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US Forex Brokers

Either due to regulatory requirements or other fear of legal repercussions, many forex brokers that are not members of the NFA (National Futures Association) stay away from taking clients from the US. One notable exception, in most cases, are brokers that are instead regulated by the FSA (Financial Services Authority) of the UK. This may or may not work to the advantage of these US clients, because while their choices are somewhat limited, normally the most reputable brokers are still available to them. If you are from the US, the list below should save you some search time, as they will all gladly accept deposits from American forex traders.

 

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FXCM Review



Charting: Four and Half star Charting Rating
Execution: Five star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Five star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

FXCM is one of the largest (over $100 million in firm capital) and best known forex brokers in the business. Featuring straight-through processing, multiple trading platforms including the popular MetaTrader 4 (MT4), FXCMs own downloadable FXCM Trading Station or Active Trader, as well as a Java platform that is compatible with Macs. Each platform has its own advantages, depending on your trading style.


Location:New York City, USA
Guaranteed stop losses:All orders are executed at best available price.
Swap-free accounts:
Typical spread on EUR/USD:2.3 pips (0.00023)
Order processing:Straight-through to multiple liquidity providers

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eToro Review



Charting: Three and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Five star User-friendliness Rating
Functionality: Three star Platform Functionality Rating
Reliability: Three star Platform Reliability Rating
Support: Five star Customer Support Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

The main advantage eToro has over other trading platforms is that it is very easy to use. It may not have all the functionality of some professional platforms, such as conditional order types, automated trading etc. or access to exotic currencies and other instruments, but it is a solid entry-level forex platform. Over and above currencies, eToro also allows traders to take part in the commodity market by trading Gold (XAU/USD) and Silver (XAG/USD), not to mention the exciting new Bitcoin market (BTC/USD). It should also be noted that eToro is a swap-free broker.


Location:Cyprus
Guaranteed stop losses:Yes
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:STP (Straight Through Processing)

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IBFX Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four and Half star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

IBFX is widely regarded as one of the premier brokers in the retail forex market, and there is a reason for this reputation. Guaranteed fills on stop and limit orders, combined with very low spreads, straight-through order processing (no dealing desk) to multiple liquidity providers, industry-standard MetaTrader 4 (MT4) trading platform


Location:Utah, USA
Guaranteed stop losses:Orders are executed at best available price.
Swap-free accounts:Yes, but some extra fees apply
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Straight-through to multiple liquidity providers

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Oanda Review



Charting: Two star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Three and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Three star Platform Reliability Rating
Support: Three star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Oanda is a very well respected forex broker among large and small account holders. Oanda is known for being an innovative company that offers traders some unique features such as hourly swap payments and single unit positions sizing - your positions can be as small as 1 unit, which greatly improves traders' ability to apply sound money management rules correctly without having to round down your position sizes. Oanda also offers a great deal of transparency.


Location:Toronto, Canada
Guaranteed stop losses:No
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:0.9 pips (0.00009)
Order processing:Market Maker

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GFT Forex Review



Charting: Four star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Four and Half star Transaction Costs (spreads) Rating
User-friendly: Three star User-friendliness Rating
Functionality: Five star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

GFT Forex offers traders a very high level of service. It is intended for professional traders who demand very high standards. GFT's DealBook 360 platform is very rich in features. It offers traders many different order types which are not available in lesser platforms, such as "one cancels other" (OCO), which allows traders to place several different resting orders, which are canceled when one is executed.


Location:Michigan, USA
Guaranteed stop losses:
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:
Order processing:Straight-through

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Fast Brokers Review



Charting: Four and Half star Charting Rating
Execution: Five star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four and Half star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

FastBrokers, a subsidiary of Fast Trading Services, LLC, offers simultaneous trading on multiple Forex ECN feeds streaming on a single trading platform through its proprietary ECN2 technology. By developing ECN2 (available on their proprietary platform PathFinder Trader™) FastBrokers gives to its clients tight spreads, ECN style execution, and the opportunity to choose which liquidity provider is offering the better conditions - before placing a trade. PathFinder Trader™ is also a professional trading tool which includes Level 2 (Depth of Market), a professional Charting package, one-click trading from multiple locations including trading from the Charts, and automated trading and back-testing through its own scripting language (PathScript).


Location:Glendale, California, USA
Guaranteed stop losses:No, orders are executed at best available price.
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:0.4 pips (0.00004) on ECN2 feed
Order processing:DMA to multiple ECNs

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IKON Royal Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Three and Half star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Three and Half star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

IKON Royal offers up the ubiquitous MetaTrader 4 (MT4) platform that is well known for its reliability and ease of use, as well as support for the widely used MQL4 programming language, allowing traders to design their own trading algorithms (Expert Advisors). While the platform certainly has its advantages, it does not offer the functionality that some professional level packages do.


Location:New York, USA
Guaranteed stop losses:Yes, except under extraordinarily volatile conditions
Swap-free accounts:
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Market Maker

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FX Club US Review



Charting: Five star Charting Rating
Execution: Four star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Five star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

FX Club US is a well established and highly regulated (NFA/CFTC) forex dealer located on Wall St. in New York. It has a high level of capitalization that is well above the regulators' requirements. Traders can therefore be fairly certain that their funds are safe on deposit here, which is important for US-based brokers since they have a 2% margin requirement (max. 50:1 leverage*). This means that a large portion of your trading capital does have to be in the broker's account, so safety of funds is a particularly important issue.


Location:New York, NY, USA
Guaranteed stop losses:No
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:0.8 pips (0.00008)
Order processing:All orders routed through dealing desk.

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