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Best broker for United States residents

Quoting dafox1
{quote} and at the time when I request to withdraw profits.
Exactly...this is among the most important things.Thx in advance.
I found this on another forum.Would be good watching:


http://www.craigharrisforex.com/webinar-march14-a-oropeza/
Anyone here use Citi? I know about the 10K min account size, so leave that out of the discussion please.
Quoting Smokeymar
Anyone here use Citi? I know about the 10K min account size, so leave that out of the discussion please.
Nope... I have wondered about them though.... I don't want an account quite that large yet... even though some ppl in this thread think I'm asking this because I have a lot of money... I am actually asking because I'm planning a little over 2 years out to trade either for myself or for others for investing (long shot I know...)

Thank you to mmaker maxfx and feduana for contributions to the informational content of the thread.
Thanks to everyone else for your responses also. I'm glad this discussion is ongoing.
Quoting Smokeymar
Anyone here use Citi? I know about the 10K min account size, so leave that out of the discussion please.
The real problem is the brokers with the best regulation have quite strict conditions. Despite a request of quite a high deposit, you also have wider spreads, smaller leverage. So there is also a compromise between nice conditions and reliability...
Nevertheless as for me it's better to find the broker with at least a couple of licenses.
Quoting Smokeymar
Anyone here use Citi? I know about the 10K min account size, so leave that out of the discussion please.
Just a dealing desk that requires a reasonable deposit to have the pleasure of trading with them are they not?

I also read somewhere that they are a white label for Saxobank which don't exactly have a very good repuatation.
Quoting meng88
{quote} The real problem is the brokers with the best regulation have quite strict conditions. Despite a request of quite a high deposit, you also have wider spreads, smaller leverage. So there is also a compromise between nice conditions and reliability... Nevertheless as for me it's better to find the broker with at least a couple of licenses.
Not sure where you got this from. They have the same 50:1 leverage the other brokers have and their spreads blow away FXCM. I don't know why anyone trades with FXCM.
Quoting Smokeymar
{quote} Not sure where you got this from. They have the same 50:1 leverage the other brokers have and their spreads blow away FXCM. I don't know why anyone trades with FXCM.
At least FXCM are NDD and also they have Active Trader accounts which are much lower spreads than Citi.
Why does it matter to me if they are NDD?
Just letting you know Smokey!

Each to their own I guess.
  • Post #71
  • Quote
  • Edited 10:42am Jun 18, 2013 9:40am | Edited 10:42am
I know you are just saying, but I see this mentioned a lot. I just don't see how this matters to me. I was just comparing spreads and FXCM is close to a whole pip wider than everyone else. WTF. Someone please explain why I should trade their?
So... Little update. I took all of my funds out of the assetsfx account. They will not open trades during news time... I'm talking about straddle trades not opening. Sell stops, Buy stops. Annoying. Anyways, they may be ok for the technical trader, but not for fundamentals straddle trading. Withdrawing my funds was easy though and fast.

forexoma however does open and close trades with the straddle function (about the only way I can actually make money lol I suck at normal trading). Going to be trading NZD GDP Q/Q here in 2 hours.

I have heard that MBT, FXCM and ATC brokers all are good with news (in comparison to market makers). I have no experience with any of these.
Quoting dafox1
So... Little update. I took all of my funds out of the assetsfx account. They will not open trades during news time... I'm talking about straddle trades not opening. Sell stops, Buy stops. Annoying. Anyways, they may be ok for the technical trader, but not for fundamentals straddle trading. Withdrawing my funds was easy though and fast. forexoma however does open and close trades with the straddle function (about the only way I can actually make money lol I suck at normal trading). Going to be trading NZD GDP Q/Q here in 2 hours. I have heard...

i have great experience with FXCM. trading news was like butter. great broker if you don't mind the 50:1 and no hedging. the spreads for active trading account were 1.4 on e/u and 1.2 on g/u. e/j was 2 g/j was 3. (good spreads).

what kind of leverage was assetfx and forexoma offering? and do they allow hedging?
Quoting jr2dr
{quote} i have great experience with FXCM. trading news was like butter. great broker if you don't mind the 50:1 and no hedging. the spreads for active trading account were 1.4 on e/u and 1.2 on g/u. e/j was 2 g/j was 3. (good spreads).
Hi Jr2dr,

I'm glad you've enjoyed your experience trading with us

You might be interested to know that the restrictions against hedging and the 50:1 limit on leverage are CFTC regulations and only apply to FXCM US accounts. I notice your forum profile mentions that you live in Panama. Since you are a not a US resident, you can actually transfer your account from FXCM US to FXCM UK.

