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More than one account with one forex broker; is it advisable?


flybiz08

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Having more than one account with one broker is like having more than one type o account which is allowed. You can have a lite account, Demo account, cent account, etc. It doesn't mean there are different Verification methods for it because you can get verified with just one means of identification.

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But is that efficient thing for trader? This question must be asked to a lot of traders outside because not all traders can sustain one account and how can they make their multiple account sustainable?. Overall it is depend on experience once again, i see that more experts or someone who gained experience can handle more than one account.

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No I will never recommend it especially if we have got a good broker, but in case we are not satisfied than fine but in other cases it’s a fat no. I only trade with only broker from last 2 years which is OctaFX, it allows me to know them better and also I can create plans according to their conditions and to be honest I am so much satisfied that I can’t even think of trading with other companies. They have every offer that we might have to combine 3-4 brokers, so there is no logic in trading with other.
 

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No I will never recommend it especially if we have got a good broker, but in case we are not satisfied than fine but in other cases it’s a fat no. I only trade with only broker from last 2 years which is OctaFX, it allows me to know them better and also I can create plans according to their conditions and to be honest I am so much satisfied that I can’t even think of trading with other companies. They have every offer that we might have to combine 3-4 brokers, so there is no logic in trading with other.

 

What logic? It seems you don't tell us what is the parameter here that more than one account is not recommended. As i said before it is all depend on experience and last preference. Preferences here like when i want to earn more but since more brokers only allow one personal account maybe you can send them PM, or just open a PAMM account.

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People create different accounts for different reasons and if someone has more than one account with a broker, then most apparently, he's got reasons for that and it is usually traders with good skills that tend to initiate that idea. It most often works for those who want to hedge.

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  • 2 months later...

But as far as i know broker does not allow multiple account unless you create pamm account, so it is standard account + pamm account, not standard account + standard account. Reasoning is good but i am sure mostly will rejected by brokers.

Every broker has own policy. In some broker, we are allowed to open real account. But for me, i try to focus in standard account which i use in TenkoFx. But, i also have demo account to use it learn more about forex

 

"Bonus beyond the reasonable"

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Every broker has own policy. In some broker, we are allowed to open real account. But for me, i try to focus in standard account which i use in TenkoFx. But, i also have demo account to use it learn more about forex

 

"Bonus beyond the reasonable"

What do you mean by open a real account? I mean of course that each brokers that exist in this world will allow us to open real account because that is their income and also ours. The problem here is do you love to have more than one account?

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  • 3 weeks later...

Every broker has own policy. In some broker, we are allowed to open real account. But for me, i try to focus in standard account which i use in TenkoFx. But, i also have demo account to use it learn more about forex

 

"Bonus beyond the reasonable"

is their a broker that does not allow us to open real account? I am sure if theirs such brokerage then its a bankrupt brokerage already. lols. Because the main reason why they are in business because they have clients like us. If they don't allow us to open a real account then what do they going to expect us to do? Trade in demo account only? lols.

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I am not a professional forex trader but still I can say that having multiple trading accounts is not good. Because forex trading is not a child's play. A trader needs to concentrate on every trade properly. Without having focus on his/her business, a trader will have to face loss.

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  • 2 weeks later...

There are 2 conditions for that first you must have enough experience and already having good knowledge plus nice system, second is the opposite of the first condition, you don't have any of above or at least only small bit. Then if you are in the 1st condition, having more than one account is fine thus not advisable, but if you are in the 2nd condition, having more than one account is prohibited according to me.

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  • 2 months later...

Well this is really bad for sure having more than one account in one broker so far is not allowed by all brokers, this is as far as i know, but if you mean by open an account is something like open a demo account or open a PAMM account then that is still possible.

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I am trading with Mayzus and they are offering different types of account and I have two of them. It depends on us to have more than one accounts in same broker; one for practicing a strategy and other for normal trading.

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  • 3 weeks later...

it is not advisable that will kiling your own self especially if you are nebwie, there are some traders that work with more than one account but they find such a hard time to keep focus with their trading some ended up losing all of their accounts while some others loss many accounts.

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  • 4 weeks later...

If this thing is not bad for a broker, then the trader can embark on it and there won't be any problem when he cannot manage it well. The main thing that is worth considering here is whether the person in question is actually the kind of person who can be able to manage more than one account comfortably. Having more than one type of account is not a problem but the main problem is I the management of that account.

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If you can manage it stekin if you cannot that would be so bad idea for you all. All broker would love if you have more account because more income for them( it is about real account, right?). It is different if you have experience then more than one broker is advisable or okay for you to do.

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Just recently I have opened 2nd account with Nova FX broker, I love to do Forex trading but they have introduced another great way with Binary Option trading, so I have now separate account for doing binary trading and the best part is that I am getting unbelievable 111% bonus for every deposit that I make, so it’s phenomenal stuff and I have never seen any broker offering such gigantic amount of bonus that too for binary option trading work!

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Make any amount of account you wish to make if you know how to do so and provided you are not offending the broker. When you are considering having more than one type of account, also consider if that broker support that and also know whether you are on the right track in doing so because that is actually what matters more and what is even more important.

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Not advisable unless you can manage your account, there are traders who still cannot manage more than one account that is really bad if they start to haveing more than one account, it could lead to mismanagement and destroy their whole account. It is only okay or advisable if you can manage it so well.

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  • 3 weeks later...

Any trader who cannot manage more than one account and goes ahead to create more than one account is deceiving himself or herself. It is not advisable for the person to do that which he or she knows that he or she cannot do because this thing will never work. In short, it is not even important that the trader starts looking at ways to please himself or his excess desire, instead, do what he or she can benefit from.

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  • 2 weeks later...

I agree with stekin, if you cannot trade with more than one account never do that, also to be honest only have one account is easier compared to have more than one accounts plus you can recover yourself better if you lose and you can focus so well here.

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  • 1 month later...

@stekin: True, if cannot manage your account it is advisable if one trade doesn't take more than one account with one forex broker. However, as long as you can manage it then just do it, but i recommend at most 3 accounts with one broker. Using too much account will requires more attention and exhaust yourselves.

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