Trading with several brokers

[JoJozil]

I don't think that you should have more than one broker, at least at initial stages. Working with several brokers will distract you a lot, and what is more important you will have to remember th information about all of them, I mean comissions, spreads, leverages and so on so forth. At initial stages you have to get used to one broker and in case it has some issues with withdrawals, deposits and customer support aren;t able to solve your issues, then you can change the broker or try to trade with the second one. However, it's a last resort, because it will be easier for you as for novice to trade with one broker which you get used to.

 

[bigdolly]

I would suggest picking a well-regulated broker that suits your requirements and stick with them. Trading with several could put you in a risk of higher loss and will be unable to focus on a profitable trade.

 

[RSS007]

I do that. I trade with two different brokers and that's okay if you know what you are doing. It's as simple as having two social-media accounts. Yup, brokers offer such great convenience these days. I use my CedarFX account (zero-commission account) to day trade the FX market and IG to place long-term swing trades. But yes, you must thoroughly know the fee structure and be active enough to make this process lucrative. Cheers!

 

[HeavenLeighRob]

I could see the potential in trading with multiple brokers but I'm currently only using one. They have a good selection of currency pairs and crypto options, which is what I'm interested in with low costs so I don't really have a need for a second account at the moment.

 

[TareqS]

I have live accounts with several brokers. However, I do not trade with all of them. In fact, I do not have investment with all of them at the moment. I maintain 2 live accounts at the moment.

 

[fxoday]

Now I am only trading on one broker, but previously I am trading in several brokers, in my opinion, trading in several brokers is okay, and it is like diversify capital, but not wrong trading in one broker as long as these companies become a reliable partner for the trader, so when trader increasing money, no problem when they want to withdraw money.

 

[Dominiker]

I think that it is better to trade with one single broker. Modern brokers usually have many different financial instruments to trade including currencies, cryptos, commodities and even shares. Why do you need several brokers while you can find everything in one place?

 

[Doomsinger]

One broker is not enough for me even if it’s very reliable. I feel safer when I trade with two or three brokers, but I think that the number of three brokers shouldn’t be exceeded because you may get lose in the number of trading accounts and platforms. It also increases the probability of a fatal trading mistake.

 

[fxoday]

It depends on each trader's will, trading with several brokers is also good just like the following quotation, don't put all eggs in one basket, however, another quotation says, focus on one basket is also good to make concentration focuses.

 

[ficko91]

Initially, one broker is more than enough to keep track of. If your account grows to the point where a broker scam or bankruptcy could really hurt, then it's time to spread your risk by splitting your cash between 2 or more brokers. I've covered this in one of my Wealth Protection articles in this folder:

https://www.forexpeacearmy.com/community/forums/forex-basics-boot-camp-fx-articles-by-pharaoh.92/

Thank you so much!