How to Use Offshore Banking for Currency Arbitrage

Most people hear “offshore banking” and think secrecy. The reality is less glamorous and far more practical: offshore banks are tools. They give you access to currencies, payment rails, and FX pricing you can’t usually get at your neighborhood branch. If you’re looking to run currency arbitrage—capturing tiny, low-risk discrepancies between exchange rates and interest rates—offshore accounts can be the difference between a viable edge and death by fees. I’ve helped small funds and globally minded entrepreneurs build these setups. The opportunities are real, but they’re narrow, fleeting, and unforgiving about sloppiness. This guide walks you through what works, what doesn’t, and how to operate with the discipline of a treasury desk.

What Currency Arbitrage Really Means

Arbitrage, in its purest form, is riskless profit: buy something where it’s cheap, sell where it’s expensive, lock in a spread. In foreign exchange, “pure” arbitrage exists but vanishes fast. More often, you’re dealing with near-arbitrage—edges that behave like arbitrage if you control execution, costs, and risk.

• Triangular arbitrage: Exploiting inconsistencies between three currency pairs (e.g., USD/EUR, EUR/GBP, GBP/USD).

• Cross-currency basis/covered interest arbitrage: Earning an interest rate differential while hedging FX risk with forwards; if forward prices deviate from theory (covered interest parity), you can pick up a basis spread.

• Onshore/offshore price gaps: Differences between markets due to capital controls, liquidity, or holiday schedules (e.g., CNY vs CNH, INR NDF vs spot rupee).

• Operational arbitrage: Using offshore accounts to settle locally and access better spreads than retail platforms.

True arbitrage windows are measured in seconds or minutes for majors, sometimes hours for exotic pairs. Offshore banking doesn’t create arbitrage; it removes friction so you can capture it and keep more of it.

Why Offshore Banking Helps

• Multi-currency accounts: Hold, receive, and pay in multiple currencies without constant conversion. This is vital for staging legs of a trade and avoiding unnecessary FX.

• Better spreads and products: Offshore private banks and certain licensed EMIs (electronic money institutions) offer institutional-like FX pricing, forwards, non-deliverable forwards (NDFs), and options.

• Time zone and holiday coverage: Singapore, Hong Kong, and UAE desks cover Asian and Middle Eastern hours; European centers cover London time; this matters when executing across regions.

• Local rails: SEPA, Faster Payments, ACH-equivalents, GIRO systems, and domestic settlement reduce transfer costs and delays.

• Account segregation and prefunding: Some platforms let you preposition liquidity in several currencies so you can act instantly, then square up later.

You’re essentially building a small treasury operation: accounts in the right places, clean data feeds, and the ability to execute quickly with transparent costs.

The Building Blocks You Need

Accounts and Entities

• Bank accounts: At least two offshore banks in different jurisdictions plus one domestic bank. Diversification reduces counterparty and operational risk.

• Multi-currency EMIs: Fintechs offering segregated IBANs and local account details in USD, EUR, GBP, etc. They often provide tighter FX spreads for mid-sized flows.

• Legal entity: Many banks prefer corporate accounts (LLC, Ltd, etc.) for FX activity. Expect to show a legitimate business purpose, not “I want to speculate.” Substance matters: contracts, invoices, a website, and basic governance.

Payment Rails

• SWIFT: Global standard; can be slow and expensive for small tickets.

• SEPA (EUR), Faster Payments (GBP), ACH/ACH-equivalents (USD and local variants): Faster and cheaper. Aim to use local rails whenever possible.

Execution Venues

• Your banks’ FX desks: Good for large, non-retail tickets; spreads improve with volume and relationship.

• Prime-of-prime brokers/ECNs: Access to deep liquidity and better pricing for active arbitrage; requires KYC and sometimes higher minimums or margin.

• NDF-compatible venues: Needed for currencies with capital controls (INR, KRW, TWD, etc.).

Data and Tools

• Live executable quotes: Not just indicative mid-rates. You need the rate you can actually hit.

• Fee visibility: All-in costs per leg, including spreads, platform fees, and transfer costs.

• Risk dashboard: Positions by currency, settlement dates, and counterparties. Spreadsheet models can work if meticulously maintained; dedicated treasury software is better.

Legal and Compliance Basics

• KYC/AML: Offshore banks will ask for source of funds, business model, contracts, and tax compliance documents. Have them ready.

