US regulators exist to make sure Forex brokers accepting US clients are properly monitored to act ethically and lawfully. As a US trader, it is legal for you to trade Forex. Person-to-person customer service is something that you will probably never need, but you do want to know that if you need it, it is there and at a high standard.įortunately, due to the low number and generally high reputations of US Forex brokers, and high expectations of customer service in American culture, you are unlikely to find that you will be lacking help if you reach out and ask for it – or even if you do not.Īll Forex brokers today have automated FAQ searches which should troubleshoot a solid majority of any operational difficulties you might encounter in your trading. This does not mean that app traders are glued to the market, it means they use apps intelligently by setting their trading apps to alert them when something interesting happens in the market.Įvery Forex broker in the US will offer their own dedicated trading app and they are mostly reaching very high standards. More and more people are trading from apps, not least because using a trading app allows you to monitor and trade markets no matter where you are or what time of day or night it is.
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The traditional image of the Forex trader as glued to their laptop or PC is out of date. It is important to remember that these minimums are not applied to ongoing account balances, they just mean that to open an account you have to start by depositing a minimum amount. Fortunately, minimum deposits required by Forex brokers in the US tend to be low and affordable for the majority of Americans, at ranges between approximately $100 and $250. This is justifiable as brokers incur their own operational fixed costs in opening and maintaining a new account. Most Forex brokers require a minimum deposit to in order to accept a new customer, and this is especially true for a wealthy country such as the US. There is little doubt that if you can afford it, the higher deposit you make, the better deal you will get on overall fees and other trading conditions.
The Mini Account accommodates deposits lower than $10,000 and will be the more suitable vehicle for most retail Forex traders with more than $500 to deposit.The Micro Account accommodates deposits lower than $500.Some general rules about which account type is probably going to be most suitable for you: The right choice of account type for you will probably depend upon the minimum deposit required, what you want to trade, and how often you trade. Some Forex brokers will offer their clients a choice of different types of accounts. Almost every broker will offer quite generous leverage on Forex and many other asset classes, but if you are seeking high leverage, it is important to check the maximums allowed asset by asset. Leverage – the amount that a broker will let you borrow to trade – is another important issue. It is important to be sure that you really know what spreads and commissions are going to really be – do not rely upon what you see in a broker’s demo account, as the spreads you see here typically do not reflect what you will face in a real, live money account. Spreads, and also commissions (if charged) can make a big difference to your overall cost of trading, as these are going to be the biggest cost you face by far, unless you make very few trades and hold for the long term. Trading Costs: Spreads, Commissions, & Leverage Whilst we do a lot of the hard work for you, here is a checklist you can employ for yourself. Just as the team at DailyForex considers multiple variables in whether we should recommend a particular US Forex broker, as a US trader you should also employ a thorough analysis considering numerous factors.
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How to Choose a Forex Broker as a US Trader
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