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Many of the individual traders are US citizens and forex trading is very popular in states, considering that some other online investment forms are highly restricted. There is a number of forex brokers that offer forex trading to Americans, including operators who are based in the country, as well as brokers that are located offshore. The US dollar is one of the strongest, most sought after and the by far the most traded currency in the world.
That is the main reason why only pairs where the US dollar is paired with either of the other seven strongest currencies is considered a major pair. The importance of the US dollar and its role as the most powerful currency, is definitely an encouragement for many Americans to engage in forex trading. After all, a change in the value of the dollar, which may be a result of a decreased or an increased trade activities to and from the US or a change in the political climate of the country may cause significant changes in the forex market.
Some traders might benefit, whereas others may lose a lot. Learning how to recognize when the value of one currency may grow or fall in respect to the value of another currency is no easy task and there is nobody who can accurately predict the price movements the whole time.
But you can certainly get better at it and manage to get it right most of the time, or at least more often than not. The first, and perhaps the most important aspect is the legal aspect. You are strongly advised to only trade through regulated forex brokers, who have a permission to provide trading services to US citizens.
Only thus you will know that both you and your money are fully protected and that there is no danger of fraud or scam. The Natural Futures Association NFA is the body in charge of regulating several financial markets in the country, including forex trading.
The NFA is a self-regulatory, non-profit organization. The NFA was founded in In addition to financial institutions based in the US, as well as registered broker dealers and holdings, future commissions merchants FCMs and retail foreign exchange dealers RFEDs are also allowed to offer forex trading, but only if they are registered with the NFA.
Now, we have established that in order to be able to provide services, a forex broker has to be licensed by NFA, but that is only a pre-requirement, so to say, a provider has to adhere to certain standards in order to be reliable.
But, there are other things that you should definitely take into consideration. The minimum limit that you are obliged to deposit in order to start trading may vary.
Most operators offer bonus of some sort, usually that is a Welcome Bonus, which can be awarded initially or after you make the first deposit. Bear in mind that a bonus of a lower amount might be more lucrative, if the terms and conditions under which it is awarded are more favorable for the trader.
Usually the brokers get their profit through the spread. Some operators, though, might charge fees per deposit, for deposits made via certain deposit methods. Therefore, it is not surprising that all players are looking for brokers that offer lower spreads.
Most forex brokers offer multiple, at least few platforms. Moreover, there is another, perhaps more vital difference. A broker might offer a platform which features simpler, more basic options, as well as one that is far more complex. It is, of course, better to have an option to choose. Traders trust brokers with their hard-earned cash and it is only fair for them to expect to be provided with the best possible customer service.
It is preferable that the operator offers at least few methods of communication, like email, phone or live chat and it is better if the customer support stuff works around the clock. We already mentioned that some brokers charge fees on deposits and withdrawals. Brokers accept a wider range of payment methods including credit and debit cards, e-Wallets, checks, bank wire transfers and other methods.
Forex brokers have a legal obligation to check and confirm the identity of their customers. Are gains from forex trading taxed in the US? That issues caused a lot of worries for the IRS. Under the current US regulations, forex gains are treated as capital gains.
Losing traders will find this option to be far more favorable. What is the maximum leverage that I can get on major currency pairs? The maximum leverage that you can get on majors is What is the definition of a forex trade customer according to the US laws?
That is due to the fact that the law is designed in a way to protect small investors. Broker Offer Devices Review 1 st. Are American citizens allowed to trade forex? Yes, it is completely legal for Americans to trade forex online.
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