• Reporting: Depending on your residency, you may need to report foreign accounts and income (e.g., FATCA/FBAR for US persons, CRS globally).

• Licenses: If you trade on behalf of others or hold client money, licensing may be required. Do not wing this.

Core Strategies That Actually Work

1) Triangular Arbitrage Across Currency Pairs

You’re exploiting inconsistencies in cross rates. Suppose you see:

• USD/EUR = 0.9100 (meaning 1 USD buys 0.9100 EUR)

• EUR/GBP = 0.8600 (1 EUR buys 0.8600 GBP)

• GBP/USD = 1.2950 (1 GBP buys 1.2950 USD)

Check the implied GBP/USD via USD/EUR and EUR/GBP:

• 1 USD -> 0.9100 EUR

• 0.9100 EUR -> 0.9100 × 0.8600 = 0.7826 GBP

• Implied GBP/USD = 1 / 0.7826 = 1.2779

The market’s GBP/USD is 1.2950. If these are executable prices, not quotes, and your costs are low, there’s a window. A quick way to see it:

• If you start with 1 USD:

• USD -> EUR: 1 × 0.9100 = 0.9100 EUR

• EUR -> GBP: 0.9100 × 0.8600 = 0.7826 GBP

• GBP -> USD: 0.7826 × 1.2950 = 1.0137 USD

• Gross edge ≈ 1.37%. That’s enormous by FX standards and almost certainly an illusion created by stale or non-executable quotes. Real-world edges are more like 1–5 basis points (0.01%–0.05%) on majors, occasionally 10–20 bps on exotics with liquidity risks.

What offshore banking changes:

• Better, faster execution across legs.

• Ability to hold currencies across the loop without forced conversions.

• Access to ECN/pricing where mispricings appear for milliseconds.

Reality check:

• After spreads (typically 0.2–1.0 bps on ECN for majors if you’re sizable; 5–20 bps retail), plus fees, your net edge must still be positive.

• Multi-bank setup helps: you may hit USD/EUR at Bank A, EUR/GBP at Broker B, GBP/USD at Bank C.

2) Cross-Border Interest Rate Arbitrage (Hedged Carry)

Carry is simple: earn a higher interest rate on Currency X while hedging FX risk via forwards. If covered interest parity holds perfectly, the forward rate will erase your excess return. When there’s a cross-currency basis, you might capture extra yield.

Basic structure:

• Deposit in higher-yielding currency (e.g., MXN, ZAR).

• Simultaneously enter a forward to sell that currency for your base (e.g., USD) at maturity.

• Your return equals deposit yield minus the forward premium/discount implied by interest differentials, plus/minus any basis you lock.

Example with rough numbers:

• You deposit MXN at 9.0% annualized for 3 months.

• USD deposit rate is 5.0% annualized.

• The MXN/USD forward usually reflects that 4% differential. If you can lock a forward that implies only a 3.5% differential (due to basis), you pick up 0.5% annualized extra, pro-rated for 3 months ≈ 0.125% on notional. On $2 million, that’s $2,500 pre-fees for the quarter.

Key practicalities:

• You need an offshore bank that actually offers decent deposit rates and competitive forwards. Some private banks offer term deposits in multiple currencies; many EMIs do not.

• Basis can flip. Always hedge at entry and match tenors with deposits (or roll carefully).

• Costs matter: custody fees, early withdrawal penalties, forward spreads, and operational overhead can erase thin edges.

3) Onshore-Offshore Gaps (CNH vs CNY, NDF vs Spot)

Some currencies trade differently offshore due to capital controls.

• CNH (offshore yuan) vs CNY (onshore yuan): CNH forwards can diverge from onshore pricing. You can sometimes execute CNH spot/forward combos against a USD leg to capture a spread, then hedge residual risk.

• NDFs (e.g., INR, KRW): Non-deliverable forwards settle in USD. You can structure cash-and-carry trades if you have access to local currency interest rates and NDF pricing, though this is advanced and often institution-only.

I’ve seen small desks earn consistent, modest basis returns here by specializing—knowing holiday calendars, liquidity pockets, and typical basis behavior around month-end and quarter-end.

