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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
FOREX.com caters to forex traders with a wide selection of tradable currencies, low account minimums, and a notable trading platform. It's a suitable option for traders seeking a home base for their currency trading. FOREX.com offers a comprehensive education and research center with free forex trading courses at various skill levels, which both new and experienced traders can benefit from.
This broker accepts U.S. clients and is regulated in the U.S. by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). FOREX.com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.
- Minimum deposit: $100
- Inactivity fee: $15 or currency equivalent per month after 12 months of inactivity
- Currency pairs: 80+
- Trading platforms: MT4, MT5, Advanced Trading (desktop), Web Trading platforms, TradingView and NinjaTrader
- Maximum leverage: Up to 50:1
Pros
- Easy-to-navigate platform
- Extensive educational resources and research tools
- Regulated in seven Tier-1 jurisdictions, one Tier-2 jurisdiction, and one Tier-4 jurisdiction
- Advanced customizable charting tools
- Comprehensive forex trading app
- Offers MetaTrader 4 and MetaTrader 5 to U.S. traders
Cons
- $15 per month inactivity fee after no trading activity for 12 months
- Average spreads are a bit higher than other low cost brokers
Plus500 is a derivatives broker based in Europe that offers forex trading (and more) for a host of traders, especially the most advanced traders or those who prefer to trade on mobile. The platform has all the information you need on the assets in which you choose to invest, and you can start buying into the foreign currency market if you’ve always planned to add currency pairs to your portfolio.
Demo accounts allow you to practice if you're new to the platform. Plus500 offers a streamlined trading experience that appeals to beginners seeking a user-friendly experience and offers an expanding selection of educational content. On the flip side there are no stumbling blocks for advanced traders who simply want to sign up and get to work.
- Minimum deposit: $100
- Inactivity fee: $10 or currency equivalent per month after 3 months of inactivity
- Currency pairs: 60+
- Trading platforms: Web Platform and Mobile App
- Maximum leverage: 1:300
Pros
- Web platform and mobile app feature robust charting, providing a consistent experience across devices
- 2,800 tradable symbols that can be traded as CFDs
- No withdrawal fees
- Regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC)
Cons
- Lacks some advanced tools making it less attractive for active traders
- High stock CFD fees
- No MT4
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
IG Group accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading. IG offers a variety of investment choices for forex trades.
- Minimum deposit: No minimum deposit for bank transfers and a $300 minimum deposit for credit/debit cards and PayPal
- Currency pairs: 82
- Trading platforms: ProRealTime, MT4 and L2 Dealer
- Maximum leverage: 50:1
Pros
- Platform is designed to be user-friendly for beginners
- Mobile and tablet platforms provide the same level of functionality as the desktop version
- Margin rates are easy to understand and affordable
- Highly trusted
Cons
- U.S. traders can currently only trade forex
- Customer service options are lacking