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What is the best forex broker in the USA?

Best Forex Broker in U.S.A

You can pose the question this way; becoming a broker in the U.S. is not as easy as registering an offshore brokerage company.

The answer lies in regulatory requirements. All U.S. brokers must be registered with the NFA (National Futures Association).

While registration itself is not an issue, membership in a group of NFA regulated brokers requires strict NFA regulations.

What to Become a U.S. Forex Broker?

All U.S. forex brokers must be registered with the NFA.

All U.S. Forex Introducing Brokers must also be registered with the NFA.

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Forex Broker – RFED – A foreign exchange trader must send the following to the NFA:

1. Online Form 7-R

2. Documents:

– Financial report,

– Methods of combating money laundering,

– Methods of business continuity and disaster recovery

– Methods of providing advertising materials,

– Surveillance of related persons,

– Customer complaint procedures,

– An asset source letter describing the source of the firm’s current assets

3. Non-refundable application fee of USD 500

4. RFED (Retail Foreign Exchange Dealer) membership fees of USD 125,000

For a complete list of any additional documents, see the following sections:

http://www.nfa.futures.org/NFA-registration/rfed/index.html

High Leverage U.S. Forex Brokers?

All U.S. brokers must provide leverage of no more than 50: 1 by CFTC 50: 1 Rules. This margin will be offered to all U.S. citizens without exception.

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Non-U.S. residents who seek to open an account with a U.S. broker can obtain higher leverage for their trading accounts. This option is often available when the broker has multiple branches around the world.

Forex brokersMin account sizeMax leverageA typefinancing method
ATC Brokers$ 500050: 1ECN / STP & STPBank transfer, check, debit cards
CMS Forex$ 25050: 1Market makerBank Transfer, Check
FIPFX$ 50050: 1Market makerBank transfer
FIPFX GLOBAL$ 500400: 1STP & Market MakerBank transfer
FastBrokers$ 250050: 1ECN / STP & Market MakerBank transfer, check
FOREXer$ 200500: 1Market makerBank transfer
Forex.com$ 25050: 1Market makerBank transfer, check, debit cards
Fortress Capital$ 200050: 1STPBank transfer, debit cards
FXCM$ 200050: 1STPBank Transfer, Check, Debit Cards, ACH
GAIN Capital Groupno50: 1ECN / STP & Market MakerBank transfer, check, debit cards
iClickNTrade$ 250500: 1STPBank transfer, credit cards, debit cards
IKON Global Markets$ 100050: 1ECN / STP & Market MakerBank transfer
Interactive Brokersno40: 1ECN / STPBank Transfer, Check, ACH
MB Trading$ 40050: 1ECN / STPBank Transfer, Check, Debit Cards, ACH
M2 Forex$ 200050: 1Market makerBank Transfer, Check, Debit Cards, ACH
OANDA$ 150: 1Market makerBank transfer, check, debit cards
Thinkorswim$ 50050: 1Market makerBank Transfer, Check, ACH
TradeKing$ 50050: 1Market makerBank Transfer, Check, Debit Cards, ACH
TradersChoiceFX$ 25050: 1ECN / STP & STP & Market MakerBank transfer, check, debit cards
TradeStation Securities$ 200050: 1DMA / STPBank transfer, check

Among these brokers:

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ATC Brokers – 1:100 leverage for non-US accounts

CitiFX Pro – 1:100 leverage for non-US accounts

CMS Forex – 1:100 leverage for non-US accounts

FastBrokers – 1:200 leverage for non-US accounts

FOREX.com – 1:200 leverage for non-US accounts

U.S. Forex Brokers vs. Other Brokers

So, what is the odd between U.S. brokers and other Forex brokers?

Two striking differences:

– leverage options

– regulation mode

U.S. brokers offer relatively low leverage of 50: 1 (NFA regulations) compared to other brokers who can withdraw up to 1000: 1 or higher without any consequences. This makes U.S. brokers less competitive in the eyes of many novice traders, who usually require increased leverage from the outset.

Forex brokers in the U.S. are among the most regulated brokers in the world. NFA’s regime and penalties are high and severe. This fact certainly provides a high level of trust in U.S. brokers.

Alternatives to U.S. Forex Brokers

Are there any good alternatives to American Forex companies?

While traders won’t find better-regulated forex brokers than the United States, other countries to consider are the U.K., Australia, and Switzerland.

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