Looking for a Broker that allows USA clients ( me and many others). Must allow hedging and allows rebates. Id like to have great leverage and small start up deposit for the average Joe. I have a home built EA that goes through alot of pips in trading, to make a good profit. ( 6 pairs) s, a rebate would be nice to maximize my bank balance and growth. I may be dreaming of this type of broker, but im trying. Small pip spread on the majors would be a bonus. Thanks Garry
FinFX does accepts US clients, they charge a 7 commission per roundturn lot ONLY on ECN accounts. Their micro accounts do not charge commission, but the spreads are still very good. This is an awesome broker spread tool myfxbook has: https://www.myfxbook.com/forex-broker-spreads.
They offer 200:1 leverage, They allow hedging and EA's. I haven't traded with them for too long because I was with Hot Forex until they said they stopped accepting US clients, but have been really impressed with their customer service.
forexproptrader posted: There are several decent USA mt4 brokers available that will allow rebates on your trading volume. Please let me know if you are still searching for one.
That's true there are several decent USA brokers, but the Professor is looking for the ability to hedge as well, which isn't allowed under Dodd-Frank. But I believe you can with FXDD, they don't call it hedging though and they have it reported different to follow FIFO rules. I'm currently 'hedging' on a FXDD demo acct, it might not work when it comes to their live accounts, you'll have to try it out for yourself. Or if anyone else has experience of 'hedging' on a FXDD live acct, chime in.
One simple way to get around this is to have $10 million invested and then you don't have to play by the CFTC rules. Easy enough right? I'm glad they're looking out for the smaller investors. Sarcasm? Possibly...
I would say FinFX is going to be your best choose if you're hedging. That's who I'm with and all my trading involves hedging. There's a few IB's that give rebates for them, Rebates Forex has the best rebate rates, but I haven't looked super hard so I'm not 100%.
A hedge is nothing more than reducing risk with an offsetting investment. You can hedge with any broker. The only thing you can't do is take up opposite potions on the same pair.
Yes, I understand that. But when brokers talk of allowing hedging or not they are talking about opposite positions with the same pair. I make good side money with an EA and it hedges opposite with the same pair. So US brokers don't work for me, but maybe FXDD. It works on their demo accts.
Just be careful with FXDD. I am now in my 14th day waiting for my withdrawl from them. On the phone yesterday with them and first they tried to say that the withdrawl went to my bank on May 17 and that it is my banks fault. Once I explained to them that the banks did not receive the funds, they put me on hold for 24 minutes, then came back and said, 'Interesting, we will look into it, we may have made a mistake on our end, we will have to get back to you'. Very shady, very very shady. Going to CFTC within 24 hours if the funds are not in my account.
Just be aware.
"To have more money in the account this Friday than we did last Friday"
Professor53 posted: Im still looking for rebates and hedging for a USA client.. Me and thousands of us are looking.
mkeysor gave good advice. FinFx will have very similar spreads to Hot Forex, they accept US clients, allow you to hedge the same pair, offer 200:1 (unlike US brokers that can only offer 50:1), and you can sign up an account through an IB and get rebates. Google search 'FinFx rebates' and you'll find one. I was with Hot Forex, like you, and decided FinFx was going to be the closet thing to it that still accepted US clients.
I agree with mkeysor. Finfx is by far the best choice. I opened a Pamm account mt 4 platform is as good as any. Would like to see more pairs and Indices but they offer Gold and silver. Easy to open account , all done online. I was approved in hours after I scanned and emailed the IDs and bank statement..