I have read over this thread and have some questions:
I’m a long time FX dabbler returning to the game! Got lots of time on my hands these days. I would prefer to demo with a company I will eventually do business with. A companies longevity and longstanding reputation is important.
1: Is there an archive of companies that did have “Trusted” status at one point and why they lost it?
2: Companies in Group 1 are still viable companies despite no “trusted” status?
3: Which of the four current “Trusted” companies has the best Demo program and/or is the most beginner friendly?
4: Is the US still the only place you cant hedge?
I had posted these same questions in that thread but it was lost in a slew of off topic conversation.
I think Longevity is important. It shows that the broker treats client well and is serious for long term business. A few of the brokers I have known have been around a long time and still has positive reviews. Tenkofx, Forexchief, Hotforex, and I think Octafx. I use the second and no issues. Some of them don’t accept U.S traders. This is my only contribution to your thread. I am too lazy to investigate those brokers that failed. Thanks
Yeah I do not want the hassle of dealing with BS US regulations. I mean who are they to dictate to us how to spend our money? I dont see them doing anything about people spending money on crack!
So yeah, has to accept US customers, not based in the US or bound by fuktarded US regulations like “no hedging”. If I wanna fukn hedge ima go hedge! Do not need the US government tell’n me wtf to do!
But still no one has directly or specifically answered any of my questions.
Due to Dodd-Frank, it’s going to be very difficult to find a reputable company that will accept retail (not institutional) who are U.S. citizens.
Any company that wants to engage in retail forex transactions with U.S. citizens must first be registered with CFTC and NFA. The requirements for this are extremely costly and too big of a headache to deal with so they simply decline Americans.
While the stringentness of CFTC can be debated, if you follow the history of the unregulated days of the retail FX world and the shadiness that had gone on, you’d at least see why they decided to react this way. A lot of the restrictions seen now were implemented due to customer complaints (victims of unscrupulous brokers).
Sadly many still do not accept US clients, they really save themselves from the lengthy botheration process of getting themselves registered for US Citizens. Like some names I have looked into, fxview being one, don’t accept US citizens. Wish that wasn’t the case.
I did open an demo with Turnkey from the trusted Broker list of oversea brokers that actively accept US customers. A sales rep reached out to me, I told them my history and made it clear that I am a US based US resident and they said it was not a problem.