While most Forex traders kick things off with a single Forex account, it doesn’t take long for dedicated, passionate, and serious about unlocking big potential profit traders to open up two Forex accounts.
A lot of traders run two Forex accounts these days to protect themselves from risk, build in some sort of redundancy for their trading, and open up more advanced strategies that allow them to make more money – faster – than they would have been able to with a singular account.
Forex traders are allowed multiple trading accounts and can trade simultaneously using various applications. Having two forex accounts is advised by most traders, as this allows for increased profits and potentially reduced risk from broker exposure.
Can I Have Two Forex Accounts?
Right out-of-the-box it’s important to answer the question “Can I have two Forex accounts open at the same time?”.
The answer is (if you haven’t guessed from our opening segment already) absolutely, positively yes!
There’s absolutely zero reason whatsoever that you wouldn’t be able to open up two (or more) Forex accounts, sometimes even opening up those multiple accounts with the exact same broker.
Not bad, right!
Even better news is that once you get the hang of trading with multiple Forex accounts it really become second nature.
With a little bit of effort, little bit of research, and a little bit of practice (either live trading with your own money or paper trading with multiple accounts to stay safe) you’ll be able to master all the ins and outs as well as the subtle nuances of trading with multiple accounts – and unlock significant profit potential.
In a minute we are going to run through all of the big advantages that having two Forex accounts open offer, as well as touch on a couple of the disadvantages and drawbacks.
Just understand that there’s nothing wrong, illegal, or unethical about running two (or more) Forex accounts at the same time.
The Benefits of Having Multiple Forex Accounts
The biggest benefit of having multiple Forex accounts is the freedom and flexibility you have access to.
With your trading untethered from a singular platform you are able to move quickly and timely, capitalizing on movements that you recognize as they unfold in real time – but also reading charts and real-time data from multiple accounts on multiple platforms.
You can confirm that a trend really is bubbling up and not just a “ghost pattern” that’s occurring on a singular platform.
On top of that, you’re able to gain access to extra leverage with multiple accounts that wouldn’t have been available to you otherwise.
This can be a game changer for those brand-new to the Forex world.
Imagine, for a moment, opening up multiple accounts with a $200 or $500 deposit and then gaining access to 50:1 (and sometimes more) leverage across all of them.
Instead of being limited by the kind of leverage available at certain “deposit tiers” on different brokers you instead gain access to the kind of margin that you wouldn’t have had access to otherwise.
This means you’re able to tap into trading opportunities that might not have even materialized for you in the past. That’s a tremendous advantage.
Finally, you can set up all of your individual Forex accounts to focus on specific trading strategies or currency pairs that you go after on that platform and only on that platform.
This is a unique form of diversification but it helps to really organize your trading in a way that having all of your trades and all of your strategies sort of jumbled together on a single platform makes really challenging.
You’ll get a lot more clarity. You’ll be able to execute trades faster and with more confidence. And you’ll just generally be better organized.
Of course, the big disadvantage here is that you are going to be a little less focused bouncing from one platform to the next and may miss opportunities while you sort of shift gears.
On top of that, you may recognize “ghost patterns” popping up on one platform that just don’t look the same on another because the signals are a little different. This can lead to some confusion and inaction when you need a lot more certainty to execute your trading strategies.
How to Trade Two Forex Accounts
The easiest way to open up (and trade) to war more Forex accounts is to use the same core platform – like MetaTrader 4, for example – across different brokers or exchanges.
An approach like this allows you to capitalize on all the benefits that having an account on multiple brokers offers while at the same keeping the tools that you used to research and execute trades – MT4 – identical across the board.
You really get the best of all worlds here.
Sure, you are going to have to install multiple MT4 terminals on the device that you are trading with to open up these multiple accounts. But that’s relatively simple and straightforward.
There are tons of tutorials online to walk you through that whole process from start to finish.
After that, though, all you really have to do is organize which accounts you want to focus on specific strategies, fund your accounts, and then dive headfirst into executing the kinds of positions that you are most interested in.
There are actually tools out there that help you with this process. I have compiled a list of the best forex trade copiers, that allow you to get setup and start trading an unlimited amount of accounts, by just controlling the one!
I’d recommend setting a trade copier up on a dedicated Forex VPS, so you don’t need to worry about downtime. Many traders in the online communities are using this approach to help trade multiple funded forex accounts, with various prop firms.
I have a full guide on how to trade multiple forex accounts at once, if you’re interested.
As we mentioned a moment ago, you aren’t restricted to having just two Forex accounts running at the same time.
You could run multiple accounts – five, six, a dozen or more accounts – all at the same time. There’s nothing wrong with that (and there are some really successful traders that have way more accounts than that running concurrently).
At the same time, though, it’s best to start off with just two different Forex accounts before expanding your account numbers beyond that. You really want to get a feel for how these kinds of trades work before scaling up.
In Summary – Is It Possible To Have Multiple Forex Accounts?
In conclusion, it’s completely legal to have 2 or more forex broker accounts. You can use the same core trading platform, like MetaTrader 4, and trade on different exchanges or brokers. Just remember to keep your research and execution tools – like MT4 – identical across all accounts.
You can also use trade copiers to help you manage an unlimited amount of forex accounts with ease. Start off with just two accounts and then scale up as you become more comfortable with the process.
Have any questions or thoughts on this topic? Let us know in the comments below!