A Forex broker who’s smart about trading can help those who want to get involved. These professionals in the trading world value both their customers and their own reputations. Since an honest broker will share knowledge and expertise, we’ve researched the top U.S. Forex brokers for you to look into.
How to Find a Broker
Even when using a Forex broker, traders should do their due diligence and educate themselves about Forex independently. The best Forex brokers in the USA typically have the support of large banking institutions, and encourage traders to look into their backgrounds to ensure they are legitimate. Good Forex brokers are current on the latest technology, and will give you free demonstrations to make sure they are a good fit for you. Your best Forex broker is the one that complements your personal instincts and business style. Reliable online and in-person recommendations can help guide you to a trustworthy broker.
The Background Check
The broker you choose should be in good standing with the Commodity Futures Trading Commission (CFTC), the Futures Commodity Merchant (FCM) and the National Futures Association (NFA). You can run a background check searching the firm name, individual name or NFA ID number at the Background Affiliation Status Information Center (BASIC). BASIC lets you see individual standings and any disciplinary action taken against brokers. Next, consider whether the firm is insured against fraud and bankruptcy. Then, call the customer service number to see how the representative answers your questions. In this way, you can verify their tone and professionalism. Lastly, create a demo account with two or three brokers you like the best to learn their trading systems, strengths and weaknesses. And always read the fine print.
Top 20 Forex Brokers
The 20 best Forex brokers are Bforex, Hotforex, DF Markets, GFT, GKFX, Saxo Bank, Alpari, MahiFX, InterTrader, HY Markets, FXCM, HFX, Forex.com, Plus500, Hantec Markets, Aston Forex, ActivTraders, Forex4you, YouTradeFx and Vantage FX.
The U.S. ECN Forex brokers with the highest rankings are Exness, FBS, XM, ICmarket and FXTM, as claimed by the website BrokerReview.net. These brokers have been around for an average of 20 years, and have never been sued for fraud. The monthly trading volume of Exness is $400 billion, and XM is $300 billion. Exness has CySEC and FCA regulations. FBS has CySEC, FCA, FSB and DFSA; XM has CySEC, ASIC and FCA; ICmarket has ASIC; and FXTM has IFSC.
The Forex market is the largest in the world, with more money traded on it than any other. The Forex market is open 24 hours a day, five days a week, with at least $3 trillion traded every day.