If you’re new to trading with foreign exchange, you should look for US forex broker reviews. This article covers the most popular ones, such as TD Ameritrade, Interactive Brokers, IG Markets, and the CFTC. However, before you make a trade, it’s a good idea to learn as much as you can about each firm, including their CFTC rating and other factors.
TD Ameritrade
TD Ameritrade is a US-based stockbroker that is regulated by top-tier authorities. Whether you’re new to the forex market or a seasoned veteran, the company is known for its financial transparency and customer service. Read TD Ameritrade us forex broker reviews to learn more about the company and its trading platform. It’s easy to become confused when choosing a forex broker, so it’s a good idea to get a full list of reviews from a reputable source.
TD Ameritrade offers many types of accounts, including a demo account, a live account, and an account with no minimum deposit. Unlike many other brokers, they don’t charge inactivity fees and withdrawal fees, even via wire transfer. US citizens don’t need a large amount of money to open an account, so this is a major benefit. You can withdraw your money within two business days and never worry about a fee for withdrawing your funds.
Interactive Brokers
This US forex broker review will give you an overview of Interactive Brokers’ features, including the commissions, spreads, and customer support. While the brokerage is regulated by several regulatory bodies, Interactive Brokers uses credible banks and technologically sound encryption techniques to safeguard your funds. These funds are stored in segregated bank accounts, which separate client funds from the brokerage’s. The company has several licenses, including those from the Securities and Futures Commission and the United Kingdom’s financial conduct authority.
These us forex broker reviews also detail the advantages and disadvantages of each brokerage. In addition to a robust range of services, Interactive Brokers is easy to use and has 24 hour customer service. Whether you’re looking for an online trading platform or a more personalized approach to investing, Interactive Brokers is likely to be a great fit. Interactive Brokers’ customer support is exceptional, with a 24/7 live chat service, an FAQ section, and an innovative IBot that can answer your questions instantly.
IG Markets
IG Markets offers a range of services to its customers, including streaming news, economic calendars, videos, integrated trading signals, and AutoTrading capabilities. Its team of experts also hosts a series of webinars each week, covering everything from technical analysis masterclasses to advanced trade ideas. Users can also subscribe to IG’s blog for educational articles and deeper analytical outlooks. While the IG Trading app offers a variety of features and is easy to use, it lacks some features that seasoned traders may desire.
For a beginner, the IG platform offers an extensive set of trading instruments, such as gold and oil. Opening an account is free, and spreads start at as little as 0.4 pips on major currency pairs, the ig index, and spot gold.
CFTC
CFTC, the Commodities Futures Trading Commission, is an independent US government agency that regulates the futures and derivatives markets in the country. The commission has several levels of punishment that can range from fines to freezing of an activity. Listed below are the five best US forex brokers in 2022. Read on to learn more about each broker’s CFTC review and decide which is best for you.
US Forex brokers do not provide very high leverage. High leverage is attractive for traders as it increases their chances of winning. Therefore, it is imperative to check with CFTC reviews before choosing a broker. The CFTC recommends that US brokers should offer no more than 1:50 leverage for their clients. In the past, traders could use leverage up to 1:3000 to increase their profits. However, these high leverage levels are now banned in the US.
NFA
The NFA regulates financial firms and provides a venue for dispute resolution and arbitration. In addition, NFA-regulated brokers are generally considered honest, legitimate businesses and are unlikely to engage in fraudulent activity. This is largely due to the fact that they have to undergo extensive screening procedures before they are accepted into the association. A prospective client can review a broker’s financial profile and find out if they are NFA-regulated.
There are many benefits of working with an NFA-regulated forex broker. These brokers typically have good trading platforms, low commissions, and support numerous deposit methods. In addition to providing regulatory oversight, NFA-regulated forex brokers are well-capitalized, and segregate client accounts. For the US-based trader, NFA-regulated forex brokers are the only way to ensure fair market practices and reduce the risk of fraud.
