Forex trading advisory services


US Forex Brokers. There are not an awful lot of Forex Traders operating in the United States – not licensed and regulated ones at least. That is because the United States imposes strict regulations and laws on its finance industry in the interests of financial security for all of its citizens. A considerable variety of trading forms available have in turn provided need for establishing different governing bodies that offer licenses and regulations. USA Forex Brokers. Of the various trading forms currently operating in the United States, Forex trading is one of the most prevalent. It is in fact the leading form of online trading internationally. In the U.S, it is fairly limited compared to many other countries, a testament to the rigorous standard upheld by prevailing government agencies. The Primary authorities in charge of overseeing all Forex trading activities in the United States are the National Futures Association or NFA, and the Commodities Futures Trading Commission or CFTC. The key thing to understand about these institutions is that their regulations are not based so much off legal procedures so much as ethical ones for the online trading community. Here are some of the top Forex Brokers currently available for traders based in the United States. has been around since 1999 and is run by Gain Capital Holdings. It is one of the highest rated Forex brokers anywhere in the world and it meets the licensing and regulatory protocols under the jurisdictions of seven government authorities including the NFA, CFTC, FCA and ASIC. At the types of accounts available to traders are a standard trading account and an Active trader account. Where the standard trading account requires minimum of $50 worth of an initial deposit to be activated, the Active Trader account requires $20,000. The added benefit of the latter is that traders are supplied with a so called ‘Relationship Manager’ to further assist their trading activities. There is also a demo account available for all traders with an initial deposit of $50,000. When it comes to trading costs, spreads and commissions are two very important factors a trader must consider when choosing a Forex broker to work with. For currency pairs such as EUR/USD and USD/JPY, the usual floating spread charged by is 1.7 pips. For a GBP/USD pair, it is normally 2.1 pips. For holders of an active trader account, these spreads can be a lot lower. For instance for EUR/USD currency pair, it can go down to 0.4 pips. The trading platform is another important feature offered by a broker. The one offered by is simple and easy to operate with virtually no room for confusion. Trading options are available in binary, spot forex and CFDs in over 3200 markets. The main criticisms with this broker is that it offers no bonuses or promotions and variety of available accounts is limited to just two. FXCM or Forex Capital Markets is one of the first brokers to implement online trade. It was started in 1999 and is based in the United States. Its headquarters are situated in New York and subsidiaries in the United Kingdom, Australia, France and Italy. It is licensed and regulated by the authorities of each jurisdiction that it operates in, most notably the FCA, NFA, and ASIC. A diverse range of account types are offered by FXCM to suit novice traders as well as experienced traders. The standard account requires an initial deposit of $5000 to be activated while the Active Trader account requires $25,000. A mini-account is available as well and requires a minimum deposit of $50. It offers 50:1 leverage for traders based in the United States and 1:200 for traders based overseas. Training accounts are also available at FXCM for 30 days. There are also two types of demo accounts: the standard demo account is available with $50,000 and the mini-demo account comes with $2000. The trading platform used on all these accounts is exactly the same. However, you do need a separate password and ID to access each one. When it comes to trading platforms, FXCM offers the widely used MT4 platform. It is quite easy to navigate and can be customized to your individual preferences. The available assets to trade include day trading, trailing stop/limit orders and entry orders, and stop loss and take profit. Customer support from FXCM is available 24/7 in over 20 languages inclusive of weekends and other days when the market is closed. As a trader, you can get in touch over the phone, through email or online chat. Nadex. Nadex is part of the global financial services provider, IG which is worth over 2.2 billion pounds and based in Chicago. It is a derivatives exchange regulated by the CFTC and only offers assets with limited risks. Its design is mostly in the interests of retail traders. Although, primarily a binary options broker, Nadex offers traders access to financial markets including Forex, commodities, stock indices and crypto currency bitcoins with over 2400 binary option contracts on a daily basis. When it comes to accounts, traders can maintain just one completely free until they place their first trade. To continue thereby would require an initial deposit of $250. Apart from that, the account must also hold enough capital to pay off any loss that may result from a trading position. Fortunately, a demo account is available with a handsome deposit of $25,000. The contracts on offer at Nadex can last anywhere from 5 minutes to a week so traders have numerous trading options to consider as well as being able close off a position before its designated time of expiry. Bonuses are available here as well. The offer from Nadex rather