Sound so crazy to deposit 20k$

[Leopardos]

Hello,

I have 20,000$ to start trading with ...
But they'r in my bank right now, which FX isnt available there...
so my question is ...
am i so DUMP to get those money from my bank account and put them into a broker company ? like OandA which i got a live account with , or IBFX?

Realy, just crazy people does that ....

How could i realy trust "a broker"...? what if the people who did recommend it are from the same company or somehow a lie?

i mean , if i have a company with 100,000 People ... each one with 20k$ thats mean 2000000000$ , i would claim that the company did break ...

How you guys feel with your LOT of money 10k+ placed into some place that could steal your money ... ?

Thanks

 

[DaveyBoy]

How about people who had accounts with Barings Bank. One of the oldest banks in the world and they went bust.

The difference with established banks / brokers and scam bank / brokers lies in the INTENT. Established companies can go bust as well, but their INTENT is not to scam but to provide services people will pay for.

Scam anythings start out with an INTENT to defraud.

Personally I'm quite confident in my choice of broker. Could they potentially fold? Anything is possible, but their INTENT is to provide their services (for which they make a fair chunk of change).

 

[forextips]

I agree with Daveyboy, as long as you do you research and the brokers are reputible. I don't see why there should be a problem with you making a deposit with them

Just a quick follow up to find out what you decided to do. Did you find a reputable broker to deposit your money with

 

[domkscott]

DaveyBoy and forextips have valid points, but you still have to be careful!
There are too many stories of people doing well, depositing large amounts for the first time and losing it all.
What happens is that traders gain confidence while trading small, so they decide to go big and then they get stung!
The sting can be as complicated as hacking and taking over your account or as simple as a SL hunt, either way these things have a tendency to happen when you do finally decide to invest big and/or simply go live.
Right now the only thing you can really do is develop a solid and strong trading strategy, do proper research and make sure your broker allows withdrawls at any given time.

 

[LivinFX]

DaveyBoy and forextips have valid points, but you still have to be careful!
There are too many stories of people doing well, depositing large amounts for the first time and losing it all.
What happens is that traders gain confidence while trading small, so they decide to go big and then they get stung!
The sting can be as complicated as hacking and taking over your account or as simple as a SL hunt, either way these things have a tendency to happen when you do finally decide to invest big and/or simply go live.
Right now the only thing you can really do is develop a solid and strong trading strategy, do proper research and make sure your broker allows withdrawls at any given time.

Agreed, it's very dangerous to trade with such large accounts. It's not so much about the broker
itself, but more about YOU losing it yourself!

In any way ... there are certainly brokers which are very professional and providing this service for you.
As example, I've had very good experiences with Dukascopy ...

Just be aware that the registration process is not an easy "1-2-3 register and next day your account is ready"
process as with the broader retail brokers like Forex.com, FXPRO etc.

 

[JamesW]

Are you just starting out as a forex trader? If so, then I wouldn't recommend putting anywhere near that amount into a forex account. Pretty much everyone blows their account when they first start trading, so I would suggest starting off with small stakes, and don't even think about trading real money until you have a solid trading system in place.

 

[ecn-broker]

You can put your money to swiss banks... MIG, Dukascopy, Saxo, ACM (now Swissquote!)

My favorite is dukascopy, and im happy

 

[Tradefox]

Hi, you sound like you are just starting out in forex, may i recommended you educate yourself first. That is the only way you can feel comfortable investing your money.

Then you would know the things to look out for while selecting a broker.

This in investor parlance is called due diligence.

I wish you all the best

 

[marshal]

you should remember here that it is an obvious thing to have the very good broker with which you feel confident. Though I think it is still very risky. Why have you decided to trade with such a great amount of money? And do not forget about the broker. It play the very huge role here.

 

[ECMartin]

What is a fortune to one can be peanuts to another. Basically, if you don't feel comfortable sending this or that amount of money to a broker, you should deposit less

 

[jmathers]

I wouldn't deposit anything if you are not 100% comfortable with the reputation of the broker. Many brokers will show hypothetical analysis of trades in the past or future, but yet they never even invest in those trades. Many forex brokers all a demo account for the simple purpose of allowing members to see the action before getting involved. Don't hesitate to try their demo accounts out before going live.

 

[NickB]

My rule of thumb is to only have enough money in my account to cover my margin. My trading capital could be $50,000 but my actual account may only hold $10,000. So if my broker goes bust I do not lose it all.

 

[paper5301]

I would recommend that you use a reputable broker like FXCM or Oanda with that amount of money. But I think someone else said it, I wouldn't be worried about the broker stealing it, Id be more worried about loosing it while trading.

 

[Andru]

Hello,

I have 20,000$ to start trading with ...
But they'r in my bank right now, which FX isnt available there...
so my question is ...
am i so DUMP to get those money from my bank account and put them into a broker company ? like OandA which i got a live account with , or IBFX?

Realy, just crazy people does that ....

How could i realy trust "a broker"...? what if the people who did recommend it are from the same company or somehow a lie?

i mean , if i have a company with 100,000 People ... each one with 20k$ thats mean 2000000000$ , i would claim that the company did break ...

How you guys feel with your LOT of money 10k+ placed into some place that could steal your money ... ?

Thanks

Brokers work by the contracts, and they couldn't deceive you if you do everything right.
yes, i know many brokers from all over the world who can deceive you,because of that I propose you to try accentForex, I trade 2 years with them. but you shopld remember that traders are scammers, and you always can know if the broker do the dirty job.

 

[CityBoy]

What is a fortune to one can be peanuts to another. Basically, if you don't feel comfortable sending this or that amount of money to a broker, you should deposit less

Completly agree you should trade with fx an amount that you can comfortably afford to lose.

$20k is some peoples life savings to others its a good friday night out, all depends on your perspective because your psychology will have a big impact as to how you trade and how well you do.

 

[Molly]

I think you have to find the good account manager who will help you to earn a lot of money.

 

[CityBoy]

I think you have to find the good account manager who will help you to earn a lot of money.

you do realise that account managers get money from how much you trade right? believe me their goal isn't to get you to earn a lot of money. If they do...great! but their goal is to get you to trade as much as possible. Now do not get me wrong there are good account managers out there who will give you well thought out reccomendations and realise that having you as a client and making sure you do well will give them and their company greater profits in the long run however these are very few and far in between.
Their aim is to get you in as many trades as possible, be careful of silver tongue devils who give you embelished turds of ideas just to get you trading.

I don't know why people in FX and think that robots, and account managers are going to help them and have their best interest in mind.

You're on your own! And never forget it.

 

[ezrydn]

If'n it was me, I'd follow the old adage "Don't put all your eggs in one basket." Personally, I'd break it down to 4 accounts at $5K each with 4 different brokers.

 

[Robert]

FX brokers have the option to be regulated and provide insurance for their clients incase of insolvency (or bankrupt in simple words). That means if your FX broker goes bust you are insured for a certain amount. Most regualted FX brokers provide insurance per client anywhere between $20,000 - $100,000. There some financial institutions such as Deutche Bank that provide insurance for each client of up to $1.0 billion. These are not insurances against losses in the market but just in case they do go bankrupt. I think you're money (20k) should be safe then, all you need to do is check how much each client is insured in your FX broker

 

[Livermore]

If'n it was me, I'd follow the old adage "Don't put all your eggs in one basket." Personally, I'd break it down to 4 accounts at $5K each with 4 different brokers.

Smart strategy.