My very first trading experience. Is this trustable?

[NicholasM]

Hello,

I recently started to get interested into trading. I watch news alot and hear about dollars losing value and so on, therefor I was just curious to learn how it works. I started with 50,000$ of play money then I managed to rise up to 70,000$. Since I achieved this very easily, I thought I sure could try it for real now. Then I registered on Etoro because I liked the fact they accept PayPal as payment method since I got no credit card. I liked the interface as well quite simple to use (although I discover now there's alot of a ton of useful customization with some other brokers). So I deposited $50 and managed to grow it into 75$~ (there's 5$ withdrawal fees).

Obviously, I discovered at the end that withdrawal process is done upon validation while depositing is instant. I can understand they want to validate by themselves for security purpose, but if it was really for security purpose ... isn't there more chance of handling fraudulent deposits than withdrawals? Finally, when I withdrew my money they split the amount into 2 deposits and sent to 2 different PayPal accounts : 55$ was sent to the account I made deposit from and the other 15$ was sent to the account I requested withdrawal to. I'm also a little afraid by the fact there is a section on their websites where they ask to upload passport and driver licence.... I did upload driver licence, but got no passport... I just don't see why they would absolutely need that... I don't understand do they want to confirm my identity THAT MUCH?

Being not entirely satisfied of my experience with Etoro... I started to look at other brokers. FXCM seemed very awesome. But now I discovered there are some laws in Canada that stops you from registering there. They wont even allow to register with "Canada" as a country. The only broker I could register with is Questrade.... but there is a huuuuge list of ridiculous administrative fees such as inactivity charges, transfer charges, currency conversion extra charges... there's even mailing charges. But I'm not surprised, getting trolled by the government and their friends here is something usual (but that's another topic).I also looked at real banks brokerage service... but if I understand right.. most of them charges like 5$ on any order I would open? It seems huge to me if you only invest little amounts.... I don't know if they got leverage either like most online brokers?

So... what should I do? Now that I understand a little how trading works, I would like to invest a bigger amount. Maybe something like 5000$. But.... I just don't trust Etoro... I feel that if I invest a big amount into this I'll just never see it back. I have seen alot of negative feedbacks here as well (so if you got positive feedbacks, please let me know). Should I just lie about my country with FXCM and get a credit card or do I risk losing all? I don't know about their withdrawals and deposits process.

I'm not sure what I should do right now.. so if you got any advice.. Thank for your support.

Many traders are overexcited at the opportunity of making money from Forex Trading and often jump into opening and funding accounts without making a thorough review of the broker in question. As for country specific brokers, I think this is done to benefit the trader in the form of financial security, rather than what many traders view (close monitoring of resident spending/investing for taxation purposes).

 

[nahiyar]

For live trading your account should be fully verified you can not withdraw funds from your trading account without completing this step. Your funds may be low or high you will get benefit from trading if you are good in market analysis .After it your profits will easy to gain.

 

[lorem]

Verification is necessary to ensure that an Account has not been stolen.

 

[JesseM]

When you open an account you'll always have to upload a document that veriffies your ID.
So I wouldn't go and lie to a brokerage..

 

[Pharaoh]

Simple rule - don't deposit until the broker confirms that all of your documents have been properly verified. If you can't wait a few days for this to happen, you are probably too eager - which makes you more prone to poor trading decisions.

 

[nahiyar]

Our experience not remains same .As we were beginners we expect more and perform bad . With time we do planned trading and loss is low so very first experience is not trust able . We feel newer experience day by day, work on it for betterment.

 

[Froso@FXNET]

Very true first trading experience may differ from performance of late trading. May be you loose in you starting career after it your experience make you good trader. Because as much we do hard work it results in less mistakes.

 

[EuroTrader]

Very true first trading experience may differ from performance of late trading. May be you loose in you starting career after it your experience make you good trader. Because as much we do hard work it results in less mistakes.

All traders must know the importance of doing hard work in their trading. They also know that if the efforts they are doing are justified then the income they can get also gets increased a lot

 

[BaibarsB]

of course you should verify all the necessary documents. don't gift your broker money. and try to be more patient and don't think that first positive experiene is your vaccination of the possible losses

 

[EURUSD]

of course you should verify all the necessary documents. don't gift your broker money. and try to be more patient and don't think that first positive experiene is your vaccination of the possible losses

Yes get verified account is important because if want to withdraw money from broker as trader need verified account with use document that required and usually need two process verification from country id and address proof