4) Weekend and Holiday Liquidity Gaps

Offshore banks with 24/5 or extended-hour dealing sometimes show stale quotes around holidays. If you can verify executable pricing and your counterparty will honor it, you can occasionally pick off a mispriced forward point or cross. This is rare and relationship-driven; abusing stale quotes gets accounts closed. I’m mentioning it because experienced operators look for it—but respect the line between sharp trading and being a bad counterparty.

5) Cross-Border Payment Arbitrage

Less about pure FX and more about spread capture:

• Accept payments in local currency via your offshore account and convert at institutional spreads rather than letting a payment processor convert at retail margins.

• If you invoice in EUR but your cost base is in GBP, holding EUR at an offshore EMI and converting during favorable windows can add 10–50 bps to margins over a year.

This is often the most reliable “arbitrage” for businesses—optimizing operational FX rather than speculative trading.

Step-by-Step Setup Blueprint

1) Define the Use Case and Size

• Are you running a small prop strategy (e.g., $500k–$5m) or optimizing business payments?

• What average ticket sizes will you trade? Many “opportunities” are too small for $1–5k tickets because fees will dominate.

• Which currency set will you specialize in? Majors (EUR, GBP, JPY, CHF), liquid EM (MXN, ZAR), or controlled currencies (CNH, INR NDF)? Specialize first.

2) Choose Jurisdictions for Banking

Look for:

• Reputation and regulatory stability: Singapore, Switzerland, Luxembourg, Hong Kong, UAE (ADGM/DIFC), Isle of Man, Jersey, Guernsey, Mauritius, Labuan.

• Product availability: Forwards/NDFs, multi-currency term deposits, and competitive FX spreads.

• Practical considerations: Ease of account opening, minimum balances, reporting obligations.

Most small operators do well with one Asian hub (Singapore or Hong Kong) and one European hub (Luxembourg, Switzerland, or a Crown Dependency), plus a domestic account.

3) Prepare Documentation

Expect to provide:

• Company docs: Certificate of incorporation, articles, directors/shareholders registry.

• IDs and proofs of address for UBOs and directors.

• Source of funds: Bank statements, tax returns, sale contracts.

• Business plan: How you make money, counterparties, expected volumes, countries, and purpose of multi-currency accounts.

• Compliance policies: AML/KYC procedures if you have clients; operational controls.

Present a clean, credible narrative: you operate a treasury function, not a secrecy scheme.

4) Open 2–3 Banks and 1–2 EMIs

• Bank A: Primary FX and deposit provider with a dealing desk; negotiate spreads.

• Bank B: Backup and cross-quote to keep Bank A honest.

• EMI: For fast local payments and multi-currency receiving (with named accounts). Ensure strong compliance standards and segregated client funds if applicable.

5) Secure Execution Access

• ECN or prime-of-prime access if you’re serious about triangular arbitrage.

• Bank trading portals with streaming prices for forwards and spots.

• Confirm you can place time-weighted or iceberg orders and see depth-of-market if needed.

6) Build Your Operational Stack

• Pricing dashboard: Live executable quotes and your own fee-adjusted net rates.

• Trade blotter: Track time, venue, notional, legs, fees, and P&L per trade.

• Settlement controls: CLS-eligible currencies where possible; otherwise, precise SWIFT instructions and same-day confirmations.

• Accounting: Multi-currency ledger and daily reconciliation. Don’t skip this.

Finding and Pricing an Arbitrage

Triangular Arbitrage Sizing

Algorithmically or manually, calculate:

1) Compute cross-implied rates and compare with actual quotes. 2) Convert a starting notional through the loop using executable bid/offer prices you would actually hit. 3) Subtract all costs:

• Spread on each leg

• Platform fees (per million or per ticket)

• Transfer costs if settlement requires moving funds

• Any hedging or overnight borrow costs if legs settle on different days

Rule of thumb: If the net edge is less than 2–3 times your total costs, skip it. You need a margin of error for slippage.

Example (conservative):

• Suppose you detect a 4 bps gross edge on a $2m notional loop.

• Your all-in trading costs (spreads, fees) tally 1.5 bps.

• Slippage allowance: 1 bps.

• Expected net: 1.5 bps ≈ $300 per loop.

• If you can execute this 10 times a day with high reliability, that’s $3,000/day pre-overhead. If you can’t scale or if fill rates drop, it’s noise.

Hedged Carry Pricing

Calculate a forward-hedged return:

• Deposit rate (annualized) of the high-yield currency: rH

• Base currency rate: rB

• Forward-implied differential (approx): rH − rB

• Observed forward price may include a basis (b). Your hedged return over tenor T (in years) is roughly b × T minus costs.

