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Any recommended CFD Brokers for USA based Traders?


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Any recommended CFD Brokers for USA based Traders?

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  #1 (permalink)
memphis
 
 
Posts: 25 since Mar 2020
Thanks: 36 given, 5 received

Are there any USA based brokers that offer a broad range of CFD based Markets/Products to trade?

I was about to sign up with FXCM, until I found out that they are no longer to trade through for USA based Traders

I really appreciate any recommendations that other Traders in the community use and or recommend

Thanks much

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  #2 (permalink)
San Jose, CA
 
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So, I have a really strong opinion on CFD. It's all a scam and you should stay as far away as possible. Basically CFDs are setup by bucket shops to take trader's money.

I'm pretty strict: only trade products on regulated exchanges with regulated brokers, and solid clearing houses backing the transaction. When you trade a CFD, the entity your trading with is the broker, exchange and clearing firm. There is far too much chance that something fishy will go on in that situation to warrant the risk.

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  #3 (permalink)
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vpd1952 View Post
Are there any USA based brokers that offer a broad range of CFD based Markets/Products to trade?

I was about to sign up with FXCM, until I found out that they are no longer to trade through for USA based Traders

I really appreciate any recommendations that other Traders in the community use and or recommend

Thanks much

CFD's are illegal in the United States, so I believe the only option would be a non-US broker that would accept your account.

I think there is an obvious reason they are illegal: as @fxfool said, you are trading against your broker, not against other traders in an open market.

This can also happen in non-exchange FX for that matter. What got FXCM banned in the United States was that they claimed to be operating a "non dealing desk," matching customer orders to outside firms' bids/offers, but they were not. In other words, they were operating dishonestly, to their customers' detriment. You have no protection from a CFD broker doing this to you, and they, on the other hand, have every incentive to act against you.

Bob.

------------------

Edit: Regarding the FXCM situation: https://www.marketwatch.com/story/fxcm-banned-by-cftc-after-taking-positions-against-clients-2017-02-06

An exerpt:

Quoting 
FXCM has been banned from operating in the U.S. after the Commodity Futures Trading Commission found the retail currency broker had an undisclosed interest in the market maker that consistently "won" the largest share of FXCM's trading volume - and thus was taking positions opposite its retail customers.


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  #4 (permalink)
Market Wizard
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vpd1952 View Post
Are there any USA based brokers that offer a broad range of CFD based Markets/Products to trade?

I was about to sign up with FXCM, until I found out that they are no longer to trade through for USA based Traders

I really appreciate any recommendations that other Traders in the community use and or recommend

Thanks much

Nothing to add to the comments of Bobwest and Fxfool.

I prefer trading products that are traded at official exchanges. I do not see any advantage for retail traders to trade other products.

Best regards, Myrrdin

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  #5 (permalink)
memphis
 
 
Posts: 25 since Mar 2020
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Bobwest , Fxfool and Myrrdi
Thank you all for your replies

I understand now why CFDs are not favored - I had no Idea that they were un-regulated
Makes perfect sense now as why it is best to stay away from trading them

Thank you all again for your help and insight

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  #6 (permalink)
Market Wizard
Linz Austria
 
Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker: DeCarley, IAB, RJO
Trading: Commodities
 
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vpd1952 View Post
Bobwest , Fxfool and Myrrdi
Thank you all for your replies

I understand now why CFDs are not favored - I had no Idea that they were un-regulated
Makes perfect sense now as why it is best to stay away from trading them

Thank you all again for your help and insight


If you are interested in trading leveraged products, you have the choice between futures, options on futures and options on stocks. All of these are traded on regular exchanges.

There are many brokers around offering these products.

Best regards, Myrrdin

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  #7 (permalink)
memphis
 
 
Posts: 25 since Mar 2020
Thanks: 36 given, 5 received

Myrrdin,
Thank you so much for your reply
I always appreciate your insight and help

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