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Need recommendation on US Broker

  • #1
  • First Post: Jul 1, 2011 12:46pm Jul 1, 2011 12:46pm
After 6 years, i may be losing my swiss brokers due to new laws. Really bummed out. Can anyone, with personal experience recommend a US broker. Standard account. Maybe Institutional depending on deposit requirement. I maybe able to keep my accounts as i do have a residence outside the US, but not counting on it. thanks to anyone.
  • #2
  • Jul 1, 2011 1:49pm Jul 1, 2011 1:49pm
I would look outside the US...Dodd Frank Act is about to kill trading as we know it...........read about this and be warned....lot of people becoming private offshore LLC...so they can use Brokers outside the US....do some do dilagence and you will see what I am talking about.

Nothing is for Free.........
  • #3
  • Jul 1, 2011 4:06pm Jul 1, 2011 4:06pm
Thats the act that is closing my accounts
  • #4
  • Jul 1, 2011 9:16pm Jul 1, 2011 9:16pm
Hellboy1966 is correct - Dodd-Frank will probably kill FX for US traders and - if you have the means - offshore is probably the longer term solution.

When HotSpotFX left the retail market I first went to DukasCopy, then to PFGBest. I use several brokers but all-around I like PFG...best.

Hopefully we'll get a Republican landslide in 2012 and reverse some of this nonsense!
  • #5
  • Jul 1, 2011 9:24pm Jul 1, 2011 9:24pm
I was wondering what the state of US fx was going to be. Seems dismal. Well i am going to try and show residency in Ukraine as i have an apartment and finance there. What bothers me, is that i have a savings account in CH and they are telling me, this must be closed out too. Wish they would have given me a little warning. Just got the emails today.
  • #6
  • Jul 1, 2011 9:27pm Jul 1, 2011 9:27pm
Quoting Steamboater
Hellboy1966 is correct - Dodd-Frank will probably kill FX for US traders and - if you have the means - offshore is probably the longer term solution.

When HotSpotFX left the retail market I first went to DukasCopy, then to PFGBest. I use several brokers but all-around I like PFG...best.

Hopefully we'll get a Republican landslide in 2012 and reverse some of this nonsense!
i called DukasCopy today.........i will look into PFGBest
  • #7
  • Jul 1, 2011 11:26pm Jul 1, 2011 11:26pm
I just got booted out of Dukascopy along with all my fellow citizens of USA.

You'll find a few threads in this section covering this very topic with a lot of recommendations.
I'm going with Oanda for now but there are many other options.

Good Luck!
  • #8
  • Jul 1, 2011 11:34pm Jul 1, 2011 11:34pm
Quoting DaTrader
I just got booted out of Dukascopy along with all my fellow citizens of USA.

You'll find a few threads in this section covering this very topic with a lot of recommendations.
I'm going with Oanda for now but there are many other options.

Good Luck!
Thanks i don't feel alone))))))))))
Been searching the site
any word about Traders Trust? Can they do US residents?
  • #9
  • Jul 2, 2011 12:13am Jul 2, 2011 12:13am
i went ahead and signed up with Oanda
  • #10
  • Jul 5, 2011 2:45pm Jul 5, 2011 2:45pm
I understand that the law forbids foreign brokers from opening US accounts but is it actually illegal for a US citizen to have a foreign forex brokerage account? There are a few foreign brokers that still open US accounts.

I don't think it is illegal but I haven't been able to confirm this anywhere. I understand that I would still have to file Treasury Form TDF??? each year.
Enter Signature
  • #11
  • Jul 5, 2011 6:13pm Jul 5, 2011 6:13pm
Quoting Steamboater
Hopefully we'll get a Republican landslide in 2012 and reverse some of this nonsense!
I don't think if would be "reversed". It should help prevent worse from happening though.
  • #12
  • Edited 8:47pm Jul 16, 2011 8:32pm | Edited 8:47pm
Using another broker.........taught me something..........XXX sux'd.........and i didn't even know it..............
  • #13
  • Oct 13, 2011 1:26am Oct 13, 2011 1:26am
I see this is an older thread but putting my 2 cents worth in anyway just in case someone comes along and reads it for those needing a good U.S. broker ...

I've gone through most of the major brokers out there and finally landed with MB Trading. They've got great spreads, choices on whether you want a commission based or commission free account, several different platforms to choose from, great customer service, and no worries about illegal software usage (for example, stop loss hunting).

I'm very pleased with them ... although eventually I do plan on creating an offshore U.K. entity so that I can open up an account with a European broker so that I can also trade indices. Ridiculous that we can't even trade our own markets over here. Ugh.
  • #14
  • Oct 24, 2011 7:08pm Oct 24, 2011 7:08pm
Was wondering if there were any other recommendations or any other praises for MB? I have been away from trading for awhile and was looking to get back into it, but am still not up to date with all the new U.S. regulations and things. I was looking into IBFX before I took a break from it all... Any good or bad from MB or IBFX as a US retail broker?

Thanks all
  • #15
  • Oct 24, 2011 8:07pm Oct 24, 2011 8:07pm
Quoting Hondaman
Was wondering if there were any other recommendations or any other praises for MB? I have been away from trading for awhile and was looking to get back into it, but am still not up to date with all the new U.S. regulations and things. I was looking into IBFX before I took a break from it all... Any good or bad from MB or IBFX as a US retail broker?

Thanks all
either one will be a good choice
  • #16
  • Oct 25, 2011 4:21am Oct 25, 2011 4:21am
Quoting Hondaman
Any good or bad from MB or IBFX as a US retail broker?

Quoting PoundTrader
either one will be a good choice
No. IBFX is a market maker with higher spreads. There certainly are better deals for you out there.

Of these two you mentioned, MB Trading is most definitely better. You get lower trading costs, a good ECN model, more platform choices, and free API.

For a real-time spread comparison, use this website: http://www.fxintel.com/
  • #17
  • Oct 25, 2011 7:14am Oct 25, 2011 7:14am
Quoting Marv
No. IBFX is a market maker with higher spreads. There certainly are better deals for you out there.

Of these two you mentioned, MB Trading is most definitely better. You get lower trading costs, a good ECN model, more platform choices, and free API.

For a real-time spread comparison, use this website: http://www.fxintel.com/
i made a lot of money with ibfx before i jump ship and went with citipro, now im trading with admd.com
  • #18
  • Oct 25, 2011 7:47am Oct 25, 2011 7:47am
For US clients i prefer Oanda or MB trading, both have good conditions and trading platforms. A offshore company is another good investment when you trade with large sizes or have a large account.
  • #19
  • Oct 26, 2011 1:25am Oct 26, 2011 1:25am
Quoting PoundTrader
i made a lot of money with ibfx before i jump ship and went with citipro, now im trading with admd.com
That's great. Sounds like you know your stuff, having reached that level.

I still think there are better deals than IBFX though for beginners.
  • #20
  • Oct 26, 2011 2:25am Oct 26, 2011 2:25am
Quoting Marv
That's great. Sounds like you know your stuff, having reached that level.

I still think there are better deals than IBFX though for beginners.
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