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Looking For Broker In USA

  • #1
  • First Post: Aug 6, 2013 8:45pm Aug 6, 2013 8:45pm
Hello Everyone,

I would really appreciate it if I could get some recommendations on a great forex broker in the USA. I am looking to start off with a mini account and I would like a broker that has tight spreads as well as great customer service. With so many brokers out there I thought I might get some good feedback from the forum here and see what broker or broker's would rate among the top. I look forward to all your responses!!

Thank You,

Faithtrader
  • #2
  • Aug 7, 2013 9:01am Aug 7, 2013 9:01am
Well, here are your (limited) choices:

  1. FXCM
  2. FXDD
  3. Alpari
  4. ATC Brokers
  5. M2 Forex
  6. ILQ
  7. IBFX
  8. OANDA
  9. GAIN (Forex.com)
  10. Citi
  11. FastBrokers
  12. TradeStation
  13. Interactive Brokers
  14. MB Trading

Of those brokers only OANDA and IBFX offer "mini" accounts as far as I know (please do correct me if I'm wrong here). Of those two, I personally have more experience with OANDA and can confirm they do have fairly competent customer service. To be fair, I don't think any forex brokerage is known for their outstanding customer service...

Some of the other brokers on this list will allow you to open an account with as small as a $50 deposit - though the accounts will not let you trade lot sizes smaller than 0.01 standard lots, or a micro. Opening a micro on EUR/USD is going to cost you ~$25 in margin so you'll already be eating into your free margin quite a bit on a $50 account, trading on a "standard account".

  • #3
  • Aug 7, 2013 9:41am Aug 7, 2013 9:41am
Faith trader , if you are brand new to FX and you plan on opening a mini account, which I presume means a smaller balance, the last thing you should be concerned with are your spreads. Given you are trading with an RFED in the US, your spreads will be relatively the same , and since the monetary value of the pips will be negligible due to the size of your trades, I would definitely focus on getting solid service and support for your learning curve. Spreads won't matter if you can not get all the help you can get in learning how to trade fx.
  • #4
  • Aug 7, 2013 11:43am Aug 7, 2013 11:43am
Quoting Faith Trader
Hello Everyone, I would really appreciate it if I could get some recommendations on a great forex broker in the USA. I am looking to start off with a mini account and I would like a broker that has tight spreads as well as great customer service. With so many brokers out there I thought I might get some good feedback from the forum here and see what broker or broker's would rate among the top. I look forward to all your responses!! Thank You, Faithtrader

Quoting Forex2k10
Of those brokers only OANDA and IBFX offer "mini" accounts as far as I know (please do correct me if I'm wrong here).
Just a quick note: FXCM accounts do allow you to trade mini lots ($1 per pip) and micro lots (10 cents per pip). We offer 24/7 live customer support and are one of the few forex brokers that's a publicly-traded company (NYSE ticker: FXCM). You can click here to view our live spreads: http://www.forexfactory.com/brokers.php#spreads
  • #5
  • Aug 7, 2013 1:20pm Aug 7, 2013 1:20pm
Quoting Faith Trader
Hello Everyone, I would really appreciate it if I could get some recommendations on a great forex broker in the USA. I am looking to start off with a mini account and I would like a broker that has tight spreads as well as great customer service. With so many brokers out there I thought I might get some good feedback from the forum here and see what broker or broker's would rate among the top. I look forward to all your responses!! Thank You, Faithtrader


FXCM
Money never sleeps...
  • #6
  • Aug 7, 2013 1:38pm Aug 7, 2013 1:38pm
Thanks everyone for your input, I appreciate it. I think at this time I am leaning towards MB Trading. You can trade mini lots and they do have tight spreads as well as offering two different types of accounts, commission and free. On the free account there is no extra fees, their small fee is already in the spread. I know that's how a lot of forex brokers make their money. I will probably take a look at a couple of these other brokers to see what I can find out. Thanks again for all the information!!

-Faithtrader
  • #7
  • Aug 7, 2013 11:16pm Aug 7, 2013 11:16pm
hi
can anyone suggest the brokers for usa members without fifo rule?
Regards
  • #8
  • Last Post: Aug 8, 2013 8:45am Aug 8, 2013 8:45am
Every broker in the US abides by the NFA regulations regarding FIFO and Hedging. However, a number of brokers have found work-arounds to the regs. These brokers use "netting" on their MT4 platform. You can essentially trade however you'd like on your MT4 platform, open as many positions in any direction as you want and close them out in any order you wish. In the broker's backoffice they see your MT4 positions on each pair as a single position. For example, you open a 3 lot trade LONG on EUR/USD, an hour later you decide to SHORT 1 lot of EUR/USD, on your MT4 platform you see the two positions. The broker only sees a single position LONG for 2 lots EUR/USD. Typically, if you get statements from your broker via email or on a web portal you will see the positions "netted" as the broker sees them and NOT how it appeared to you on the MT4 platform.

In the US, the following brokers offer Netting AFAIK

  1. FXDD
  2. Alpari (must request the plugin upon account opening)
  3. ATC Brokers
  4. M2 Forex
  5. Citi

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