All US forex brokers (including the introducing brokers) must be registered with the National Futures Association (NFA), the self-regulating governing body that provides the regulatory framework to ensure transparency, integrity, abiding of regulatory responsibilities, and protection of various market participants. The NFA also offers an online verification system called Background Affiliation Status Information Center (BASIC), where forex brokerage firms can be verified for having necessary regulatory compliance and approval.
Here you will find a list of brokers that either chose to open an office in this country or were founded here. The USA has a highly regulated financial services industry. Due to the diverse range of financial product available, there are many different regulatory authorities and licensing commissions tasked with overseeing the financial services industry in America.
|Title||Min. deposit||Min. position size|
|City Index (ex-FX Solutions)||$250||0.01|
|Forex Capital Trading||$500||0.025|
|One Financial Markets||$250||0.01|
Tips to Follow When Looking for a US Forex Broker
Forex brokers are mushrooming these days, and finding one you can trust to trade forex for you may be a difficult task. It actually does not have to be if you follow the tips on choosing the best US Forex Brokers in today’s competitive forex marketplace below.
- Check their regulatory compliance. It is a matter of fact that the reputable US Forex Brokers are all a member of the National Futures Association (NFA) and are registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant and Retail Foreign Exchange Dealer. If you find a forex broker in the States that is not a member of NFA or under CTFC regulation, walk away immediately as it cannot be trusted.
- Look for their account details. Every forex broker in the States has different account offerings. This includes the Leverage and Margin, Commissions and Spreads, Initial Deposit, and Ease of Deposits and Withdrawals. These account details are the basics for all forex brokers, and you must learn about how they manage these accounts in their practice.
- Find out about the currency pairs offered. There is definitely a great deal of currencies available for trading, but not every currency pair makes a great liquidity. You should check what the major currency pairs the forex brokers offer. They should at least offer the pairs of the U.S. dollar/Japanese yen, the Euro/U.S. dollar, the U.S. dollar/Swiss franc, and the British pound/U.S. dollar.
- Check their trading platform. A well-designed and user-friendly trading platform can attract many investors. You should check whether the US Forex Brokers you have in mind have a platform that is easy to use and has all of the fundamental features. These make the trades easy to be entered and exited.