The U.S. makes it tough for us retail traders living in the U.S.
Are there Good Forex Brokers for US Traders?
It’s hard enough finding a decent forex broker, but this chart should help.
With a maximum of 50:1 leverage and no hedging limits the strategies that we can use. The same ones that traders in all other countries enjoy implementing, we are not allowed to. So what are we to do?
Well, if your strategy is longer term and you would not normally utilize anything over 50:1 leverage anyway, then you will be OK with using the US regulated brokers. But for the ones that want to hedge and want higher leverages, we have a dilemma.
One one hand we can accept the limits of being a U.S. citizen and stick with a U.S. regulated broker. On the other hand, we could trade with an offshore broker that allows U.S. traders but it won’t be regulated.
Many have given up the protection of the U.S. regulations in favor of higher leverage and more options. Is it legal? Yes, it is–as long as we report our earning.
I’ve located one that is reliable and has been in business for a long time. Sure, it’s not U.S. regulated, but that’s what we give up when going offshore. It is an ECN broker, meaning they send your orders to liquidity providers. The reviews are good, and I know many traders, both scalpers and swing traders, that use them.
The broker is Trader’s Way. They have a combination of low spreads and low commissions. It is ideal for U.S. traders looking to:
- Trade with higher leverage
- Scalp with low spreads
- Use expert advisors (automated trading robots)
If you are a U.S. forex retail trader, check them out. Again, here is the link: Trader’s Way