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Forex trading is extremely popular in the United States, and the market is heavily regulated. While it is definitely a good thing when we talk about security and reliability, some brokers refuse to comply with the requirements of the country’s financial authorities and simply block all US residents. That means it is important to find a broker that allows people living in the US to participate in trading and learn which features are available to you. In this article, we explain how to make a choice and tell you about some of the most reliable brokers working in the US.
Forex in the US
Forex trading is perfectly legal in the United States, but the government has imposed some limitations on the market to make it less risky for common traders. For example, leverage is limited to 50:1, and it is illegal to use hedging on the Forex market. You should check out the complete list of limitations and make sure you understand how they may affect your trading outcomes before entering the market. It’s also crucial to choose a suitable option among all the Forex brokers accepting US clients.
Choosing a broker
When you’re choosing a broker, there are several most important aspects you should check out first to get a quick impression of what a certain platform has to offer. Make sure to find out which pairs can be traded: you don’t need too many of them, just find a couple of your favorite Forex pairs. Fees are also very important since you don’t want to give all your profits to the broker. Finally, don’t forget to browse for reviews online: real feedback from users is the best source of information about any platform.
But if you don’t want to spend too much time comparing different brokers, you can always choose one of our go-to options for beginners.
Founded in 2007, eToro is a reliable and well-known broker that offers a wide variety of assets for you to trade, competitive trading conditions, and outstanding features for earning some passive income.
Oanda is another well-known Forex broker that’s especially suitable for beginners because of its wide selection of popular trading tools and free educational materials on technical analysis.
This international broker is more suitable for experts, but novice traders can also benefit from its great trading conditions and many available types of financial instruments.