Make it concrete:

• Notional: $5m

• Tenor: 6 months (T = 0.5)

• Basis captured: 0.40% annualized

• Gross: 0.20% = $10,000

• Costs: Forward spread ($3k), custody ($1k), ops ($500), net ≈ $5,500

• Frequency: If replicated across three currencies with similar edges, now you have a real (but modest) program.

Onshore/Offshore Gap Checks

• Holiday calendars: Edges often appear near mismatched closures.

• Capital flow drivers: Month/quarter-end balance sheet adjustments can widen basis.

• Legal constraints: Verify you’re permitted to trade specific instruments (e.g., NDFs) in your jurisdiction.

Executing Safely

Pre-Funding and PVP

• Pre-fund the first leg in the correct currency at the execution venue to avoid settlement failure.

• Use payment-versus-payment (PVP) or CLS where available to reduce Herstatt risk (being paid in one currency while not receiving the other due to timing).

Standard Operating Procedures

• Standardize SWIFT fields and beneficiary details to avoid repair fees and delays.

• Use matching systems or at least same-day email confirmations with counterparties for over-the-counter deals.

• Maintain counterparty limits. Don’t put all your flow through one desk.

Latency and Fill Discipline

• If using algorithmic detection for triangular arbitrage, colocate or use low-latency connections to your ECN. Milliseconds matter.

• Define a minimum net edge threshold that dynamically accounts for current spreads and fill quality. If you don’t get full size, partial fills can flip your economics.

Risk Management: The Things That Break You

• Market risk: For pure arbitrage, you still face execution and timing risk. Legs can move while you fill.

• Basis risk: In carry trades, the basis you think you’ve locked can shift if you mismatch tenors or need to roll.

• Counterparty risk: Banks and EMIs can freeze or de-risk you. Maintain redundancy and keep relationships clean.

• Capital controls: Edges in restricted currencies can evaporate when rules change. Monitor regulatory updates obsessively.

• Operational risk: Fat fingers, wrong value dates, or missing cutoffs destroy months of profits. Use checklists and dual approvals.

• Liquidity risk: Exotics widen dramatically during stress. If you can’t unwind, it’s not arbitrage—it’s a punt.

• Legal/tax risk: Misreporting foreign accounts or running client money without a license invites trouble.

I’ve seen “can’t fail” trades fail because a team missed a 4 pm cutoff and had to carry an unhedged leg overnight into an unexpected central bank headline. Build buffers. Respect cutoffs. Double-check value dates.

Costs: The Silent Edge Killer

Every leg has a cost. Know them cold:

• Spreads: The biggest line item. Institutional spreads on majors can be sub-1 bp for size; retail spreads can be 10–30 bps.

• Commissions/platform fees: Per million or per ticket fees add up.

• Transfer fees: SWIFT can run $10–$50 per wire per side; repair fees are worse.

• Account fees: Monthly maintenance, minimum balances, custody.

• Legal and accounting: If you’re running a proper entity, budget for it.

• Slippage: Build expected slippage into pricing, not as a surprise afterward.

Run sensitivity analyses. If spread widens by 2 bps or transfer fees occur twice as often as expected, do you still make money?

Jurisdiction Snapshot: Practical Considerations

• Singapore: Strong regulation, excellent banks, broad FX products, good time-zone coverage. Account opening is rigorous but fair. Good for CNH access.

• Switzerland/Luxembourg: High-quality private banks, sophisticated treasury products, and strong client service. Higher minimums and fees.

• Hong Kong: Deep FX market, good CNH access. Be mindful of evolving regulatory environment and practical account-opening hurdles for small entities.

• UAE (DIFC/ADGM): Growing FX ecosystem, tax-friendly, broad banking options. Relationship-driven; good for Middle East/Africa currency flows.

• Isle of Man/Jersey/Guernsey: Solid for multi-currency accounts with UK links and strong oversight; often used for corporate treasury structures.

• Mauritius/Labuan: Attractive for regional holdings; pick banks carefully and prioritize reputational strength.

You aren’t shopping for secrecy; you’re shopping for capability and reliability.

Common Mistakes and How to Avoid Them

• Using indicative rates: Many “edges” exist only in mid-rate dashboards. Confirm executable bid/offer prices before acting.

