If you are in the US you almost have to trade with a U>S. broker because of government regulations. This is not necessarily a bad thing. Some regulations are there to protect you, even if they seem burdensome. Trying to get around the rules as a US citizen is difficult and often winds up badly if the broker picked overseas isn't stable.
I have been trading with Oanda for a long time. They are stable and competitive for all trading account sizes. They have some new plans for lower spreads for traders with relatively high accounts.
The best advice i can give to a newcomer to FX trading is to get yourself into a mentoring and education program to learn why the market moves as it does and when it is time to enter and exit/. The market is not random chaos. It is controlled and directed by big banks and other big boys who have an agenda. If you can learn what their agenda is, you can piggyback on their trading.
TiffanyK posted: Maybe it is better to autotrade with a broker not from US - their regulations are getting really tight every day/week/month. Therefore US brokers' conditions are becoming worse for the clients...
You are right! They are very restricted for Forex trading, and so many standard live trading facilities and features are not available there.
As others have mentioned there are limited options in the United States due to regulations, primarily Net Capital requirements which are $20 million. To put that in comparison most other jurisdictions require $1-2 million.
Forex.com, Oanda, TD Ameritrade, and Interactive Brokers are the only regulated ones. All others are operating illegally.
I would also check out Forest Park FX. They helped me find a broker.
Forex broker is a big deal to ensure a complete trading life, because the broker can affects the result of our trading with certainly. we should choose the broker which is more appropriate to the concept of trading that will be used , if you love doing scalping should choose the broker that allows trading concept such as this.
Mohammadi posted: Forex broker is a big deal to ensure a complete trading life, because the broker can affects the result of our trading with certainly. we should choose the broker which is more appropriate to the concept of trading that will be used , if you love doing scalping should choose the broker that allows trading concept such as this.
Correct; we basically need to select the trading broker according to our own trading requirements.
I think choosing a local government –sanctioned forex broker in our own city city/town should be our first priority, unless there isn’t any... And go visit the office before or when opening an account m if possible