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You might have been surprised after hearing about traders trading forex on multiple accounts. If you too want to try this, let me tell you it’s not fun. In the world of forex, nothing is impossible whether it’s trading multiple accounts on one computer with the same broker or different accounts with different brokers.
This post will focus on all possibilities. Let’s go through the answer-How to trade multiple forex accounts?
Firstly, you can create accounts with multiple brokers, there is no limit. Secondly, for Mt4 trading on multiple accounts, you need to install multiple terminals with unique IDs on one computer. Another easy method is to ask someone else to do a copy trade on behalf of you.
Few brokers also encourage opening multiple accounts. But the hassle is one you want to trade on multiple accounts from the same computer. For this, you need to have a CTCL terminal or register to the brokerage that allows CTCL terminal access.
Is It Possible To Trade Multiple Forex Account
Yes, it is fairly possible to open multiple accounts with the same broker or with different brokerages. However, it is not very common to have more than one account with one broker.
Because of illegal activities and scamming, brokers never prefer opening more than one account. You are free to open multiple accounts with as many brokers as you want. You need to see the long-run benefits of operating multiple accounts.
It is two different things: operating multiple forex accounts with different brokers and operating the same brokers. What bothers most is when you try to operate multiple Mt4 accounts with the same. It is really challenging but still possible. You need to have multiple terminals installed on your computer first, that sounds weird!
5 Ways To Trade Multiple Forex Accounts
Trading forex from more than one account can be stressful as well as fun. Pro traders never try this option. They always stick to one trading account with one broker. But there are ways if you want to trade this from multiple accounts.
Whether you want to trade multiple accounts with one broker on the same computer or try different brokers, forex is flexible to permit you to go with it. It allows you to open 7 Demat accounts with brokers you want:
Let’s see the details:
Open Multiple Account with Different Brokers
You can open multiple accounts with multiple brokers. There is no limit to creating trading accounts in forex. However, some brokers don’t allow opening more than one account.
Legally, there is no limit on brokerage accounts in forex. In a few cases, it is good to have multiple trading accounts with a different brokerage. But in many cases, it proves to be overkill.
Install Multiple Terminals
If you want to trade forex on multiple Mt4 accounts on the same computer, you need to install multiple terminals. Otherwise, it would not be possible to trade Mt4 from multiple accounts on the same device.
For multiple terminals, you need to change locations. You can create a unique folder name for locations you’ve not used yet.
Get CTCL Terminal
Another way to trade forex with multiple accounts is to get a CTCL terminal for that which is not easy. To get this you will have to register yourself as a sub-broker of a reputable brokerage. The requirement of getting access to the CTCL terminal is quite difficult. You need to pass the NISM level 8 derivative exam for this.
Ask Someone Else To Manage Multiple Account
The easiest way to manage multiple accounts is to copy trade and ask someone else to handle your other accounts. You can trust your friends, relatives and blood relations for this. But don’t share your account information or login details. If you’re sharing all these, choose some trustworthy person.
Go With Brokers Who Allow Multiple Trading Account
There are many brokers who allow opening more than one trading account. ICMarkets is the name of a broker that allows traders to make more than one account and delete when not in use.
You can open multiple accounts with this broker and can start trading. Instead of opening multiple accounts with one broker, experts recommend opening multiple accounts with different barkers. It would minimize the risk. In the case of closing an account with one broker, you can go on with another.
When You Need To Trade Multiple Forex account
There are several situations when you need to have more than one forex trading account. It’s weird to open multiple accounts without any logical reason. Without proper knowledge and risk management, such accounts are very risky.
Let’s check out the valid reasons for having more than one account:
- Having multiple Investment goals
- Being an employer of the trading firm or Institutional trader
- To avail of the offers of different brokers
- To take tax benefits
- To diversify your risk
- For security reasons
- To invest for your future, old age or children
Frequently Asked Questions
How many accounts should a forex trader have?
There is no limit to opening trading accounts with different brokers. But for one broker you may not be able to open more than one account. Only a few brokers allow creating more than one account. It’s not safe for security purposes
Can I have multiple accounts with the same broker?
Yes, you can, if your broker allows this. For high financial goals, it is beneficial. But not all brokers allow this. It is not good for beginners. For security purposes, it is not safe as well.
Can you have multiple Meta Trader accounts?
To operate multiple Mt4 accounts on the same computer you need to have multiple terminals installed on it. Each terminal must have a unique ID. Ask your broker about this service. Or log in from different locations to have multiple Mt4 accounts access.
Final Verdict
Briefly, it is possible to have many accounts for trading forex. But it requires risk management expertise to handle such accounts. If you feel you are new to the forex world, never go for it.
Institutional forex traders are better qualified to operate multiple accounts on all levels. Never try it just for fun, it can wipe off all your money.
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