Forex brokers negotiate more than traders (who are in a constant state of negotiation over price). Working with them can be compared to herding wild cats.
They aren’t all bad, you just need to have the facts. Trading is an information game, and so is opening an account. There are many ways brokers can profit from your account including but not limited to slippage, price leaning, ‘freezing up’ during volatile periods, or just calling it a day and filing bankruptcy.
An extreme amount of due diligence should be performed on any broker you open an account with. But also it depends on the IB (Introducing Broker) you work with – there are brokers who will give every IB a different deal. Thus, the same broker can be great for some under IB A and catastrophic under IB B.
Global Intel Hub provides our members with 2 things:
- Due diligence and information for all brokers (including IBs)
- Specifically tailored relationships providing our members with the best possible trading conditions
We have worked with more than 50 Forex brokers in the last 10 years and have had contact with many more. Not only do we know the ins and outs of the Forex brokerage business, we know how to get the best possible trading conditions for ourselves and our members.
Currently we are working with many brokers including ILQ, FXCM, Divisa, Axitrader, Pepperstone, Synergy, and others. But we must disclose that it’s more than picking the ‘right’ broker and no one is ever perfect. Some brokers have been great and then were bought out by other firms or cease to exist. Just like trading, opening a Forex account at a certain broker is about information – just like trading.