On this page you will find information about the best Forex brokers in the United States. Is Forex legal in the US? How is the Forex market regulated in the United States? What is the Dodd-Frank Law? How to choose the best Forex broker in the USA?
In 1990, the Forex market became available for retail traders for the first time, and since 1995, the possibility of online trading around the world has appeared, and US brokers have become one of the first players in this new market. Before that, only organizations and wealthy people had access to Forex.
American traders quickly introduced Forex into their trading, as the US already had a significant community of retail stock market traders. For the American trader, the transition from stocks to Forex was particularly attractive because of the high leverage offered in Forex compared to stocks.
With the growing popularity of trading, competition among US Forex brokers has increased. New traders are often unsure about which brokerage company is best suited to their trading needs. We have conducted an in-depth analysis of all US Forex brokers and narrowed down the list to the best Forex brokers in the US so that you can choose a reliable brokerage company with the most favorable trading conditions in the market.
Is Forex trading legal in the US?
Yes. As a US trader, you can trade Forex legally. The US regulatory authorities ensure that the brokerage that accepts US customers, properly controlled and act lawfully.
Regulation of the Forex market in the United States
The best Forex brokers in the United States must be licensed by the following regulatory organizations:
It is worth noting that the Securities and Exchange Commission (SEC) has no authority over the Forex market.
Customer deposits with U.S.-regulated brokerages are not protected by any form of deposit insurance. Despite the lack of protection, American Forex brokers are still considered among the safest in the world due to strict supervision by the CFTC and NFA.
If you are a yavlI am an American trader and come across a foreign brokerage company that is not registered with the NFA, but accepts clients from the US, be very careful before transferring your deposit.
What is the Dodd-Frank Law?
The Dodd-Frank Act is a set of U.S. regulations passed in 2010 in response to the financial crisis, which had a huge impact on American Forex brokers. The strict rules of the Dodd-Frank act led to the fact that many US Forex brokers moved their offices offshore and stopped serving American traders. Those brokerage companies, which remained in the United States, faced with some of the most stringent capital requirements and huge costs of licensing.
Advantages and disadvantages of working with American Forex brokers
The main question is whether strict restrictions are useful for retail traders or serve them to their detriment. The disadvantages include a limited selection of Forex brokers that accept clients from the United States. On the other hand, the best Forex brokers in the US have worked hard to comply with all regulatory requirements. They have a lot of capital, a serious attitude to work in the industry in the long term, and they all fall under the same set of rules, which makes it much easier to choose a brokerage company. This means that if you compare one US Forex broker with another US broker, you know that they will operate under the same set of rules.
How to choose the best Forex broker in the USA?
We have done most of the work for you and created a rating of the best Forex brokers in the United States. Here is also a checklist of questions that you can use to choose a reliable broker:
- Are trading costs, in particular spreads and commissions, competitive?
- Are you satisfied with the trading platforms offered? Is there a choice of platforms? Does the broker offer mobile trading?
- Does the broker offer dostaccess to a wide range of asset classes? This can be especially important if you only want to trade stocks.
- What leverage does the broker offer for each asset class? Leverage for regulated US Forex brokers is limited to 1: 50 to protect retail traders.
- Is there a free demo account and different types of accounts (micro account, standard, ECN, etc.)?
- Is the minimum deposit suitable for you? As a rule, minimum deposits are low and range from $ 100 to $ 250.
- Are you satisfied with the customer service? Due to the high reputation of American Forex brokers, customer support is at the proper level.
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