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Brokers which accept US Clients

  • #1
  • First Post: Dec 25, 2016 4:39am Dec 25, 2016 4:39am
I know there is a list of brokers that accept US clients but they have tons of limitations like Hedging NOT allowed, Max Leverage of 50X (just to name a few restrictions). Needless to say that these brokers are also extremely expensive in terms of spreads as well as commission and swap rates (especially for scalpers).

Can you guys please share with me list of some good brokers who accept US clients and allow hedging as well as offer 100X leverage. These very well might be offshore brokers, so if anyone can share a list of brokers that US clients can explore for higher leverage with low cost and allow hedging.

This will help me as well as many on this forum who are struggling with finding the right broker.

Many Thanks !
  • #2
  • Dec 25, 2016 11:12am Dec 25, 2016 11:12am
Quoting whywescalp
I know there is a list of brokers that accept US clients but they have tons of limitations like Hedging NOT allowed, Max Leverage of 50X (just to name a few restrictions). Needless to say that these brokers are also extremely expensive in terms of spreads as well as commission and swap rates (especially for scalpers). Can you guys please share with me list of some good brokers who accept US clients and allow hedging as well as offer 100X leverage. These very well might be offshore brokers, so if anyone can share a list of brokers that US clients...
tradersway and fx choice
  • #3
  • Dec 25, 2016 10:02pm Dec 25, 2016 10:02pm
Quoting whywescalp
I know there is a list of brokers that accept US clients but they have tons of limitations like Hedging NOT allowed, Max Leverage of 50X (just to name a few restrictions). Needless to say that these brokers are also extremely expensive in terms of spreads as well as commission and swap rates (especially for scalpers). Can you guys please share with me list of some good brokers who accept US clients and allow hedging as well as offer 100X leverage. These very well might be offshore brokers, so if anyone can share a list of brokers that US clients...
There is a long thread on babypips http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc.html
ATM they have only 10 brokers in the list.

I have a bitcoin account with simplefx.com which is not in their list.
  • #4
  • Dec 26, 2016 4:11am Dec 26, 2016 4:11am
Quoting yg10
{quote} There is a long thread on babypips http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc.html ATM they have only 10 brokers in the list. I have a bitcoin account with simplefx.com which is not in their list.
Hello YG10 : Many thanks for the useful link. It is very helpful.

For everyones benefit this is the list of top 10 brokers who accept US clients (possibly in the same order of preference) !!!! good to see so much exhaustive study done on this topic already :-)

FinproTrading (UK) (http://finprotrading.com/)
LMFX (Macedonia) (https://www.lmfx.com/ )
Renesource Capital (Latvia) (http://www.renesource.com)
FXGlory (Republic of Georgia) (https://fxglory.com/)
Real Trade (Seychelles) (http://realtrader.org)
FX Choice (Belize) (myfxchoice.com)
Trader's Way (Dominica) (https://www.tradersway.com/)
Real Forex (Belize) (http://real-forex.com/)
PaxForex (St. Vincent and the Grenadines) (https://paxforex.com/)
TradeWiseFX (St. Vincent and the Grenadines) (http://www.tradewisefx.com/)

BTW : What is the story about bitcoin accounts ? I hear that there are a few brokers who have some up with bitcoin accounts and it has been gaining traction recently. In way it seems a creative idea that you can Buy BIT coins from where ever and then can anonymously open bitcoin account and then can freely make any deposits or withdrawals with no oversight of CFTC whatsoever.
  • #5
  • Dec 30, 2016 9:41am Dec 30, 2016 9:41am
The regulatory environment in the 'land of the free' is simply not in the interest of the US consumer.
Low Leverage: The Consumer must put more cash at the Broker and retains less in independent accounts. Broker deposits go up, Consumer risks go up.
- This is coupled with the US brokers not having a clause in their agreements (probably cannot have one) stating the Broker cannot go after assets not on deposit with them. Broker risk down, Consumer risk up.
FIFO: Instead of being able to close the trade your strategy says should be closed, some other trade must be closed. Usually, it is the longer term trade that is profitable that must be closed, and the strategy 'swaped' to a newer trade. Nearly impossible to automate. Consumer account management complexity UP. Broker profits up due to consumer errors in the more complex environment.
No Hedging: Cannot run Long and Short Term strategies on the same account and pair, unless you give the broker an extra spread, and if the short term strategy trade is a looser, forgo some long term strategy profit. Consumer profit down, Broker profit Up. Solution: Multiple accounts, multiple trading windows open. Consumer Complexity Up, Errors Up. Broker Profits Up.

