Many international Forex brokers not accept US traders. The main reason for this is the Dodd-Frank Act. On July 21, 2010 president Obama signed the Dodd-Frank wall street reform and consumer protection act. The new rules goal is to regulate financial markets like futures, options, stocks and Forex.
In order offer Forex trading service for US residents, the Forex broker must be authorized and regulated by following bodies:
NFA – the National Futures Association.
CFTC – Commodity Futures Trading Commission.
Register to these two bodies isn’t an easy task and most of the international brokers didn’t do this yet.
Brokers Accepting US residents:
ZuluTrade – exist since 2006 and accept traders from US. The company CFTC Member ID = 0389149. Here you can ZuluTrade detailed review.
To check ZuluTrade registration on NFA site click here
Summary
Working with regulated broker ensures the safety of your funds so it’s highly recommended to work only with regulated brokers.
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