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Best broker for United States residents

  • #1
  • First Post: Jun 5, 2013 5:06am Jun 5, 2013 5:06am
Hey all,

I have done quite a few searches for which broker is best to trade with for US residents. I have come up with a couple (offshore) but they have absolutely no regulation...

I have tried to do research as far as brokers within the United States go, but none of them are as good or have as good reviews as offshore brokers. It is making me think about moving out of country.
  • #2
  • Jun 5, 2013 5:35am Jun 5, 2013 5:35am
Hi dafox1,

Came across this – wonderful resource for US residents.

http://forums.babypips.com/forex-bro...tml#post496896

Hope this helps.
  • #3
  • Jun 5, 2013 5:46am Jun 5, 2013 5:46am
I guess brokers with USA regulations are quite reliable. As I know they have a lot of requirements to their accounts.
Also USA government makes every year a report about brokers. It's helpful to see it too.
  • #4
  • Jun 5, 2013 5:49am Jun 5, 2013 5:49am
Quoting High.Five
Hi dafox1, Came across this – wonderful resource for US residents. http://forums.babypips.com/forex-bro...tml#post496896 Hope this helps.
Helps if you want to have an unregulated broker from some random island nation.
  • #5
  • Jun 5, 2013 6:12am Jun 5, 2013 6:12am
Quoting mitch77
{quote} Helps if you want to have an unregulated broker from some random island nation.

Quite right too. If you are a resident of the US, choices are very limited. You can't have the cake and eat it too.
  • #6
  • Jun 5, 2013 8:44am Jun 5, 2013 8:44am
Thanks for the responses!
The island brokers kinda make me wary of trading with them. I guess that I will have to just try out a couple more. I am currently trading with forexoma, based out of Hong Kong. They have been very reliable, even during news events.

I may just move out of the United States in the future to a Latin American country where I was born (dual citizenship)
  • #7
  • Jun 5, 2013 9:36am Jun 5, 2013 9:36am
no need to move.
www.offshoreleverage.com
forexfusiondotcom
  • #8
  • Jun 5, 2013 10:12am Jun 5, 2013 10:12am
you're going to have to find an unregulated broker. no regulation means they don't ave to comply with any laws. only broker i know of is tradersway. they are unregulated, but after using them for a while, i see nothing wrong with them. are they running a legitimate business in dominica or are they just a front for some bigger money laundering scheme? who knows, but so far, customer service is superb and spreads are quite nice. i was lucky enough to get a whole day of 0.0 pip spreads with them. only concern is to be aware of their commission structure as the commission listed under their account types is not the ones you are actually paying. i'm paying bout $9 rtl or so for gbpusd right now. calculation can be found in their FAQs.
  • #9
  • Jun 5, 2013 11:12am Jun 5, 2013 11:12am
Please do not go for any unregulated broker...just No and no question after this ...
  • #10
  • Jun 5, 2013 8:14pm Jun 5, 2013 8:14pm
Quoting odysseus11
no need to move. www.offshoreleverage.com
Hmmm... Paying for another ebook? In a couple years when I try to take this on full time. btw, why do you recommend it? have you bought it yourself? If so, is the process described in the book for offshore trading expensive?

Quoting jhehe
you're going to have to find an unregulated broker. no regulation means they don't ave to comply with any laws. only broker i know of is tradersway. they are unregulated, but after using them for a while, i see nothing wrong with them. are they running a legitimate business in dominica or are they just a front for some bigger money laundering scheme? who knows, but so far, customer service is superb and spreads are quite nice. i was lucky enough to get a whole day of 0.0 pip spreads with them. only concern is to be aware of their commission structure...
Yeah, Tradersway seems legitimate. Between them and Forexoma, they are the offshore unregulated brokers I have accounts with. Neither has given me any trouble whatsoever. Forexoma charges the same $9 rtl.

Quoting Red Herring
Please do not go for any unregulated broker...just No and no question after this ...
Why? because you can get burned and loose everything? I can do that trading regulated too. Regulation doesn't seem to help too much in that department what with how market makers can manipulate the market. Who would you recommend then?

It seems that the most interesting post has been the ebook posted by odysseus. However, I appreciate all of the feedback.
  • #11
  • Jun 6, 2013 2:18pm Jun 6, 2013 2:18pm
Why would anyone use an unregulated broker? We already know they are willing to do shady things by taking US business. What else are they willing to do? 50:1 leverage is more than enough to do well, IMO.
  • #12
  • Jun 6, 2013 5:47pm Jun 6, 2013 5:47pm
Quoting Smokeymar
Why would anyone use an unregulated broker? We already know they are willing to do shady things by taking US business. What else are they willing to do? 50:1 leverage is more than enough to do well, IMO.
So you bash the "shady" unregulated brokers but cannot recommend a regulated one?

Maybe I can try Alpari US....
  • #13
  • Jun 6, 2013 6:11pm Jun 6, 2013 6:11pm
What wrong with Oanda, MBTrading or Interactive Brokers?
  • #14
  • Jun 6, 2013 9:05pm Jun 6, 2013 9:05pm
Quoting dafox1
{quote} So you bash the "shady" unregulated brokers but cannot recommend a regulated one? Maybe I can try Alpari US....
I'm happy with Oanda.
  • #15
  • Jun 6, 2013 10:11pm Jun 6, 2013 10:11pm
Quoting shrike
What wrong with Oanda, MBTrading or Interactive Brokers?
I've heard good things about MBT, but IB I will look into. Oanda, I've just heard bad things. Thanks for your feedback!

Quoting Smokeymar
{quote} I'm happy with Oanda.
So that's a second vouch for Oanda. Thank you for your feedback! Do you try to trade the news like GDP PMI, etc?
  • #16
  • Jun 6, 2013 10:56pm Jun 6, 2013 10:56pm
I am seriously considering interactive brokers, but they don't offer MT4 or 5
A lot of bad reviews on them but this seems to be because they are professional grade and expect you to be professional grade too.
They do look like they are very reliable and a broker I would trust. Their S&P rating is excellent. I just really wish that they had MT4 for EA's

CitiFXpro looks good and has metatrader, but the minimum balance is 10,000 usd and for a good premium account it is 50,000.
  • #17
  • Jun 6, 2013 11:32pm Jun 6, 2013 11:32pm
Don't ever trade futures with Interactive Brokers. Their mark to market rules are terrible. Basically, if you trade something that is illiquid or suddenly the spreads widen, they will mark your position to the bid or ask, even if it is too low/high. And if your leverage is high, you can get a margin call and be liquidated.
  • #18
  • Jun 7, 2013 1:16am Jun 7, 2013 1:16am
http://www.forexbrokerinc.com/


I have read good about them except one issue they had with one client.(on forexarmy)
  • #19
  • Jun 7, 2013 2:48am Jun 7, 2013 2:48am
Quoting feduana
http://www.forexbrokerinc.com/ I have read good about them except one issue they had with one client.(on forexarmy)
Yes, they popped up on my radar. The only thing I don't really like about them is that they're unregulated out of Belize. Granted Belize is not an island nation, but still a very small country. Otherwise you're right, they look good.
  • #20
  • Jun 7, 2013 3:23am Jun 7, 2013 3:23am
Have you tried FXCM ? I remember this regulated broker is for US traders.
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