Make it difficult for non-US Brokers to work with US Citizens: Competition Down, Broker Profits Up, Consumer Looses.

I wonder who paid for the lobbying to get these rules in place..... We live in a sea of government control with ever shrinking islands of freedom.
  • #6
  • Jan 5, 2017 12:00am Jan 5, 2017 12:00am
Quoting whywescalp
{quote}BTW : What is the story about bitcoin accounts ? I hear that there are a few brokers who have some up with bitcoin accounts and it has been gaining traction recently. In way it seems a creative idea that you can Buy BIT coins from where ever and then can anonymously open bitcoin account and then can freely make any deposits or withdrawals with no oversight of CFTC whatsoever.
This is exactly what I use. I trade with Evolve Markets ( http://evolve.markets ) . They are 100% Bitcoin but once you start using BTC with fx you will never want to deal with normal fiat broker again . Deposit and withdrawals are 100x faster due to Bitcoin. Execution has been great and eurusd goes to 0 spread if you change your account to pro on their site.
  • #7
  • Edited 10:52pm Jan 6, 2017 5:42pm | Edited 10:52pm
Do US based investors usually seek brokers outside of the US? If yes, for which reasons?
Â
(I am obviously new to FX trading)
Â
TIA
  • #8
  • Jan 6, 2017 10:51pm Jan 6, 2017 10:51pm
Quoting outernation
Do US based investors usually seek brokers outside of the US? If yes, for which reasons? Â (I am obviously new to FX trading) Â TIA
US residents may seek FX broker outside of US because, according to Dodd Frank act for US based brokers:

1. Allowed leverage is no more than 1:50
2. No CFDs (metals, indexes, etc) are traded.
3. No hedging is allowed.
4. FIFO rule (close the oldest trades first in the case where there are several open trades on the same instrument).
  • #9
  • Jan 6, 2017 10:56pm Jan 6, 2017 10:56pm
Quoting yg10
{quote} US residents may seek FX broker outside of US because, according to Dodd Frank act for US based brokers: 1. Allowed leverage is no more than 1:50 2. No CFDs (metals, indexes, etc) are traded. 3. No hedging is allowed. 4. FIFO rule (close the oldest trades first in the case where there are several open trades on the same instrument).
 
Thanks yg10. If the source of funds is in Euros and within SEPA area, would this be enough to justify narrowing down to only Europe based brokers?
  • #10
  • Jan 6, 2017 11:11pm Jan 6, 2017 11:11pm
Has anyone done any dealing with New Forex? (http://www.newforex.com/)
Carpe Diem
  • #11
  • Jan 6, 2017 11:15pm Jan 6, 2017 11:15pm
Indeed, like @lukeb pointed out there is a significant disadvantage for US traders to open account with US brokers. Offshore brokers are the best way to go provided you have done your research on the broker. How a broker is licensed is not really going to be much advantage.

I would rather go with a broker who is Offshore and has a good reputation (and presence) across the web.

It might sound contradictory to the common belief, but lets not forget what happened to MF Global (a broker regulated across all major countries in the world including US). Similarly Lehman Bros etc etc etc.... I can name many brokers who were registered or protected by SIPC, CIPC or the likes of them but the clients could only recover a fraction (upto 50k or 100K depending upon your account size) because the regulatory protection is not for people who can afford to loose !

If I have to name a few that I have personally researched I would say

1) finprotrading (www.finprotrading.com) winner all the way, best client support, very reliable and very good reputation

2) Tickmill (www.tickmill.com/) regulated in seychelles, very good client support, but relatively newer on the block

3) FXChoice (https://en.myfxchoice.com/) (Based on what I read around internet, without much proof, it seems this guy is backed by some other broker who dosent want to take on US clients directly).

Obviously there are many more brokers who are worthy but so far I have positive experience with FinPro and Tickmill (outside of the regular FXCM , Hotforex and XM's of the world).

Also, like @psperos (http://www.forexfactory.com/psperos) mentioned there are a few good BitCoin brokers coming up. I think BitCoin is going to be very interesting overtime and if you are a trader who likes to experiment opening a Bitcoin account is worth exploring.
  • #12
  • Jan 6, 2017 11:37pm Jan 6, 2017 11:37pm
Quoting yg10
{quote} There is a long thread on babypips http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc.html ATM they have only 10 brokers in the list.
The 10 on that list are the top 10 offshore brokers worthy of considering.

How is your experience with simplefx ? do they take US clients ? , have you tried finprotrading ?

