What is a broker-dealer?

[@deeplizard]

Trading playlist link is here: kzbin.info/aero/PLZbbT5o_s2xozgvFCx7Szh_rwH9GQWgXU

[@user-yo8pw8wd3z]

Excellent stuff

[@ТерористТалибан]

Wow great video

[@robertatvitalitystar2444]

I'm watching them all.

[@deeplizard]

Love to hear from you when you cross the finish line! Good luck!

[@BigSnowman626]

what when i set my own price range on the app devs apps. i file my taxes.?

[@abdullaalturabi6526]

i'm a level 1 cfa candidate and this is some fkin nxt lvl shit. i cannot understand shit!

[@deeplizard]

Hey Abdulla - You can do it! 🚀

[@Marine229002]

While there is no disputing that GDAX is most definitely an exchange but it has always felt like Coinbase was more of a broker to me. Coinbase doesn't allow direct interaction with buyers/sellers, you can't see the order book, their prices aren't as quick to update and they can be a few percent off the real trading price, they barely have anything for charts, and they charge hefty fees. I see many people referring to Coinbase as an exchange, and it just doesn't make sense to me. Maybe they aren't really a broker but they definitely aren't an exchange.

[@deeplizard]

Great points. I agree. I didn't think of this before, but you made me realize that I could have used the Coinbase and GDAX as a discussion point in this video. My idea was to talk about the NYSE because the next layer (market > order book > exchange > broker) is forced by the NYSE requirements. There's really two ways to look at broker-dealers. One is how they are legally classified (in the US at least), and two is how they function. Now, Coinbase definitely functions as a broker, a digital currency broker. In the video, I was focusing on GDAX when looking at the user agreement. Section 3 is the section on GDAX. Those sentences I pointed to about not being a broker, were specifically referring to GDAX. When they said "Coinbase," they mean "Coinbase Inc" as the owner of GDAX and not the Coinbase services/site/app. This is at the top of the agreement: "This is a contract between you and Coinbase, Inc. ("Coinbase")." Coinbase is a good example of how a broker functions. They hide all the complexity of exchanges from the user. They act as a buffer for the user, a layer on top with extra services like the vault, reoccurring purchases, etc. Nice comment! Thanks!

[@She_iswise]

@@deeplizard Do you need to go through Finra to be a digital currency broker?

[@bando8086]

view number 11,111...nice

[@BigSnowman626]

i dont borrow capital losses.