I'm an FXCM orphan. Regardless of their shady practices and lies, I have enjoyed trading on their Trading Station platform for years. It is simply the best as far as I am concerned. Now that it is revealed that FXCM has always been a market maker, it seems silly to go looking for a U.S. based broker that is not, as they all are. And actually, I knew this because I do read the details in the client agreements and they specifically state that FXCM may, at their discretion, take the opposite side of your trade. Who cares? Unless you are using ultra tight stops and/or gambling during volatile news periods, it's not an issue.
So now I have done many hours of research, trying to figure out which broker I will go with. I find that there are 2 choices - Gain Capital/Forex.com or Oanda. Any other U.S. based brokerage is really just an introducing broker to one of these two. It's pointless to add a layer to an already expensive spread.
Sure, I could jump through the hoops and spend the money on setting up an offshore corporation (I already trade within my U.S. corporation) but that is so tedious and expensive and the end result is that then my choices would include all the fly-by-night brokerages in various 3rd world countries that don't make me feel secure about my money. I'm not a micro lot trader. I do this for a living.
So what to do? I'll probably go with Forex.com. They seem to be the lesser of the two evils. Their platform is ugly, amateur and the data appears to be slow but it's better than Oanda's. And Oanda nickel and dimes you for everything.
Anyway, I'd be interested in any thoughts on this topic. There are a lot of us that will be searching for alternatives.
So now I have done many hours of research, trying to figure out which broker I will go with. I find that there are 2 choices - Gain Capital/Forex.com or Oanda. Any other U.S. based brokerage is really just an introducing broker to one of these two. It's pointless to add a layer to an already expensive spread.
Sure, I could jump through the hoops and spend the money on setting up an offshore corporation (I already trade within my U.S. corporation) but that is so tedious and expensive and the end result is that then my choices would include all the fly-by-night brokerages in various 3rd world countries that don't make me feel secure about my money. I'm not a micro lot trader. I do this for a living.
So what to do? I'll probably go with Forex.com. They seem to be the lesser of the two evils. Their platform is ugly, amateur and the data appears to be slow but it's better than Oanda's. And Oanda nickel and dimes you for everything.
Anyway, I'd be interested in any thoughts on this topic. There are a lot of us that will be searching for alternatives.
U.S. Broker Choices (FXCM Orphan)
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