• Underestimating fees: Count every basis point and every wire fee. Small tickets rarely work.

• Relying on one counterparty: If a desk widens spreads or turns off pricing, your edge evaporates. Keep two backups.

• Ignoring value dates: Forward/spot mismatches can leave you with an unintentional overnight position.

• Overtrading during illiquidity: Spreads balloon around data releases, rollovers, and holidays. Scale back or go flat.

• Poor documentation: Banks dislike mystery. Provide clean source-of-funds, purpose, and consistent activity.

• Tax complacency: Foreign account reporting is not optional. Get a professional to map your obligations.

Case Studies (Numbers Simplified, Concepts Real)

Case 1: Micro Triangular Arbitrage on Majors

Setup:

• ECN access via prime-of-prime.

• Three banks feeding quotes; algorithm scans for 2–3 bp edges.

Observation:

• Found 2.7 bp average gross edges on EUR/GBP/USD loops, 20–30 times per day in London/Singapore overlap.

Execution:

• Average notional per loop: $1.5m

• Costs: ~1.0 bp all-in (tight spreads and low commissions), expected slippage 0.5 bp.

Result:

• Net ≈ 1.2 bp × $1.5m = $180/loop.

• 25 loops/day ≈ $4,500/day pre-overhead.

• Annualized after downtime and seasonality: mid-six figures if consistently maintained.

Lessons:

• The business lives or dies on spreads and fill quality. One operational blow-up (fat finger, delayed leg) can wipe a week’s profits.

Case 2: Hedged Carry in MXN via Offshore Bank

Setup:

• Offshore bank offers MXN term deposits and competitive MXN/USD forwards.

• USD base currency, $5m notional, 6-month tenor.

Numbers:

• MXN deposit yield: 9.2% annualized.

• USD deposit yield: 5.2%.

• Forward-implied differential: 3.8% (instead of 4.0%) due to basis.

• Basis capture: 0.2% annualized → 0.1% over 6 months → $5,000 gross.

Costs:

• Forward spread: $2,500

• Custody and admin: $1,000

• Net: ~$1,500 for the period.

Is it worth it?

• On $5m, the edge is slim but positive. With three similar plays (e.g., MXN, ZAR, CNH) and careful scaling, the program adds up.

• Execution discipline matters. If you misalign tenors or pay wider spreads, the profit vanishes.

Case 3: CNH Basis Around Quarter-End

Setup:

• Bank and broker provide CNH/USD forwards and spot CNH.

• Observed quarter-end tightening at onshore banks pushes basis in CNH.

Trade:

• Short-dated CNH/USD forwards priced with a 15–25 bp annualized basis for 1-month tenor.

• Execute cash-and-carry: hold CNH cash at a bank paying a modest yield, sell CNH forward at favorable points.

Outcome:

• After costs, net 5–10 bp annualized for the month. On $20m notional, that’s $8,000–$16,000 if replicated carefully.

Caveats:

• Requires well-established CNH banking relationships and precise holiday handling. Sloppy settlement kills the edge.

Tools and Vendor Criteria

• Banks: You want tight FX spreads, forwards/NDFs, multi-currency accounts, and responsive dealers. Test them: request firm quotes and see how often they requote.

• EMIs: Prefer providers with named accounts in multiple currencies, local rails, transparent FX margins, and strong compliance. Avoid ultra-cheap platforms with shaky banking partners.

• Brokers/ECNs: Look for deep liquidity, low-latency access, and clear fee schedules. Currenex, EBS, and similar are industry standards; access may require a prime-of-prime.

• Data: Executable pricing feeds, not just aggregates. Latency matters if you’re chasing micro edges.

• Workflow: Use a ticketing or blotter system, even if it’s a robust spreadsheet, with pre-trade checks and post-trade reconciliation.

Compliance and Tax: Keep It Clean

• Reporting: Many countries require disclosure of foreign accounts and income. For US persons, that includes FBAR/FinCEN 114 and FATCA Form 8938; other jurisdictions have CRS-based requirements. Get professional advice tailored to you.

• Substantive activity: If you’re running a corporate structure, keep minutes, contracts, and invoices. Avoid sham entities.

• AML/KYC hygiene: Keep documentation current. Update banks proactively if your activity or ownership changes.

