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Is it good to use two Brokers?

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  • Is it good to use two Brokers?

    Hello, I am not sure about this, but I feel like opening another account with another broker. I currently use Cardinal Markets. Although I have made a reasonable amount of money there, but I feel like splitting my profit in two and moving the other half to another broker. Is it good to use two Brokers?

  • #2
    I use several brokers, as it's better to spread the risk around, you never know when a broker might go out of business, I had an account with alpari UK, and after the chf un peg it took about 6 months to get my funds back,

    currently I use axitrader, ic markets and blueberry markets, generally asic and FCA regulation is the best, however with FCA regulation their is a loophole with FCA, as brokers can obtain regulation as long as they are apart of the EU, so just be careful, for example a broker in Latvia can obtain FCA regulation,

    brokers in the USA have the best regulation but trading conditions are terrible, ie fifo, no hedging etc

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    • #3
      In Europe ESMA is making some drastic changes, some of them good and some not so good. Hedging stays but margin requirements will go way up for example.

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      • #4
        You can use more than one broker if you like but personally I just open multiple accounts at the same broker(JAFX).

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        • #5
          Hi Natalie, i prefer to use only one my trustly broker than 2 or more broker. If i already satisfied with their service i will make more deposit.

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          • #6
            Yes its good to choose two different brokers, then after 1 month analyze which one is best

            Choose 2 broker is like A/B Testing

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            • #7
              I only use the second broker as my initial signal. Some broker have more delay.

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              • #8
                You should use at least 2, if not even more different brokers. It is one of the most fundamental aspects of proper money management and hedging your risk. I have traded with 10 different brokers simultaneously, just to make sure my risk of losing a substantial amount of money to scammers stays as low as possible.

                Using 2 different brokers is an absolute minimum in my opinion.

                _______________________________
                https://groundfinance.com/



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                • #9
                  risk minimization, or in other word don't put all eggs in one basket)))

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                  • #10
                    Originally posted by minkw View Post
                    I use several brokers, as it's better to spread the risk around, you never know when a broker might go out of business, I had an account with alpari UK, and after the chf un peg it took about 6 months to get my funds back,

                    currently I use axitrader, ic markets and blueberry markets, generally asic and FCA regulation is the best, however with FCA regulation their is a loophole with FCA, as brokers can obtain regulation as long as they are apart of the EU, so just be careful, for example a broker in Latvia can obtain FCA regulation,

                    brokers in the USA have the best regulation but trading conditions are terrible, ie fifo, no hedging etc
                    AxiTrader is one of the forex veterans, Alpari is also said to be good

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                    • #11
                      Using multiple brokerage firms is beneficial for forex trading. Some of the advantages are including explore brokers to find out which one is best.

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