US Forex Brokers

US Forex brokers… Most reliable?

You can put the question this way; becoming a US Forex broker isn’t as simple as registering an off-shore brokerage. The answer lies in the regulatory requirements. All US brokers must be registered with NFA (National Futures Association).
While registration itself isn’t the issue, being a member of NFA regulated brokers group requires adherence to the strict NFA rules.

US Forex brokers list:

Rank
Broker
Special Offer
Min Deposit
Spreads From
Rating
Max Leverage
Regulations
Support
Start Trading
1
No commissions
$50
0.8 PIPs
30:1
CIMA, NFA, CFTC, FCA, IIROC, ASIC, FFA Japan, MAS, SFC of Hong Kong
Forex trading involves significant risk of loss and is not suitable for all investors.
1
Spreads From 0.8 PIPs
Max Leverage 30:1
Min Deposit $50
Register now
2
Lifetime demo account
$250
0.1 PIPs
30:1
CFTC
2
Spreads From 0.1 PIPs
Max Leverage 30:1
Min Deposit $250
Register now
3
Same Day withdrawals
$10
1.2 PIPs
500:1
3
Spreads From 1.2 PIPs
Max Leverage 500:1
Min Deposit $10
Register now
4
EUR/USD from 0.5 pips
$200
0.5 PIPs
30:1
CySEC, FCA
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
4
Spreads From 0.5 PIPs
Max Leverage 30:1
Min Deposit $200
Register now

Requirements to become a US Forex broker

All US Forex brokers must be registered with NFA. All introducing Forex brokers in the US must also be registered with NFA.

Forex broker – RFED – Retail Foreign Exchange Dealer is required to submit the following to NFA:

1. Online Form 7-R
2. Documents:
– Financial statement,
– Anti-Money Laundering Procedures,
– Business Continuity and Disaster Recovery Procedures,
– Promotional Material Procedures,
– Supervision of Associated Persons Procedures,
– Customer Complaint Procedures,
– Source of Assets Letter, describing the source of the firm’s current assets

3. A non-refundable application fee of $500
4. Retail Foreign Exchange Dealer Membership Dues of $125,000

For a complete list of any additional other documents, please refer to:
http://www.nfa.futures.org/NFA-registration/rfed/index.HTML

US Forex brokers with high leverage?

All US brokers are required to provide leverage no higher that 50:1 according to 50:1 Leverage CFTC Rules. This leverage will be offered to all US residents without exception.

Non-US residents, who seek to open an account with the US based broker, might be able to get a higher leverage for their trading accounts. This option is often available when a broker has multiple branches around the globe.

Among such brokers are:

ATC Brokers – 200:1 leverage for non-US accounts
CitiFX Pro – 100:1 leverage for non-US accounts
CMS Forex – 100:1 leverage for non-US accounts
FastBrokers – 200:1 leverage for non-US accounts
FOREX.com – 200:1 leverage for non-US accounts

US Forex brokers vs other brokers

So, what’s the difference between US and other Forex brokers?

The two striking differences are:
– leverage options
– regulatory regime

US brokers offer a pretty low leverage 50:1 (NFA rules requirements) comparing to other brokers, who can shoot up to 1000:1 or higher with no consequences. This makes US brokers less competitive in the eyes of many novice traders, who generally need a larger leverage boost from the start.

Forex brokers in the US are among the most regulated brokers in the world. The regime and penalties by NFA are high and strict, thus no one essentially wants to go off the marked path. This fact certainly provides the highest level of trust to the US brokers.

Alternatives to US Forex brokers

Are there good alternatives to US Forex companies? Although traders won’t find better-regulated Forex brokers than those in the United States, other countries to consider are: UK, Australia and Switzerland.

Continue reading about: NFA regulated Forex brokers

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