Searching Which is best forex broker for USA?

[shanmugapradeep]

Hi,

I am searching for good forex broker for USA. can anyone help me.

1. Which is the best USA forex broker for currency trading?

2. Which is USA best A Book (STP, ECN, Non market maker, Non dealing desk) forex?

3. USA Forex broker which provide Cents Account?

Thanks

 

[TheNewbieTrader]

Have a look at the reviews section on this site and you will be able to read other peoples reviews.

 

[henyo]

are you searching for a US based broker? or a broker that caters to US traders offshore? check the review section, for off shore brokers u might wanna check lmfx they do accept US traders, for US brokers etoro seems to gain popularity as of late. but dont take my word for it, pls doo your due diligence and research and best of luck

 

[HeavenLeigh]

I'm also located in the USA and have an account with CedarFX. They offer a 0 commission account and only require a $10 USD minimum deposit, which is what made me sign up at first. Also got really tired of looking at brokers that wouldn't accept US clients. They also have some other perks like same day withdrawals and have a lot of assets to choose from for trading. If you're still looking, I'd recommend checking out their website to find out more and to see if maybe they offer what you're looking for.

 

[sebking1986]

As henyo says above it is important that you 1) do your due diligence and 2) define if you want a US based broker (subject to US regulations) or an offshore broker that accepts US clients. You will certainly get more trading freedom offshore but not the regulation if it's important to you. I'm in the UK and use a IC Markets SC account for extra trading freedom but not sure they accept US clients. I believe EagleFX have been around a good number of years now and have a decent reputation and I've seen Americans using them without issue. I use them mainly for bitcoin trading myself and never had issues. Make sure you check review sites though as I say.

 

[JimmyRozza]

Good luck finding one over there. Due to SEC regulations, they do not allow hedging and put heavy limits on leverage. You can see a bit more detail on the limitations below:

Key Provisions of U.S. Regulations​

Customers defined as "individuals with assets of less than $10 million and most small businesses," underscoring that these regulations are meant to protect the small investor. High-net-worth individuals may not be covered under standard regulated forex brokerage accounts. Below are several further provisions:

• The available leverage is limited to 50:1 (or a deposit requirement of only 2% on the notional value of a forex transaction) on the major currencies so that uneducated investors do not take unprecedented risks. Major currencies are defined as the British pound, the Swiss franc, the Canadian dollar, the Japanese yen, the euro, the Australian dollar, the New Zealand dollar, the Swedish krona, the Norwegian krone, and the Danish krone.
• The available leverage is limited to 20:1 (or 5% of the notional transaction value) on minor currencies.
• For short forex options, the notional transaction value amount plus the option premium received should be maintained as a security deposit.
• For long forex options, the entire option premium is required as security.
• The first-in-first-out (FIFO) rule prevents holding simultaneous positions in the same forex asset, that is, any existing trade position (buy/sell) in a particular currency pair will be squared off for the opposite position (sell/buy) in the same currency pair. This also implies no possibility of hedging while trading forex.

Notably, money owed by the forex broker to the customers should be held only at one or more qualifying institutions in the United States or in money-center countries.

With more and more countries going down similar paths, we are seeing an increased demand for off-shore, none regulated options. Which in turns does carry another set of risks, so be sure to do some research before choosing one (many of them also don't accept US clients).
From the criteria you have provided, my suggestions would be to take a look at LonghornFX and add them to your short list - they accept US clients (there are a few using them in one the groups I am in), they are true ECN and also have cent accounts (even on Nasdaq).
Good luck with your search and please let us know how you get on.

 

[HeavenLeighRob]

I'm also from the United States and opened my trading account with CedarFX. I got so tired of looking at brokers that wouldn't accept me and started to get discouraged before I stumbled upon them, but I have to say that there are some perks there that I wasn't expecting as far as 0 commission and same-day withdrawals. Also was a big deal for me to be able to contact customer support without it being a big headache and they also lived up to that expectation, so may be worth looking at them if you haven't opened an account yet.
If you have, I'd love to know which broker you chose!

 

[momo3HC]

Best is dependable from your personal preferences. In example I`m looking for good conditions, fast funds moving and responsive support. That`s why my best is EagleFX.