Originally Posted by AshFX
Dear Traders,
As you many of you are already aware, the CFTC (Commodity Futures Trading Commission in the US), is potentially going to implement a new law for all US forex brokers. Namely, that leverage shall be reduced to 10:1.
Now, I know a few people say, "this 10:1 leverage will be a good thing for newbies". This, my fellow trader, is absolute nonsense. Firstly, we live in a free world, what on earth happened to the freedom of choice? Secondly, the high leverage is WHY I got into Forex in the first place. It's why many people got into Forex. It's the main reason why there are worldwide communities. Online Forex made the trading world a much smaller place, where many friendships have been formed.
If you want to stay with your current US broker and be confined to a 10:1 leverage, that's entirely your choice, and good luck. But if you want that freedom, and want to trade with the leverage that allows you to test certain strategies, EAs, etc... then you need to get out of the US. As for which broker, then that's another matter, since there are surely going to be many ready to pounce on the flood of clients leaving US brokers.
Contrary to popular belief, there are actually quite a few good brokers across the globe that are trustworthy and still offer the freedom of 100:1 leverage and above.
The guide attached, prepared by myself and Michael, is an attempt to help traders in finding such a broker. If you have any other brokers which you think are worth a mention, please do so, explaining your reasons - your feedback would be appreciated.
Hope this helps,
Regards,
AshFX
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