Determine Your Status
So, if you made the decision to apply exchange trade in your business — you need to determine your status at the exchange trade field. Several variants are available – you can directly participate in the auctions and become an authorized, having all powers exchange trade participant, or you can turn to exchange brokers, become broker’client and take part in the auctions indirectly.
Exchange trade participant status provides the biggest freedom of choice — you're able to trade independently, owning both commodities and money; you can become an exchange broker and trade for the others; or you can do both.
Here is a reference table to sum it all up.