I’ve been looking for get into Forex trading for some time. I did my research and I’m ready to make the move BUT I realized that the broker market for U.S. clients is VERY limited and the reviews of some of the Forex brokers for U.S. clients are horrible (forex.com, OANDA (market maker, I’m staying away) , and TD Ameritrade ).
So due to over regulation in the U.S., the market for forex trading in the is drying up. I’m thinking of using Tradersway (I’m already have a demo account and my live account is pending) and LMFX (which I’ve just come across).
Are there any people here in the U.S. that have any other good/reputable brokers that they can suggest? Any ideas and suggestions are welcomed.
And Tradersway has a horrible reputation compared with Oanda, for example, and doesn’t have Oanda’s regulation and protections, either.
Sorry if I seem argumentative, but it’s really very peculiar to see someone rejecting Oanda for being a marketmaker and then looking at the appalling Tradersway instead!
I haven’t used them (and definitely wouldn’t!) - I must have read very different ones from you.
Maybe you should read their own terms of service, too?
It includes this: “Any transactions entered into and made with the Company shall be concluded with the Company as a MARKET MAKER except for the Company’s external market transactions. The Customer acknowledges, understands and agrees that the Company shall not act as a broker, intermediary, agent, and advisor or in any fiduciary capacity”
Can’t speak for Lukas but I used it for a couple of years until my account was big enough to use a non-counterparty broker.
My reasons for leaving Oanda had nothing to do with any dissatisfaction with them or their service.
They’re as well regulated, honest and ethical as you can get, for a market maker. (I didn’t say they’re perfect - they’re not: but in my experience they’re as good as you can get. They’re not crooks, and just that is already unusual in this industry.)
To reject Oanda and look at TradersWay is “extremely unwise”, and that’s being very polite about it.
Unfortunately, you’re not alone in having these misconceptions about US regulations or forex broker reviews.
It’s important to understand that unless a forex broker is brand new or has a small client base, you’re likely to find some negative reviews simply due to the percentages. That said, regulation by a reputable financial authority can go a long way to addressing a lot of the concerns you may have.
Particularly noteworthy are the requirements for financial transparency and trade execution accountability. Below is an excerpt from the CFTC site:
The final rules include financial requirements designed to ensure the financial integrity of firms engaging in retail forex transactions and robust customer protections. For example, FCMs [futures commission merchants] and RFEDs [retail foreign exchange dealers] are required to maintain net capital of $20 million plus 5 percent of the amount, if any, by which liabilities to retail forex customers exceed $10 million. Leverage in retail forex customer accounts will be subject to a security deposit requirement to be set by the National Futures Association within limits provided by the Commission. All retail forex counterparties and intermediaries are required to distribute forex-specific risk disclosure statements to customers and comply with comprehensive recordkeeping and reporting requirements.
On the contrary, the reason only four firms are currently approved as forex dealer members as of the latest data from the CFTC is precisely because the standards for US regulated forex brokers are so rigorous both in terms of financial transparency and accountability regarding the price where each customer transaction is executed.
In the US there is little diversity in terms of companies to operate, you have to try to work with what there is, just as the market is one. Know how to adapt to changes and now!
Who exactly would suggest we vote in, instead? ALL politicians are pimps, not just the ones who learned socialism from clown European predecessors, but even the ones claiming to represent the free market capitalism which built this country.
, OANDA (market maker, I’m staying away) 
).