How to select the best Forex broker In the US to trade with
US brokers have to adhere to some of the toughest regulations in the world with heavy fines for failing to meet them. This makes US brokers a lot more trustworthy than most other brokers.
In this article, we’ll look at the top forex broker in the US and why it’s making waves in the forex trading community, in the US and abroad.
Choosing A Broker In The US
There’s a hell of a lot to consider when picking a US forex broker, but whatever you do, don’t just pick a broker because of an offer!
That should be the last thing on your mind. The deal will come and go but you might end up stuck with a broker you hate. In the end, it is never worth it.
Interestingly, the US forex best brokers don’t need to encourage new traders with deals. They get enough business already because they are well-known and at the top of the industry.
That aside, the most important thing you should be looking for when checking out different broker websites is that they are regulated by the NFA and the CFTC.
With US forex brokers, this is typically displayed at the bottom of their home page. If not, it may be buried somewhere else in the site, like the FAQs or on even a dedicated page.
But if after a good search of the website you still can’t find anything about NFA and CFTC regulation, that’s a bad sign. It either means they are not regulated or they are regulated outside the US and cannot take on US forex traders.
To be extra sure, you can always search the broker on the NFA website where you can search them by firm name or by NFA ID.
You Should Have A Good Control Over Your Money
You should never feel like your broker is just rinsing you of all your money.
Ideally, transaction costs should be low. You don’t want your broker taking a huge percentage of every trade you make.
Some brokers may not charge transaction fees but bear in mind that doesn’t mean they aren’t as good as the ones that do. In most cases you will have to pay transaction fees, just try to keep them low.
Further to that, you also want low slippage as well. Slippage is the difference between the price you buy or sell at and the price you get.
It is very common not to get the exact price you wanted, but preferably you want the price you are buying or selling at to be as close as possible. Discrepancies can ruin your strategy over time.
But in all honesty, none of that matters if you are unable to withdraw your money when you need or want it.
It should be as easy to withdraw your money as it is to deposit it. Legitimate brokers should have no reason not to give you your hard-earned cash.
Forex broker reviews are always a good indicator of brokers that make it difficult to withdraw.
A good US forex broker should prepare you for the world of forex broker and keep you prepared to go out and make money.
Look at what trading platforms and tools they offer for traders. Don’t let yourself get dazzled easily though, most of its just marketing material.
Most brokers these days offer MT4 and MT5, which is the industry standard, however, it is also worth checking out other platforms as there are some inhouse trading platforms that are quite good too.
Good customer service is also highly important as well. And we’re not just talking about when they’re trying to convince you to sign up!
We mean custom service that is always willing to help you out when in need and resolve problems in a timely manner.
Research how they have handled problems and complaints by other traders. What commonly goes wrong and how do they fix it? Keep this in mind when looking at reviews.
Good Broker Checklist
So, based on all of the above, here’s a simple checklist of what to look for when searching for a US forex broker:
- No crummy deal when you sign up.
- Regulated by the CFTC and NFA (verified by the NFA website).
- Low transaction fees (good brokers should be transparent about their fees).
- Low slippage (like the above, they should be honest about what they can provide you.
- Reviews do not mention issues withdrawing your money.
- They offer at least MT4 for trading.
- Their customer service is well-regarded.
Why Forex.com Is The Best Forex Broker In The US
We’ve been doing our homework and come to the conclusion that Forex.com is by far the best forex broker in the US.
We’ll show you why.
Forex.com has a strong reputation
Forex.com is an internationally recognizable forex broker with bases all around the world. Starting out in 1999, Forex.com settled in the USA in 2001, more than 18 years ago.
Based in Bedminster, New Jersey, Forex.com’s real name is GAIN Capital Holdings, Inc. and is a publicly-traded company.
Since those early days, Forex.com has won a plethora of awards, including Best Forex Broker by the readers of the FT and Best Forex Broker in the USA 2013 at the ForexExpo Awards in Moscow.
Perhaps some of Forex.com’s success comes down from the fact that they got their hands on a great website name, which made it super easy for people to come across them.
Today, Forex.com offers more than 80 forex pairs to trade from as well as gold and silver.
But regulation doesn’t just stop there with Forex.com. They’re also regulated in six other countries as well, including the FCA in the UK, which is often regarded as one of the best regulators in the world.
Forex.com is also highly transparent, publishing their quarterly earnings, something that most brokers don’t do.
In 2019, Forex.com had an annual turnover of $233.9 million. Such a tremendous turnover shows that they are liquid and are well-prepared for any economic situation.
Plus, by publicly sharing their quarterly earnings, they make you feel involved in their development and that you are more than a customer; you’re their partner.
Any good forex broker should seek to keep your trading skills sharp. Forex.com has plenty of educational resources that can help you.
Improve your forex trading
On top of handy educational material, Forex.com also offers traders the opportunity to work with a market strategist, who can help you develop a trading plan.
And high volume traders forex traders may qualify for Forex.com’s Active Trader Program, which can reduce trading costs up to 18%.
Getting Started With Forex.com
Setting up an account with Forex.com can be done in a matter of minutes.
But before you start signing up, make sure you’re on the USA version of the site. If you’re not it should ask to redirect you there.
On Forex.com’s trading account page, you will see there are three different account types:
- Standard Account. Suitable for most traders.
- Commission Account. For tighter spreads and fixed commissions.
- STP Pro Account. For high volume traders.
A 30-day demo account is available, however, generally speaking, at Trading Education, we don’t advise traders to base too much of their expectations on demo accounts.
When creating an account, you need to provide your name, address and tax ID number to establish your identity, so make sure you have them close by.
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If you remember anything from this article, make it these key points.
- Don’t sign up to a broker just because of an offer. Research them and make sure they’re regulated! The best brokers don’t need to encourage new traders.
- You want low slippage and transaction fees. A good broker should also allow you to easily withdraw your money as well.
- Forex.com is by far the best forex broker in the USA today. They’re highly secure, motivated to improve forex traders’ skills and have an excellent reputation.
- Getting started with Forex.com is easy and they offer three account types. Make sure you pick the one most suitable to your needs.
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Trade With the Largest US Forex Broker
Now you know The Best Forex Broker In The US
Whether you’re just getting started or ready to take your trading to the next level, Forex.com can help. As the global market leader, Forex.com offers tight spreads on over 90 pairs and access to 300+ markets. Learn more about what it’s like to trade with the US largest Forex broker and open a real account.
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