Obviously I am new to the forex world and I have read a few books and done some research and I am ready to choose a broker and start a demo account, but this is where I am having problems. In all the stuff I read they say ask the broker questions and do your research, but they never say a good site to see a listing of brokers. Also, I live in the US and I have come across a number of brokers, but a lot of them don’t seem to accept US clients. Does anyone have suggestions as to where I can find some brokers to research?
If you are from the US you are screwed, sorry. This is because no European regulated broker will work with you (it’s illegal if they accept you). So your question should be which unregulated brokers is trustworthy. There are many scams around so I really hope you will not fall for one. I will deposit a very small amount, trade for a bit and then withdraw everything, see if you get your money back. Thats one way to test them.
As Pollar said, you are basically screwed thanks to the CFTC and other who put US traders in the same boat with Iranian or North Koreans, Nigerians…you get the picture. You can pick from US brokers only which means you have to pick between a rock and a hard place.
Hi Frank! You might find what you need in this forum section: Forex Brokers But as most of the guys already mentioned, you don’t have much of a choice when it comes to forex regulation under the CFTC and NFA in the US.
This is a good place to start. Forex Brokers Comparison
Go down until you see "US Clients Accepted and click on the arrow and check Yes. That will give you a list of brokers who accept US clients. I found sometimes this site has untrue information, so once you find a broker that Accepts US Clients, and any other info that’s important to you, bring the site back up and click on " you can compare brokers side by side. Then you can see how they compare to each other. Again I’m not vouching for the site and information on the site, but it’s a starting point. Once you narrow down list, then go to google and search the reviews of your list of brokers. Keep in mind one or two reviews do not a option make. Look for as many reviews as you can find, make your decision on which one is best for you, then come back to baby pips go to the broker section and either sign up for a demo account and email support and double check with the broker to make sure they have what the other site said they have; or send the questions to that company’s support before you sign up for a demo. Hope that helps
Gp
I think site like earnforex.com, forexsanity.com can be of help in the search of brokers. But please don’t just base your choice solely on regulated brokers, there are other factors to consider. So watch out for those.
Its a most necessary part of Forex trading to practice on Demo account. Actually Experts says, Demo is the only platform to test your strategies, check your skills and test any kind of indicators without even losing own money. Using demo with different brokers and reading some reliable forex forums will help you better understand the market and build your own opinion regarding this business on the whole.
I think there are naughty ways around European regulations. If you have any family members living outside the US they can open the account for you under their name and you will be the one who is trading. Best would be a broker that accepts eWallets like PayPal or MoneyBookers. You send the money to the family member and they transfer it to the account. Any profits you make will be withdrawn back to the eWallet and the family member can send the money to you. If you are doing well and you withdraw the amount you deposited back, any future withdrawals are made via bank transfers. So what you need to do if that happens or in advance is to ask the family member to open a bank account in a tax-haven country under their name and withdraw the profits there. From that bank account, link it to a different eWallet, send it in 2 pulses to 2 different family members’ eWallest and then to you to try and prevent it from getting track (there are more ways which I am not going to get into).
This solution will be unappreciated by US regulations for obvious reasons and it is most probably illegal. Nevertheless it is a solution. There are ways around everything these days. If you dont have a family members living overseas that can be worked around to but I am not giving anyone any ideas lol