Is it good to use two Brokers

[bigboyfx]

Hey I use profiforex too. I don't know about using two brokers though since I haven't tried doing it myself. What does one gain from using two brokers btw? o.o

I stated my reason on the start of the thread. Others might have their reasons to use various brokers. Some brokers don't allow scalping, while others do. However, the broker you and I use allow scalping and other strategies and also the use of advisors. If you are a new trader, I guess you should stick with this broker for now.

 

[Babyblush]

There are number of advantages when we are choosing two brokers, splitting the funds between two accounts, one broker may not provide all the facilities so find it in another broker.

 

[bigmistake]

Advantages:
We can compare the trading envinronment between two brokers and in some situations, we can trade or do something in the better broker. Take examples, in withdrawal, some broker allow you to withdraw within 24 hours like Hotforex but some brokers block your money in 30 days, after that day you get allowed to withdraw, as Roboforex.

Disadvantages:
Our fund get splitted into 2 brokers, and the differences in trading could affect our trades.

 

[Rambo35]

Disadvantages:
Our fund get splitted into 2 brokers, and the differences in trading could affect our trades.

Can you give an example of how it could affect your trades in a negative way?

 

[BlueBirds]

It is fine for taking support from a few brokers, because they have different ideas and experiences. Therefore you can get their tips and tricks quickly.

 

[bigmistake]

Can you give an example of how it could affect your trades in a negative way?

Ok, when your capital divide into 2 accounts, of course its easier to get margin call or you cannot trade with bigger lot as when you have 1 account. And your trading plan have to change. And managing many more accounts is more difficult than one.

 

[ph_trader]

well i guess tere is nothing wrong in having more than just one broker, it all depends on the trader, i read about how its better to divide big funds between two brokers or more than to have it all under one broker, but for me, im trading with only hotforex at the moment and its all good

 

[forex999]

I have 3 brokers, for the following reasons:
> if they have technical problems then, eg IG had lots of problem with advanced charts recently so was unable to use them for more then a week
> dont put all your eggs in one basket
> nice to have market research from 3 brokers,

 

[Eagle_]

Hello, I am not sure about this, but I feel like opening another account with another broker. I currently use PROFIFOREX. 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. If you think this is ok, please recommended another reliable broker, where I can trade successfully as I do with Profiforex.

That's a good idea. I would recommend Weltrade. They provide good support, fast execution and quick withdrawal.

 

[BigJayJay]

You've got to use at least two brokers. Sometimes one goes down, or freeze. Also, the spreads can be widely different around economic release time. Even in normal times there can be a pip difference between broker spreads. It may not sound much but if you save a pip on every trade and trade 5 times a day every day for a year that is over 1000pips!

 

[trade2bpro]

2 brokers is normal, but if you try to trade simultaneously 2 brokers, you could make more mistakes than one.

 

[gerryg]

2 brokers is normal, but if you try to trade simultaneously 2 brokers, you could make more mistakes than one.

To trade 2 brokers simultaneously I use autotrade feature provided on my Нotforex platform. Using HF's account as master and other accounts as slave I can execute same traders on different platforms, compare spreads, execution, etc. Very useful feature..

 

[dermotobrien]

It's safer to start with more than one broker.

 

[gerryg]

I trade with three brokers to diversify my trading risks and I use auto copy feature on metatrader to execute orders on second two accounts. I believe liquidity for order filling will be even better there.

 

[trade2bpro]

you can try more than one broker and you should do it, but trading wiht both two-brokers at a same time is not a good thing because you could see one is worse than other one, just simply tell you no brokers offer same market price always.

 

[Trent Boult]

There are number of advantages when we are choosing two brokers, splitting the funds between two accounts, one broker may not provide all the facilities so find it in another broker.

I am not willing to trade with two brokers as that’s very difficult to main tow account at the same time, if we can make sure the most credible trading platform , I think it is quite enough to trade with just one broker ,

 

[Chaarlene]

If you have larger investment then it only make sense to do that, but for traders with amount under 1-2k, it is not wise to use multiple brokers. I use Octafx and Exness, but my investment is around 2.5k in each. I mostly do this to keep myself secure and to avoid unnecessary situations like we have seen happening with FXCM recently. But if my investment was just 1k then I would simply like to go on with just one broker.

 

[gerryg]

I have three brokers which I trade with. It was long and thorough process of selections, chatting with support, reading ToS but now I really know that these are important steps you should make if you want to make right choice.

 

[Robian]

I'm thinking of working with two companies to insure my funds, but I have to earn more to have those funds that I can invest into the second one.
But in general, I think it's a nice idea!

 

[progix]

It's safer to start with more than one broker.

Having more than one broker reduces the risk of loss in case broker went bankrupt. Moreover i have found out that withdrawing profits regularly and keeping the necessary capital with broker is also good to practice in order to avoid any problems in future.