Recommended FOREX Brokers

If you're new to forex trading and need to open a brokerage account, you should choose wisely and I have a few recommendations for you but first you need to understand that US Citizens are not allowed to open accounts with foreign brokers. So, if you're an American like myself, then this really narrows down your options..

My personal favorite Forex broker is Oanda and they have locations around the world so their not just a US broker any more. I've been trading with Oanda since the year 2000. They have great financials, a great track record, an enormous number of clients, small spreads, and never seem to screw me on my stops. There are now a lot more brokers available who may have smaller "advertised" spreads so shop around if spreads are your main concern.

To get some CASH BACK on your own trades, I highly recommend that you sign up with a forex broker through Cash Back Forex. They have rebate agreements with MANY brokers worldwide and receive a commission on every trade you make (at no extra cost to you) and then they share it with you. PLUS they will pay you a percentage of anyone's rebates that you refer to them. So, if you sign up through my affiliate link here, I will receive a small rebate from your trading, and you'll also receive a rebate from your own trading, and anyone else you refer and anyone they refer too. It does not cost you anything. These rebates come from the broker's normal spreads. You can either get some of it back or let the broker keep it all, so you may as well get some back!

Cash Back Forex has a nice Broker search engine on their website. Just click "Forex Brokers" from their menu (top left of their site) and use their search engine to find a broker that meets your needs. Oanda is listed there too.

Also, as a recommendation, I would avoid FXCM. CLICK HERE to read FXCM's latest fraud violation regarding their new "No Dealing Desk" platform. I've traded with FXCM on and off over the years and even with their new "No Dealing Desk" platform, I've had trouble getting orders filled. I don't care what their website says. It doesn't work well with the MetaTrader4 platform. I got requote after requote and missed a lot of trades because they just wouldn't fill the orders unless the market was moving quickly against me. Then no problem. So what good are their super small spreads if they don't fill most of your orders? It's no wonder FXCM was fined $7 million for fraud on that platform and the owners banned from CFTC registration. So don't trade with FXCM! Getting your orders filled instantly will save you a lot more money than smaller spreads while never getting your orders filled. Oanda fills EVERY order INSTANTLY, no requotes and no questions asked! You can open an Oanda account at Cash Back Forex and get rebates on your own account. My clients have said many good things about IC Markets too so check them out as well.

ALSO, if you already have a Forex Brokerage account and would like to start receiving rebates on your own account, even at the same broker you're with now, just open a new account through Cash Back Forex and you'll start getting rebates on your own account, even if it's at the same broker you're with now.

To find a good non-US broker, you can check the Forex Broker reviews here and then go over to Cash Back Forex and sign up for a live account to get your rebates.

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HOW TO SET UP AN MT4 ACCOUNT AT OANDA:

Getting your MT4 account set up is a little tricky and I've had a few people get stuck on this process so I thought I would add this here...
 
When you log into the Oanda website, choose FX Trade.
Uncheck the box that says "Launch Trading Platform".
 
Then choose "Add Sub-Account".
Under "Account Type" choose: V20 Metatrader 4.
Give it a name like MT4-1 (you may add more accounts later).
Choose a base currency for your funds on deposit and choose 100:1 leverage or 50:1 if that's the highest available. Then click SAVE. Do not choose anything higher than 100:1. The maximum leverage available to you will vary from country to country.
 
It should then ask you to choose a password for your MT4. Once you have your MT4 login info, you need to download and install MT4. Click #3 on this page to download: https://www.oanda.com/forex-trading/platform/metatrader-platform
 
After download, SAVE the installation file on your desktop. If you will be trading from a VPS, copy and paste this installation file onto your VPS desktop. Double click this installation file to install MT4 on your device. If you will be installing more than one instance of MT4, you will need to change the name of the MT4 directory at this point. (See the instructions in the section below for installing multiple MT4s). After installation, use your MT4 login info (not your Oanda website login). The MT4 username will be your account number.
 
IMPORTANT: To enable hedging on your MT4 account (at non US brokers), you often must choose this option in your sub-account section. Hedging is required if you will be trading more than 1 robot on the same currency pair, like both GBP/JPY robots. However, this option is not available for US clients at any US broker. Therefore, US clients will need to open 2  MT4 sub-accounts and install 2 separate MT4 platforms to trade 2 different robots on the same currency pair. BOTH MT4 platforms will need to run simultaneously so make sure you have plenty of disk space and RAM.

HOW TO INSTALL MULTIPLE MT4 PLATFORMS ONTO A VPS

The easiest way to get MT4 onto your VPS is to download the MT4 installation zip file onto your home computer. Then copy and paste the MT4 zip file onto the desktop of your VPS.
 
Double click it to start the first installation on your VPS. It will create a "MetaTrader" folder under the folder Program Files (x86). Close MT4 when it opens automatically and delete the 2 desktop icons it creates. Open the MetaTrader folder in Windows Explorer under c:\This PC\Local Disk\Program Files (x86) and change the name of the MetaTrader folder to something like OANDA-1 (or the name of your broker).
 
 
Then open the OANDA-1 folder, right-click over the Application file and choose "Create Shortcut".
 
 
Then Rename your new shortcut "OANDA-1" or "MT4-1"...
 
 
 
Double Click your newly renamed shortcut to open MT4 then copy and paste that shortcut onto your VPS Desktop. You can now open this MT4 from that shortcut on your VPS desktop.
 
 
Since you changed the MetaTrader directory name, you can now install another instance of MT4 without over-writing the previous installation. Repeat the steps above for each additional instance of MT4 but give each installation a unique name like OANDA-2, OANDA-3, etc.
 
To install the EAs, create a Roulette Trader folder on your VPS desktop. Then copy the EA files on your home computer and paste them into the Roulette Trader folder on your VPS. From there, you can copy the EA files into each separate installation of MT4. Open the Data Folder in each MT4 and you can paste the files in the appropriate folders of each one like an assembly line. In the MT4 Navigator that displays the Experts folder on the left side of MT4, right-click over "Experts" and choose "Refresh" so your newly installed EA files will appear.
 
After installation and EA setup is complete, close each MT4 and reopen them from your new desktop icons. This will save your current settings and make sure MT4 recognizes all of the new files.
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U.S. Government Required Disclaimer - Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The purchase, sale or advice regarding a currency can only be performed by a licensed Broker/Dealer. Neither us, nor our affiliates or associates involved in the production and maintenance of these products or this site, is a registered Broker/Dealer or Investment Advisor in any State or Federally-sanctioned jurisdiction. All purchasers of products referenced at this site are encouraged to consult with a licensed representative of their choice regarding any particular trade or trading strategy. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

Clearly understand this: Information contained in this product are not an invitation to trade any specific investments. Trading requires risking money in pursuit of future gain. That is your decision. Do not risk any money you cannot afford to lose. This document does not take into account your own individual financial and personal circumstances. It is intended for educational purposes only and NOT as individual investment advice. Do not act on this without advice from your investment professional, who will verify what is suitable for your particular needs & circumstances. Failure to seek detailed professional personally tailored advice prior to acting could lead to you acting contrary to your own best interests & could lead to losses of capital.

*CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN