Is it better to have more than 1 broker?

Yes it is important to have more than 1 broker. recommends you have at least 3 brokers for the following reasons:

  1. For Best Rates.Online brokers come in different forms, some are better than others and many offer different features and services. Different brokers can have different spreads and swaps(holding costs) for different products. Some brokers may price certain products cheaper than others. When you have more than 1 broker, you can compare and get the best rates for yourself.
  2. Trading Bonus. A lot of brokers give trading bonus to new clients. This can help to increase your holding power or increase your leverage for more upside potential gain.
  3. Free Tutorials/Webinars/Seminars. You can get different trainings with different brokers to enhance your knowledge and skills. Some brokers bundle free training and workshops when you open account with them.
  4. Research Reports. Brokers normally like to keep in touch with their clients by providing them with research reports and market updates. Therefore when you have more than 1 broker, you get different research reports and analysis to have a broad range of views from different angles.
  5. Hedge Operational Risk. Trading platforms can sometimes fail and online brokers sometimes can go down, it is a good idea to have another account where you can open or close your trades. For example, if you have a open position trade 1 lot of Eur/Usd with Broker A and Broker A goes down, you can easily hedge that trade with Broker B.