Is it good to use two Brokers

May 27, 2013
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#16
Having multiple brokers is good for redundancy purpose, reducing impact of broker's bankruptcy and meeting your different trading needs (spreads, swaps etc).
 
Mar 15, 2013
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#17
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.
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
 

Rambo35

Active member
Apr 22, 2013
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#18
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
Plenty of good reasons have been mentioned in this thread. I just think it is the smart thing to do above everything else.
 
Apr 2, 2013
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#20
Been using three brokers to date,,, but not the commonly advertised..mostly those who give really low leverage and require huge capital amounts
Thanks for your reply. At least, there are others who think using more than on broker is good. I still agree with not going with the most advertised broker. It seems that the unpopular brokers are the ones that offers good trading condition, I can see that in Profiforex. So, do you have any idea or share with me a broker that is as reliable or trustworthy as my current broker?
 
Apr 2, 2013
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#21
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

Active member
May 9, 2013
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#22
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

Active member
Sep 10, 2012
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#23
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.
 
Aug 3, 2013
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#25
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

Active member
Sep 10, 2012
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#26
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

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Oct 20, 2011
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#27
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

Active member
Apr 10, 2008
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#28
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,
 
Aug 7, 2013
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#29
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.
 
Dec 10, 2016
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#30
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!