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Futures Brokers for UK residents which are the best in the US 7 replies

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Best broker for United States residents

Quoting undergroundz
Have you tried FXCM ? I remember this regulated broker is for US traders.
No, but I have heard okay things about them. There's always someone to complain though. If I go with any new brokers, it will most likely be Interactive Brokers.
https://www.gcmfx.com/account_types.php


This broker seems to be good,but I donț know much about them.I see they are regulated though...
Quoting dafox1
{quote} No, but I have heard okay things about them. There's always someone to complain though. If I go with any new brokers, it will most likely be Interactive Brokers.
ATC Brokers are good. They are regulated in US and UK, have very low spreads, they also have MT4 and Trading Station and they have excellent customer service. Check out their reviews on FPA, they probably have the highest rating for any major broker.

Minimum is 5K deposit but you have that obviously since you are making such a fuss about which broker to choose
Quoting mitch77
{quote} ATC Brokers are good. They are regulated in US and UK, have very low spreads, they also have MT4 and Trading Station and they have excellent customer service. Check out their reviews on FPA, they probably have the highest rating for any major broker. Minimum is 5K deposit but you have that obviously since you are making such a fuss about which broker to choose

If by "good" you mean ATC partakes in the profit sharing of client losses while claiming to be an ECN (who introduces to FXCM). While I agree their spreads are great and commissions decent, something rubs me the wrong way when the NFA goes out of their way to fine an introducing brokerage for misleading clients, taking the opposite side of client trades and benefiting from the losses of clients. (You can read the case for yourself here: http://www.nfa.futures.org/basicnet/...px?seqnum=3377)

Quote
ATC and Maoukian breached their duty to uphold high standards of commercial honor and just an equitable principles of trade by failing to inform ATC’s customers introduced to ILQ that ILQ used a software program which automatically offset their trades with opposing trades placed in the Pure Ventures account; that Pure Ventures account was solely owned by Manoukian who was an AP and principal of ATC; and that this arrangement created a conflict of interest whereby Pure Ventures, Manoukian, and ATC stood to profit at the expense of the ATC customers....

That being said, I would stick with a registered broker in the States for sure. MB Trading, OANDA, and Citi have all been mentioned and would second those recommendations. Tradestation is great as well if you don't need MT4.
Thanks for posting that, I guess I would be better off closing my account and going with a MM then like Citi or Oanda.

I have traded with them for over 4 years and I have not had any problems. Each to their own I guess.
Quoting shrike
What wrong with Oanda, MBTrading or Interactive Brokers?
Oanda artificially widens the spread so you have no idea what's really going on. That's how they make their money. It also pretty much makes it impossible to scalp. If you're not interested in high frequency trading, it may not matter to you. They have oodles of money, so that's a benefit. If your position size isn't too large you shouldn't have issues.
i don't feel comfortable discussing, following up, or anything on this, but will write this before disappearing from this thread: finfx is excellent; i am not the only American for whom they serve as broker. No complaints; several advantages. Whatever you find about this Finnish broker, verify with finfx before reaching conclusions. i truly do not understand how i got lucky and found them. ...
Thank you everyone for all your feedback. I have not yet switched from Forexoma to any other brokers as I am giving myself more time to consider the options.
FinFX looks good too, but it is not regulated by any specific Fx laws, but by certain financial laws in Finland. However, they do seem more creditable than the island brokers lol
  • Post #29
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  • Edited 6:31am Jun 8, 2013 6:12am | Edited 6:31am
Quoting dafox1
{quote} No, but I have heard okay things about them. There's always someone to complain though. If I go with any new brokers, it will most likely be Interactive Brokers.
Have you read this?

Quote:


Quoting shrike
The Mattus bros did some prearranged trades on the CME in illiquid wheat options with each other. Why do that, you ask? Presumably for either attempted tax evasion or money laundring. Maybe not the worst thing that has ever been done in financial markets. But i won't send money to people who have such problems either. Not that i would send money to an unregulated firm in the first place. Being an unsecured creditor to an estonian llc is not a position i want to be in. http://www.cmegroup.com/company/memb...date.print.pdf...


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Quoting undergroundz
Have you tried FXCM ? I remember this regulated broker is for US traders.

Didn't they get constantly fined for slippages and such?


Quoting dafox1
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.
As far as I remember, these are your options: FXCM, Oanda, Gain, IBFX, FXDD, Alpari, ILQ, IB, MB TRADING? Unless I missed something.

Would never go with unregulated broker.
"Everyone gets what they want out of the market." -- Ed Seykota
so basically pick your poison...
Dear Forex Factory Members,


We would like to update members regarding a previous post concerning ATC.


ATC Brokers is not a market maker and does not profit from client losses. Profit is generated purely from commission charged to clients’ trading accounts. As ATC does not hold on to client funds, we essentially cannot take the other side of the trades, as we are not the counter party. ATC Brokers conducts its business with the highest ethical practices and follows all the guidelines set forth by the NFA and CFTC.


Forex2k10, you managed to provide the link to NFA’s complaint page, however, this only provides one side of the case.


Below is the link to the response from ATC to NFA’s allegations. Please keep in mind that if ATC were truly acting as a counter party without the proper registration, ATC would have received severe penalties exceeding the fine imposed. ATC had entered into an amicable settlement with the NFA, which can also be viewed below.


Answer: http://www.nfa.futures.org/basicnet/...px?seqnum=3413


Decision: http://www.nfa.futures.org/basicnet/...px?seqnum=3422


Many individuals that have utilized our services know that if they experience an issue, we are one of the few brokers out there that will work with you to try and resolve the matter. For the past seven years, we have successfully built our business through word of mouth and we take great pride in the service we provide to clients.


Please feel free to contact our office for any questions or concerns that you may have.


