Hi. Could anyone tell me if it is possible to open a small ($1000 or less) US forex trading account with low/no income, and low assets? I am guessing that regulations prevent this, as I have been rejected by one broker.
Thanks for any mature, thoughtful replies.
You can start even with 50$, but i personally recommend atleast 200.And make sure to have proper risk managements and dont overuse the lot size and then its fine for starters.
This is very possible. I have some friends who have been able to start trading with $1000 and even $500. It is very difficult for EUR and AUS brokers to accept US traders, but this does not mean that there are no reliable brokers for US traders. Most brokers are very good and even offer the very good trading conditions. I think you should check Forexsanity.com, the brokers listed there allows US traders and they all offer Standard accounts (where you can start with as low as $50) and a high leverage of 1:500.
Thanks. I will do some more research. I found that Oanda requires their traders to have huge incomes and/or assets. I have small ones. Maybe going to a foreign broker that is reputable is the answer, if they don’t require my making much income.
Yeah I’m agree with Proximus!
Don’t make that kind of mistake as a lot of begin traders! Try first to be sure that your investment strategy working on demo account and proper your risk and mental managements to get a high quality trades and to make a regular profits. Good luck!