peculiar. Called the Free Holiday Bonus, it involves traders getting full days where they can trade without being charged with any exchange fees. Nadex offers support to its customers via phone and email 24 hours a day starting from 6 pm on Sunday to 4:15 pm on Friday. Conclusion. These Forex brokers are currently some of the best ones operating in the United States as well as internationally. However, as a trader what is most important to consider when choosing which one to trade with is not their popularity so much as how well they can suit your trading style. Leave a Reply Cancel reply. Newest Articles. Binary Auto Trading. Follow Us! Latest Articles. Read this. Disclosure. Never risk more, than you can afford losing. Trading carries a high level of risk, and we are not licensed to provide any investing advice. Understand the risks and check if the broker is licensed and regulated. 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Today, Monday 18th October 2010, is the day that all US forex brokers must disclose their account profitability and number of non discretionary accounts. I’ve already published Interbank FX’s and FXCM’s numbers here and today I’ve gone ahead and compiled a comparison table of US brokers. Ten brokers have reported the numbers so far while I couldn’t find FXDD and Advanced Markets numbers yet. CMS Forex and Easy Forex are out of the game as you already know.. It’s not yet clear whether SEC brokers such as Citi or Deutsche will need to provide these numbers as well. Now you can compare various brokers account profitability and see where your own broker stands. With the exception of OANDA, which completely stands out from rest of the brokers both in terms of account profitability and in number of accounts, all other brokers show more or less same numbers – around 25% profitable accounts on average. PFG shows the worst profitability with only 21% profitable and IG Markets is the smallest US brokers with only 464 accounts (a fraction comparing to the numbers of the largest US broker in terms of accounts – OANDA). Please note that it’s not yet fully known whether all brokers used same methodology when counting these numbers. Those who’d like to see the full quarterly breakdown the numbers are below. Related News. Asks Clients to Respond to ESMA Rules Proposals. B2Broker Extends Asian Expansion with Malaysian Office. Don’t get Fooled by Trading Bonuses. Leave a Reply. Be the First to Comment! Very interesting figures. Thanks for the report! Did the brokers publish the criteria for which accounts are reported? The definition of active traders changes from broker to broker. Why are oanda clients so profitable. Oanda clients are typically traders with good money management.. Oanda dont offer 200:1 or even 100:1. Must be education – couldn’t think of anything else. Has the CFTC release clear calculation methods for these numbers? If so, can you provide a link? Example, are accounts that have been opened and burned within the quarter included in the numbers? Some excellent PR for Oanda right there. Better than any banner campaign. Hope they didnt doctor the numbers – i can see the NFA checking up on those, since they stand out so much. Michael: whats your source on the Oanda numbers? I cant see a statement on their website and didnt get any mail from them either.. Oanda also has really good spreads compared to many other brokers. A quick question – do you believe that FXCMs numbers are excluding all non US registered entities? The number looks very low. Few reasons why OANDA traders are more profitable. 1) They are a very good broker, with very low spreads and their market making technology is years better than what everyone else uses. 2) They pay people interest on the money in the account which means that is you deposit $100K and you don’t touch the money you’ll end up with more money in your account because they pay you interest which is going to make you profitable. – This means that all the dormant accounts can be shown as profitable. If that is true, Oanda is seriously messing with the intention of the CFTC requirements… Yeah Mikael, that does indeed make things a bit ambiguous. There are probably a bunch of people who have an account with Oanda but never touched the trading platform. Maybe that?s part of the reason for the number… I am not sure what the definition of “active account” is – do they count the managed account or the self directed only? In any case, I can attest that they [OANDA] are technologically years ahead of the other brokers and they do treat their customers fairly – so I guess it really shows. I wish they would show profitability on native platforms vs. MT4 – can guarantee that you’d see a big difference there. Statistically, there’s zero chance that Oanda is counting their accounts the same way. When you have all of those brokers at roughly the same number, they can’t be that different. Oanda at 50% profitability? Something smells and it begins with bull. @simon, so it smells like bull…. because you are not profitable? Well, ask CFTC for checking up those numbers. Asaf: “Technologically years ahead” – at some points yes, but the platform could really need an upgrade – Seems years behind to me. The FXCM numbers include active traders with FXCM LLC only. I expect their numbers to increase significantly next quarter: John, you got the wrong end of the stick. I am profitable. But 50% of users profitable on OandA? If you understand trading, then why on earth would you believe there is such a big discrepancy between the brokers listed in this survey? When it comes down to it, slippage, requotes, speed of