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Regulated U.S Broker for U.S citizens

  • #1
  • First Post: Feb 4, 2015 12:58am Feb 4, 2015 12:58am
Hello,
I have been trading with AlpariUk for past 1 year and have been forced to look for a new broker due to the insolvency of alpariUk. Most of my funds are trapped with alpariUk and I do not know when I will get them back. So due to this experience and lack of funds I want to find a broker and open a small account with $1000. Any help will be deeply appreciated.

I am looking for
A regulated ECN broker
Minimum starting amount $1000 or less
Leverage not higher than 1:100
Allows scalping and hedging (if possible)
Fixed spread

Minimum slippage
Good risk management
  • #2
  • Feb 6, 2015 12:55am Feb 6, 2015 12:55am
Any reviews from current clients of

MB Trading
Oanda
Citifx
Tradeview forex
Wall Street broker
  • #3
  • Feb 6, 2015 9:52am Feb 6, 2015 9:52am
Quoting TraderRaven7
Any reviews from current clients of MB Trading Oanda Citifx Tradeview forex Wall Street broker
Oanda is not an ECN broker, but I personally have had a great experience with them.
  • #4
  • Feb 8, 2015 1:51pm Feb 8, 2015 1:51pm
Quoting 30secpause
{quote} Oanda is not an ECN broker, but I personally have had a great experience with them.
Then what is it?
A Dealing Desk or a Market Maker?
  • #5
  • Feb 8, 2015 8:16pm Feb 8, 2015 8:16pm
Quoting TraderRaven7
{quote} Then what is it? A Dealing Desk or a Market Maker?
As far as I know a market maker.
  • #6
  • Feb 9, 2015 7:29am Feb 9, 2015 7:29am
FCA regulated its only for EU country right?
  • #7
  • Feb 9, 2015 3:15pm Feb 9, 2015 3:15pm
The only regulated brokers for US citizens are NFA regulated. You see, the NFA feels they have the right to prevent US citizens from trading with regulated brokers in other countries. So, you have 4 choices;1. choose one of the horrible options available in the US and trade under ridiculous conditions such as low leverage, FIFO and no hedging. 2. Trade with an unregulated offshore broker, there are several very good ones that I actually feel safer with than any of my US options. 3. Do just what the NFA wants and trade futures or 4. Don't trade. Land of the free baby!!
  • #8
  • Feb 10, 2015 10:56pm Feb 10, 2015 10:56pm
Quoting Profit Daily
The only regulated brokers for US citizens are NFA regulated. You see, the NFA feels they have the right to prevent US citizens from trading with regulated brokers in other countries. So, you have 4 choices;1. choose one of the horrible options available in the US and trade under ridiculous conditions such as low leverage, FIFO and no hedging. 2. Trade with an unregulated offshore broker, there are several very good ones that I actually feel safer with than any of my US options. 3. Do just what the NFA wants and trade futures or 4. Don't trade....
Can you name a few offshore brokers. If regulated great if not then they will have to do.
How do you deposit and withdraw money from offshore brokers..bank account or something else?
  • #9
  • Feb 16, 2015 2:26pm Feb 16, 2015 2:26pm
Anyone currently a client of MB Trading and using their Metatrader 4?
  • #10
  • Feb 16, 2015 2:37pm Feb 16, 2015 2:37pm
Quoting TraderRaven7
Anyone currently a client of MB Trading and using their Metatrader 4?
lol. I used them about 3 years ago. It looks to me as if they no longer have an interest in their forex division. I check their spreads regularly, today EURUSD is 4.5 and EURAUD is 10.5, that is plus commission. I know it's a holiday, but they have been high for quite some time.
  • #11
  • Feb 16, 2015 3:54pm Feb 16, 2015 3:54pm
Quoting Profit Daily
{quote} lol. I used them about 3 years ago. It looks to me as if they no longer have an interest in their forex division. I check their spreads regularly, today EURUSD is 4.5 and EURAUD is 10.5, that is plus commission. I know it's a holiday, but they have been high for quite some time.
I used to trade with alpariUk and they had high spreads too. Seems like the case with almost all brokers.
I have never traded with FIFO and no hedging, so I am practicing on demo account.

Did you had any other problems with them?
  • #12
  • Feb 17, 2015 3:33am Feb 17, 2015 3:33am
Yeah, OANDA is a market maker, but it has always been transparent about it.

I'd generally say you have a choice between OANDA, FXCM and FXDD.

Just heads up, with an NFA regulated broker you cannot get a leverage higher than 50:1.

