When choosing a FOREX Broker, it's important to choose a government regulated broker who must meet specific minimum financials with an extreme obligation to operate ethically. You should avoid non regulated brokers or those operating on a casino license, like most binary options brokers do. Your broker must also offer instant trade execution on the MT4 platform without requotes. From my experience, here are some good brokers you should consider...
FOREIGN BROKERS (outside the USA)...
Blueberry Markets is my personal favorite outside the USA. It's a government regulated broker located in Sydney, Australian. They allow hedging and 500:1 max leverage (far more than you need). They do not accept US "residents" but as a US citizen myself, I was able to open an account there with my US passport and showing that I have a foreign address in Brazil. They can accept bank wires directly from my bank in the USA, as well as US credit cards too. As an American, they have been the easiest foreign broker to open an account with. You just need proof of an address outside their banned countries (USA, Canada & Japan). So, you can be a citizen from the banned countries as long as you have an address outside that country (utility bill or bank statement). They accept residents from all other countries. Their "Standard" accounts (US$100 minimum deposit) have very tight spreads. Their "Professional" accounts (US$2000 minimum deposit) have spreads 1 pip smaller than their standard accounts but with a $7/100k Lot commission instead.
GET MY TRADING ROBOTS FOR FREE...
I like Blueberry Markets so much, I became an introducing broker for them and that allows me to give you my trading robots for FREE if you simply open an account through my referral link. In fact, I will give you 1 FREE robot for every $300 you deposit so you can use your money for trading instead of paying for the robots. Just open your account through my referral link, make your deposit, then contact me to tell me which robots you want. I only make a few cents per trade in rebates so it could take a very long time to replace the cost of the robots but I'm ok with that. It's really just a way for us both to win and leaves you with more funds to start trading with. The only catch is that your FREE MT4 Robots will only work on your account at Blueberry Markets but you'll never need to pay for one of my robots again! Here are the instructions again in a nutshell...
- CLICK HERE to open a live account at Blueberry Markets. (You may open an MT4 demo to test it out first).
- Deposit at least US$300 (or USD equivalent) for each FREE robot you want after your live account is approved.
- CLICK HERE to choose your MT4 Forex Trading Robots
- CLICK HERE to tell Don which robots you want. I will confirm your account from my end.
US REGULATED BROKERS...
My favorite Forex broker in America is OANDA and they have locations around the world so they're not just a US broker. I've been trading with Oanda since the year 2000. They have great financials, a great track record, an enormous number of clients, and never seem to stop-hunt.
Oanda has larger spreads than most brokers these days but they fill MT4 trade orders instantly and never reject them with an "off market" reply (like some brokers do). Their excellent trade execution will save you a lot more money than smaller spreads at a broker that rejects many of your orders. Oanda fills EVERY order INSTANTLY, no requotes and no questions asked!
To find other good forex brokers, you can check the Forex Broker reviews on MyFXBook.
HOW TO SET UP AN MT4 ACCOUNT AT OANDA:
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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.
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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