Finding Reputable FX Brokers That Also Accept U.S. Traders
One of the best Forex brokers accepting US clients, is FXChoice. They are well established, and have a great reputation, as backed up by multiple social media and 3rd party reviewers. They are also a fully regulated offshore broker.
Regulation equals safety, in theory, but that’s not always the case. However with this broker, it puts them at the top of recommended FX Brokers, internationally, that also allows U.S. account holders.
For U.S. residents/traders, due to new laws enacted that resulted in serious restrictions imposed by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in America, many Forex traders have chosen to open accounts outside of the U.S., where the current restrictions don’t apply. Some of the main advantages of having an overseas account are:
- Higher leverage (up to 1000+) FXChoice max is 200:1
- Hedging is allowed, same currency pair at the same time
- No FIFO or, ‘first in first out’, which means, a trader won’t have to close the oldest opened positions first, if they are dealing in multiple trades of the same size and pair.
These are the major benefits you get through using offshore and international brokers, and these ‘privileges’ are a big deal, especially the higher leverage. Higher leverage means, to put it simply, you have more buying power, in a given trade. You can generate much higher profits.
There is a significant difference between 50:1 leverage vs even 200:1. You can make 4x the profit on the same trade, with the higher leverage. FX Choice max leverage is 200:1. This is not the highest, but it is still good.
Don’t Be Afraid To Open A Foreign Account, If You Are A U.S. Resident
High leverage, no FIFO, hedging…this is why so many U.S. traders go with foreign accounts. There are also tax benefits. And yes, it IS legal. Despite looser regulations, which many overseas FX brokers have, and as one of the top Forex brokers in the world, FXChoice has won many awards for excellence within the industry, with more than 10 years of experience behind them.
They are known for fast market execution, STP (no dealing desk), reliable withdrawal of funds, and competitive trading conditions, on several different trading platforms, including web and mobile trading.
An excellent 3rd party review site can be visited HERE if you’d like more stats on this broker. FXChoice is widely used by many professional trading organizations, and as such, has one of the best reps in the business.
What Are Some Exceptional Benefits Of Joining FXChoice?
They offer MQL5 signals, which means you can receive trading signals within that platform, trades which you then place yourself. They have VPS, (virtual private server), which comes in handy when you don’t want to leave your laptop running 24/7, and you have an ‘expert advisor’ or, EA, running on your account. (They host several EA’s, which you must purchase a license for).
But, in particular, they have something called ‘My Fxbook AutoTrade’ which is a fully automated Forex trading software, within the FXChoice platform. What is AutoTrade? In a nutshell, it is a mirroring service by the trading community portal ‘Myfxbook’ that lets you copy the trades of other, more established traders.
All you have to do to begin using AutoTrade is link your live account with your Myfxbook profile. Once you’ve done this, you subscribe to your favorite traders. When they place a trade, it will be copied to your account.
The ‘Myfxbook AutoTrade’ feature they offer, is an outstanding bonus if you open an account, and absolutely great for beginners, or folks who don’t want to spend a lot of time trading! Additional benefits are:
1. No joining fee
2. No additional software needed, all trades fully automated
3. Shows only the best systems
4. Statistics (only real and accurate statistics shown)
What Educational Resources Do They Provide?
FXChoice doesn’t offer a lot in the way of trading tutorials, other than videos on how to use your MT 4 trading platform. It does show you how to place trades. They also have an economic calendar. So for beginners, I recommend going to the website Babypips.com, as they provide a full, free education in Forex trading, step by step, with lesson plans, and a forum where you can ask questions.
It’s a real gem, and every trader should take advantage of this site! If you don’t even know what the adorable Forex term ‘pip’ means, then you really need some basic education!
As for live trading examples, you can also search YouTube, as there are thousands of traders demonstrating the use of their trading platform, and trading strategies. You can learn how to set up and customize your trading charts and learn how to create templates.
Funding Methods And Withdrawal Of Your Funds
FXChoice uses a lot of different payment processors (no PayPal), that work with different countries. But mainly, you can use credit cards to fund, as well as wire transfer. They also accept various Cryptos for funding. However, when you withdraw your funds it must be either through wire transfer, or if you funded with Cryptos, your ‘money’ will be returned via that same method.
They will require various documents from you for verification, like driver’s license and utility bills, to prove residence. Other than that, withdrawals take a few days or more. Wire transfer times can vary a bit. Keep in mind, if you use wire transfers too frequently, those fees can add up. I like to withdraw trading profits maybe twice a year.
Traders often look for the highest leverage they can find when shopping for an FX broker, but that can be a pitfall if you don’t have a concise understanding of risk and money management, in placing trades. The temptation can be to over-leverage, which can lead to larger losses, should a trade go against you.
FXChoice has one of the lower leverage amounts offered (200:1) but this is certainly very adequate for making decent profits. Still WAY better than the 50:1 max allowed by U.S. brokers. Practicing good risk management will be key in safe-guarding your capital, so using risk calculators for knowing exactly how much of your account to risk per trade, will become mandatory for you, to protect your money.
Any questions you may have, their chat window is very responsive and can direct you to anything you need. Their customer service is excellent all around, and they are quick to resolve any issues. If you’d like to begin the sign-up process, or open a demo account, you can go to their site HERE. If you are new to trading, choose the Meta trader 4 account, to begin with.
If you have questions or comments, please leave them below…I’d love to hear them!