execution, spreads, etc., can hinder a trader a bit, but they do not cause a difference of 28% between the lowest and highest ranking brokers. Jim, these numbers don’t make sense if FXCM’s overall average is about 23% so how do these numbers add up? Equity Range % Profitable. $1,000 – $4,999 40.52% $5,000 – $9,999 42.36% They’re monthly averages, not quarterly like the “official numbers”. do you think we will ever see audited reports in fine detail direct form the regulator as opposed to the brokers themselves? not saying that we dont trust them! Makes perfect sense to me Michael! Read my FXCM post again, and my IBFX one. If it’s still not clear what I’m prattling on about maybe we can discuss it over there? @Simon, as you can see in Michaels post the FXCM numbers if true are similar on monthly average. I think the guy from FXCM said they were from the year 2009. So they have nothing to do with the quarterly numbers of 2010. There are probably more traders with account sizes from $0 – $999. @Jim – this is mathematically impossible – you can’t average a group of numbers and get a number which is less than all the numbers in the group. Where did you get these numbers? So what does “SEC broker mean” any ways? on another note, it just cant be that ibfx is bigger then fxcm by number of accounts. just cant be truth. maybe they used different calculation methods?? makes sense to me, remember how the were moving all accounts overseas to uk and australia? ibfx didn’t have subsidiaries there until a few months ago so i guess most of us accounts of fxcm moved overseas. It’s not mathematically impossible. It’s mathematically almost inevitable. I got those numbers from Jason Rogers of FXCM. Read my IBFX post carefully, then my FXCM post, and then the comments on that post. If you still can’t get your head round it please feel free to add comments of your own. IBFX UK had rather fewer accounts in Q3 2010 than FXCM UK. QED. @Jim I must have missed the fact that now FXCM are releasing monthly figures and expect us to compare it to quarterly figures. Hiding the number of active accounts per month is only making things worse for people who actually know what they are looking at. At the end of the day I have to say that the CFTC did a great service to the trading community by forcing the brokers to expose these numbers now if they can just enforce proper execution and account segregation we’re going to have a great market. As I pointed out, like for like data over different timeframes would be much more useful. However let’s not forget where we were just a few short days ago. No data of this sort at all! Surely brokers voluntarily revealing any information beyond the minimum legal requirement is to be welcomed, as long as it’s not deliberately misleading? Unfortunately the CFTC didn’t take their recent opportunity to insist on segregated accounts in the US. I wonder why not? You can’t seriously believe that volunteering partial stats on a different time-frame is done for any reason other than to mislead. I would personally like to see the CFTC attack the execution quality first as the high capital requirements and low leverage basically reduce the probability of bankruptcy which the account segregation is suppose to protect. Where is the number of IKON GM? are they still in business? What about ECN brokers – HotSpot, IB etc? Have they published their data? only US brokers who are registered with the CFTC are required to disclose this. We don’t mind at all releasing the quarterly average over the past year in addition to the already released monthly average over the past year. In fact, I received the data this morning and you can find it posted to Forex Factory: . It’s the average quarterly figure over the past year. If you find anything confusing about the number, please let me know. @Jason, From these numbers I can see that you have more than 88% of the trades with accounts below $999 which is pretty pathetic. If you as me, you are digging a hole by providing these partial numbers and you would probably be better off with disclosing everything that is going on including foreign accounts. Not sure how I offended you or what Steve told you. I did read your message and I did respond to you here. We don’t eat the BS brokers are trying to feed everyone and I am sorry for calling you out on this. Here’s an extract from one of Currensee Limited’s websites: “The Currensee Trade Leaders™ Investment Program puts you, the investor, in control of your personal automated trading portfolio. You decide which Trade Leaders you want to add to your portfolio based on a variety of metrics including our proprietary Trader Authority Index, average risk and annualized return.” As our self appointed arbiter of BS, how do you rate that on a scale from one to ten? Can you by any chance let us all know exactly how Currensee calculate their “proprietary Trader Authority Index”? Thanks in anticipation, Oanda is the only market maker type broker on this list. Wouldn’t it stand to reason that they WANT a 50/50 ratio? Since they are on the other side of every trade, I’m sure that plays a part… All Market Makers? what about MB Trading, they claim to be ECN all the time. Claiming to be an ECN does not mean you are not a market maker. Or any other words – everyone is a market maker in this market. Thanks for that information, but you still haven’t answered my first question. You also seem to have completely missed the irony implied by my link. Click it. See that FXCM banner at the top? Do you remember FXCM? You know, the forex broker you alleged “volunteer partial stats on a different time-frame… to mislead”.