The grand selection of PAMM broker for trading

[iuriiN]

Hello.
This is my first post on this forum, so I'm sorry if the thread was befor - I haven`t found it.

I want to open a pamm account and manage it as a trader. Can anyone advise a good broker for me?

Thank you.

 

[Pharaoh]

PAMM or not, first you must find a broker that suits your needs and your trading style. The best PAMM system in the world means nothing if the broker cancels your trades or hits you with never-ending slippage and requotes.

Second, make sure the broker is regulated by some recognized regulator that actually has the power to fine the broker.

This should help:

https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html

 

[iuriiN]

Maybe my question was not full.
Sure, I need a GOOD broker. Actualy, I need a recomendation of a PAMM broker among GOOD brokers.

 

[Pharaoh]

Once again, different brokers meet the needs of different traders. If anyone pops up in this thread with a "one size fits all, perfect broker", consider that to be a recommendation AGAINST opening an account with that broker.

If you scalp, a lot of market makers will grab your profits. If you don't scalp, some of those brokers might be perfectly acceptable.

If you frequently hold trades through rollover, then swap rates could be critical to you. If you rarely do this, then swap rates will have little effect.

The article I referred you to covers many more issues. If you want to manage other people's money through a PAMM account, you already know what your requirements are. You also should already have some experience with one or more brokers that can't provide you with PAMM that meets your standards.

Finding the right broker takes some work. If you confine your research to waiting for a random person to sat "Broker X has good PAMM accounts" and leap to Broker X without performing due diligence, then you shouldn't be asking other people to trust the broker (or you) with their hard earned money.

 

[iuriiN]

I`ve read the article, thank you.

No, I don`t want somebody to tell me: "Broker XXXX is the best". It`s a forum, right? So, It should be a discussion. Someone tells "Broker XXXX is quite good, BECAUSE 1....,2....,3...", and after that goes a discussion.

Ok, I`ll try to be more specific:

1. The broker must have a good reputation on money withdraw.
2. The broker must have an opened pamm rating, so that people can join my pamm (not only those I invite)
3. I don`t scalp and rarely hold trades for long time.
4. It`s better if broker has ECN.

P.S. I was not using PAMM service befor.

 

[Pharaoh]

Start checking well regulated brokers and see which ones offer PAMM. By well regulated, I mean regulated by regulators who are willing to slap them with big and painful fines if the broker breaks the rules.

The NFA has some of the tightest regs, but also prevents hedging, has FIFO rules, and limits leverage. The advantage of NFA brokers is that they accept US clients by default. Due to some crazy rules, many offshore brokers can't or won't accept US clients.

FINMA will stomp a bad broker, but isn't always quick about it.

The FSA and FOS keep a reasonably tight leash on UK brokers. If US clients aren't an issue, this is where I'd start looking.