Thank You,
Here in the U.S there is really not much a choice but to go with Fxcm. Its been known and well documented that Alpari is a scam. Fxdd is too small who is rightfully fighting with the NFA. That only leaves one legit broker which is Fxcm that offers some kind of a ECN feed. The downside to Fxcm is that they realize that the NFA is basically making a monopoly for them here in the United states, so they are so stringent with their clients to make sure that they don't ruin their monopoly here in the U.S. Which includes not letting the CTA's charging a commissions and not allowing exempt CTA'S. Basically if you live in the United States and you don't want to be scammed by a broker that does not offer (a some what) of a ECN feed, you have no other choice but FXCM unless you want to be scammed by Alpari or have your money at a small broker. Welcome to Obama's America.
Quoting DesertSky
Here in the U.S there is really not much a choice but to go with Fxcm. Its been known and well documented that Alpari is a scam. Fxdd is too small who is rightfully fighting with the NFA. That only leaves one legit broker which is Fxcm that offers some kind of a ECN feed. The downside to Fxcm is that they realize that the NFA is basically making a monopoly for them here in the United states, so they are so stringent with their clients to make sure that they don't ruin their monopoly here in the U.S. Which includes not letting the CTA's charging...
I think your approach is a little too "black and white"...

What's your definition of a "legit" brokerage? If it's by net cap, then OANDA trumps FXCM. Last time I checked FXCM had ~$146m in retail forex deposits, and a little of ~$54m in net cap. OANDA had ~$148 in retail forex deposits and had another $148m in net cap. I think most people would consider OANDA "legit". If you're defining "legit" by FXCM's status as a publicly traded company, then you've gotta consider GAIN as well. They had ~$110m in retail forex deposits and $44m in net cap, sure not quite as big as FXCM but still much larger than the FXDD's/Alpari's/ILQ's of the US industry. And what about Citi? Why would they not be considered a "legit" brokerage? They have the backing of the 3rd largest US bank behind them and are regulated by the Federal Reserve and OCC. Interactive Brokers? They have over $1bn in net capital, are they not "legit" because they don't offer MT4?

Whatever your politics may be don't overlook the viable other brokers in the industry. Yes, I agree that FXCM does appear to most newcomers to the retail forex world as the monopolistic leader in the United States and I'm sure that's partly due to their superfluous marketing efforts and recent acquisition spree, but don't take everything you read/see for granted, dig a little deeper.
Quoting Forex2k10
{quote} I think your approach is a little too "black and white"... What's your definition of a "legit" brokerage? If it's by net cap, then OANDA trumps FXCM. Last time I checked FXCM had ~$146m in retail forex deposits, and a little of ~$54m in net cap. OANDA had ~$148 in retail forex deposits and had another $148m in net cap. I think most people would consider OANDA "legit". If you're defining "legit" by FXCM's status as a publicly traded company, then you've gotta consider GAIN as well. They had ~$110m in retail forex deposits and $44m...
Thx for reply. "Legit' was probably a wrong word to use. All the brokers that you stated above don't have a ECN/STP feed.(At least the last time I checked into them) The only one above that does is Interactive Brokers which in my view, their trading platform isn't really reasonable to trade with unless you are a position trader. Paying a markup to trade is just too expensive unless you are a position trader. That leaves FXCM as the only broker that offers a ECN feed besides the other two brokers that I stated before, that are not a viable options in my view. But you are right, under my initial guidelines I would need to add Interactive Brokers in there as well.
Quoting DesertSky
{quote} Thx for reply. "Legit' was probably a wrong word to use. All the brokers that you stated above don't have a ECN/STP feed.(At least the last time I checked into them) The only one above that does is Interactive Brokers which in my view, their trading platform isn't really reasonable to trade with unless you are a position trader. Paying a markup to trade is just too expensive unless you are a position trader. That leaves FXCM as the only broker that offers a ECN feed besides the other two brokers that I stated before, that are not a viable...
You are also leaving out MB Trading which claims it is an ecn and has much lower spreads than FXCM. There is also Tradestation/IBFX which are owned by the same company and has a very good platform. As far as Interactive Brokers having a bad platform you can run their price feed through Ninja Trader or a few other 3rd party charting apps and you would be much better off than anyone using mt4 or broker provided platform.
The problem with MBtrading is they do not have any liquidity. You really cant use them unless you are a smaller retail client and even then you will most likely have slippage issues. Thanks for the tip with Ninja Trader. I'll have to check that out.
Quoting DesertSky
The problem with MBtrading is they do not have any liquidity. You really cant use them unless you are a smaller retail client and even then you will most likely have slippage issues. Thanks for the tip with Ninja Trader. I'll have to check that out.

I am using MBT to trade 50 lots and get instant executions, also if slippage happens (which is a rare event), most of the time it's positive.
"Everyone gets what they want out of the market." -- Ed Seykota
Hy .I found this broker.I am on demo with demo and i am amazed by their spreads...They are from Finland .They are regulated in their country.High liquidity provided,segregated accounts,ecn/stp broker,ndd.They accept usa traders.

It canțt be better then this.

http://assetsfx.com/
I only know one broker does support US trader, that's FXCM. I haven't tried it yet but there are some good feedbacks from overseas, I think you can try.
I appreciate the open and honest discussion on this thread. Currently I still have a small amount of funds with Forexoma. I do not have funds with any other brokers yet.
I am thinking about establishing an overseas corp to trade... or I am looking at those brokers that do accept us residents and are regulated to include either of the two from Finland mentioned in this thread. assetsfx looks pretty good.

On a side note, I would like to get your feedback on this article about regulation on Forexoma.com

http://www.forexoma.com/what-do-the-...-live-account/

It claims that regulation is basically a scam and unnecessary, etc. Please read the part about regulation and share what you think.
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