Hi Guys, have U noticed that with the explosion of volume in forextrade in NSE and MCX in the last 12-18 months, (Avge vol of 35K now!) we have begun to witness an influx of OTC Forex trading Brokerage houses making inroads thru their Intruducing Brokers - IB (like Sub-Broker) or in a few cases with their marketing/liasoning offfice which inturn pursue aggressively in signing new IBs and even clients directly?
BUT I MUST WARN YOU....MOST OF THESE MUSHROOMING JOINTS ARE LIKE CASINO AND SO HAVE VESTED INTEREST THAT YOU LOSE MONEY. Like Casino and unlike Exchange brokerage house, they are the Counter Party to your trades and THEY LOSE (mostly) WHEN YOU WIN! And vice versa.
YOU WILL BE CAPTIVATED WITH THE ASTONISHING LEVERAGE (1000 times in atleast 1 such firm) and amazingly narrow spread and even ZERO BROKERAGE to boot!
A/cs get activated for as less as $200!
DESPITE THESE MOUTHWATERING TEASERS, IN MOST CASES A BEGINNER WOULD LOSE!
However, SHOULD YOU BE MAKING MONEY CONSISTENTLY most of them will not hesitate to deploy several unscrupulous practices to CHEW out of your a/c!
So, if YOU WANT TO BE PRUDENT WITH YOUR MONEY....here's the basic of what you need to do.
1) Explore with their DEMO a/c first for their service, find your niche in trading and pursue it vigorously for a couple of months before taking the 'REAL' DIVE.
2) They must have an office in metropolis like Mumbai (as SEBI, RBI are in proximity) and compliance and governance is stricter. You can have direct access to their professionals in times of need (and to have some semblance of control) like WSD-INDIA, ALPARI.
3) Better still, if the firm happens to actually fund you the initial money!
Here WSD-India takes a march ahead as it is launching a competition where the 3 best traders would GET CREDIT OF $3k,2k, AND 1k each. ONE CAN DUMMY TRADE..... AND IF HE IS REALLY GOOD, HE GETS REAL CREDIT TO TRADE REAL A/C!
On going thru their paltform I have learned that they are originated and operating from NZ and comply NZX and Securities Commission New Zealand and took heart that it has an operating office in the heart of Mumbai.
I found the platform to be as good as its peers' and look forward to trade and learn from the competition. (Actually most of these OTC Brokers provide MT4 platform, so for all practical purpose they are same.) IT IS THE SERVICE THAT WILL BE THE DECIDING/DIFFERENTIATING FACTOR!
Check it out alongwith other sites and will be glad to know if there are others too who are conducting such competition shortly.:thumb:
Thanx.
BUT I MUST WARN YOU....MOST OF THESE MUSHROOMING JOINTS ARE LIKE CASINO AND SO HAVE VESTED INTEREST THAT YOU LOSE MONEY. Like Casino and unlike Exchange brokerage house, they are the Counter Party to your trades and THEY LOSE (mostly) WHEN YOU WIN! And vice versa.
YOU WILL BE CAPTIVATED WITH THE ASTONISHING LEVERAGE (1000 times in atleast 1 such firm) and amazingly narrow spread and even ZERO BROKERAGE to boot!
A/cs get activated for as less as $200!
DESPITE THESE MOUTHWATERING TEASERS, IN MOST CASES A BEGINNER WOULD LOSE!
However, SHOULD YOU BE MAKING MONEY CONSISTENTLY most of them will not hesitate to deploy several unscrupulous practices to CHEW out of your a/c!
So, if YOU WANT TO BE PRUDENT WITH YOUR MONEY....here's the basic of what you need to do.
1) Explore with their DEMO a/c first for their service, find your niche in trading and pursue it vigorously for a couple of months before taking the 'REAL' DIVE.
2) They must have an office in metropolis like Mumbai (as SEBI, RBI are in proximity) and compliance and governance is stricter. You can have direct access to their professionals in times of need (and to have some semblance of control) like WSD-INDIA, ALPARI.
3) Better still, if the firm happens to actually fund you the initial money!
Here WSD-India takes a march ahead as it is launching a competition where the 3 best traders would GET CREDIT OF $3k,2k, AND 1k each. ONE CAN DUMMY TRADE..... AND IF HE IS REALLY GOOD, HE GETS REAL CREDIT TO TRADE REAL A/C!
On going thru their paltform I have learned that they are originated and operating from NZ and comply NZX and Securities Commission New Zealand and took heart that it has an operating office in the heart of Mumbai.
I found the platform to be as good as its peers' and look forward to trade and learn from the competition. (Actually most of these OTC Brokers provide MT4 platform, so for all practical purpose they are same.) IT IS THE SERVICE THAT WILL BE THE DECIDING/DIFFERENTIATING FACTOR!
Check it out alongwith other sites and will be glad to know if there are others too who are conducting such competition shortly.:thumb:
Thanx.