For some months, the Central Bank opened the game so that more dollar sellers in the foreign exchange market. Therefore, some stock companies are already allowed to buy and offer US currencies at lower prices than traditional banks. They also point out that customers do not need to carry out any direct procedures and that they can operate immediately.
The monetary authority has facilitated the rules so that there are more participants in the foreign exchange market. He also added two securities brokers who were also authorized to sell in the dollar: Balanz and stock market index in their daily retail dollar market surveys, and will join Bull Market Brokers in the coming weeks, which began to work at home to change this Wednesday.
This is amazing they have better prices than the cheapest Banco Nación sales tip and that they also buy at a better price than banks usually take.
As explained by both companies, this feature is explained by two things: business decision to attract depositors and low cost. On the one hand, the Commercial Director of the Balanz Mutual Funds, Daniel Vicien, commented that "the difference between the purchase price and the selling price depends on the appetite to earn more or less money." "Our idea is to make it more" closed "and this allows us to gain some usefulness," he said.
For his part, Luis Vallejo, founder of Indicador Bursátil, explained that "Unlike banks, as there is no cash management, you will reduce the cost of cash, such as transportation or security."
Ramiro Marra of Bull Market Brokers and Financial Youtuber explained: "In Argentina, two million people buy dollars a month, these two million people buy about $ 2000 million, which we did was lower the cost of entry and exit to the currency market. The difference between the purchase price and selling price in banks is 5%, and we take it up to 2.5% ".
Step by step how to operate
The first thing to do is open an account. For Balanz and IB changes, it can be done from a mobile phone. Balanz has even developed a free application, and Bull Market Brokers is about to open its own. The activity of these last signatures is from a computer.
Before you begin to buy or sell, then there will be enter some basic identity data from the customer and in all cases will be requested ID Photo and Self-Exploration for the biometric verification of personal data. In no case, the client does not belong to any office or document presentation.
After completing this step, you can already access US currency buying and selling quotes. For one of the two activities, the transfer must be made from a bank account, but it will not be necessary to "associate" it with the user, as they will be able to find out who owns it by entering their account data.
In case of IB changes, you can even make a purchase or sale before completing the account opening process. A purchase order will be sent, which will be "frozen" until the data entry is complete.
Balanz and Bull Market allow you to take immediate action, but IB Changes are from 24 to 48 hours. The three have something in common: opening and maintaining an account and selling dollars will not pay commission.
The purpose of joint stock companies is to simultaneously offer an opportunity to invest in other financial instruments. The balance offers those who have an account, an opportunity to turn to assets "both at home and abroad," explained Wachen.
In turn, the Bull market manages what they call the "supermarket" of investment funds, with which the saver can choose a good FCI amount without opening each account.