There’s no question that US-based Forex traders have fewer brokerage options than their international counterparts. Nevertheless, there are some fantastic choices available in the US, including Forex.com and FXCM, two long-established, internationally acclaimed brokerage houses. If you’re looking for an NFA regulated Forex broker, you’ll want to evaluate these two choices among any other options, and you can start your research with this top US Forex brokers comparison.
FXCM, short for Forex Capital Markets, is a no dealing desk Forex broker that offers two distinct services. DailyFX, a news service, provides regular financial news to Forex traders worldwide, while FXCM itself offers trade executions on multiple platforms with competitive spreads. For US traders, leverage is restricted to 1:50 because of NFA regulations. Specifically useful for new traders may be the company’s free online learning seminars that are offered on a regular basis. Experienced traders will appreciatethe company’s fractional pip pricing and non-dealing desk nature, which ensures that the brokerage will not take the other side of your trade. Partnerships with top banks enable FXCM to have fast execution and respected trading conditions.
Like FXCM, Forex.com offers a comprehensive education center for new traders, though the company’s focus is undoubtedly on its wide range of products and services for intermediate to advanced traders. From premium market research and analysis to advanced charting packages such as Trading Central, Forex.com offers excellent options for those who enjoy trading the news or technical Forex trading strategies. Like FXCM, this US Forex broker offers both its own proprietary trading platform as well as the popular MetaTrader4 platform, so that traders trade in a platform that is entirely comfortable. Over 40 currency pairs can be traded at Forex.com, to meet the needs of nearly every trader.
Forex.com is a subsidiary of Gain Capital, a company that is publicly traded on the New York Stock Exchange. FXCM is also a publicly traded corporation. Both companies have offices worldwide and are regulated differently in countries outside of the US. It should also be noted that both companies have been fined by the NFA in recent years for slippage malpractice, or, in other words, for not making price improvements available on all orders. Both Forex.com and FXCM, however, did try to correct their poor behavior and to atone for their wrongdoings.
The best way to embark on a US Forex brokers comparison is to try each one and experience it for yourself, and both FXCM and Forex.com offers a free $50,000 practice account which is available for all of their trading platforms.