Broker accepting US clients offering mini accounts and dow futures

[bdayberr]

So I have been pulling my hair out trying to find a broker that I can actually use. Nearly everyone worth using doesn't take US clients and I am unfortunately not well-off enough to own property or have residence in another country and open an account that way. And since CFDs aren't allowed to be sold in the US, I am trying to find someone that will let me trade something like the Dow on a margin account. As a side note from someone somewhat new to the financial sector, I find it very sad that the US government seems to stack the deck against it's own citizens (unless they're rich) from being able to fully participate in the financial markets.

Here's ultimately what I need from a broker:

- Accepts US clients
- Offers something that strongly correlates with the Dow, ideally the Dow emini
- Offers FX pairs
- Offers mini and ideally micro lots
- Reasonable margin requirements 5% or less
- Can start an account with $1000

Also if they had an MT4 platform that would be even better but at this point I'd be happy to find a broker that will let me trade period.

I am sorry if I am not up to par on all my financial industry knowledge so if I am asking for the impossible or stupid questions please tell me.

 

[wackypete2]

Since you are a US resident you may be asking the impossible. Welcome to the land of the free. Now go and do as you are told.

The government does what it wants because ONLY 25% of all eligible voters actually get out and vote and 1/2 of those who do vote just punch the ticket all the way down along party lines regardless of what the issues are. Not much threat to politicians.

Sad state of affairs here anymore.

 

[bdayberr]

Since you are a US resident you may be asking the impossible. Welcome to the land of the free. Now go and do as you are told.

The government does what it wants because ONLY 25% of all eligible voters actually get out and vote and 1/2 of those who do vote just punch the ticket all the way down along party lines regardless of what the issues are. Not much threat to politicians.

Sad state of affairs here anymore.

It really is BS that they make it impossible for any upward mobility whatsoever. Oh you have $1000 that you'd like to invest and make a better life for you and your family? Well F you if you weren't born with a silver spoon in your mouth you are out of luck how about you go apply for another credit card or better yet go buy another home you can't afford so the rich guys on wall st can get even richer.

Seeing as its seemingly impossible to get in this market since I am an american, what are my options? Stick to forex?

 

[Mr Stone]

I am sorry if I am not up to par on all my financial industry knowledge so if I am asking for the impossible or stupid questions please tell me.

I saw your post and wanted to help out. I think with that mini capital standard FX from the US is a waste of time and energy, short term options or binary options would I think provide you with everything that you are wanting to achieve at least in the very short term first steps in....Anyway, here are the three deadly sins that most forget/dont know/ignore that if you read and remember, regardless of what you end up trading should help to keep you safe


1. Have you read the terms and conditions. Are you OK to sign them!
Do not underestimate this first point. We are in a day and age of tick boxing off permissions without giving a second glance. Look at the T's and C's at least once and I guarantee you whatever else happens at least you will know more than you would have!

2. How long does a withdrawal take to process AND get returned to you?
Processing time and Return time my friends are two different things. Total withdrawal time is processing time (how long before money is taken out the balance) + return time (normally3-5 days depending on the bank you use). No guarantee's if you are using a dodgy broker if they would stick to what they promise, but at least know it up front!

3. Bonuses. "There is no such thing as a free lunch" Still very much true. Everything comes at a price. There are two types of bonuses "Pending" and "Cash". Pending is useless to anyone who wants a bonus as you have to trade a certain amount of volume in trades before it is released as cash into the account. For example. I deposit $1000 and receive a $200 pending bonus based on 30 X volume. That means ONLY after I trade $6000 in trades will I get my bonus money. Like I said, useless. Cash is simpler. I deposit $1000 and receive a $500 cash bonus, leaving my account balance at $1500 cash able to trade. The catch? The cash bonus also has a volume requirement of 30 X volume. So, in the case of a cash bonus I know that if I want to make a withdrawal, I first must complete the volume required, that is to say, make trades equal to the value of 30 X the bonus amount.

Between brokers volume amounts may differ. Anything up to 45 times should be acceptable enough to most who want extra capital to trade with, in my mind its a fair enough trade off as most people are happy to trade a month or so before trying to take cash out of the balance, if not every couple of months or so.

My best advice to all is go with a broker with a good rep. Someone who answers chats, support emails etc. These things are easy to check. Simple send off some questions or go and chat and see how they feel, instinct will guide you well. If you want extra security for yourself, it is always nice to get things in writing. If you are being offered a bonus, ask them to email you the info and the volume requirement so that you have a hard copy of it all. It is very hard to argue if you have no proof....

I hope that helps