I like FxChoice, foretradex. They have about the lowest bid ask spreads you can get, and their charts don’t sometimes get 3 to 6 minutes behind when major economic reports are released. Their EUR/CAD spread is tight, which I trade often. Their maximum leverage is only 200 to 1, but that’s good enough for me since that’s about what I use anyway. They also seem eager to have their traders rate them on the forex review forums, which is a good indicator that they value the trust placed in them.
Thanks for the recommendation, their spreads are indeed really low and competitive. Do you happen to know at what point or amount of capital the leverage lowers?
No, I don’t know when FxChoice lowers the leverage when your account reaches a certain size, but their chat window should be able to tell you that. While we’re on the subject of big accounts, I have not yet reached multi-million dollar trades, but if and when I do I plan to put all or most of it in FXCM which I think is the safest currency broker in the world to park the money in. I believe even their higher leverage UK division, though, lowers the leverage to 50 to 1 or probably even lower for trades with that kind of money. I don’t know of any offshore broker that offers leverage of over 50 to 1 for million+ dollar trades. If any reader knows of one, let us know.
Hi Clint, really nice job / service you’re doing here to US fx traders. Kudos to you and to the contributors as well.
The recent update you have of Forex FS just saved me future headaches. But onward with my search for a better broker using your links. My current broker, FinFx which I was so high on for a couple of years has been showing its true colors, if you know what I mean.
Thanks very much again!
Hi Kale,
Out of curiosity what do you mean by FinFx “showing its true colors, if you know what I mean.” ??
Hi FxPatriot,
I had odd/mysterious happenings: my manual trade’s TP was moved while I was sleeping. I know that for a fact because I made notes on that chart , so gain earned was less due to someone’s tampering – no response was given when asked about that… my EA traded despite removing it off the MT4 platform completely. Who knows what else happened that were left unnoticed?!?
I heard horror stories about them in the past but had brushed them off as hearsay as I was enjoying great service then.
Could u tell me the easy way to get non-US residency.ANd be able to open accts?
Kale,
Thanks for the reply. Wow- that is quite interesting. That would be cause for alarm now wouldn’t it. I only ask, because I have been using their services with no complaints thus far and hadn’t heard anything from other traders either. That’s good to know though.
I recently switched to FinFX as well. I’m still playing around with their demo. But all the reviews I have read so far are very positive.
I couldn’t even scalp profitably for the amount FXCM was charging me in spread during the Asian session. I spent a while today on the “Spreads” table at Myfxbook looking at tons of different brokers only to find most of them didn’t accept U.S. clients. So I was pleasantly surprised when I found FinFX.
Here’s a nice site on live spreads FX Inteligence Analyzer. FXChoice has very nice low spreads recommended by [I]compounder[/I] that remain in this threads’ accepted brokers.
Found a very good broker located in New Zealand called Capital Trust Markets. In fact many of the low spread brokers usually are located in Australia and New Zealand for some reason. Spoken to one of the representatives and been told that, [I]“an IB program allows us to, yes.”[/I]. So whether they limit to 50:1 or not I am not sure but I guess the point of this thread is to go offshore and away from NFA and CFTC.
I have also found RVD Markets Limited. Spoken to one of the representatives and they do [I]not[/I] accept U.S. residents. Just to add this on the list.
Hi all
PellucidFX were added to this list and lauded last year…please can I warn you NOT to trade with them?
Check out the FPA thread.
It seems Mr Damon Hunt is not so nice after all and has been scamming people out of profits. I’m not sure what the extent of this is yet but watching closely as I’m affected too.
Shame, they were looking too good to be true…I guess that’s the point
Hello guys, I have traded with Forexbroker for 45 days now, and tried making a withdrawal for a $100 as a test.
Everything has went smoothly, it took about 3-4 days for the whole process. So far i’m satisfied with their level of service.
Here is another to add to the list of US friendly brokers, FXtradeweb.com, I have been scalping on an ECN account with these guys and had no issues so far. Spreads are tight + commissions are low = :60:
They seem to be more geared towards serious traders so you won’t find micro accounts here.
PellucidFX has a big bag of tricks. Too many to list. This has to be to worst broker I have ever tested. You will never win. Look else where. Shame to see brokers like this prey on the new less experienced traders!
Another forex broker who does accept US clients is Paxforex in case you need some brokers to compare against each other. I know traders who have to trade out of the US are limited by choice when it comes to this as the majority will not accept US clients.
Hi, guys
I’ve been away from this thread for a month, or so, grappling with some health issues. So, I have some catching up to do.
Sometime this weekend, I’ll comment on the posts which have appeared here in my absence, over the past month.
News has just broken from [I]Forex Magnates[/I] that MFSA has issued “warnings” against 5 brokers, including [B]Forex Broker Inc[/B] (which is in Group 1 of our List).
This story has not been posted on the [I]Forex Magnates[/I] website (as of 1 pm New York time, today) — so I have no info yet, except the [I]Forex Magnates[/I] “news snippet”, which reads:
20 06 5:13 PM | MFSA Issues Warning Against Forex Broker Inc., Forex Club, And Three Others
After [I]Forex Magnates[/I] posts their article, I’ll link to it here.
