- Best Forex Brokers in the United States
- USA Clients Accepted
- 3 Best Forex Brokers in USA - Top Brokers for US Traders
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Best Forex Brokers in the United States
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Company News read rss News archive. Winner of more than 10 prestigious awards RoboForex was recognized by the most respected experts of the financial industry. As a US trader, you can trade both major Forex pairs and crosses. US regulators quickly realized that they could not allow Forex brokers accepting US clients to provide dishonest services or steal client money. Before retail Forex arrived in the US, the wider US financial sector was already tightly regulated, so it was only a matter of time before Forex brokers accepting US clients faced similar stringent oversight.
USA Clients Accepted
That is a good thing â as a US trader, you want to be protected from brokers who do not operate honestly, to say the least. Forex regulation in the US benefits you in two ways. Firstly, it ensures that regulated US Forex brokers are relatively well run and capitalized, which helps lower the probability that your broker will collapse and leave you waiting to get your deposit returned while you wait for bankruptcy proceedings to be concluded. Secondly, it ensures that your broker cannot unfairly take advantage of you and must offer you a fair market, and the trading conditions which their advertising promises.
Regulated Forex brokers always publish the information verifying by whom they are regulated and usually also the details of their license.
3 Best Forex Brokers in USA - Top Brokers for US Traders
It is usually published at the bottom of the home page of their website, and sometimes at the bottom of every page within the website. Typically, regulated Forex brokers also have a dedicated web page giving full in-depth details of their regulatory arrangement. Many feel that the stringent regulations resulted in US Forex brokers moving operations offshore or closing their doors completely. Those US Forex brokers that remain now face some of the most stringent capital requirements required by Forex brokers anywhere in the world plus hefty licensing costs.
It is worth noting that the Securities Exchange Commission SEC does not have authority over the Forex market because it does not consider currency pairs securities. Client deposits at US regulated Forex brokers are not protected by any form of deposit insurance. Leverage for US regulated Forex brokers is capped at and this maximum leverage cap is designed to protect retail traders from excessive leverage.
It also means that the best US Forex brokers all operate under the same maximum allowances for leverage thereby removing leverage as a factor when choosing amongst the best US Forex brokers for beginners or advanced traders. As a final thought on US Forex market regulation: as a US trader if you come across an overseas Forex broker that is not registered with the NFA but accepts clients from the US, be highly cautious before handing over your deposit.
The advantage of working with the best US Forex brokers for beginners or advanced traders is a reliable, trustworthy firm to execute your trades. The question to you as a US trader is whether these imposing restrictions are good for retail traders or serve as a detriment. The truth is that strong regulations are both beneficial and detrimental. As a detriment, the stringent requirements have made it difficult and costly for Forex brokers to accept US clients and that in turn has limited the choice of Forex brokers accepting US clients.
On the beneficial side, those Forex brokers accepting US clients have worked very hard to meet all the regulatory requirements. They will be well-capitalized, have excellent compliance, and most importantly they are serious about being in the industry for the long-term. Unlike other parts of the world, there are sketchy US based Forex brokers. All US regulated Forex brokers fall under the same set of regulations making the landscape much easier to navigate â there are no regional or state-level differences.
That means if you are comparing one US Forex broker with another US Forex broker, you know that they will operate under the same set of rules. Importantly, that means they do not execute client orders on the prices given by their liquidity providers. As such, a dealing desk broker is also known as a market maker as they literally create a market in the underlying security for their clients. This is not to say that dealing desk brokers do not have access to liquidity providers. Depending on the trade direction, size, and market condition s, they will decide whether they keep the trade on their books or not, and at some point, match their position with a liquidity provider.
A dealing desk broker will charge a spread for their services. They link buyers and sellers together through liquidity providers such as banks and institutions.
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Non-dealing desk brokers do not charge a spread; instead, they charge a commission. There still may be a small spread on the trade but it is the underlying market spread, not a spread being created by the broker. Secondly, non-dealing desk brokers will rarely show you a requote in normal market conditions when you execute the trade, in other words, you almost always get the price you see on the screen. This may not be the case when markets are particularly volatile, for example, during a big economic data release or news event. Non-dealing desk accounts usually require higher minimum deposits and minimum trade sizes.
For smaller account sizes, especially for mini and micro-lot accounts, the only option is often a dealing desk account. The US Forex market for retail traders concentrates around the eastern time zone. Although there is no hard line that defines when the Forex market opens for US traders as it runs 24 hours a day, five days a week, it is widely agreed that the US opening time for Forex is at 8 a.