I have been doing my research about good and reputable forex brokers here in the US, and I came across a few; IG, Forex.com and OANDA. I would really appreciate recommendations of a reliable and reputable ones, please!
Well, I guess it’s not about names, it’s about what you need of a broker. Determine what you want and then check which of them provide what you want.
I have actually worked with IG, i am not saying that they are scam or they cheat, but i do not suggest them, if you face a question or if you need help with anything in IG, it will be hard as hell to find your answer or to contact the support in IG
What features do you look for in a reputable broker?
in the long run there are only three things that really matter: regulation, regulation and regulation
everything else is usually more or less inconsequential, by comparison
I’m really curious about the regulations you rely on. Would you let me know?
in principle, any brokerage regulated by the FCA (UK), ASIC (Australia) or CFTC (USA) is safe
many others are “regulated” by fake regulators paid for by the brokers they regulate: for example, being “regulated” in Vanuatu or the Caribbean island countries is the same as being unregulated, in all the ways that matter to the customer
more is explained here (and in the posts following this one):
The safest one in the U.S.A. is T.D. Ameritrade, they are owned by Charles Schwab, which has over 7 trillion dollars in AUM, (assets under management).
undoubtedly they’re very highly trusted …
but also terribly expensive in dealing costs, with spreads of up to 1.5 pips (regularly) on EUR/USD
of the ones mentioned in the OP i would choose Oanda by far (i have used them on and off for more than 20 years, they are well regulated and honest, have great trading platforms available, and i trust them completely) - with Oanda, in my opinion, you don’t need to be too concerned about the legal stuff - they’re honest and good (and properly regulated, of course)
I don’t know who has the better spreads but I will look into it, thank you.
The U.S. has one of the strictest regulatory oversight with all forex “brokers” being required to be a registered FCM/RFED with the CFTC. This would include the ones you mentioned like Forex.com and Oanda.
More info can be found in this School of Pipsology lesson, Is the Forex Broker Licensed and Regulated? - BabyPips.com
This is really useful, thanks
I.e. good customer service, spreads and commissions.
Excellent, thanks so much.
Thanking you in advance.
What about the SEC and NFA in the USA?
what you really want from that broker is a big matter, so tell us what you want then maybe we could help you better.