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Are two accounts better than 1?

  • #21
  • May 6, 2019 8:42pm May 6, 2019 8:42pm
Quoting thegrimreape
Having multiple accounts is better than having just an account. Never put an egg in one basket. I for once learned this from the Financial Recession in 2005 - 2006 and the SNB debacle which causes me to lose well over tens of thousands. Nonetheless, here's the trick. Have your main account treated as a reserve fund whereas you'll have separate mini accounts to hold funds and generate profits to build your reserve fund.
When the SNB let the CHF float in 2010 my broker Alpari UK went bust. Because it was regulated by FCA I got all my money back but it took 16 months. It's better to wait to get your money back than get nothing at all. This is why I said in post #18 above that you should only open accounts are with regulated brokers in countries that have insurance cover in case the broker goes bankrupt. As seen in the picture I also lost tens of thousands when my Montenegro broker went bust more than 10 years ago . If I had been smart I would have withdrawn money a few times but I did not. As seen in my avatar I did learn from that mistake
Attached Image (click to enlarge)
Click to Enlarge Name: My bust Fx dealer.PNG Size: 110 KB
  • #22
  • Jun 14, 2019 7:20am Jun 14, 2019 7:20am
Quoting Hutch
{quote} When the SNB let the CHF float in 2010 my broker Alpari UK went bust. Because it was regulated by FCA I got all my money back but it took 16 months. It's better to wait to get your money back than get nothing at all. This is why I said in post #18 above that you should only open accounts are with regulated brokers in countries that have insurance cover in case the broker goes bankrupt. As seen in the picture I also lost tens of thousands when my Montenegro broker went bust more than 10 years ago . If I had been smart I would have withdrawn...
Well done, looking forward to a better you in the forthcoming. Improvisation at its finest.
  • #23
  • Jul 3, 2019 12:50pm Jul 3, 2019 12:50pm
It all depends on the goal))
I would advise first to open several demo accounts with different brokers. To get acquainted with the system, you will see what tools there are, currency pairs. Then choose the broker that is best for you.
If you want to trade on one account in a long-term, and on another account - no, then again, study all the conditions. Where will be more profitable and more convenient.
Another very important point, choose a broker with regulator. So there is at least some guarantee that your money will be returned.
Well, if you still like the two brokers, you can open a second account. But most often with small amounts it is not necessary. Since it will take extra time, and on one of the accounts, you can skip an important event.
  • #24
  • Edited Jul 8, 2019 12:12am Jul 7, 2019 11:52pm | Edited Jul 8, 2019 12:12am
Quoting T4Trade
I have one account running with Axi Trader and I'm very happy with it,do you guys suggest keeping 2 accounts? someone suggested me to have 2 accounts with separate borkers. What other broker do you suggest ? Is weltrade good ?
if u intend to trade cent accounts forever or different ''strategies'' on different brokers then using multiple brokers is ideal.

if u are trading excess of 500k volume per entry, aka 5 lots and above and trade copying. u will see seriously bad slippage getting from bad to worse, the later the slave executes trade. this is due to ur initial position taking off entire top of book orders, 2nd position takeing off top of book...... last taking off top of book. that is why brokers offer mams to offset this effect.

