I am amazed at what i read on this site regularly concerning traders who choose brokers without proper evaluation or simply because such brokers promise almost profit trading and little or no risk at all.In fact,some will even add more money to their initial deposit at the request of the brokers who promise to pay in full deposits with profits only for such traders to realize that they are being robbed the second time.
My experience with a brokerage firm whose staff have continually disturb me telling me to open account with fantastic promise on investments,so on and forth till i finally i decided to engage one of their staff at the customer dept.on some fundamentals on forex trading.To my greatest surprise,this firm which has 4 ratings on this website has no CUSTOMER AGREEMENT page.For me,entrusting your money with any broker at all is a business contract and i believe that their must be agreements binding the two parties i.e the broker and the customer on the other end.I was surprised when the guy at the customer dept.told me that he does not know what a trading agreement was i was amazed.I tried to simplify it as possible but instead he stopped the conversation.
Trading Agreement is an essential consideration when choosing a broker because the intending customer will be able to know what to expect from the company and if he is not satisfied can move elsewhere.Trading Agreement should cover every aspect of the company's operations and trading policies;hedging policies,FIFO rules,swap,margin call level,interest rates,wrong quotations,withdrawals/deposit policies,bankruptcy,other forms of conflict resolution just to mention a few.It is with this agreement that a trader can base his argument should conflict arises.In my view,apart from regulations,capitalization,customer base,trading platform,spreads etc,Trading agreement is very important and any broker who does not have such conspicuously displayed on its website is not to be trusted with money at all.
My experience with a brokerage firm whose staff have continually disturb me telling me to open account with fantastic promise on investments,so on and forth till i finally i decided to engage one of their staff at the customer dept.on some fundamentals on forex trading.To my greatest surprise,this firm which has 4 ratings on this website has no CUSTOMER AGREEMENT page.For me,entrusting your money with any broker at all is a business contract and i believe that their must be agreements binding the two parties i.e the broker and the customer on the other end.I was surprised when the guy at the customer dept.told me that he does not know what a trading agreement was i was amazed.I tried to simplify it as possible but instead he stopped the conversation.
Trading Agreement is an essential consideration when choosing a broker because the intending customer will be able to know what to expect from the company and if he is not satisfied can move elsewhere.Trading Agreement should cover every aspect of the company's operations and trading policies;hedging policies,FIFO rules,swap,margin call level,interest rates,wrong quotations,withdrawals/deposit policies,bankruptcy,other forms of conflict resolution just to mention a few.It is with this agreement that a trader can base his argument should conflict arises.In my view,apart from regulations,capitalization,customer base,trading platform,spreads etc,Trading agreement is very important and any broker who does not have such conspicuously displayed on its website is not to be trusted with money at all.
Last edited:
