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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.

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

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