btw 500k vol is just a gauge base of the averaged depth of market at each price point.
  • #25
  • Jul 11, 2019 7:39am Jul 11, 2019 7:39am
Quoting Bicarus
{quote} if u intend to trade cent accounts forever or different ''strategies'' on different brokers then using multiple brokers is ideal. if u are trading excess of 500k volume per entry, aka 5 lots and above and trade copying. u will see seriously bad slippage getting from bad to worse, the later the slave executes trade. this is due to ur initial position taking off entire top of book orders, 2nd position takeing off top of book...... last taking off top of book. that is why brokers offer mams to offset this effect. btw 500k vol is just a gauge...
One of my friend uses 2 brokers to trade EURUSD buying using one broker and selling using the other at the same time. Because of the low ATR of that pairs he says it's easy to make money since the risk is minimal. I wonder if anyone has tried this strategy.
  • #26
  • Jul 11, 2019 6:19pm Jul 11, 2019 6:19pm
Quoting Hutch
{quote} One of my friend uses 2 brokers to trade EURUSD buying using one broker and selling using the other at the same time. Because of the low ATR of that pairs he says it's easy to make money since the risk is minimal. I wonder if anyone has tried this strategy.
Why would they? Buying on one account and selling on another account is pointless, unless the goal is to pay commission.
  • #27
  • Jul 13, 2019 5:27am Jul 13, 2019 5:27am
Quoting KoiFish
{quote} Why would they? Buying on one account and selling on another account is pointless, unless the goal is to pay commission.
This strategy works and avoids losses but it cannot be implemented with US brokers since hedging is forbidden.
  • #28
  • Jul 13, 2019 6:33am Jul 13, 2019 6:33am
Quoting Hutch
{quote} This strategy works and avoids losses but it cannot be implemented with US brokers since hedging is forbidden.
How do you make any money simply buying on one account and selling on another? Is one account paying a swap while the other is swap free?
  • #29
  • Aug 13, 2019 10:59pm Aug 13, 2019 10:59pm
Quoting T4Trade
I have one account running with Axi Trader and I'm very happy with it,do you guys suggest keeping 2 accounts? someone suggested me to have 2 accounts with separate borkers. What other broker do you suggest ? Is weltrade good ?
It's good to diversify. i would stick to brokers that have been 10 years in the business, good reputation and regulated by NFA, FCA(UK) ASIC or CYSEC.

If you are using the same strategy for each broker, it will be good to compare and find out which broker is best for you.
  • #30
  • Sep 5, 2019 12:11pm Sep 5, 2019 12:11pm
Why do you need two accounts?
If you want to deal with all the delights of a broker, you can open a demo account and test everything there.
Brokers often offer almost the same functions, so you can find and choose one. And to start two accounts with one broker is generally meaningless.

I changed the broker several times. Each time I read reviews, sometimes I even looked for reviews in other languages to make sure of honesty. I opened a demo account and looked, it’s convenient for me to trade or not. But I did not start many accounts, as it is better to have more funds for trading on one account.
  • #31
  • Sep 6, 2019 12:40am Sep 6, 2019 12:40am
It is fine to open two different accounts with different brokers. Sometimes the trading conditions are offered better with other the broker like low commission, low spreads, no slippage issue etc.
  • #32
  • Sep 7, 2019 6:05am Sep 7, 2019 6:05am
I say open as many accounts as possible. Why? Because you spread the risk around. Also you get to experience different real-time trading conditions from different brokers, so then you can choose which one is best after some time.
  • #33
  • Sep 26, 2019 9:53pm Sep 26, 2019 9:53pm
Why not, I tried to work with two brokers - I spend more time, but the profit was higher
  • #34
  • Sep 30, 2019 10:52am Sep 30, 2019 10:52am
Quoting L19
Why not, I tried to work with two brokers - I spend more time, but the profit was higher
Here is why I work with 2 brokers.
Attached Image
  • #35
  • Oct 2, 2019 12:59am Oct 2, 2019 12:59am
Are two accounts better than 1? Yes it will be beneficial. It will be right to say that having more than one account with same broker or different will offer some pros as well as cons. All online brokers offer different features and service from others. Sometime you are trading and computer server associate with that online broker goes down and it will be really wonderful to have another account from where you can trade. Main but not very serious con is having multiple account can be cause of distraction but it's not necessary.
  • #36
  • Oct 2, 2019 4:58am Oct 2, 2019 4:58am
Its depends on your goal...you can trade on 2 ( 3,4,5 ) different brokers, if you receiving commissions on trade. Just copy trades from 1 to others ( if you scalping, spread should be almost the same . if you using 2 different brokers just to trade on same currency hedging ( BUY on one and SELL on another), is pointless, because you have to pay swap on accounts. BTW be aware of US Brokers. FIFO Rules.
  • #37
  • Oct 2, 2019 2:17pm Oct 2, 2019 2:17pm
Two account can be good with tow different types broker for different opportunity. I think not tow account with one broker is good.
But i think trade with 1 account is good. It is easy to manage account, manage time frames and more.
  • #38
  • Oct 30, 2019 6:59am Oct 30, 2019 6:59am
Yes absolutely. There is no harm in that.
  • #39
  • Last Post: Nov 2, 2019 4:54am Nov 2, 2019 4:54am
yes two brokers are always better than one. since you’ve got axitrader as first why not try coinexx as second. I too have two brokers fxchoice and coinexx, but I like coinexx’s conditions better. You can try either though.
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