. And from a technical aspect, you would need to have ability to automate much of this process and troubleshoot when things go wrong.
As with most businesses, you may have to get on the ground and observe or at least talk with someone with prior experience in money exchanging to get a realistic view of the costs and procedures involved.
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∙ 11y ago
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