Are you looking for the best PAMM forex brokers because you don’t necessarily have the funds or knowledge to trade forex yourself, but still want to make a profit?
We can help you.
PAMM accounts brokers can come in all different shapes and sizes and even different names.
The key thing you should look out for is a trustworthy broker, one that has a good reputation, is regulated by a respected financial regulator and offers you a good amount of control over your funds when you want it as well as transparency.
Whichever pamm broker you decide to sign up with, ensure it is one you can trust.
What’s a PAMM account?
Starting from the basics, PAMM stands for Percentage Allocation Money Management, and as the name would suggest, this is a type of managed account.
With the PAMM account, very simply, you make the deposit to your account as a trader, and this money and investment is then taken care of by a fund manager who will make the trades on your behalf with the hope of being profitable.
This is not done in isolation and your account could be one of hundreds of accounts managed within the operation. Profits and losses are then distributed equally according to the amount that you have invested from your account. All of these actions are completed by an assigned account manager and full transparency of operation to make sure you can see exactly what is going on.
Top 10 Best Forex Pamm Brokers Of 2020
Here’s our list of the best PAMM account forex brokers:
Who can be a Fund Manager?
So, now that you know all about brokers who offer the best PAMM accounts, how can you actually become a fund manager yourself?
Well, this is not an instant process of a guarantee. Generally, since you will be trusted to manage the money of others, there is a process to go through whereby you have to prove your ability to perform this role. Experience plays a vital role in this.
While acknowledging that every broker has their own criteria, generally speaking you will require the following as a minimum in terms of experience:
- At least 3 years experience with trading
- You are a licenced fund manager
- You are a fund manager that have been working with other institutional bodies (brokers, banks, etc)
- A qualified professional trader (according to ESMA requirements)
If you meet most, or all of these requirements then there is a good chance that you may be accepted as a fund manager to trade within one of the brokers listed above.