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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!
Can you help answer these questions from other members on NexusFi?
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.
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)?
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!
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.
I'm screwed there!
