In other words, the NFA ensures that all brokers operating in the U. S financial trading industry are operating with integrity, transparency and in compliance of their regulatory requirements. To help forex traders verify the regulatory status of brokers, the NFA has also provided a verification system known as called Background Affiliation Status Information Center BASIC where traders can log in and check if a broker is an approved broker that is in compliance with all the regulatory requirements.
The most popular example of this is the MetaTrader4 by MetaQuotes. This is adopted by most if not all forex brokers on the market today.
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Other popular examples are the Sirix Platform and the cTrader. Alternatively if they do not wish to download and install any software, they can opt for a web based trading platform which can be accessed using a web browser.
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For traders who find themselves on the move and wish to keep in touch with all the developments in the financial markets, they can use mobile trading apps which can be downloaded and installed onto their smartphones or mobile devices. What is most important when evaluating a trading platform is to ensure that it is user friendly and comes with all the necessary tools that will help a trader trade more effectively. Important tools that feature on trading platforms include advanced charting systems with the ability to incorporate indicators and studies.
This is particularly useful for those traders that rely on trading strategies. Other features a live market news stream to keep the trader update, although sometimes this features on the brokers website rather than on the platform, economic calendar of upcoming events, live support directly from the platform and the ability to trade from charts. Hence, it is crucial that you pay close attention to the commissions and spreads that a broker will levy on your trade.
In the forex industry, most brokers do not charge their traders any commission on the trades that they make. The key benefit of trading with a NDD broker is the raw interbank spreads which traders will have access to. The normal trading cost which a trader will incur is the spread which they pay on the asset traded. Spreads can be in the form of fixed spreads or in the form of variable spreads.
Fixed spreads as their name implies are fixed and higher than variable spreads. They are suitable for traders who want to know beforehand the spread that they will pay before executing a trade. Variable spreads on the other hand although lower than fixed spreads can fluctuate depending on the volatility in the market. One major limitation which forex traders in the U. S will face is the leverage which they can get from their brokers. Because of the regulatory requirements imposed by the NFA, forex brokers in U. S can only offer their clients a maximum of leverage ratio.
Leverage is the ability to multiply your capital in order to gain more exposure to the market.
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So leverage means your invested capital will be worth 50 times more than its face value. Leverage comes with extra reward but also increases the risk level, so should be used carefully by novice traders.
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The type of trading accounts that are provided by a forex broker in the U. S depend on the primary focus of the broker. If the main focus of the broker is the small retail trader, the broker will most likely provide their clients with the ability to trade in lots smaller than the standard lot size of , units of currency.
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These types of trading account are called Micro and Mini account. The difference between a micro and a mini account is the lot size, 1, units for the mini account and 10, units for the mini account. For some forex brokers, they do not differentiate between the different types of clients that they have. This type of broker usually offer only one standard type of trading account to cater to all their clients regardless of how much they invested.
The third type of trading account that is offered by some brokers is the VIP trading account. VIP trading accounts are geared towards high net worth clients that demand more from their brokers. Usually this type of trading account comes with benefits such as dedicated account manager and fund management facility.
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The last thing that most traders have in their mind when evaluating a forex broker is customer support. The fact is, for any online based service industry, it represents the cord that links the trader to the broker. By entrusting their hard earned cash to the broker, it is only fair that the broker is responsive to any queries or problems that the trader may have while trading.
Hence, it is important to look for a broker that has provided traders with multiple methods of communicating with the support team. In addition, the support hours must be long enough to cover the trading hours and not be limited to office hours since the forex market is actually a 24 hours market.
Apart from all the above mentioned factors, check out if the broker that you are evaluating is offering additional value added services.
We understand that for U. S traders, selecting the best forex brokers in the USA to work with can often be a frustrating and tedious process, given the fact that there are so many factors to consider. To help our readers, we have reviewed a selection of the key U. S forex brokers based on the criteria that we mentioned in this guide. So if you are looking for a U. S based forex broker that is dependable and reliable, we urge you to read our reviews of the best forex brokers in USA. Crypto Hub. Economic News. Expand Your Knowledge. Forex Brokers Filter. Trading tools.
Macro Hub. Best Forex Brokers in US Advertising Disclosure Advertising Disclosure. This page may not include all available products, all companies or all services. FX Empire Editorial Board. At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation.
The brokers below represent the best forex In the USA. Scroll for more details. Your Capital is at Risk. Dealing Desk. MT4, MT5. Market Maker. Sponsored Sponsored. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money.
Give it a try with some play money before using your own cash.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. Visit Broker Your Capital is at Risk. IG US Review. Visit Broker CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Choice of trading, investing and copy trading accounts. Please let us know how you would like to proceed. Own Your Trading Experience. Ready to open an account? Get started. Trade the global markets, your way. Advanced Trading Platform Designed to meet the demanding needs of active traders, our desktop platform puts you in the driver's seat of your trading experience with fully customizable layouts, trade preferences, one click trading, a build your own indicator feature, and much more.
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