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Brokers You Need to Avoid !

May 3, 2017 / 475 / Category : Forex

Just like there are brokers that you want, there are also brokers that you will want tostay away from. For example brokers who are prone to prematurely buying or sellingnear preset points (commonly referred to as sniping and hunting) are trifling thingsthat are committed by brokers who only seek to increase profits.Obviously, no broker would actually admit to doing this, but there are ways to know ifa broker has committed this offense.Unfortunately, the only way that you can really determine which brokers do this andwhich brokers don't is to talk to fellow traders. There is no actual list or organizationthat reports this kind of activity. The point here is that you have to talk to others inperson or visit online discussion forums to find out who is an honest broker.

Strict Margin Rules

When you are trading with borrowed money, your broker should have a say in howmuch risk you are able to take. With this in mind, your broker can buy or sell at itsdiscretion, which can be a really bad thing for you.Let's just say that you have a margin account, and your position takes a headlongnosedive before it begins to rebound to all-time highs. Even if you have enough cashto cover it, some brokers will liquidate your position on a margin call at that low. Thisaction on their part can cost you dearly. You talk to others in person or visit onlinediscussion forums to find out who the honest brokers are.

Signing up for a FOREX account is a great deal like getting an equity account. The only major difference is that, for FOREX accounts, you are obligated to sign a marginagreement.

This agreement basically says that you are trading with borrowed money, and,because of this the brokerage firm has the right to interfere with your trades in orderto protect its interests. Once you sign up, all you have to do is fund your account andyou'll be ready to trade right away.

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