more than 1 broker at the same time

Feb 20, 2015 at 22:37
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17 Replies
Member Since Feb 15, 2015   3 posts
Feb 20, 2015 at 22:37
Hi
Is it legal to use more than 1 FX broker at the same time ?
I think I would prefer to have two accounts for 1000£ than one for 2000£
Member Since May 08, 2010   214 posts
Feb 21, 2015 at 06:09
It's completely legal to have more than one broker at the same time......I have 3 on live accounts and 6 on Demo and in competitions running on my computer at the same time 😁

I use Demo account(s) to test out broker MT4 trading platform performances and also to 'test' trades before entering trades on live account(s)......trading competition is to keep my brain in 'fighting condition' for trading the forex market 😁😀😎
Member Since Apr 01, 2016   45 posts
May 04, 2016 at 07:00
Of course it is. Thus it is a good way to test brokers in search of appropriate ones
Do your best
Member Since Dec 11, 2015   1487 posts
May 04, 2016 at 09:08
Generally when you ask whether something is legal you should probably specify about which country and/or jurisdiction you're asking. That said, it should be completely legal everywhere. At least I haven't heard of any restrictions in any country in that regard.
Member Since Feb 22, 2011   4862 posts
May 05, 2016 at 09:04
Harnas31 posted:
Hi
Is it legal to use more than 1 FX broker at the same time ?
I think I would prefer to have two accounts for 1000£ than one for 2000£

It is legal to trade under more brokers.
It is also legal to have more accounts at the same broker.
Check my profile to see how to diversify the broker risk:)
Member Since Dec 11, 2015   1487 posts
May 07, 2016 at 10:48
Good point. These things aren't only legal, they're likely also necessary to lower the risk of losing money if one of the brokers goes under.
Member Since Aug 19, 2013   24 posts
May 08, 2016 at 20:37
Can you guys please suggest best broker fro me. I am considering FxPro, ICMarkets, Globalprime and FXCM. At least after googling I came up with these 4. I am about to open my first live account please help me choose.
Member Since Feb 22, 2011   4862 posts
May 09, 2016 at 06:01
Mthiya posted:
Can you guys please suggest best broker fro me. I am considering FxPro, ICMarkets, Globalprime and FXCM. At least after googling I came up with these 4. I am about to open my first live account please help me choose.
I would go with IcMarkets.
FxPro is also reputable but it has way higher spreads.
Member Since Aug 19, 2013   24 posts
May 09, 2016 at 10:24
Thanks for reply @togr . That means I will open accounts with both of them since diversifying broker risk is important.
Member Since Dec 12, 2015   1 posts
May 09, 2016 at 12:20
Mthiya posted:
Can you guys please suggest best broker fro me. I am considering FxPro, ICMarkets, Globalprime and FXCM. At least after googling I came up with these 4. I am about to open my first live account please help me choose.

IC Markets has been good to me so far especially with the ECN option.
Member Since Jul 08, 2014   435 posts
May 09, 2016 at 12:21
ICMarkets are great, haven't had server down time in quite a long time now.
Keep at it
Member Since Aug 12, 2016   15 posts
Jan 02, 2017 at 08:46
Just nothing special about that. Especially if you open the same trades on all of them that would be reasonable to compare your brokers
Member Since Feb 12, 2016   427 posts
Jan 23, 2017 at 15:39
I find it very useful to compare as more brokers as you can. Because if you want to trade with different strategies – you may also need to find the best broker for each strategy (best broker on spreads, on execution time, on lower commissions, for scalping … etc. ) Then you can exchange your balance between brokers and made more profits. Go for it 😄
Accept the loss as experience
Member Since Feb 22, 2011   4862 posts
Jan 23, 2017 at 15:39
TiffanyK posted:
I find it very useful to compare as more brokers as you can. Because if you want to trade with different strategies – you may also need to find the best broker for each strategy (best broker on spreads, on execution time, on lower commissions, for scalping … etc. ) Then you can exchange your balance between brokers and made more profits. Go for it 😄

Exactly.
I do differentiate my portfolio over different systems, pairs and brokers.
Member Since Feb 04, 2017   40 posts
Apr 14, 2017 at 23:23
Why not? I think it is a smart idea trading from 2 different brokers. You can find some different experience. I use FxPro for Swing trade (Mostly major as they have higher spread for cross pairs), And FCA regulated Tickmill for scalping.
Recently scalping is my primary trading method as market uncertainty is growing. Whatever your broker choice, don't go without FCA regulation.
Helping new traders
Member Since Jan 31, 2017   6 posts
Apr 18, 2017 at 11:25
Yes of course, its legal to use more than 1 FX broker at the same time, in fact this way you get to diversify your portfolio, experience different trading conditions and deploy different strategies according to the different conditions for the best results.
Member Since Mar 24, 2017   5 posts
May 01, 2017 at 11:24
I find it very helpful to have two brokers, especially if there is high volatility. The spread on one broker can be massively different to another
Member Since Feb 02, 2017   32 posts
May 19, 2017 at 08:18
forxprotrade posted:
Yes of course, its legal to use more than 1 FX broker at the same time, in fact this way you get to diversify your portfolio, experience different trading conditions and deploy different strategies according to the different conditions for the best results.

Agreed! There’s no harm in going for more than one broker at the same time. It can actually benefit your trading strategies. At least it did for me. I mostly do long term trading plus day trading sometimes and have been operating with tickmill and finpro trading. I am taking benefits of both good trading conditions and low spreads. Diversifying your risk is always better.

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