Market makers and market users in the Forex market

The structure of the Forex market can be represented in the form of a pyramid. Each stage of the foreign exchange market has a certain influence on its segment. The lower stage is represented by traders. There are the largest number of them. Market makers are located at the top stage, which determine the main routes for the development of financial relations. Market users act as intermediaries between them.

Маркет-мейкеры и маркет-юзеры на рынке Форекс

More about the steps

Some participants of the international currency market have one or another influence on the movement of the value of the currency. Depending on the degree of influence , it is customary to divide all participants into two global categories:

  • market makers;
  • market users.

Let’s take a closer look at these layers from the point of view of a pyramidal market structure, starting from the top step.

Upper stage – market makers

This group includes the largest players. Namely, large banks and other large-scale financial organizations. Due to the scale of their share in the global financial turnover, the current financial rate is determined. If you build Forex on the scale of a huge financial pyramid, then it is the market makers who are at the head of this entire structure. By placing orders for sale and purchase during an open trading session, they ensure the liquidity of a certain instrument.


Average – market users

Subordinate organizations in the system of currency relations in the market that accept quotes from market makers. Their activities are tailored to the request for quotations. These are smaller financial organizations and banks. There are significantly more users than makers. Although the total volume of their operations is significant, the share of each specific user is minimal.

Lower stage – traders

The largest layer of participants. Their activities take place within the quotation corridor provided by the market maker. Quotes displayed in their purchasing terminals are given with amendments by users (dealers and brokers).

The relationship between market users and market makers in the market

So, the quotation corridor is created by market makers. Outside of this corridor, traders are not allowed by market users. That is, purchase and sale transactions within a currency pair occur only at the proposed quotes. Market makers actually prevent the rapid growth or fall of a certain asset. But each major player has its own quotes, which may differ markedly from another participant. It depends on the internal policy of a major participant.

Взаимоотношения маркет-юзеров и маркет-мейкеров на рынке

Users, in order to strengthen their own position of influence, make their own adjustments to the received quotes, which often have a noticeable difference from the initial values within the quotation corridor. The user himself will not put up a quote for participation that will not bring him profit.

A trader should remember that his game primarily feeds the positions of users, then makers. And only the last one he will be able to get his own profit. For many, it will be a revelation that if you open accounts in different dealerships, the quotes of intermediaries will have noticeable differences.

When conducting business through dealerships, you need to be especially careful. A “conscientious” center may, for the sake of its own income increase, start playing against the general position of the players, slightly reducing the level of quotes received. At the same time, the profit of traders is not significantly reduced. This difference between “should be” and “is in reality” is credited to the user’s accounts.

But there are also non-conscientious players created to deceive end traders. They play against the position of a particular player, leading his deposit to ruin. The user has access to all information about how exactly the trader is active. Therefore, it is not difficult to depict the necessary market movement data on the charts of your own platform.

Published: 21 March, 2022

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