Hey everyone,
Quick question for all the Forex traders here, do you tend to switch Forex brokers a lot? Or are you more consistent & stable with the broker you trade with?
If you do switch brokers often, why is that? What attracts you to other Forex brokers?
Looking forward to hearing everyone’s answer!
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There wouldn’t be any need to switch brokers if you get features you need from a broker from your present broker carrier. I have and still use two broker platforms since I started my trading career.
I did change two brokers simply because I wasn’t satisfied. Now I am working with Finpro. They gave me tighter spreads and charge low commission on variable spreads by which I reduced my cost. Its been more than 1 year now with them and now I don’t feel the need to switch. I mean you should switch if you are not getting what you want. What’s the point continuing where you are not happy. And at the end of the day you want make money, not lose.
What’s the commission and spread like johnlatham?
I haven’t trade with any broker. Can you suggest me any good broker ?
Variable spread can be as low as 0 pips. Average spread on EUR/USD is 0.2 pips and commission can be anything between $5-10/ contract depending upon what you are trading. For more information, I suggest you should have a look at their website and trading platform. And if you do so, then do see finprotrading.zulutade.com. That’s the best thing in the market right now.
Switching of broker means you are not satisfied with the service of a broker that is why it is important to be careful when choosing a broker. I also experience that when I started trading I use to switch broker a lot because they are not satisfying my need. Well presently I trade with profiforex in which they offer low commission and a good trading platform. And I will stick with them.
I have used Axitrader and IC Markets, I am planning on trading with Tickmill(Armada) and Darwinex soon, but I know Tickmill, they are based in the Seychelles with a dubious licence. Anyone used them yet and are happy so far?
this question been asked each weeks. you may want to use search bar for similar thread.
or read this article How to Choose a Forex Broker - BabyPips.com , for any suitable factor before choosing one.
most common comparison are with spread and commision charged, reliability and repuation are also important factor.
babypips also had similar broker comparison page :
Forex Broker Comparison: Compare Currency Trading Brokers Information
well my comparison use different approach by compare the brokers spread,
check my post here : 301 Moved Permanently
you can start your own research use : Spreads | Myfxbook , and pick any potential brokers comes in mind.
hope it helps.
If you get good service from current broker, it’s no need to change often, but firstly you need to find a reliable broker.
Sometimes, using more than one broker will prove beneficial. There are some trading instrument that your present broker does not offer or support, what do you do in that case? If your present broker is offering good services, it is best to get another broker, invest there as well and use trade the instrument you see while maintaining your account with the present broker.
No need really. I’m on Hotforex and it provides all trading instruments including commodity CFD’s I’m currently testing. But sometimes it worth to make comparisons as your broker may yield in terms of spreads and liquidity. I’ve done numerous comparisons and deciding on focusing only on one broker…
If you get good service from current broker, it’s no need to change often, but firstly you need to find a reliable broker.
Indeed, some pairs are not offerd by a broker but another broker have it for trading. I think switching to another broker is not a bad thing but switching too much is not good.
agree, i switch brokers quite often to find the most suitable brokers,backup is always good,but ifas dollce said ,it it fits you , no need to switch too much
I also like their trading conditions,low spread transparency and fast withdrawals and deposit.
Some trader switch brokers a lot not because they didn’t find out suitable broker, just because they lost. When they lost, they blame for brokers and switch to another. It’s an opportunity for scam broker to rifle trader’s pocket.
there is an old saying that goes, your first broker might as well be your last, of course only if that broker do provide a decent service, some traders trade with more than one broker in a sense to segregate investments which are a bit big, best example is the black swan event where traders lost really big, some in a trade others from brokers closing. also there are IBs that trade more than one broker. but yeah im good with one, having too many might be too much to handle.
Hi Greg. This is maybe too late for you now, but I like others have switched brokers quite a bit over the years. Mainly because I found out they were operating dubious ‘bucket shop’ type practices e.g. price spiking stop losses etc. I’m very happy with my current broker (Darwinex) and haven’t had a single complaint with them in the year+ I have been with them. But there are many considerations and criteria you should consider when choosing a broker. To help other traders who don’t have that much experience of going through the process of choosing a broker, I have put together an article that leads you through the process. Hopefully you and others will find it useful. You can find it here bit.ly/BrokerCriteria
i cant say i switch forex brokers
but i can say i have tried a lot of forex broker around the internet
i can say i have tried and had account withLiteforex, InstaForex, Tradersway, IronFX,FXprimus, NordFX, HotForex, FXUnited, USGFX. XM, FreshForex, Orbex, OctaFX, FBS, FXPrivate, Caesartrade, EasyForex, Gainsy ,FirewoodFX, FXPremax, and the Last one is Tickmill
what attracts me is depend on what brokers offer to its client?
is it Deposit bonus? (Lite, Insta,Tickmill,etc)
Easy methode of funding ( Tickmill, Orbex , FBS, Etc)
or its spreads (Tickmill, Gainsy, etc)
depend on my mood i can say