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Best Forex Broker?
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Best Forex Broker?

  #31 (permalink)
Elite Member
San Jose, Ca
 
Futures Experience: Beginner
Platform: MetaTrader 4
Broker/Data: Interactive Brokers
Favorite Futures: Forex
 
Joseph689's Avatar
 
Posts: 121 since Sep 2012
Thanks: 113 given, 36 received


Branzol View Post
Just a bit of information, your funds are not insured in futures either......
Your only true option of segregation in either markets is to get a segregated account in just your name. Most of the big firms offer them FXCM/IB/CITI but your going to have to maintain a low six figure account balance to get that protection. For people who don't have balances like that, it's best to spread your risk among brokers so if one goes insolvent your not losing everything.

As far as a good broker for Forex that is "LEGAL" to use by a US Citizen, I use IB and it's about the only one I would use. I had a FXCM account but pulled my funds after there fiasco. I understand they received the loan, are paying it back..etc But all it would take is another SNB and they'll be looking for another 300M loan or become insolvent. I say legal because there a lot of non-regulated buketshop brokers overseas who will take a US Citizen. Technically its not legal for you to use them as a US Citizen even though they take you, and tax reporting is going to be extremely tough as none of them report to the IRS.

Interesting on Futures not being insured! Since I don't have a 6 figure account *yet* I'm screwed there!

The safest bet is to go with a diverse/established broker like IB. I have used IB since I left TD many years ago for Futures. I just didn't want to use them for Forex since their commissions are way to high for scalping.

On domestic/overseas brokers, unfortunately it's not what country your a citizen of (I hold dual, US and EU), but where you reside. I believe there are European Forex brokers that your trading funds are insured to a specific amount and are well regulated by their respective watchdog agencies. But, unfortunately they avoid us US residents like the plague because of the long arm of the IRS and not having to go through the hassles!

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  #32 (permalink)
Trading Apprentice
Malang, Indonesia
 
Futures Experience: Intermediate
Platform: metatrader
Favorite Futures: EURUSD, GPUSD, Gold
 
sensei's Avatar
 
Posts: 11 since Dec 2014
Thanks: 0 given, 1 received

When looking for a broker there are so many things you have to check. But first i will consider the brokers reputation,trading condition and the withdrawal and deposit system. this what I consider before opening my account with Tickmill last years ago, reputable one, even this not the only thing to consider, any website review sometimes just had their own odd issue, I'd prefer to make sure by my own experience. these where i found TM trading condition are very competitive they even provide flexibility in trading conditions, they’ve discounted me 10 cents per side on their commission account (so now I get 3.8 $ round-turn, instead of 4 $) just because of my passionate trading (over 150 trades monthly) with deposit over 10K. instead of claiming to offer as "zero" spread while in fact it cost 2 times higher than my current account , as for payment they had wide range method but at secure line of payment methods, I primarly use Skrill with them, and never found any problem while use skrill as payment method, processed in average a day, sometimes it took only an hour.

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  #33 (permalink)
Elite Member
Medellín, CO
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Playing with eMinis, coming from Options
 
Posts: 67 since Jun 2015
Thanks: 11 given, 20 received

derail


Since a lot of talk in this thread about US Citizens. I wanted to see how much residency plays into this. I am moving abroad, Latin America. I have a US Citizen account. Thinking of changing my account at the end of the year into an LLC/Corporate entity, US Based. Keeping Citizenship but getting residency and second Citizenship with time but there. I also played around with setting up residency in a neutral country like Guatemala or Panama or the like (I can get residency in Europe but I would think they play too close to US).

What guidance do you have about brokerage houses and playing nice with US Citizenship, US Entities, and Foreign Citizens and Foreign Entities (non Western)?

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  #34 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received

FXCM question: does anyone know how long their demo account is for? 30 days or longer????

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  #35 (permalink)
Elite Member
San Jose, Ca
 
Futures Experience: Beginner
Platform: MetaTrader 4
Broker/Data: Interactive Brokers
Favorite Futures: Forex
 
Joseph689's Avatar
 
Posts: 121 since Sep 2012
Thanks: 113 given, 36 received


Lady View Post
Since a lot of talk in this thread about US Citizens. I wanted to see how much residency plays into this.

Hi Lady,
Citizenship plays no role, only "residency".

axitrader.com in my opinion is excelent broker, lots of top professional traders are their clients. That would have been my first choice it they took US residents. They do accept residents of most other countries, including all of Europe, south and central America!


Lady View Post
What guidance do you have about brokerage houses and playing nice with US Citizenship, US Entities, and Foreign Citizens and Foreign Entities (non Western)?

My choice here is a clear one for sure: myfxchoice.com
They have an excellent reputation online, and are very proud in keeping it as well.

If you want to go IRS "friendly", then go with: atcbrokers.com
Yes they are an IB to FXCM, but their data is "raw" and very clean. Understand that when you fund an account with ATC, your funds are kept and controlled by, FXCM.

Best of luck on your relocation, and trading.

Joseph

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