Hello @CKSCswing (http://www.forexfactory.com/ckscswing) : no offense but newfx by its very name makes me sound a little nervous :-) are they a new Broker in FX or do they deal with traders who are New to FX. If they are good, please share your experience.
  • #13
  • Jan 7, 2017 11:19pm Jan 7, 2017 11:19pm
Quoting whywescalp
{quote} The 10 on that list are the top 10 offshore brokers worthy of considering. How is your experience with simplefx ? do they take US clients ? , have you tried finprotrading ? Hello @CKSCswing (http://www.forexfactory.com/ckscswing) : no offense but newfx by its very name makes me sound a little nervous :-) are they a new Broker in FX or do they deal with traders who are New to FX. If they are good, please share your experience.
For bitcoin account SimpleFs asks only e-mail and thus they accept US citizens
Their spreads and swaps are OK. The best thing is do not know how their support, I just did not need it.
The most problem is the volatility of bitcoin itself, especially last few days.

When I registered at FinPro website I got a lot annoying e-mails and phone calls, so I rejected them. But they have an interesting set of instruments.
  • #14
  • Jan 8, 2017 12:17am Jan 8, 2017 12:17am
Quoting yg10
{quote} For bitcoin account SimpleFs asks only e-mail and thus they accept US citizens Their spreads and swaps are OK. The best thing is do not know how their support, I just did not need it. The most problem is the volatility of bitcoin itself, especially last few days. When I registered at FinPro website I got a lot annoying e-mails and phone calls, so I rejected them. But they have an interesting set of instruments.
 
@yg10 complete agree with the bitcoins volatility especially if the broker keeps your balance in bitcoins itself. For example whaleclub they open your account with just an email address but your balance stays in bitcoins, so even if you are making money on your trade you will see wild PnL swings due to bit coin volatility. 
 
I think it would be best if some broker can open an account with bitcoins but then converts them into USD and disassociate the client from bitcoin related volatility. I'm sure there will be brokers reading this forum and someone might consider this point :-) 
 
Cheers all. Let's keep sharing our broker related experiences in here so all traders can benefit from it. 
 
BTW I'm doing a small research in EA strategies and social trading with EA's. I will post my analysis on this forum shortly. In the meantime if you guys can share inputs about your EA or your experiences related to any specific EA, it will be of much help. 
 
Happy Weekend ! 
  • #15
  • Jan 8, 2017 1:15am Jan 8, 2017 1:15am
Quoting outernation
{quote} Â Thanks yg10. If the source of funds is in Euros and within SEPA area, would this be enough to justify narrowing down to only Europe based brokers?
There is only dozen or so brokers that take US residents as customers. Check the first page of this:
http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc.html
  • #16
  • Jan 8, 2017 1:31am Jan 8, 2017 1:31am
Quoting whywescalp
...1) finprotrading (www.finprotrading.com (http://www.finprotrading.com)) winner all the way, best client support, very reliable and very good reputation 2) Tickmill (www.tickmill.com/ (http://www.tickmill.com/)) regulated in seychelles, very good client support, but relatively newer on the block 3) FXChoice (https://en.myfxchoice.com/) (Based on what I read around internet, without much proof, it seems this guy is backed by some other broker who dosent want to take on US clients directly). Obviously there...
Tickmill just does not have United States in the "Country of residence" list.
  • #17
  • Jan 8, 2017 8:40pm Jan 8, 2017 8:40pm
Quoting yg10
{quote} US residents may seek FX broker outside of US because, .... 2. No CFDs (metals, indexes, etc) are traded.
Yes, I forgot to list this one. There are entire markets, large markets actually, that the US trader cannot participate in that the rest of the world is completely sure are legitimate.
  • #18
  • Jan 9, 2017 7:58am Jan 9, 2017 7:58am
Quoting whywescalp
2) Tickmill (www.tickmill.com/ (http://www.tickmill.com/)) regulated in seychelles, very good client support, but relatively newer on the block
They are now FCA regulated, a leap to top class from the mass of bucketshops Although FCA is only for certain countries
  • #19
  • Jan 10, 2017 12:39pm Jan 10, 2017 12:39pm
Quoting yg10
{quote} Tickmill just does not have United States in the "Country of residence" list.
I guess traders from the US have very limited options to choose any online broker and most of the online brokers are also not accepting US traders.
  • #20
  • Jan 14, 2017 3:47am Jan 14, 2017 3:47am
Quoting leebsurag
{quote} They are now FCA regulated, a leap to top class from the mass of bucketshops Although FCA is only for certain countries
Do you have own experience with Tickmill? They write that they have no restrictions on trading strategies but what about real state of things?
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