Foreign exchange is a very complex business with hundreds of forex traders making money every day on their trades. Most of us will not make much money if we even try to learn the basics of how it works, let alone become a profitable trader. Luckily, there are a few simple tricks that anyone can use to increase their odds of becoming a successful trader and finally find the best forex brokers for us citizens.
The first thing you need to do is make sure you're trading only with US citizens. This is pretty simple actually, since all forex broker companies have a list of US residents they can trade with. Forex trading itself is extremely regulated in the US, so in this article, review the best US-compliant Forex brokers. We've gathered all the information you'll need in one place and made it easy for you to compare prices, leverage, pros and cons of each broker on TheTokenist.
Next, you want to get started as soon as possible, since forex trading requires a lot of money from you. Make sure you look at a broker's minimum opening balance (MAB) and how much they charge for each trade. If the broker charges more than their minimum, then that is a clear sign of a good broker. In fact, we recommend only investing money with reputable brokers to minimize your risk. Here, we've reviewed the top 5 US-compliant brokers.
The best broker for people who want to learn forex without investing much money is TheTokenist. They have a simple to navigate interface and are user friendly. They are free to join and offer low trading fees. They also offer free demo accounts for new members so you can practice forex trading before investing any real money. Their platform allows you to trade anywhere in the world since their website is hosted on the server of a major US trading company. So if you live in another country, you'll have access to forex markets anytime. Their platform is a lot easier to use than many others on the market, and their broker team is friendly and helpful.
The next best broker for US citizens is Forex MegaDroid. They offer a very reasonable rate and have a very user-friendly interface that has a number of trading tools. You can even access the online trading account through your mobile phone or tablet. In fact, Forex MegaDroid has a wide variety of currency pairs so you'll never run out of trade options. Their trading software has been thoroughly tested and is very reliable and effective. There are no hidden charges, so you don't have to pay any upfront fees to start trading with them.
Our third best broker for us citizens is Fap Turbo. Although their fees are slightly higher than the other brokers on our list, they have a lot of features that really stand out and make trading easy for us citizens. The tools that they offer are extremely user friendly and include support for multiple trading currencies, news feeds, real-time alerts, market data updates, graphs, charts and alerts.