Good US FX Brokers?

proftradingjourney

proftradingjourney

Not a lot of brokerage options for FX traders in the US basically IG, Forex.com, Oanda, TDA, IBKR (but for instns), all except for IBKR are pure market makers with mixed reputations at best. Pretty high spreads too.

If you trade FX in the US with any of these brokers how was/is your experience with them? I've also been looking at offshore brokers but they're also quite shady and totally unregulated.

If you know of any other US FX broker or a broker that accepts US clients that you've personally had a good experience with / has a good reputation please share it.
 
Have you considered trading the FX futures and options on the CME?https://www.cmegroup.com/markets/fx.html#overview
Single market place, single order book, CME as your counter-party.



proftradingjourney said:
Not a lot of brokerage options for FX traders in the US basically IG, Forex.com, Oanda, TDA, IBKR (but for instns), all except for IBKR are pure market makers with mixed reputations at best. Pretty high spreads too.

If you trade FX in the US with any of these brokers how was/is your experience with them? I've also been looking at offshore brokers but they're also quite shady and totally unregulated.

If you know of any other US FX broker or a broker that accepts US clients that you've personally had a good experience with / has a good reputation please share it.
More...
 
Often times thin liquidity and very limited number pairs. Plus you get less leverage. Thought, I guess you really don't seem to have much better options as US resident. The elites decided that fx trading is too dangerous for the small man in the land of the free, America. Alcohol, weed, gambling, lotto, and fast food, as well as many harmful prescription drugs though are completely fine. The elite guarantees it.

proftradingjourney said:
Have not given it a hard thought, but definitely a good reminder will check it out more thoroughly, preciate it
More...
 
proftradingjourney said:
Not a lot of brokerage options for FX traders in the US basically IG, Forex.com, Oanda, TDA, IBKR (but for instns), all except for IBKR are pure market makers with mixed reputations at best. Pretty high spreads too.

If you trade FX in the US with any of these brokers how was/is your experience with them? I've also been looking at offshore brokers but they're also quite shady and totally unregulated.

If you know of any other US FX broker or a broker that accepts US clients that you've personally had a good experience with / has a good reputation please share it.
More...

I started trading spot fx through those brokers.
There were many many problems/issues with those brokers & MM.


Then I migrated to trading currency futures from CME Exchange.

Good Luck!
 
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maxinger said:
I started trading spot fx through those brokers.
There were many many problems/issues with those brokers & MM.


Then I migrated to trading currency futures from CME Exchange.

Good Luck!
More...

Can you be more specific as to the issues you faced with those FX brokers, was it the B-booking shenanigans going on?
 
proftradingjourney said:
Can you be more specific as to the issues you faced with those FX brokers, was it the B-booking shenanigans going on?
More...

horrific bid-offer spread.
It is impossible for day traders to make $$$.

If you enter your STOP order, MM will stop you out even if the market is moving
in your favor.

They provide free charts (time-based) which is useless to me.
I need volume-based charts.
Be careful with their volume data. It is unreliable.
 
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IBKR looks the biz. You get tight spreads (half a yen on $/yen, couldn't get tighter than this...) and great financing rates for reasonable sizes.
 
Essentially most forex brokers are just bucket shops. Your trade is in their virtual
World only. CME currency future is the best place to trade currencies. If you new to
Trading, I would focus on crypto. Tons of opportunities there. Similar games as in forex but moves and opportunities are insane.
 
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