Are all U.S. brokers Scams?

[TareqS]

I do not think all US brokers are scam. There must be some good brokers out there for the US citizens. Do a search and read reviews about a broker before choosing one. I am wishing you all the very best.

 

[HeavenLeighRob]

There are a lot of trustworthy brokers out there (many of which accept US clients, but it’s important to remember that there are scammers as well. Always do research online like you have been to avoid this, but keep in mind that some brokers may receive bad reviews that aren’t correct. For example, a new trader may lose their money and blame the broker, or someone may not understand slippage and believe the broker was wrong, etc. I think the most important thing is to look for similar comments about issues from multiple people, as this is a red flag that it’s a true problem and that you should stay away from that broker.

 

[RSS007]

I have not yet started a live account with any broker because I've been researching first. From my research for the past two weeks, there is only one broker that seems transparent and upstanding and it does not serve U.S. clients. I wont name it here because I dont want to be called a 'spammer'. Every U.S serving broker has reviews on this website saying that they're scamming people by disallowing withdrawals, manipulating executions, etc. They're all 'B- booking' most of their clients and have an incentive for their clients to lose. Maybe retail forex trading in general is a scam? I have ascertained that it is not wise to leave too much money with any broker, theres many horror stories on this website of people leaving 100 + thousand dollars with their broker and the broker doesn't allow them to withdraw it. I wouldnt leave more than 1 k profit(above my deposit) with any broker. I plan to withdraw regularly up until the scam starts(telling me I'm news trading, arbitrage, etc to keep my profits and kick me out). Despite all its faults I was going to just use Oanda but their leverage is too low for me to make any decent money(remember I'm not putting too much money into any broker).

Regulated brokers are safe - the most serious myth I'm have come across so far. I had problems with more then three regulated brokers but ironically, my current broker is way better than any of the other brokers I have traded with and guess what, it's unregulated. Regulations give organisations, the power to do what they want. It's about the brokers intention to serve their clients well. And luckily I found one such broker - CedarFX. Consider checking them out.

 

[TareqS]

There is strict regulation as far as leverage is concerned to serve US and EU client. However, I do not think brokers serving the US clients are all of them scammer. Have a look at Forex Peace Army review to find some solid brokers that serve the US citizen with decent leverage.

 

[pezz55]

I would definitely recommend looking at the broker reviews on here. I have been looking to change my broker lately as I have had issues with withdrawals etc. A few mates have recommended CedarFx as a good alternative. I know it's an offshore broker but I know people who use it regularly with no issues.

 

[BL789]

All brokers have ways that tip odds in their favor and can dependent on your view of the entire game. In the US there's regulations rules like fifo and margin issues. And there are things that they do with their price.

 

[sebking1986]

You can certainly look offshore. The issue around being able to use them in the US I think is down to deposit method since I don't think you can load them with a US bank account. Some offshore brokers offer crypto deposits as a method around that. Do your research and check reviews here on the website. US brokers aren't scams, but the CFTC feel Americans need to be told how to use their money.

 

[Petezaa]

I have not yet started a live account with any broker because I've been researching first. From my research for the past two weeks, there is only one broker that seems transparent and upstanding and it does not serve U.S. clients. I wont name it here because I dont want to be called a 'spammer'. Every U.S serving broker has reviews on this website saying that they're scamming people by disallowing withdrawals, manipulating executions, etc. They're all 'B- booking' most of their clients and have an incentive for their clients to lose. Maybe retail forex trading in general is a scam? I have ascertained that it is not wise to leave too much money with any broker, theres many horror stories on this website of people leaving 100 + thousand dollars with their broker and the broker doesn't allow them to withdraw it. I wouldnt leave more than 1 k profit(above my deposit) with any broker. I plan to withdraw regularly up until the scam starts(telling me I'm news trading, arbitrage, etc to keep my profits and kick me out). Despite all its faults I was going to just use Oanda but their leverage is too low for me to make any decent money(remember I'm not putting too much money into any broker).

No I wouldn't say that they are - of course there are some dodgy ones out there, but there are also some legit ones.

 

[Mnefyn]

Well, I guess that not all the US brokers are scammers, because it would be quite obvious and nobody would join trading activity. The situation would be the same as with network marketing and financial pyramids. In my opinion, there are plenty of trustworthy brokers in the US, because trading activity as itself implies honest work from brokers. Moreover, it's pretty easy to determine whether a broker is a scammer or not. Just look at the regulations and try to connect with customer support. These things are the main idicators of reliable broker I think. So, not all of the US brokers are scammers, but there are such ones.

 

[BL789]

You can certainly look offshore. The issue around being able to use them in the US I think is down to deposit method since I don't think you can load them with a US bank account. Some offshore brokers offer crypto deposits as a method around that. Do your research and check reviews here on the website. US brokers aren't scams, but the CFTC feel Americans need to be told how to use their money.

I do feel that the CFTC has a point in trying to protect us from going off shore. Just in the past week dealing with a couple now I'm finding that there are some suspicious things going on. Yet, they still are providing liquidity so there's arguments to both side.

One "trusted broker" was routing all their card transactions through a Chinese online retailer. I wouldn't have known unless my bank didn't stop the transaction, or really mastercard.