I am a US Citizen and in my opinion there is no such thing as a "Good US Broker" for an individual forex trader.
The restrictive rules of the NFA established after the Dodd Frank Act in my judgement make it impossible for a US citizen to successfully trade with a US broker. In effect these rules tie the hands of a US trader from using certain essential trading techniques in dealing with a competitive worldwide market. The rules have in effect wiped out the forex trading market for US citizens using US brokers.
If this situation is not bad enough, pressure has been brought to bear on foreign brokers to prohibit them from opening accounts for US citizens. Many of the larger "foreign" brokers have been forced to close accounts or decline US participation in forex trading through their companies. Many foreign brokers will open demo accounts for US citizens but decline to open live accounts. There are a few brokerages that have refused to be intimidated and are accepting US citizens 2 of which I believe are outstanding: Traders Way, and FX Choice.
I am proud of my country but am frustrated and saddened by the many idiots running it who have forgotten how we became a viable nation by taking risks.
A Good U.S. Broker?
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nonlinear
- Trader
- Posts: 293
- Joined: Fri Jun 01, 2012 2:56 pm
- Location: Washington DC
A Good U.S. Broker?
Agree with JRoger's points. If one had a large account, you could try to get a custodial account held at a bank and trade through ATC. That gives some protection. I heard fxcm does this, but I suspect that is not realistic for most of us (fxcm holds funds for ATC accounts). Surprising that other introducing brokers are not modelling ATC's back end approach.
Also, it seems likely that the countries in which these new brokers are popping up will eventually obtain treaties with the US that will allow the US to legally pressure these brokerages to not accept US clients, like what happened in numerous other countries over the past few years. As I understand things (not well), one could set up a business entity abroad, trade most anywhere through that entity, and draw a check from the entity, but then one has to deal with fees, more taxes, and other regulatory and legal work. I know someone who claimed to have done this, but I don't know how it panned out or if it was worth the effort. Seems just easier to just get your account thrown around the world every time a broker drops US clients. Just a ton a headaches for US fx traders.
Also, it seems likely that the countries in which these new brokers are popping up will eventually obtain treaties with the US that will allow the US to legally pressure these brokerages to not accept US clients, like what happened in numerous other countries over the past few years. As I understand things (not well), one could set up a business entity abroad, trade most anywhere through that entity, and draw a check from the entity, but then one has to deal with fees, more taxes, and other regulatory and legal work. I know someone who claimed to have done this, but I don't know how it panned out or if it was worth the effort. Seems just easier to just get your account thrown around the world every time a broker drops US clients. Just a ton a headaches for US fx traders.
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Pippa
- Trader
- Posts: 53
- Joined: Sun Feb 03, 2013 2:12 am
A Good U.S. Broker?
Perhaps the title of this thread should be OFFSHORE BROKERS ACCEPTING US CLIENTS!
I thought it was rather CLEAR that I was NOT interested in any USA Broker and only in OffShore.
You are BOTH in danger of getting a headless Poster punishment.
It is important that we do not derail the thread into USA Political fuckery and Trading. Let's concentrate on SOLUTIONS!
Please see my updated list of Brokers accepting US Clients and a new addition, Profiforex, they have Nano Accounts which is fab for testing EA's. Reccomended by a person who has been with them for 7 Years.
Regards,
Pippa
I thought it was rather CLEAR that I was NOT interested in any USA Broker and only in OffShore.
You are BOTH in danger of getting a headless Poster punishment.
It is important that we do not derail the thread into USA Political fuckery and Trading. Let's concentrate on SOLUTIONS!Please see my updated list of Brokers accepting US Clients and a new addition, Profiforex, they have Nano Accounts which is fab for testing EA's. Reccomended by a person who has been with them for 7 Years.
Regards,
Pippa
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SteveHopwood
- Owner
- Posts: 9904
- Joined: Tue Nov 15, 2011 8:43 am
- Location: Misterton - an insignificant village in England. Very pleasant to live in.
A Good U.S. Broker?
This is the wrong place for discussion about non-US brokers still accepting US clients.
Pippa, I have opened a thread for you at http://www.stevehopwoodforex.com/phpBB3 ... 75#p134575 and turned ownership of it over to you.
Pippa, I have opened a thread for you at http://www.stevehopwoodforex.com/phpBB3 ... 75#p134575 and turned ownership of it over to you.
Read the effing manual, ok?
Afterprime is the official SHF broker. Read about them at https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?p=175790#p175790.
I still suffer from OCCD. Good thing, really.
Anyone here feeling generous? My paypal account is always in the market for a tiny donation. pianodoodler@hotmail.com is the account.
To see The Weekly Roundup of stuff you guys might have missed Click here
My special thanks to Thomas (tomele) for all the incredible work he does here.
Afterprime is the official SHF broker. Read about them at https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?p=175790#p175790.
I still suffer from OCCD. Good thing, really.
Anyone here feeling generous? My paypal account is always in the market for a tiny donation. pianodoodler@hotmail.com is the account.
To see The Weekly Roundup of stuff you guys might have missed Click here
My special thanks to Thomas (tomele) for all the incredible work he does here.
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Pippa
- Trader
- Posts: 53
- Joined: Sun Feb 03, 2013 2:12 am
A Good U.S. Broker?
Thank you Steve you Angel!SteveHopwood » Mon Feb 01, 2016 1:29 pm wrote:This is the wrong place for discussion about non-US brokers still accepting US clients.
Pippa, I have opened a thread for you at http://www.stevehopwoodforex.com/phpBB3 ... 75#p134575 and turned ownership of it over to you.
I guess I shall award myself a Headless Poster Demerit!
Pippa
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nonlinear
- Trader
- Posts: 293
- Joined: Fri Jun 01, 2012 2:56 pm
- Location: Washington DC
A Good U.S. Broker?
Haha pippa, not a thread to lose one's head. Nice pic lol
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nonlinear
- Trader
- Posts: 293
- Joined: Fri Jun 01, 2012 2:56 pm
- Location: Washington DC
A Good U.S. Broker?
ATC going bankrupt. I think that is the last US broker that allowed hedging and wasn't FIFO compliant. Sigh. Guess I'm going off shore like a hot potatoe.
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Foreverforex
- Trader
- Posts: 164
- Joined: Wed Nov 28, 2012 6:48 am
A Good U.S. Broker?
Yeah, I'd been demoing with atc and having my first profitable run in forex, and ready to go live and just saw the news on the bankruptcy. Can't believe there aren't other us brokers making use of whatever methods ATC had to work around FIFO.
Sending money abroad feels so sketchy, but I'll check out your list and the other thread. Thanks for all the info here!
Sending money abroad feels so sketchy, but I'll check out your list and the other thread. Thanks for all the info here!
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francescabla1
- Posts: 1
- Joined: Thu Jun 24, 2021 11:20 am
A Good U.S. Broker?
Generally, I notice that most of the brokers are not available in the US. Neither Binomo nor IQ Option offer their services. It is really not easy to find the right broker for USA residents!
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isabek
- Trader
- Posts: 41
- Joined: Wed Jun 28, 2017 10:46 am