protected accounts

Discussion in 'Forex Brokers' started by dirtybrown, Oct 29, 2007.

  1. iforex has what they call, a "protected" account in which they offer to new customers. they say they will eat any losses you make in your first two weeks of trading.

    are there any other brokers doing this?
  2. ml77


    is there any conditions ? I mean many beginners can blow up an account in two weeks !
  3. Happy days.

    Go through non farms hugely short euro dollar.

    If the figure is strong clean up.

    If weak they cover your loss!

    I think not.............
  4. chibu


    Is it legal for U.S. residents to open an account with They do not operate in the USA...
  5. Paliz


    All they would have to do is hedge your position, and collect on the spreads.

    Live and learn
  6. chibu


    Does anybody know if it is legal to open an account with them for U.S. residents?
  7. da-net


    just opened an account to trade new strats with...protected account...i'm in the usa
  8. da-net


    Hi Guys!,

    Thought I would give you a follow up to opening the account and trading the new strategy. Also the pros and cons.The protected account times out today @ 2pm EST and I have stopped trading it.

    First the people @ (Danielle & Adam) are extremely nice and courteous. They are very helpful and answer any inquiries in a timely fashion. To open the PTA is fast and easy. They will call you up to walk you through the platform if you need it.


    The platform is loaded with flashing buttons, etc...this is probably more to help noobs out as to what to do next. The download platform is extremely bulky on the system footprint and can cause system hangs, etc even with a huge amount of memory. The browser based platform works only on MS IE and has many of the same features & functions of the download platform, but it too is slow to execute even with DSL. The website was down this morning so no trading (only time during 2 weeks), when it came up, no login was available (over 20 minutes). I was told this was due to an upgrade over the weekend and should be corrected by the end of day.


    I traded the G/U and G/J during my time and the spreads are a little too big. The G/U infrequently gets below 5 and the G/J rarely ever goes below 11, most times it is 12 or more. Also they debit forward pips the moment you place the trade, not @ the EOD, If you should get a credit I have not seen it.

    THE PTA;

    The leverage is restricted to 100:1, your initial deposit is used as insurance and fully withdrawn upon trading. When I considered this I thought this was a waste of time because each pip is only 10 cents, but realized that the actual money is immaterial to what you learn, which is different with everyone. It could help someone with emotional issues, or that trades too much or the need to test a new strategy like me. Then I realized the true value of the PTA. I would suggest that no one open a PTA for more than $100 so that the main goal is to deal with trading issues and not the money.


    Attached is a jpg of all the trades, I'll let you decide


    I did my last trade this morning to see if they ran stops, unfortunately I could not tell as the market did go to my stop and I was taken out.


    I do not know if I will continue to trade with iForex, but I like the idea of a PTA and I will continue to use this service from iForex every time I want to try a new strategy because I see the benefits far outweigh the negatives.

    As a sidenote;

    In an email today they offered to help with my strategy, this I think would be of great benefit to everyone. I was also sent a new strategy, which I plan on looking at this evening.