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In the video Petko does not recommend Oanda.com. Oanda.com is not registered with the Commodity Futures Trading Commission and is not a member of the National Futures Association.
I use Oanda.com for their demo accounts but DO NOT have a live account.
*Correction – When I searched NFA for “Oanda.com” it did not show they were a registered forex broker. However, when I later searched NFA for “Oanda Corporation” it did show they were registered.
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Trading.com is probably the best at the moment. They are the only broker registered with the CFTC and NFA that offer MT5 for US citizens to my knowledge. I have asked IG, Oanda, and Forex.com for 6 years to add MT5 and none of them have any plans to do so.
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Trading.com is an offshore forex broker and accepts U.S. traders. Fortunately, they are regulated by NFA. The good thing about Trading.com is as an offshore broker they do not need to follow the FIFO rule.
It seems U.S. forex brokers are stuck with only providing MT4. It could be because MT5 allows hedging which is not allowed in the U.S.
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I think it’s a bit more complex than that, but I’m not sure. I think it’s more like Binance.com who also runs Binance.us, the latter not being offshore for US citizens even though the parent company is. I think to be registered with the NFA and CFTC means following their rules on those accounts for US citizens, which includes FIFO sadly. MT5 accounts can be netting or hedging, and I haven’t opened one to find out yet, but I suspect it is netting only and FIFO compliant for US citizens, meaning it’s no more offshore than Forex.com. But I’ll have to wait to hear from someone who has opened a live account with them and tried. ;-)
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Oanda is registered with the CFTC and the NFA according to the bottom of their website:
“OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821. More Information is available using the NFA Basic resource.”
I have accounts with both them and Forex.com and preferred them over Forex.com for trading conditions. I have not yet opened an account on Trading.com yet to compare.
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Aaronpriest – I searched NFA for Oanda.com and it did not show them as being regulated. I just now searched NFA for Oanda Corporation and it did show them as being regulated. My bad! Thanks for the correction.
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That’s strange, they’ve been registered since 1996 or so. Must have been the search parameters, the .com not searching right or something weird. Glad you found them!
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Weird, I agree. I can search NFA Basic for Forex.com and it comes up as registered. However, IG.com does not. No consistency!
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Haha, yeah, must be something weird with their search functionality. Most registered brokers will list their NFA number and you can search for that too.
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I have a live account with Trading.com and they do NOT allow hedging and they have FIFO rules just like all the other brokers. But I do like them for their tight spreads and MT5.
My favorite broker is Forex.com because they offer 2x more data than any other US broker that I know about.I have tested IG, Oanda, Trading.com, and Forex.com, and my EAs made more money on Forex.com.
I plan to do another broker test to see if this is still the case.-
Jaylon,
You are correct! Trading.com is located in New York and is a registered broker. I was thinking about FXGlory.com. They are offshore and accept U.S. traders. FXGlory.com does not have the FIFO rule. Also, you can hedge as long as the second trade in the opposite direction is placed after 7 minutes from the first trade.
Sorry for the confusion!
*FXGlory.com is not NFA registered.
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Good morning. As a beginner EA trader, I’m still using Demo accounts with Oanda. I’m frustrated with the FIFO error messages. As the last post here was almost 6 months ago, any broker recommendation for a newbie in the USA?
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Hi Julio,
All brokers in the US have to obey the FIFO rule.
Alan,
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Thanks for the info Alan.
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