Then you would be able to hedge and use higher leverage to magnify gains and losses. Also, you would be able to trade CFDs for oil, gold and stock indices in addition to forex. As with trading in any market, when trading forex or CFDs, your capital is at risk.

Jason
Jason. fxcm already turned down my Panama corp. That was my intention to trade on fxcm.uk but fxcm would not open my account
Quoting jr2dr
{quote} i have great experience with FXCM. trading news was like butter. great broker if you don't mind the 50:1 and no hedging. the spreads for active trading account were 1.4 on e/u and 1.2 on g/u. e/j was 2 g/j was 3. (good spreads). what kind of leverage was assetfx and forexoma offering? and do they allow hedging?
assetsfx was 1:400 leverage and allows hedging. forexoma is 1:100 and allow hedging. I currently would not recommend either of these brokers though. (Forexoma's customer support is suddenly not anywhere near as prompt... still waiting for an answer on a question from a couple days ago).
Assetsfx would not fill a trade during news time for me.

I will be using FXCM US as my primary broker unless I can figure out a way to open an offshore llc and trade with FXCM UK.
Quoting Jason Rogers
{quote} Hi Jr2dr, I'm glad you've enjoyed your experience trading with us You might be interested to know that the restrictions against hedging and the 50:1 limit on leverage are CFTC regulations and only apply to FXCM US accounts. I notice your forum profile mentions that you live in Panama. Since you are a not a US resident, you can actually transfer your account from FXCM US to FXCM UK. Then you would be able to hedge and use higher leverage to magnify gains and losses. Also, you would be able to trade...
I wish I could trade with FXCM UK...
Quoting jr2dr
Jason. fxcm already turned down my Panama corp. That was my intention to trade on fxcm.uk but fxcm would not open my account
Quoting dafox1
I will be using FXCM US as my primary broker unless I can figure out a way to open an offshore llc and trade with FXCM UK.
CFTC regulations require US residents to trade through a US-regulated broker. That said, if your main reasons for being interested in FXCM UK are hedging and higher leverage to magnify gains and losses, then I may have a couple of solutions that might work for you. While hedging in a single account is prohibited by US regulations, it is possible for you to have multiple FXCM US accounts joined under the same login. That would allow you to have both long and short positions in the same currency pair at the same time, and it's easy to transfer funds between your accounts online.

In regards to leverage, US regulations do require a minimum margin of 2% when you open a forex trade giving you a maximum leverage of 50:1 when opening a position. However, we recently added a new feature to the Trading Station for FXCM US clients called Smart Margin, which while not increasing your leverage, helps make it more manageable to meet the associated margin requirements. Here's a post where I provided more details on Smart Margin: http://www.forexfactory.com/showthre...58#post6832058
Quoting Jason Rogers
{quote} {quote} CFTC regulations require US residents to trade through a US-regulated broker. That said, if your main reasons for being interested in FXCM UK are hedging and higher leverage to magnify gains and losses, then I may have a couple of solutions that might work for you. While hedging in a single account is prohibited by US regulations, it is possible for you to have multiple FXCM US accounts joined under the same login. That would allow you to have both long and short positions in the same currency pair at the same time, and it's easy...
hmm Very intersting. I will be looking at fxcm this week. Most likely opening an account... or two. I do not care much about hedging. It is more about the difference in leverage.
FYI post in scam alerts folder FPA for forexoma:

http://www.forexpeacearmy.com/forex-...brokerage.html

If I am breaking rules by posting the link, then just google forexpeacearmy and look at the scam section. We'll see how this plays out.
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