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Best US Broker 2015

  • #1
  • First Post: Mar 22, 2015 3:35pm Mar 22, 2015 3:35pm
Hello,

Could anyone please tell me which broker is good nowadays for FX in the USA? Here are the criteria:

- No Dealing Desk
- Accepts Int. Clients
- Low minimum deposit ($2k-5k)
- Stable platform (winodws and moibile)
- Low commission

Thanks
  • #2
  • Mar 22, 2015 7:34pm Mar 22, 2015 7:34pm
Quoting fr600
Hello, Could anyone please tell me which broker is good nowadays for FX in the USA? Here are the criteria: - No Dealing Desk - Accepts Int. Clients - Low minimum deposit ($2k-5k) - Stable platform (winodws and moibile) - Low commission Thanks
Sorry, but you will have to look OUTSIDE THE US for a good broker. There isn't one who meets all of your criteria.
  • #3
  • Mar 22, 2015 9:05pm Mar 22, 2015 9:05pm
Quoting Profit Daily
{quote} Sorry, but you will have to look OUTSIDE THE US for a good broker. There isn't one who meets all of your criteria.
Thanks for your response. How about Oanda?
  • #4
  • Mar 22, 2015 9:15pm Mar 22, 2015 9:15pm
Quoting fr600
{quote} Thanks for your response. How about Oanda?
Doesn't meet #1 on your list
  • #5
  • Mar 31, 2015 2:01am Mar 31, 2015 2:01am
Quoting Profit Daily
{quote} Sorry, but you will have to look OUTSIDE THE US for a good broker. There isn't one who meets all of your criteria.
Hey there, I'm just curious if you might recomend any US brokers at all? Im in the US and just starting out and it seems so bloody dangerous picking one of these bastards... It seems like so many of them love playing at transparency (like Oanda) but then I come to forums and read horror stories and don't know what to believe..
  • #6
  • Apr 2, 2015 1:15pm Apr 2, 2015 1:15pm
Quoting bobbyspider
{quote} Hey there, I'm just curious if you might recomend any US brokers at all? Im in the US and just starting out and it seems so bloody dangerous picking one of these bastards... It seems like so many of them love playing at transparency (like Oanda) but then I come to forums and read horror stories and don't know what to believe..
bobbyspider, one of the challenges of finding a good US broker is that there are not many of them. The super tight regulatory environment in the US has chased most of the brokers away. Those that remain are listed here. I would not bother with any of the introducing brokers, you gain nothing by going through a middleman.

With regards to dealing desk vs non dealing desk, in the USA this criteria doesn't really matter. This is because with all US brokers, the broker is always your counterparty for the trade. The only difference is their risk mitigation process. With non dealing desk brokers, the broker will seek an offsetting trade to your trade before executing your trade. With non dealing desk brokers, they will execute your trade first, then seek an offsetting trade afterwards. As such, execution times tend to be better with dealing desk brokers. And the regulations don't necessarily favor of traders for non dealing desk environments. For example, did you know that in the US, non dealing desk brokers are allowed to change the price for your trade up to 15 minutes after you closed the trade?

A comment in general about the forums where people will bash brokers after they lost money:
The vast majority of new traders fail in the long run. Mostly because they don't know what they are doing. So they fail, and then look for somebody to blame. Because of the psychological phenomena known as "fundamental attribution error", people are more likely to attribute (blame) negative outcomes to external factors rather then factors internal to themselves. It is less painful that way. Every broker will have a ton of abuse heaped on them in open forums by failed traders. Don't listen to them.

Now because most new forex traders fail, you should approach trading assuming you will be one of them. That either means:
1) Don't get started to begin with
2) If you start, start small. That means go with a broker who offers a permanent demo account, and who allows you to ramp up slowly. Oanda fits the bill for that, though they are not perfect. No minimum trade size and very low minimum deposit. Means you will lose less before giving up.

Sorry to be so blunt, but this is the cold hard reality that all the promotional materials are not going to tell you.
  • #7
  • Apr 2, 2015 1:32pm Apr 2, 2015 1:32pm
Quoting Ian_Lavoie
{quote}... For example, did you know that in the US, non dealing desk brokers are allowed to change the price for your trade up to 15 minutes after you closed the trade? .
That's a bold statement (pun intended), can you provide proof?
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #8
  • Apr 2, 2015 1:46pm Apr 2, 2015 1:46pm
Hi HiddenGap, here it is, from the NFA rulebook:

"(ii) if a Forex Dealer Member exclusively uses straight-through processing such that the Forex Dealer Member automatically (without human intervention and without exception) enters into the identical but opposite transaction with another counterparty (creating an offsetting position in its own name) and that counterparty cancels or adjusts the price at which the position was executed.

(2) With regard to cancellations or adjustments made pursuant to section (a)(1)(ii), a Forex Dealer Member must:

  1. (i) provide written notification to the customer within fifteen (15) minutes of the customer order having been executed that it is seeking to cancel the executed order or adjust the customer's account to reflect the adjusted price provided by the Forex Dealer Member's counterparty, as applicable, and the written notification must include documentation of the cancellation or adjustment from the Forex Dealer Member's counterparty;"

​In the quote above, a Forex Dealer Member who uses straight-through processing is what we commonly call non-dealing desk brokers. I can't comment on how often this actually happens, but when it does I'm sure the affected forex traders are up in arms and take to the forums to vent their frustration.

  • #9
  • Apr 2, 2015 2:08pm Apr 2, 2015 2:08pm
Quoting Ian_Lavoie
Hi HiddenGap, here it is, from the NFA rulebook: "(ii) if a Forex Dealer Member exclusively uses straight-through processing such that the Forex Dealer Member automatically (without human intervention and without exception) enters into the identical but opposite transaction with another counterparty (creating an offsetting position in its own name) and that counterparty cancels or adjusts the price at which the position was executed. (2) With regard to cancellations or adjustments...
Just add it to the ever growing list of why you DO NOT TRADE FOREX WITH A US BROKER. Sure am glad these regulations are protecting me from myself.
  • #10
  • Apr 5, 2015 12:11pm Apr 5, 2015 12:11pm
Profit Daily many thanks for opening my eyes to the Broker situation in the U.S.

I just downloaded a Metatrader demo from Forex Brokers Inc. on this Easter Sunday morning and got such first class support getting things set up.

Makes me all the more confident in doing business with them. Very positive feeling!

And a ton of awesome financial instruments to trade.

Much gratitude to you Profit Daily for sharing so much about brokers like you do!

Happy Easter!
  • #11
  • Last Post: Apr 5, 2015 2:10pm Apr 5, 2015 2:10pm
Quoting Poocher
Profit Daily many thanks for opening my eyes to the Broker situation in the U.S. I just downloaded a Metatrader demo from Forex Brokers Inc. on this Easter Sunday morning and got such first class support getting things set up. Makes me all the more confident in doing business with them. Very positive feeling! And a ton of awesome financial instruments to trade. Much gratitude to you Profit Daily for sharing so much about brokers like you do! Happy Easter!
i sent you a PM.
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