Does it make sense to open two or more accounts with the same broker?

[ProTrader]

A broker usually offer many types of account such as mini account, standard account, ECN account, etc... and most brokers allowed me to two or more account.

I don't believe in performance of demo account, it does not reflect the actual market so I can open mini account to test the market, test my EAs and open another ECN account for actual trading.

Do you think that it make senses that way?

And you, do you open two or more accounts with the same broker? What is your reason and strategy? :32 (21):

 

[jackcm]

This sounds like mental accounting, according to behavioral finance. Investors believe that it is better to have more than one accounts in investing, which prevents them from losses but such irrational act is meaningless, because it is not a problem that how many accounts you have but how much money you have.

 

[UMOFX IB]

It is your choice how many accounts you want to open with any broker. In multiple accounts your amount is divided .You are safe that can not trade in high risk due to the less funds. Mini accounts are best for actual practice of trading after having skill in micro account you can invest in standard or ECN accounts confidently

 

[ProTrader]

This sounds like mental accounting, according to behavioral finance. Investors believe that it is better to have more than one accounts in investing, which prevents them from losses but such irrational act is meaningless, because it is not a problem that how many accounts you have but how much money you have.

I don't think I understand your point well, can you explain it clearly?

If I have a fair amount to invest such as $2,000 I will open two account at the same broker or on 2 different brokers. If one broker has problem, I still have back up money at other broker.

 

[jackcm]

I don't think I understand your point well, can you explain it clearly?

If I have a fair amount to invest such as $2,000 I will open two account at the same broker or on 2 different brokers. If one broker has problem, I still have back up money at other broker.

If you broker is trusted (regulated), there is not necessary to open another account in the same or another broker, isn't it? And if you deposit your money to independent broker (unregulated), I don't have anything so say.

 

[Markllee30]

Yes you can open multiple account with same broker but i dont appreciate that as it is always better to open different account with different broker eery broker work on different strategy and it effect trading scope too.

 

[Cutiekc]

Yes you can open multiple account with same broker but i dont appreciate that as it is always better to open different account with different broker eery broker work on different strategy and it effect trading scope too.

opening of multiple trading accounts. Like having the verification with a fake id. I dont think all brokers welcome this mostly those who are strict based on making use of hegding strategy so as to avoid the same member having the opposite of his pair in the other account so one account is okay to avoid issues like being ban.

 

[riddick09]

Well, the purpose of having two or more accounts in the broker is to have our new trading plan or strategy or to have here start new account due to have the MC in the previous account. And yet, for sure we have choice and not a problem to have either replenish the trading account or to create new one.

 

[Decub]

Owning more than one account in one broker firm is a matter of choice but to me personally, it doesn't make much sense since there are credible brokers scattered all over. What stops me from diversifying if I think I have the fund to play around with.

 

[winuga]

of course we can make different types of account in one broker... i already try it, even same type of account welcome to open by traders in such broker like octafx fbs instaforex fxopen exness and many others, they do not limit their clients regarding opening multiple account

 

[ProTrader]

opening of multiple trading accounts. Like having the verification with a fake id. I dont think all brokers welcome this mostly those who are strict based on making use of hegding strategy so as to avoid the same member having the opposite of his pair in the other account so one account is okay to avoid issues like being ban.

You are misunderstanding!

Inside the Member’s Area you can open multiple account, many brokers out there such as Mayzus, FXCM, Forex4you, etc. allow that.

We're also taking about open multiple account with different broker mean there need not to use fake ID. Not mention that few brokers do not even require account verification.

 

[naninov]

yes we can absolutely open multiple account with one broker, there is no specific reason or strategy to use for open multiple account, i only do this because sometimes my account seems not having luckiness for trading, sounds strange but it convinience me to get start trading an account with my luckiest number on it

 

[Decub]

A broker usually offer many types of account such as mini account, standard account, ECN account, etc... and most brokers allowed me to two or more account.

I don't believe in performance of demo account, it does not reflect the actual market so I can open mini account to test the market, test my EAs and open another ECN account for actual trading.

Do you think that it make senses that way?

And you, do you open two or more accounts with the same broker? What is your reason and strategy? :32 (21):

Well, let's take your second paragraph and analyze it critically. You do not believe in the performance of a Demo account, yes, that is because you do not see it from the angle of which it was introduced-practical learning. It's aim is to see that a trader is really practising Forex without investing anything which means that even if he loses, he has still not lost out in any investment but then, everyone has that which he believes and which works for him ( which in your case is mini account). In as much as I believe in opening more than one account with a broker, I also believe in learning through Demo.

 

[Cutiekc]

Well, it depends wholely on our trading abilities because having more trades than one going on will require more concentrations for the manual trading. We will also be careful for if not we will be doing some mistakes here. Its quite position to have more trading account under one broker hence your broker has that feature. Like in mayzus there are the lite, STP. Etc accounts which we can have one with each of them.

 

[gkintl]

It certainly makes sense in opening two accounts with the same broker. After we train adequately on a demo account, it is always better to open a micro account. This enables us to refine ourselves as a trader by having a control over emotions. Once we gain adequate experience, we can shift to a standard account. By the time we shift to a standard account, we will have enough maturity to tackle emotions. Thus, there are several traders who use two accounts usually with the same broker to trade in the market.

 

[Daisy]

I say open two accounts with two different brokers. That way you can see how the two works. I have one but the efficiency of it is low sometimes like jamming during traffic hours and also slow sometimes and then just not working for the entire day also. I rather see how I can benefit from two places. I mean you should also spread out some money as well on two different brokers to see how well it will work.

 

[riddick09]

Well, I can say that it will depends on your decisions on which you will be comfortable and profitable. After all, you can create and deposit in multiple trading accounts with one broker or different brokers. However, I also see how difficult to handle those several accounts but can be good as back up accounts in case we lost in one account.

 

[Pettyeve]

You can open more than one account with one broker. This thing will be possible for any of the traders that want tohave multiple account with one broker because some traders want to trade different style in different account. Maybe they want to scalp in this account, open long position here, trade in commodities here.

 

[Decub]

There are varying reasons a trader can choose to open more than one account with one broker. Bulk of the reason one would say is that the trader might just be the type that has a strong affinity for a broker and can trade using different trading strategies. There is absolutely nothing wrong with it.

 

[tray]

Trading with difference strategy can never make me open more than one account per broker the only virtal reason which I see is that if a trader want to own a cent and $ account so that lots can be control in a cent account and he can chose to what he like with the real account