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Addicted to opening new trading accounts?

  • #1
  • First Post: Dec 26, 2012 11:06am Dec 26, 2012 11:06am
I have an encrypted spreadsheet on my cloud server that list all my trading accounts, username... I had to consult it earlier today to retrieve a password and I was shocked at how many trading accounts I have. Of course I do not use them all, in fact I only use two at the moment, the others are simply dormant.

I have personal accounts with Oanda, DF markets, eToro and Pepperstone. I have corporate accounts with OCBC, Dukascopy, Oanda, Alpari and AxiTrader.

Is it normal to leave all those accounts open or should I close the accounts that I do not use? Presently I only use the OCBC and AxiTrader accounts...
  • #2
  • Dec 26, 2012 2:49pm Dec 26, 2012 2:49pm
There are two negative aspects I can think of to having this many different accounts opened. The first is a heightened risk of information theft if one of them is compromised (albeit that's unlikely given how secure reputable brokers have to be). The other aspect is that your capital may be spread across these accounts; unproductive money is waste. On the other hand, if you have other accounts open, if you have problems with one broker's operations you're always easily able to move around, which is the benefit.
  • #3
  • Dec 27, 2012 6:49pm Dec 27, 2012 6:49pm
Quoting valdor
I have an encrypted spreadsheet on my cloud server that list all my trading accounts, username... I had to consult it earlier today to retrieve a password and I was shocked at how many trading accounts I have. Of course I do not use them all, in fact I only use two at the moment, the others are simply dormant.

I have personal accounts with Oanda, DF markets, eToro and Pepperstone. I have corporate accounts with OCBC, Dukascopy, Oanda, Alpari and AxiTrader.

Is it normal to leave all those accounts open or should I close the accounts that I do not use? Presently I only use the OCBC and AxiTrader accounts...
Inserted Video
  • #4
  • Dec 28, 2012 6:08am Dec 28, 2012 6:08am
Quoting Kanzler
There are two negative aspects I can think of to having this many different accounts opened. The first is a heightened risk of information theft if one of them is compromised (albeit that's unlikely given how secure reputable brokers have to be). The other aspect is that your capital may be spread across these accounts; unproductive money is waste. On the other hand, if you have other accounts open, if you have problems with one broker's operations you're always easily able to move around, which is the benefit.
Good advice
  • #5
  • Dec 29, 2012 11:54am Dec 29, 2012 11:54am
Quoting valdor
I have an encrypted spreadsheet on my cloud server that list all my trading accounts, username... I had to consult it earlier today to retrieve a password and I was shocked at how many trading accounts I have. Of course I do not use them all, in fact I only use two at the moment, the others are simply dormant.

I have personal accounts with Oanda, DF markets, eToro and Pepperstone. I have corporate accounts with OCBC, Dukascopy, Oanda, Alpari and AxiTrader.

Is it normal to leave all those accounts open or should I close the accounts that I...
Valdor, since you have so man accounts.....witch broker would you recommend.....witch account runs normal "with no surprises"?
  • #6
  • Dec 29, 2012 2:20pm Dec 29, 2012 2:20pm
Quoting 4xPIPAHOLIC
Valdor, since you have so man accounts.....witch broker would you recommend.....witch account runs normal "with no surprises"?
OCBC is great if you are trading with a large account as they are a very solid bank and thus the chances of your money disappearing are nil. They were even rated as the most solid bank in the world by Bloomberg for the last two years. I've not had any "surprises" so far using their platform, their spreads are ok (1-3pips on the majors) and orders are executed very quickly with minimal slippage. Opening an account is a bit tricky as you need to do it in person in Singapore but once opened everything can be done online.

I've also traded for a while with Oanda Asia Pacific and Dukascopy and they are both solid brokers. Obviously their business models are quite different but I've not had any troubles with either. I've only traded for a very small amount of time on the Alpari and AxiTrader account so I'm probably not the best person to give you a review on those two brokers.

Here's my recommendation:
If your account is <10000$ I would definitely recommend you Oanda.
If your account is >10000$ I would recommend you Dukascopy.
If your account is >100000$ then I would recommend visiting major banks in your area to inquire about leveraged forex trading accounts. The security of your funds is very important and no broker will be able to match a big bank in that regard.
  • #7
  • Dec 29, 2012 2:26pm Dec 29, 2012 2:26pm
Quoting Kanzler
There are two negative aspects I can think of to having this many different accounts opened. The first is a heightened risk of information theft if one of them is compromised (albeit that's unlikely given how secure reputable brokers have to be). The other aspect is that your capital may be spread across these accounts; unproductive money is waste. On the other hand, if you have other accounts open, if you have problems with one broker's operations you're always easily able to move around, which is the benefit.
I do not leave much money in my dormant accounts, only enough to place a trade every few months so that they do not become inactive. I will definitely have to close a few accounts to protect myself against id theft though... I'm not too concerned about my corporate accounts but I've got personal accounts with some brokers that do not inspire me much thrust (etoro, df markets and pepperstone).

Thanks for the advice!
  • #8
  • Last Post: Dec 29, 2012 2:36pm Dec 29, 2012 2:36pm
Quoting valdor
OCBC is great if you are trading with a large account as they are a very solid bank and thus the chances of your money disappearing are nil. They were even rated as the most solid bank in the world by Bloomberg for the last two years. I've not had any "surprises" so far using their platform, their spreads are ok (1-3pips on the majors) and orders are executed very quickly with minimal slippage. Opening an account is a bit tricky as you need to do it in person in Singapore but once opened everything can be done online.

I've also traded for a...
Thanks for the feedback Valdor...
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