More later.
Clint
Thanks for the update. Just checked out Forex Magnates. Nice!!! Just bookmarked it.
Odds and ends —
compounder,
At the next update of the List, I will reference your post (#2133) in the listing for [B]FXChoice[/B].
Thanks.
I was not as alarmed by that news article as you seem to have been. As I said in the post you referred to (#2106), the problems alleged in the managed forex accounts of this broker probably do not affect anyone here. The size of the deposit required of the 34 participants in that managed account program is likely way beyond the means of most traders on a “newbie” forex forum like this one.
I wouldn’t disregard [B]Forex FS[/B] on the basis of that regulatory “slap on the wrist”. Most brokers find themselves sanctioned by their regulators once in a while. If you disregard every broker who has ever had a run-in with his regulator, your list of acceptable brokers will dwindle to near zero.
As the above back-and-forth illustrates, most traders on this thread, who have traded with [B]FinFX,[/B] are quite satisfied with their trading experience.
Kale, your difficulties with [B]FinFX[/B] may indeed be real, and the way you have characterized them may indeed be accurate. However, that being said, it’s almost unheard of for an established broker to fail to respond to a customer’s request for an explanation regarding trading or account irregularities. I would encourage you to try again to get your issues resolved. And, let us know how it all turns out.
If I correctly understand what you are saying, [B]Capital Trust Markets[/B] cannot accept U.S. clients. However, they [I]can[/I] accept business transmitted to them by a U.S.-based, CFTC-regulated introducing broker (IB). And U.S. clients can trade through that U.S.-based, CFTC-regulated IB.
Notice that “through” is the operative word, in this arrangement. The IB does not execute trades on behalf of the retail client. Instead, client orders go “through” the IB on their way upstream to the broker (Capital Trust Markets, in this case) for execution.
There is an IB in the [I]Broker Aid Station[/I] forum, here on the Babypips site, called BeamFX. BeamFX is a New York-based, CFTC-regulated IB which operates as described above, by shuttling U.S. client orders to an Australian broker called Institutional Liquidity (ILQ).
Apparently, based on comments posted HERE by the BeamFX representative, Beam and ILQ do some fancy maneuvering to make it possible for a U.S. client to place what [I]looks[/I] like a hedge, but is actually processed in Australia as two offsetting orders, thereby complying with the CFTC’s rules for U.S. brokers.
And similar fancy maneuvering makes it [I]appear[/I] to a U.S. client that he can close positions in any order he likes, while in fact the orders actually processed in Australia comply with the CFTC’s FIFO rule.
I fail to see how this sort of arrangement between an offshore broker and a U.S.-based IB benefits U.S. clients in any way. On the contrary, by inserting an IB between the client and the broker who is actually transacting his trades, such an arrangement [I]has[/I] to create latency issues.
My inclination is to classify [B]Capital Trust Markets[/B] as a broker who will not accept U.S. clients, and place them in Group 2 on our List. And my inclination is [I]not[/I] to clutter our List with introducing brokers who do not actually transact client trades.
If someone here has extensive experience dealing “through” an IB, and can show me where I’m wrong about all of this, please speak up.
In the meantime, I’m not going to add [B]Capital Trust Markets[/B] to our List.
At the next update of the List (probably tomorrow, or the next day), I will add this broker to Group 2.
More odds and ends —
Hi, guys. I will add references to your posts (#2144 and #2147) to the PellucidFX listing.
Obviously, this broker deserves to be watched carefully.
bsby0613, I’m glad to hear that your experience with Forex Broker Inc has been good.
Regarding the Forex Magnates news item, it still has not been posted on their website. However, I checked the MFSA website, and found this — Malta Financial Services Authority — If you click on “English”, you can download a brief (2 page) .pdf of the MFSA warning.
Apparently, MFSA is simply alerting the public to the fact that the brokers in this warning are not domiciled, registered, or regulated in Malta.
Forex Broker Inc is the only broker in this warning which appears in Group 1 of our List. We have them listed as domiciled in Malta, but a check of their website reveals this —
Registered Address of Head Office
Suite 102, Corner Eyre Hudson, Belize City, Belize
Telephone Numbers:
Malta Satellite Office: +356 3550 0072
When I update the List, I will change the listing for Forex Broker Inc from Malta to Belize, and place them under the “Central America / Caribbean” heading.
Contrary to the Forex Magnates news snippet, only 4 brokers are involved in this warning, not 5 as reported. Aside from Forex Broker Inc (in Group 1 of our List), the only other broker in the MFSA warning which appears on our List is Forex Club (in Group 2), which we list as domiciled in the British Virgin Islands.
I’m glad you find it to be useful.
For anyone else who’s interested, here’s a link to Forex Magnates.
Thanks for the heads-up. FXtradeweb does look good. I will add them to Group 1 of our List at the next update (tomorrow probably).
By the way, this broker caters to beginner traders, as well as high-net-worth traders. And they do have micro accounts.
Forex Magnates posted some NEWS about FXtradeweb two days ago.
Hello Bear,
I’m not sure whether you’re aware of this, but PaxForex is already in Group 1 of our List.