Trading Forex In The USA: How To Start
Forex trading is extremely popular in the USA, and the national market is very active and diverse. The best Forex brokers in the world offer all kinds of trading opportunities here, and regulators ensure that every market intermediary is transparent and secure. However, there are so many brokers on the US market that choosing the best one becomes a rather difficult task. To help you with the decision, we’ve made a brief guide to becoming a Forex trader in the US with a few decent brokers to start with.
How to become a trader
While the Forex market provides many profitable opportunities even for novice traders, you should not enter it completely unprepared. Make sure to learn the basics: take some online courses or look for an educational program that can help you understand how the market works. Many brokers offer them for free, so make sure to make the most of it. Before you enter the market, you should learn how it works, what affects prices, how to perform technical and fundamental analysis, and so on.
Once you feel that you’re ready to try your hand at trading, it’s time to choose a broker. While you can indeed find many major brokers for trading Forex in the USA, not all of them are suitable for complete beginners. That’s why we’ve compiled a list of the most novice-friendly and reliable brokers out there.
eToro
Founded in 2007, eToro is widely known as one of the best Forex brokers in the world. The broker has many available currency pairs with leverage of up to 1:30. The minimum initial deposit is $200, but the copy trading service requires at least $500 to be used. By the way, eToro’s social trading features are exceptional, and many traders prefer them over any other copy trading services.
Oanda
Oanda is a well-regulated international Forex broker that has been around since 1996. It’s known as a secure and novice-friendly company with attractive trading conditions. The minimum deposit is just $1, but the broker doesn’t provide any serious training for novice traders.
Interactive Brokers
One of the most reputable US investment companies, Interactive Brokers allows you to trade currency pairs with tight spreads and relatively low fees. The company is secure, well-regulated, and especially suitable for beginners: the broker has many educational materials covering the most crucial aspects of Forex trading, and you can use them for free.