It is getting difficult for a citizen to abide by the law. 1) If my government is forcing me to trade Spot Forex with US brokers, who is comparable to Dukascopy? MB Trading was my #1 broker of choice after Dukascopy a few years ago. Who would you recommend today? 2) I would like a free or inexpensive API which can run on a stable operating system. This rules out Microsoft Windows and MetaTrader. 3) I would like a stable network connection. Daily reconnects from TX to CA is ridiculous when I can get zero reconnects from TX to Switzerland over two weeks. 4) Do you really trust a VPS under the broker's control? I'd probably use the nearest Linode. Thoughts? 5) I would like to pay low commissions. This rules out bucket shops and their fixed spreads. 6) I would like zero or low fees to transfer money in and out of my account. 7) I would like to see the DOM. 8) I would like 5th decimal tradable quotes (the only flaw at Dukascopy was that only 0.00000 and 0.00005 were tradable -- at least MBT offered 0.00001,2,3,4,6,7,8,9 as well). 9) Leverage? Well I guess I don't have to mention that anymore since my government is "doing me a favor" setting the maximum leverage. Not that I was using it all, but an ample buffer doesn't stop me out. 10) A nice low cost to open and sustain my account to play in this market would be nice. I don't want to have to save 2 years to get "disposable income". 11) Did I miss anything?
Dukascopy is just about to start offering 5th decimal trading, too. It's already possible on demo and should be live, soon. Daniel
the big boys at the futures exchange is not going to allow any US alternative to Dukascopy. they are using the CFTC and NFA to tighten the regulations on spot forex brokers, until you have no choice but to trade forex futures and pay them the commissions and fees. no other way out ......
@ddaytrader That was my understanding when I posted this topic due to the apparent FUD from the spammer IB TradersChoiceFX.com. My Dukascopy representative said on Tuesday 2010-10-19 they are still accepting US accounts. As Dukascopy is more reputable than all the brokers TradersChoiceFX.com is recommending IMHO, I'm still going with Dukascopy. (Although I will say that FXDD.com improved after getting their NFA license. No more "you better contact us in 24 hours or this statement will be taken as valid. Now they say, contact us as soon as you find an error -- the earlier the better). Since the request for comments from the public, regarding the 10:1 rule under consideration earlier this year, resulted in traders informing the government that we will all just take our money overseas, it seemed plausible that the final 50:1 was to make us feel we won something, when in fact, the government simply wanted to lower leverage (perhaps just to the 50:1). And the feedback that we'd all move our accounts could have caused backlash to force us to trade with US brokers. However, I'll take Dukascopy's word over TradersChoiceFX's word. There was a time when Dukascopy did not accept US accounts. If the US was requiring it now, I'm sure Dukascopy would comply. Over here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=188111&perpage=6&pagenumber=42 as of now, I interpret this document from the CTFC http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/forexfinalrule_qa.pdf to require US brokers to go with 50:1, but not that US traders must go with US brokers. If it does require US traders to only use US brokers, we need a serious revolt.
Why were you ever taking the recommendation of TradersChoiceFX in the first place? Those guys are just IBs for GAIN/forex.com, I get their spam constantly.
Dukascopy company news: 15 June 2011 Closing of US residents positions Pursuant to changes in US Forex regulation, US residents who are not eligible contract participants will be invited to transfer their accounts to one of our US partners which will provide Dukascopy Bank's trading technology and data feed to US clients. Please note that all positions opened with Dukascopy Bank by non-eligible contract participants must be closed by July 15, 2011 at 18:00 GMT (July 14 at 18:00 GMT for non-USD accounts). Dukascopy Bank only accepts US eligible contract participants as defined in the relevant US regulation. Further information will be given on July 1st 2011. 1st July 2011 Dukascopy Bank SA announces partnerships with FXDirectDealer, LLC and Alpari (US), LLC
No offense but your so called checklist is pretty ridiculous. I want this, I want that....cmon, get serious! If you are serious fx trader like you pretend to be then you should either stay with MB Trading(they are very good) or go with Currenex, they are a major FX player with very deep liquidity. http://www.currenex.com/
Are those new rules part of the same Dodd Frank legislation which also forbids leveraged metal trading ?