If you want to trade forex, you will require a broker through which you can do the trading. However, if you are an US citizen the choice of the forex broker can be limited. Trading with US forex broker can be a bit tough with the stringent trading laws in US. However, the number of Non-US forex brokers who allow citizens of US to trade from their account is also very limited. There are pros and cons attached with every forex broker and you can find tens of thousands of reviews posted online for these companies. However, you may by now have understood that most of these reviews are posted by the companies by themselves though some may be put by the real traders. So, when reading these reviews read through it with a pinch of salt and uses one’s own discretion to come to conclusion. However, one of the best ways to know about a company is by using their demo account. Most of the companies offer the same trading platforms, spreads etc. so that you get an idea how the service is and how it works. Some of the Non-US forex broker that allows US citizens to trade through them is mentioned below:
- The minimum deposit required to open an account with them is $150
- The funds of the clients are kept segregated
- The money is accepted via credit or debit cards, bank wire and Moneybookers
- The spreads started from 0.2 pips
- Other facilities include, leverage up to 1:200, scalping allowed, use of EA is allowed, hedging allowed, price can be quoted up to 5 decimal points, do not apply FIFO rule and have ECN and STP account.
- The best thing about Forex.com is that it is well regulated by CFTC and NFA and this makes it all the more reliable.
- The minimum deposit required to open an account with them is $250
- The money can be deposited using credit card, eCheck, business as well as personal checks and wire transfers.
- The leverage that is offered on major currency pairs is 1:50.
- They allow scalping but hedging is not allowed.
- They provide free VPS hosting if deposit is more than $5000.
- Alpari is also registered with CFTC and NFA and hence is a well regulated company making customers sure that their money is in safe hands.
- The minimum deposit to open an account with them is $250
- The money can be deposited using PayPal, wire transfers and credit cards.
- On the major currency pairs the leverage offered is 1:50
- There is no policies or restrictions on using scalping as such
- There is an inactivity fee if the inactivity is more than 120 days
- Free VPS hosting is provided for a minimum deposit of $250 and if you execute 5 standard lots per month at least.
- Hedging is not allowed
- The company is registered with CFTC and NFA and allows you to open an account with them or a deposit as low as $1.
- Deposit can be made using checks, bank wire, PayPal and credit cards
- The leverage offered on major currency pairs is 1:50 and there are 38 currency pairs in which the traders can trade.
- No hedging
- It is registered with CFTC and NFA and are known to be the introducing forex broker to many FCM’s
- They provide the facility of free signals from the live accounts of other traders of your choice and that too without any fees