If you are a US resident you know the strict regulations when it comes to Forex Trading. Due to this restrictions the choice of Foreign Exchange Brokers is quite limited. That is why I decided to give you a suggestion about one of the Best ECN Forex Brokers for US Residents.
Best ECN Forex Brokers For US Residents
Choosing a Forex Broker when you live in the US of America is not an easy task, the choice is very limited and can take a long time. We will see in the next section what are some of the regulations regarding currency trading in the US, but for now you just need to know that these restrictions have caused a lot of trouble to Forex Traders.
Many of the Brokers haven’t been able to meet the requirement to Trade Forex respecting the regulations in the US, some do not find profitable dealing with US Clients so they don’t even accept them, and as it often happens, some brokers are simply SCAMS!
You are now going to see what regulations are causing issues, and following, what I think is One Of The Best ECN Forex Brokers For US Residents.
Forex Trading Regulations in The US of America
As previously mentioned there are strict regulations in the US to be able to be accepted as Foreign Exchange Brokers and some restrictions also affect the traders:
- Capital Requirements, to be a regulated broker they must have 20 million dollar capital, which will help guarantee some safety to the clients in the case of bankrupt
- Limited Leverage, 50:1 on major and 20:1 on minors, this will limit the profit for the broker and potentially for the trader as well
- Hedging Not Allowed, Brokers regulated by US authorities cannot allow hedging (having long and short positions open at the same time for the same instrument) to their US Clients, which can increase the risk involved in some strategies
The above and other reasons have caused some brokers to leave the US market, but don’t worry, there are still options and now I want to give you one of them.
Why FX Choice is a Good Choice
If you are a US Resident I would say that One Of The Best ECN Brokers you can become Client of is FX Choice. This broker is perhaps not one of the most popular because it doesn’t invest in marketing as much as other competitors, however, it is one of the best for US Clients. You can watch this quick video to get an idea and following, the reasons why I think you should try it out.
US Clients are Welcome
Yes! If you live in the US you are welcome to subscribe and trade with FX Choice!
FX Choice has great reviews around the web, meaning customer satisfaction and excellent services.
ECN stands for Electronic Communication Network. Being an ECN broker FX Choice can guarantee a fast execution of the orders, which is very, VERY, important to minimize slippage and rejected orders, and to maximize the profit of your strategies.
Pro Account for Tight Spread
FX Choice offers a standard account with market spread and also a Pro Account if you need a spread starting from 0 pips. This has balance and trading requirements, not hard to meet.
Expert Advisor Friendly
Some brokers do not appreciate having traders using Expert Advisors, some other brokers have technical issues executing trades ordered by Expert Advisors. This is not the case with FX Choice, FX Choice is an EA friendly broker, they also have dedicated services for it and the Tech Support is trained to assist with EA issues.
FX Choice has its own Virtual Private Servers in case you want to run your trading software on them. They are offered free of charge if you meet some balance and trading requirements.
I had to contact their support a few times and I have always been assisted by an excellent and prepared customer service, fast and resolutive responses. If you have an issue with them they will make sure to resolve it for you.
Demo Account and 15% Deposit Bonus!
Before opening a Real Money Account it is always advisable to test the broker with a Demo Account, you can do so with FX Choice for FREE.
Little trick: this is not advertised on their website, you can get a 15% Bonus on your first deposit if you are referred by someone else… if you click on their logo just here below you will get the 15% Bonus in case you decide to open and fund a Real Account, it costs nothing to click so go on.
If you are a US Resident choosing a broker can be a tough, the options are limited due to strict regulations.
In this article you saw how FX Choice is one of the Best ECN Forex Brokers For US Residents, you can open a Free Demo Account and test their services and then decide to start trading real money with them.