USA is a world-leader in many front. It is one of the most notable countries in the forex trading scene. One of the most notable aspects about USA forex trading scene is the large volume of trades, and the highly regulated forex trading industry. USA’s economy is one of the most significant one’s in the forex trade. Any happenings in it usually has very significant effects on the forex market.
There are quite a number of forex brokers in the USA. Many beginner traders always want to know which is the forex broker that can give them the best chance of making a profit from their trading efforts. There is something quite unique about all the forex brokers allowed to operate in the USA. We’ll explore all that in the sections below. Tag along as we explore the best broker for forex trading. We also want to show you the what is the best forex broker and how to choose the best forex broker.
The aim is to ensure we point you in the right direction if you are seeking a forex broker. We’ve picked two of the forex brokers in the US that we’ve felt will give you the best chance of making a profit. Take a look at the table below comparing the two brokers.
|Broker||Minimum Spread (pips)||Minimum deposit ($)||Currency Pairs|
|Forex.com||0.97 pips||50||50||1st Choice|
|IG.com||0.6 pips||300||7||2nd Choice|
Forex.com has always been a top forex broker not only in the USA, but also around the world. Forex.com brokerage services were launched in 2001. That means it has been connecting traders to the forex markets for almost two decades. That makes it one of the pioneer forex brokers. There is a lot more exciting aspects about forex.com.
In order to understand why we have forex.com as out top forex broker, we’ll need to explore it from the lens of what makes a great forex broker. We’ll discuss forex.com based on how it is suitable for you as an individual forex trader.
Here are the aspects that you should always take into consideration before you decide to work with any broker.
- Whether is regulated and reputable
- The kind of trading accounts and platforms offered
- The customer support and service you get
We’ll explore each of these aspects about forex.com in the sections that follow.
Regulation and Reputation
It is paramount that you confirm that any broker you are planning to work with is regulated and reputable. Forex.com is one such broker. It has no blemish in its reputable, and it is a highly regulated broker.
Forex.com is regulated by the Commodities Futures and Trading Commission (CFTC). CFTC is the regulatory body mandated by the USA to oversee the operations of any forex broker operating within their jurisdiction. For any forex broker to be allowed to operate in the US, it has to be submit to CFTC regulation.
As mentioned earlier, the CFTC regulation not only makes forex.com a very reputable forex broker, but it also makes it quite unique. CFTC’s main focus is protecting individual traders. Its regulations are designed to ensure that individual traders are protected against exploitation and fraud.
In simple terms. Forex.com is a forex broker that you can fully trust. It is a legit forex broker, which will certainly user you into forex trading in one of the best ways possible.
Now, we get to what it is actually like to trade forex on forex.com. Let’s start with forex.com trading accounts.
Forex.com Trading Accounts
Forex.com has four major trading accounts. One of the most striking aspects about forex.com, is that all traders are offered the same kind of support. Here are some things you should know about trading on forex.com.
- Forex.com offers over 50 currency pairs for you to trade with.
- It has minimum spreads of 97 pips
- All trading account have a minimum deposit of $50. It is one of the best forex brokers with low minimum deposit 2019.
- Its trading accounts are either standard or commission accounts.
Here are the four trading accounts on Forex.com.
We’ve mentioned that each of these accounts is either a standard or commission account. What’s the difference between the two? You might ask. In a standard account, you will be trading with fixed spreads. On the commission account, you can trade with varying spreads. Traders usually go for varying spreads so that they can tweak the current positions, hoping to make more profit, but that comes with some risk.
The four types of trading accounts listed above are not very different from each other. We’ve already established that they all attract the same minimum deposit, and the come with the same kind of support and service. The main difference is in the ownership structure. The only trading account that could be said to be different is the Sharia account, which is designed to be complaint to Islamic teachings and ideals.
Forex.com also boasts of a demo account. The forex.com demo account makes forex.com one of the best forex brokers for beginners 2019. That’s because it will give you the perfect head start into forex trading on forex.com. Unlike other demo accounts that are just that have no relation to the real trading account whatsoever, forex.com demo account cannot be differentiated from a real trading account. It will ensure you get a real experience of what it would be like to trade on forex.com. Forex.com is one of the best forex brokers with demo accounts 2019.
Trading Support and Customer Service
After getting access to every you need to trade, some forex broker will just leave you to do the best you can. It is the never the broker’s responsibility to ensure your trades are profitable. However, brokers know that they can attract more traders to their trading platforms if they offer trading support.
We’ve mentioned the forex.com demo account above, and how impressive they are for beginner traders. That’s one form of support offered by forex.com. Forex.com also offers trading support in the form of market report, trading tips, learning materials, and account managers. All these are things that can help you discover more success with your trading efforts.
We should also mention that forex.com has a customer service department, just in case you run into problems in the course of your trading. The forex.com customer service section available 24/7, and they always respond quite swiftly. It is best when you can trade comfortably knowing that you have someone to run to in case you run into any hitches.
Forex.com has been, and will be, the best forex broker for US traders and many others around the world for a long time. Forex.com is certainly one of the best forex brokers for us clients.
You might want an alternative for one reason or the other though. We recommend IG.com.
IG.com is another very notable name in the forex trading scene of the USA. IG.com is actually a UK based forex broker, and is one of the oldest in the industry. The parent company, IG Group, was launched in 1974. IG.com, the forex broker, started its operations almost two decades ago though. Either, it is one of the pioneer forex brokers, and its services are nothing short of the best.
So, what is it about IG.com that makes it such an impressive forex broker.
Regulation and Reputation
We mentioned earlier that for any broker to be allowed to operate within the US, it has to be regulated by the CFTC. IG.com is under the strict oversight of CFTC. It is also regulated by the Financial Conduct Authority (FCA), with regard to its operations in the UK. Also, IG Group is publicly traded in the London Stock Exchange. That means that it is a company with deep liquidity, and whose financials are out there in the public domain.
In simple terms, IG.com is a forex broker that you can fully trust. It has a stellar reputation on the internet as well. We did out digging and we are yet to come across any complaints concerning the operations and services of IG.com.
IG.com Trading Account
IG.com has four types of trading accounts. They are;
- Personal account
- Corporate and trust account
- Self-Managed and Super Funds account
- Joint account.
Each of these accounts is designed with a particular kind of forex trader in mind. The corporate and self-managed accounts are mainly used by companies and other entities with a lot of liquidity. The personal account is an entry-level account, and it does not have a minimum deposit. You can transfer any amount into it and start trading.
IG.com has very impressive trading platforms. IG.com operate proprietary trading platforms. There are web and mobile platforms that you can use. Its spreads are quite competitive as well. IG.com is a great trading account for both beginner and seasoned traders. IG.com offers a demo account as well. The IG.com demo account is just as impressive as that offered by forex.com. It will give you a good head-start into what it is like to trade on IG.com.
Customer Support and Service
IG.com has not become a top forex broker for US traders by offering mediocre services. It services are quite impressive, not to mention the amazing trading support that it offers. IG.com offers a lot of support to all its traders. From learning materials, market reports, to trading tips, IG.com is going to ensure you are perfectly taken care of. Customer service is top notch as well. IG.com’s customer service agents are always on standby to ensure your problems are taken care of in good time. It is certainly one of the best forex broker in usa. It may also be one of the best forex brokers for beginners.