Originally Posted by Dealer

Some facts here.

1. Your friend is NOT a FX Dealer. FX dealers don't open accounts. No matter which bank, brokerage, fund etc. Your friend is more like an account exec, (not even considered FX sales if he's not talking to clients about the markets n giving them quotes)

2. FX dealer = FX trader (in banks)
Some bank dealers are given mandate to take positions in the market. So they are known as traders as well. But some other bank dealers cannot take positions in market, but they are still dealers nevertheless. (It's not as simple as just putting in whatever trade your customer wants)

3. In FX lingo, brokers are NOT dealers.
FX brokers are typically money brokers (aka interdealer brokers). They are the guys from ICAP, Tullet, Tradition etc, who match trades btw interbank dealers. Typically for less transparent/liquid products. They entertain the dealers to get their business flow.