Despite the huge development in science and technology, it has not been easy for most forex brokers to tap into the wealth of US clients in terms of forex trading.
If you've been around in the forex trading market in the last 5 to 10 years, you would notice that most forex brokers desist from serving US clients because of certain rules they must strictly adhere to.
If a brokerage company has to offer forex trading facilities to US clients, they must agree and abide by the rules.
Some of these US forex brokers rules include:
- To be a US forex broker, you must first register with the Securities and Exchange Commission(SEC), National Futures Association (NFA) and the Commodities and Futures Trading Commission (CFTC). These three organizations tightly regulate the activities of the US brokers.
- The CFTC, in 2010 released new trading conditions concerning leverage and margin setting the leverage requirement for individual forex traders as 1:50 and 1:20 for Options traders.
- Not all class of countries are allowed to trade with the US forex brokers. All countries blacklisted in the Office of Foreign Assets and Control (OFAC) are not allowed to open accounts with US forex brokers.
- Foreign Accounts tax compliance act is a US tax law which requires all Us forex brokers to submit details of the trading activities of their US clients in order to pull them into tax net.
- Hedging of funds is also not allowed by any US forex broker.
Some US forex brokers who have done business with US clients have found that it is very difficult to mess around with US clients and get away with it. For instance, some yaers back, Forex Capital Markets was fined around 14 million dollars for several infractions they've incurred while dealing with US clients.
Others like MF Global are in a hot soup after trading losses that left their clients with empty purses.
As you can see, these are the reasons why many forex brokers don't accept US clients but if they should accept them, they must abide by the regulations of the CFTC, NFA and other trading regulations mapped out for US forex brokers.
Some of the major brokers registered in the United States of America, are also enlisted in NYSE which seems to boost confidence among traders.
There are only two reasons why you may have to register with a US forex broker:
- You are a US resident, so only these US brokers are allowed to offer live trading to you.
- You are planning to move to the United States, so you want to know which brokers can offer live trading to you.
This US forex brokers list is arranged according to the current top performers as US forex brokers.
List of the major Regulated Forex Brokers in the US
- Alpari US
- FXCM
- Gain Capital (Forex.com)
- Zecco
- Etoro
- CMS forex
- FX solutions
- GFT forex
- IBFX
- Interactive brokers
- MB trading
- Oando
- RTFX
- MIG Bank
- Forex Club
- FXDD
- Noble Trading
- VarengoldBankFx
- NobleTrading
- FXCM Micro
- ATC Brokers
- Windsor Brokers
- Bulbrokers
- ATG Marketplex
- Advanced Markets
- CitiFx Pro
- Forex Capital trading
- FXGM
- AAAFx
- Global futures
- Markets.com
- Nefteprombank
- BeamFx
- FIPFX
- Price Markets
- FastBrokers
This list is regularly updated, so if you want more of these type of brokers, ensure you subscribe to our feeds and never miss an update.
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