Traders Bill of Rights
Most traders trade with one broker. Even those who have accounts with more than one broker cannot initiate a trade with one and close it with another as there is no common clearing. This essentially makes a trader captive to one broker and makes it even more important that the broker provide a level playing field. It is hard enough to make money trading without a broker providing obstacles so it can maximize its profits. If a broker does not provide a level playing field then consider alternatives.
What constitutes a level playing field? See below for the Traders Bill of Rights:
- Right to a fair trading platform
- Right to choose your own broker and switch if not satisfied
- Right to get consistent price quotes
- Right to get trades executed with minimal or no slippage. In other words, there should no re-quotes.
- Right to consistent pricing regardless of your positions. In other words, a broker should not shade a quote lower if you are long or shade it higher if you are short.
- Right to get stops treated fairly. In other words, a broker should not artificially push a quote higher to trigger a buy stop or lower to trigger a sell stop
- Right to get withdrawal of money requests paid in a timely manner
- Right to prompt customer service 24 hours/5 days per week
- Right to close out hedged positions without paying an additional spread. Contact us if you need information on how to do this.
- Right to rollover rates determined by prevailing market rates rather than determined at the broker’s discretion.
- In other words, you have the right to a level playing field.
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