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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
                  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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                  • #10
                    It depends as if you are investing really big amount then better to divide it. I personally work with FreshForex only since I don’t prefer focusing on broker part too much. I prefer focusing on strategy, so I stick to one broker.

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                    • #11
                      Different brokers have a special advantage - easy money withdrawal. Any investment specialist or experienced investor will confirm that having several accounts with different brokers makes it easy to withdraw money.
                      For example, if you withdraw $1000 from one broker, it'll be easy for it to part with such a small amount. But if you want to withdraw $400,000, it is better to use four different brokers, it'll speed up the withdrawal process and reduce the number of questions and additional verifications. Also, a spare account will help you get acquainted with the services and functions of other companies.
                      A number of clients have failed with one broker, and after its change, their business went up. Why is this happening? The answer is simple, professional and individual analysis of the needs of each investor, allows you to find "your broker", which'll offer individual features specifically for your investment.
                      There is nothing wrong with having multiple brokerage accounts, and in some situations having more than one account can create opportunities that one account wouldn't allow you to use.
                      The disadvantage of having multiple accounts is that they can be more difficult to track and manage than one. It is therefore important to carefully examine your own goals for an investment strategy and then decide how many brokerage accounts would be the ideal number to help you achieve those goals.
                      In the long term, there is no better way to increase your wealth than to invest in the stock market. But using the wrong broker can have a serious impact on your investment returns.

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