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What are the key features that should not be changed suddenly by brokers?
When anything is described as "subject to change," there is a potential that you may incur more losses in terms of money, time, and effort.
- Your brokerage company may execute trades with a different model than what they are supposed to.
- The platform changes. You are used to using MT4. All of sudden, you have no choice but to move to MT5.
- The stop-out level is increased. A higher stop-out level will cause you greater loss as it will let your losing position run its course until you have nothing left in the account.
- Changes in spread and/or commission. Anything related to trading costs should be a sensitive matter as it influences one's profitability in the long run.
- Leverages are lowered for no reason. This limitation may result in higher margin requirements and thus inflict on any trader who are used to trade with high leverage.
- Your pair leaves you.
- Obvious stop hunts. This often happens in market maker brokers who trade against the traders. In this case, you will find your stop losses getting executed just before the price moves in your favor.
Continue Reading at Broker Red Flags: Signs You Should Leave Your Broker
How to avoid disproportionate swaps in ECN brokers?
We can probably compare current prices and swaps between brokers to find which is the fairest of them all, but we cannot do so all the time.
That's why it cannot be totally avoided.
Continue Reading at Can ECN Brokers Cheat on You?
What should traders check in a broker's demo account?
- The speed of execution: If the trades are executed quickly and without any, this is a good sign of the quality of the brokerage services.
- The spreads: Lower spreads are generally better, meaning traders will pay less in trade fees.
- The commissions: Lower commissions are generally better as traders will keep more profits
- The platform: The platform should be easy to use and navigate and offer all the features traders need to trade effectively.
- Customer support: If traders have any questions or problems during their demo trading, they should be able to get help from the broker's customer support team quickly and easily.
Continue Reading at How Long Should You Trade on Demo Account?
What are the valid documents that can be used as evidence of a scam broker?
Collect all relevant documents, communications, and transaction records related to the scam.
Some evidence you can gather are:
- Screenshot of your trades
- Communication records
- Account statements
- Transaction history
- Terms and conditions of your broker
- Testimonials from other traders
Continue Reading at How to Recover from Forex Broker Scams