As for the offshore brokers, I personally wouldn't advice dealing with one. You already have your funds trapped with Alpari UK. Do you really want to have more funds being trapped?
  • #13
  • Feb 17, 2015 4:31am Feb 17, 2015 4:31am
Quoting FxBonusLab
Yeah, OANDA is a market maker, but it has always been transparent about it. I'd generally say you have a choice between OANDA, FXCM and FXDD. Just heads up, with an NFA regulated broker you cannot get a leverage higher than 50:1. As for the offshore brokers, I personally wouldn't advice dealing with one. You already have your funds trapped with Alpari UK. Do you really want to have more funds being trapped?
I do nnot want a market maker so OANDA is out.
The crisis that happened with FXCM is what caused my funds to be trapped with AlpariUK, so it is not an option.
The reviews about FXDD are not that good. Do you know someone who is currently trading with them?
I am thinking about opening an account with MB Trading.
  • #14
  • Feb 17, 2015 4:51am Feb 17, 2015 4:51am
Unfortunately I have no experience with MB Trading. I might be reviewing them for my site soon though.

As for Oanda, I of course respect your choice. But honestly, I'd rather go with a market maker than with a broker without a well established ECN technology.
  • #15
  • Feb 17, 2015 6:08am Feb 17, 2015 6:08am
Quoting TraderRaven7
{quote} I do nnot want a market maker so OANDA is out. The crisis that happened with FXCM is what caused my funds to be trapped with AlpariUK, so it is not an option. The reviews about FXDD are not that good. Do you know someone who is currently trading with them? I am thinking about opening an account with MB Trading.
FXDD sold it's US client base to FXCM last May. They are no longer an option. I must disagree with the unregulated offshore broker argument. There is no protection of funds with US brokers, the NFA DOES NOT ALLOW IT. So while they claim they are protecting us, nothing is farther from the truth. With a high leverage offshore broker, I keep the majority of funds in my own US bank account and only transfer what is required for the trades I have on. This is anywhere from 10 to 17 TIMES LESS than what is required just for margin at US broker. Since funds are not protected in either scenario, I prefer to put up way less at broker, hence my decision to trade offshore.
  • #16
  • Feb 17, 2015 11:13am Feb 17, 2015 11:13am
Quoting Profit Daily
{quote} FXDD sold it's US client base to FXCM last May. They are no longer an option. I must disagree with the unregulated offshore broker argument. There is no protection of funds with US brokers, the NFA DOES NOT ALLOW IT. So while they claim they are protecting us, nothing is farther from the truth. With a high leverage offshore broker, I keep the majority of funds in my own US bank account and only transfer what is required for the trades I have on. This is anywhere from 10 to 17 TIMES LESS than what is required just for margin at US broker....
What do you mean the NFA does not allow it?
Does not allow what?
Like the FCA in UK, does NFA or CFTC provide compensation?
I believe I read somewhere that they do. I might actually talk to someone at NFA or CFTC and find out and then decide which broker to choose.
I am used to hedging so may take a while to trade without it.
  • #17
  • Feb 17, 2015 12:02pm Feb 17, 2015 12:02pm
OP, your profile says you are from India. Are you from India or US?

If you are from India, why do you need to choose a US broker which is a choice of about 5 when you can choose between 100+ in the rest of the world?
  • #18
  • Feb 17, 2015 12:19pm Feb 17, 2015 12:19pm
Quoting TraderRaven7
{quote} What do you mean the NFA does not allow it? Does not allow what? Like the FCA in UK, does NFA or CFTC provide compensation? I believe I read somewhere that they do. I might actually talk to someone at NFA or CFTC and find out and then decide which broker to choose. I am used to hedging so may take a while to trade without it.
The NFA does not allow brokers under it's regulation to segregate accounts or insure the clients funds in any way. While disguising themselves at protecting us, their real agenda is to eliminate spot forex in the US, they want people to trade futures, they are after all, the National Futures Association. As Mitch stated, if you are not a US resident, you have a ton of much better options. Not to mention, you can hedge, there is no FIFO and you only need to put up 5-10% of margin as you would for the same trade with a US broker. It's really a no brainer.
  • #19
  • Feb 17, 2015 1:55pm Feb 17, 2015 1:55pm
I am from India but since trading in India is illegal, I am getting someone to open an account in the US.
All my funds are stuck in AlpariUK, so do not have much choice.
I have limited options, that is why trying to find a broker in the US.

As far as I know MB Trading are offering Metatrader 4 with minimum deposit of $400, and maximum leverage of 50:1.
Yes they do not allow hedging but I am a trend trader so do not really need to hedge.

What about CFTC , do you know if they insure trader funs?
I have been trying to find out if MB Trading keeps segregated accounts.
  • #20
  • Feb 17, 2015 2:36pm Feb 17, 2015 2:36pm
Quoting TraderRaven7
I am from India but since trading in India is illegal, I am getting someone to open an account in the US. All my funds are stuck in AlpariUK, so do not have much choice. I have limited options, that is why trying to find a broker in the US. As far as I know MB Trading are offering Metatrader 4 with minimum deposit of $400, and maximum leverage of 50:1. Yes they do not allow hedging but I am a trend trader so do not really need to hedge. What about CFTC , do you know if they insure trader funs? I have been trying to find out if MB Trading keeps segregated...

There are absolutely no brokers in the USA under NFA/CFTC regulations which provide segregated/insured accounts for forex. MB Trading offers it for some of their other accounts, but not forex.
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