A Good U.S. Broker?

[Workerbee61]

Hi everyone,
I'm over my depression of finding out I can't trade with Global Prime due to my location here in the U.S. though it wasn't easy

Could anyone make a suggestion? I'm planning on opening with 10k and I trade manually, except for a trade manager.

I've been eating up Oanda server time with my demos and have read they are solid. Every time I open one at Axi Trader I'm getting phone calls which feels sales motivated to me, but maybe I'm judging too harshly and they just believe in their personal service. Same with FXCM.

I initially thought I could go to FPA and it would be clear, but there are so many mixed reviews I can't sort it out.
I do understand that many traders want to blame losses on their broker, but again too many comments for me to sort out.

Finally, Anyone have any thoughts on MB Trading? Your thoughts and help are most appreciated.

[nonlinear]

For manual trading (and automated if you have, or can afford, the hardware and software) Interactive Brokers -- I don't think anyone else comes even close. In the Empty4 world, CitiFx.

Citi and IB are not going to nag you, unless you start doing heavy volume and lots, it which case they will call you, but just to keep you.

[Workerbee61]

Wow, thanks for the solid recommendations. Apology in advance for writing a book here.

While engaged in my own search I discovered those two as having the highest percentage of winning traders in the US as of the last quarter. I realize it doesn't mean I'll be profitable, but I'm far from being made of money and if I lose I'd rather it be my own doing and not through the unscrupulous practices of some of these brokers. I just can't believe all the horror stories out there.

And I'm really on the fence with the Dodd/Frank laws, at least the ones the banking lobby has failed to prevent from being implemented. In one way I like the protection. On the other I'm concerned about losing the choices of what seem to be some excellent brokers who are compliant with the strict standards of their own nation but as a business it seems too much of a hassle and cost to be compliant here.

Now I'm really a noob and have only been learning this business for the last ten months, but if Forex Magnates is reputable in their reporting, here is what I ran into this morning.They have a table over there tallying the US brokers up but I can't seem to copy and paste it so I posted these comments that appeared under the table.

"With individual brokers, once again, InteractiveBrokers(IB) has taken the top spot in terms of both number of accounts and most profitable customers, with 45.3% of clients in the black, easily edging in second place is CitiFX. IB also expanded its lead on FXCM as the US’s largest retail forex broker by number of accounts. During the quarter, IB added 1,176 accounts for a total of 24,935 customers, versus a 22,674 total at FXCM. Speaking of FXCM, the broker added 619 accounts during the quarter. The growth was most likely the result of the company’s assumption of Alpari’s US retail account base which took place at the end of September, with the majority of customers only beginning to place trades with FXCM in Q4. For reference, Alpari had 2013 accounts on record at the end of Q2 (Q3 results were unavailable from the broker)."

Thank you again and thanks for making this forum truly first class.
Jack

[Workerbee61]

Well, now that I realized I opened my big mouth, I think it's only fair to provide a link to the article which has the table and more info on the data.

http://forexmagnates.com/exclusive-q4-u ... -slipping/

[nonlinear]

IB and Citi require larger minimums, so they tend not to attract more "weathered" clients, if you will. I have had accounts with others like ATC, MB, Tradestation, all fine for certain trading styles. Just depends on what you need for the way you trade. For me, I was tired of off quotes errors. I would much rather have a spread widen because that is what is really happening, than be the subject of some back office game.

[Workerbee61]

I hear you!
I thought maybe I found something with MB trading yesterday. I downloaded their Empty4 which was version 4.00 build 604. Through Oanda and Axitrader this weekend I got pushed build 600.

604 locked up almost immediately. It was so bad I couldn't even uninstall it. Had to find a program on the net to get rid of it. Tried installing it again, same thing. Called them up last night and they acted like I was the only one with a problem. I told him it's Sunday night Asian session. I imagine they've had a few calls by now.

[nonlinear]

Yeah, its different all around. Citi still has not released the new build.

[Ralph114]

OK, shoot me since I post something I don't know if I can but I think it is important to take a chance for us US people.
Where can we trade without the FIFO hedging rules?
Without opening a account in a "Banana" republic?
Here is a link where they write about it and some people open an account with this brokers too.
Finland seems to be a reasonable country and Assets Fx seems to be a better solution. (Don't know if it is the best solution). I don't advocate that you also cheat the IRS but you can have money outside the US as long as you declare them on your taxes at the end of the year.

http://www.forexfactory.com/showthread. ... 65&page=11

I will open a demo account to see if the Bots from here work or not. As you know Oanda Empty4 is a dude for bots and the regular Oanda "freezes conveniently" during news hours at least on me. I have a account with them for many years but it is time to close it.

[AnotherBrian]

The title of this thread is confusing, is there such thing as a "good" US broker?
Forgive me, I'm still pissed off at PFG for stealing lots of my money.

[Jeuro]

In a way, what AnotherBrian mentions is the worse fact of being a forex trader, USA citizen and residing inland.

It does not matter if the Brokers is good or bad... the major problem is that in the USA , "deposits/money" held for forex trading are not insured by the FDIC. So... if your Broker goes belly up or just run with your money, that is the end of the history.

That is a big difference, even with some of the so called banana republics.
Even in Cyprus you would get your money back from the Investor compensation fund. Most of the European Union is the same, Not to say UK and Suisse.

That as a major. Plus all the other crap like fifo, no hedging, low leverage, etc... makes the USA the worst
country to trade forex from.

Does not matter if the Brokers is good in other things. The USA rules render their goodness worthless.

J