Any Value Broker Recommendations for GBP/USD?

Broker Discussion Forex Brokers
1

Does anyone have any US resident accepting offshore broker recommendations primarily for GBP/USD? I’m thinking solid liquidity and low fees (spreads, commissions and any other fees).

I’ve done a little homework, and the brokers still on my list include:

  1. Dukascopy (Savvy Professor on YT says the minimum deposit is $100k, but that is for API access. The minimum deposit for a trading account is $100).
  2. GO Markets
  3. LQDFX
  4. HankoTrade
  5. AVATrade (one source had their GBP/USD spreads at the lowest at 6 points on average (0.6 pips), but not sure if that is true).

I plan to put in $5k and leverage it just enough to put in trades that represent a $250 loss if I get stopped out on a 1-3 minute time frame (POI related to higher time frame positioning, of course!). Once I get that system rolling, then I will look to increase the stop loss amount, which will additional deposits or more leverage.

I want to do this as inexpensively as possible, considering all related expenses and potential expenses.

TIA…

2

You could try TD365, a UK broker which is regulated at SCB abroad. However, Client funds which are segregated from TD365.com working capital,are held in UK Barclays Bank.

This broker offers Major FX pairs fixed spreads, and GPB/USD could be expected to be competitive in comparision with other brokers.

3

Thanks for the TD365 recommendation, but I just got off of chat and they typed the following:

“Hi there! Unfortunately, due to jurisdiction reasons we do not accept clients resident in the USA.”

4

Ouch, sorry about that. As at 2022, Interactive Brokers UK (UK entity, same parent company as USA) offers taxable brokerage and ISA accounts (but not LISA). They do not support SIPPs for US citizens.

5

@Pippin-Aint-EZ , Love your handle by the way. I think Dave Chappelle would say both Pippin-Aint-EZ and Pippin-Is-EZ are correct. Anyway, since '23 was not that long ago, I’ll post and point out that Dukascopy stopped accepting US traders (unless you have so much money you don’t really need to trade - I forget what loophole they call that - what the rich so called 1% write into laws) - stopped accepting US traders in like 2009. Thank you Dodd-Frank. Also, their JForex API is/was free. However, they do want $100K to use the FIX API. I suggest you check out Going offshore to escape the CFTC - #14349 by Clint

EDIT: Ahh yes, the 1% loophole. If you are an “Eligible Contract Participant”, you get to play. Basically if you have $10 million in assets, you’re good to go. This is not against Dukascopy, it’s a commentary on Dodd-Frank and their friends.