Rejected by Efxgroup?

Hey guys I have been following forex for awhile now and have had a very succesful demo account for a year. I am only 18 and make no income except for stocks and what will hopefully eventually be forex. I recently applied for an account with EFXGROUP, but I guess since I make to little they said they would not open an account with me because the risk is too great or something. I am a little frustrated because I have spent a long time studying forex and I finally want to go live and I can't? I do not want to go through any other broker as EFX has amazing spreads, so is there really no way for this to happen? I was under the presumption that if you wanted to risk your own personal money you could. I guess because I am 18 it instantly looks like I have no potential in forex. I just wanted to see what you guys thought about all of this. Thanks for any input.

Sam

You're making a lot of guesses. Didn't they give you a clearer reason for rejecting your application?

Have you thought of trading through a legal proxy? Your parents or guardian?

Here is the exact email I got:


Thank you for your interest in MB Trading Futures. However, we are
unable to grant your request to open a forex account for you at this
time. MB Trading Futures assesses the risk of opening each new account
on a case by case basis.

Based on all the information we have collected, and the risk involved
in
trading foreign currencies, MB Trading Futures administration has
declined your application for a forex account. The company's decision
is based on a suitability issue when reviewing each application for
approval. We do our do our best to look out for the interest for all
our
clients. Given the risks involved and based on the information provided
on your application we feel that forex trading is not suitable for you.


I guess I can trade under my parents or whatever, but I kind of just wanted to finally do my own thing under my own name. I just do not see why I am not able to...

Sam,

"Trade with the trend".
The same is true with life.

Open an account under your parents. It's not a big deal. If you become successful in a few years, you'll be calling the shots. There's no rush, dude.

Hahah ok thanks for your help man.

Rock!

I know different reason why they might not have accepted your account.

They require the person to be 21 and also they look at the financial status of their client.
Take a look at the new customer registration form. http://efxgroup.com/f/Comprehensive%...pplication.pdf



That's is what I know from reading the information one of the representant wrote on the forum. you might want to ask them if you need more details.

Maybe you could ask them if it would be possible to have an account if you can prove that you are a successful trader and that you have a good money management. I don't know if it would make them change their mind but it is possible to ask and if it works why not


It might be really frustrating to not be accepted to have an account but at least if they are looking to protect the person it does show that they probably at least care a little for this person. I have a demo account with them and I might register for a live account. I would be disapointed if it was refused.

Consider Oanda.

I've been trading live with MBT for over a year, and their high commissions and poor interest (swap) spreads really reduce my profit. You'll find that spreads (with commission taken into account) at MBT are very close or in some cases inferior to those at other retail brokers. The benefit of MBT is that your limit order can become the bid or ask, thus reducing the spread to approximately one point with commissions taken into account.

I've recently opened a small account with Oanda, and if your strategy is for trades longer than 10 minutes (NOT at news times), you'll probably find their offering attractive. Generally low spreads (0.9 EUR/USD, 2-4 pips others), ok charting, excellent position sizing and risk management tools. If you're just getting into live trading, give them a shot.

And remember... no more than 5% account risk per trade!