Best & Most Trusted FX Brokers for Newbies that Accept U.S. Traders?

I’m fairy new to forex trading and would like to know of online sources that can give me honest and unbiased reviews of reputable and regulated FX Brokers that accepts newbie U.S. traders. There are so many FX firms, that the task seems daunting to choose the right fit. Any recommended firms for a newbie will be highly appreciated. :slight_smile:

Im pretty new to this whole thing too, but so far my pick would be FX Choice.

I have been researching as myself very new. I opened demo account at FXCM and
they seem using flash tool, which I am not very confident by profession I am in software field and using old outdated flash way when there are better HTML5 way are there.
I have opened tradeo and Zulutrade demo accounts too. By far I like Tradeo for its clean interface. I have been no problem using there interface they have good jump start video tutorial.
As I myself not sure I would open real account with them yet as I am still researching.
I would suggest you to open demo account in any service that you want to use. that way you know if there interface is good for you to deal.
Be safe and happy trading.

Welcome to the forum, Alixc83 :slight_smile:

FXCM is currently beta testing a new HTML5-based web platform. In the meantime, as an alternative to Trading Station Web platform which is flash-based, you could try Trading Station Desktop (Windows), or Trading Station Mobile (Android/iOS).

Welcome to the forum, ALopez09 :slight_smile:

As of the latest available data from the CFTC, the government body which regulates forex trading in the US, there are currently 5 retail brokers licensed to provide forex trading services to US residents. They are listed below along with the amount of money clients have on deposit with each.

If you’re a newbie… then let me help you. Don’t start with a broker from Belize (FXChoice) - they cant open US accounts anyways. In the US there is slim pickings and any broker left are all solid (yet boring). You really cant go wrong from a protection standpoint. FXCM, GAIN and Oanda are the top ones. TD uses GAIN anyways… and IB i think may have left straight retail… (not sure anymore) – but they are not “retail” geared for sure.

Hi - I’m pretty new too. But I started with a practice account and eventually opened a live account with I’m happy with them. I’ve had a live account now for over a year and 1/2… Hope this helps :slight_smile:

Is the amount listed in the picture put separately with FXCM fund?

Hi Bengi,

The amounts listed above are for client funds held with FXCM US and other US-regulated brokers. While FXCM US keeps client funds separate from operational funds, US law does not give forex trading accounts segregated funds status. This is the case for funds held with any US forex broker, not just FXCM US.

If you live in the US, only CFTC-regulated brokers are authorized to offer you forex trading services. It’s worth noting, the CFTC sets capital requirements which all US forex brokers must meet ($20 million minimum plus an additional amount based on the size of client trading positions), and the CFTC has electronic access to verify the account balances of all the brokers they regulate.

If you live outside the US, you can open your trading account through FXCM UK or FXCM Australia, where client funds are segregated in accordance with UK and Australian client money rules respectively. Furthermore, since FXCM UK is regulated by the FCA, funds held with FXCM UK are insured for up to £50,000 per client by the Financial Services Protection Scheme.

I’m not sure where you got that information. FXChoice does, indeed open accounts for Americans, and is one of two Trusted Brokers recognized in the BabyPips Forum Thread: Going offshore to escape the CFTC. I use them and recommend them very highly.

Hi, My name is Beelay. I am new to this forum and looking for the best broker for my specific trading needs. I am a new trader looking to invest. I want a broker that has:

  • Necessary Security (NFA/CFTC)
  • 10 p per pip
  • Reasonable withdrawal limits
  • Successfully fulfills my trading
  • Solid charting package

Hi Jason,

Thank you for this list, it’s very helpful.

Can you please tell me where you got the list?

I’d like to go to where ever you got the list from to see if it’s still current today.

Thank you.

Mitsu Fisher

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Hi shepherd,

FXChoice looks really good to me.
I have a demo account with them and have put them through the ringer with questions
via chat.
They have amazing customer service. And their policies seem really fair.
I think I’m going to open a live account with them.
I’m still trying to understand the downside of going with them as compared to a US regulated
forex broker (I’m an American living in the US).
I think the only downside is that they are not regulated and in theory that may mean they
are more risky for me as a customer.
I think the risk to me is that I build up an account and then can’t get the money out.
What are your thoughts?

Thank you.


Hi @mitsufisher,

Those numbers are from the CFTC’s Financial Data for FCMs which is updated here monthly:

Note the tables on that page include data for both futures commissions merchants (AKA futures brokers) and retail foreign exchange dealers (AKA forex brokers), so you will want to focus on the brokers with money in the right most column marked “Total Amount of Retail Forex Obligation”. That’s the amount of money the clients of these brokers have on deposit with them in retail forex trading accounts in the US.

The CFTC and NFA set the requirements a broker must meet in order to offer forex trading to US residents. Though not an exhaustive list, this membership application will give you an idea of some of those requirements: Compliance Requirements for Retail Foreign Exchange Dealer (RFED) Applicants | NFA

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.

Due to those strict requirements, only four brokers are authorized forex dealer members in the US as of the latest CFTC data from December 31, 2017:

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Thank you for the information, very helpful.

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HI alopez09,
I am a Forex learner and trader having a little demo and real trading experiences. Actually there is no end of learning here. You will experience a lot of categories and analytics tools. For your asking as far I know there are some Forex Brokers that accepts US traders to trade. I can add here some of Brokers that may be helpful for you if you are still on the issue.
Brokers: Alpari, eToro, forex club, LiteForex, Citifxpro, Oanda and so on. You can take a look into the sire and its reviews and also try to search online typing Best US-Regulated Forex Brokers, I believe you might find a good conclusion. Thanks for sharing your problem and desire.

You can visit this thread --> Going offshore to escape the CFTC
Personally I opened turnkeyforex, pretty easy and fast, used 300:1 leverage, it’s going good so far especially spread which is impressive. I withdrew twice and it went well & trading conditions are good. Recommendeded for newbies.

I opened account with coinexx after reading this thread as well. There were some very positive comments about coinexx on it. And so far I love this broker. Spread count is so low, best customer service. Trading conditions are awesome. Best part they are now accepting deposits in fiat via vload. Highly recommended.