• Licensing: If you manage third-party funds or handle client money, you may need a license. Consult a lawyer in your operating jurisdictions.

A compliant, transparent setup gets better banking, tighter pricing, and longevity. That’s part of your edge.

When Offshore Arbitrage Isn’t Worth It

• Small tickets: If your average trade is $10,000 and you’re paying $20–$40 per wire plus wide spreads, you’re underwater.

• Pure retail platforms: Consumer FX apps aren’t built for arbitrage; spreads and rules prevent it.

• No specialization: Trying to cover every currency dilutes your knowledge and increases error rates. Pick a lane.

• Weak operations: If you can’t reconcile daily or miss cutoffs often, you’re gambling, not arbitraging.

A Practical Weekly Workflow

• Monday setup:

• Check holiday calendars across target jurisdictions.

• Confirm bank cutoffs and maintenance windows.

• Update limits with counterparties.

• Daily routine:

• Pre-open: Verify balances and prefunding in required currencies.

• During sessions: Run your scanner for triangular opportunities; maintain a running list of forward basis by tenor for target currencies.

• Midday check: Reconcile morning trades, confirm settlements, chase any pending SWIFT confirmations.

• Pre-close: Flatten any unintended exposures; verify tomorrow’s maturities and roll instructions.

• Weekly review:

• P&L by strategy and counterparty.

• Cost audit: Spreads, fees, slippage. Negotiate if costs trend up.

• Risk metrics: Counterparty concentrations, settlement fails, value date mismatches.

• Compliance: Update any KYC or source-of-funds docs requested.

Personal Tips from the Trenches

• Negotiate everything: Spreads, platform fees, and even cutoffs. Banks make money on inertia. If you bring consistent volume, you have leverage.

• Build human relationships: A responsive dealer can save a trade during a glitch. Be fair. Don’t fade quotes or play games; reputations travel fast in FX.

• Pre-flight every new venue: Send small test payments between your banks/EMIs; verify exact cutoffs and actual settlement times. Your first big trade should never be the first time you use a rail.

• Cost discipline beats cleverness: The best “innovation” I’ve seen was a team reducing average all-in costs from 2.4 bps to 1.6 bps. Their profit doubled with no change in edge frequency.

• Specialize in one quirk: Maybe you track month-end CNH basis patterns or Europe-to-Asia triangular anomalies during London lunch. Own a niche.

Frequently Overlooked Details

• Value date alignment: If one leg is T+2 and another is T+1, ensure you bridge the mismatch or you’ll carry unwanted risk.

• Day count conventions: Interest accrual in deposit/forward pricing can shift a few bps. Know how each bank computes it.

• Tax on FX gains: Some jurisdictions treat hedged carry as interest, others as capital gains or ordinary income. The wrong assumption can nuke your net returns.

• Documentation for auditors: Keep screenshots or trade confirmations. If you ever raise capital or face a bank review, clean records are your friend.

• Technology hygiene: Autosave and version control on pricing spreadsheets. I’ve watched a fragile spreadsheet error produce imaginary profits for weeks before discovery.

Getting Started: A 30-Day Plan

• Days 1–7:

• Decide on a niche: triangular majors or hedged carry in 1–2 EM currencies.

• Shortlist two banks and one EMI per your niche.

• Prepare documentation; draft a concise business purpose statement.

• Days 8–15:

• Open accounts; run test payments; request FX pricing grids and forward tenor availability.

• Build a basic pricing model with real executable quotes and all-in costs.

• Days 16–23:

• Paper trade your strategy using live data and your exact cost structure.

• Tweak thresholds for execution based on actual fill rates.

• Days 24–30:

• Start with small real trades to validate ops and settlement.

• Review P&L, costs, and operational snags. Adjust or pause if net returns aren’t exceeding your 2–3x cost threshold.

Final Thoughts

Offshore banking won’t magically mint profits. It gives you the plumbing—multi-currency accounts, better FX products, and faster rails—so that legitimate, small edges become tradable. The skill is less about being a genius and more about being relentlessly operational: precise, cost-obsessed, and boringly consistent.

Arbitrage edges are thin. If you respect that and build a setup that minimizes friction, you can turn the world’s most liquid market into a steady, unglamorous revenue stream. If you ignore costs, sloppily chase quotes, or treat offshore accounts like a shortcut, the market will teach expensive lessons. Choose the former path. It’s less dramatic, and it works.