Can anyone recommend a true ecn broker that accepts us citizens? It seems impossible! Thanks
Actually you are right this is impossible combo to get because even most ordinary brokers avoid US due to obvious reason.
Seems impossible but it is not. Do you have any other wishes?
Profiforex is an ECN/STP broker that accepts US traders. However, you cannot deposit with Paypal. Skrill has now stopped accepting US traders who uses its system to deposit money to forex. So the only option you’ve got with Profiforex is the use of Credit/Debit Card or Bitcoin. Overall, trading conditions are very good.
Hello, jpipin
No, it’s not impossible.
Have you looked at this thread — 301 Moved Permanently
For 5 years, we have been listing offshore brokers who will deal with U.S. residents. At the beginning, there were dozens of them. After years of CFTC harassment, that number has declined to 14. These 14 brokers have survived the CFTC Wars (so far), and have survived close scrutiny by the participants on our thread.
Three of the 14 have earned the designation TRUSTED BROKER.
Six of these 14 brokers are ECN brokers, and you might do well to take a look at them. Here’s a list —
• Tallinex (St. Vincent and the Grenadines) — TRUSTED BROKER
• Trader’s Way (Dominica) — TRUSTED BROKER
• AssetsFX (Finland)
• Renesource Capital (Latvia)
• Forex Broker Inc (The Marshall Islands)
• Real Forex (Belize)
In addition to the brokers listed above, several in our List are STP (but not ECN) brokers. You might want to consider these, as well. One has been designated as a TRUSTED BROKER — FX Choice (Belize).
ProfiForex (Seychelles), mentioned in jennyscott’s post, is an STP broker, not an ECN broker. ProfiForex is one of the 14 brokers in our List.
Both types of broker (STP and ECN) offset every retail trade, as soon as that trade is placed, with the result that the broker does not profit from the losses (or lose from the profits) of their retail customers.
The difference between ECN brokers and STP brokers is that there is an electronic communications network (the ECN) between an “ECN broker” and the interbank network (the major banks). There is no ECN between an STP broker and the banks. For the retail customer, the difference shows up in the way transaction costs are figured. The customer of an ECN broker pays the bank’s wholesale spread plus a commission. The customer of an STP broker pays the bank’s wholesale spread plus a retail mark-up.
For many retail traders, the difference between the STP order-handling protocol and the ECN order-handling protocol is a big deal. For many others, it is trivial. I’m one of those who thinks it’s trivial. All other factors being equal, I would not favor one type of broker over the other.
You will notice that a WARNING has been placed on one of the 14 brokers in our List — SmartTradeFX (St. Vincent and the Grenadines). That broker is currently facing serious financial difficulties (which began during the SNB debacle last January), and we do not recommend depositing new money with this broker, at this time.
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Yes, pretty much so, impossible. Those you can find are not only unregulated, but of such low calibre that I would never deal with them, as even larger unregulated brokers (Alpari, Tickmill, FXOpen) do not open accounts to US residents.
However to highlight - usually it concerns US RESIDENTS, not citizens, so if you move to another country, you should be fine.