Ox Securities Broker for US clients

[dsamardzic]

Im a noob. Signed up for Galileo using Forex.com and was disappointed to find I could only trade currency pairs. After much search to find a broker that takes US clinets and supports gold/silver/crypto and stock trading for US customers, I found Ox securities. Others (including forex.com and oanda) offer only Forex. Most wouldnt even take me on as a customer (eg peppermint).

My question now that I found a broker is which version to sign up for: Standard or pro. In their defintiion the difference is

• Pro Account: Spreads start from 0.0 pips, and a commission of $7 per lot (round trip) is charged.
• Standard Account: There is no commission charge, but spreads start from 1.0 pips.

My guess is we want the tighter spreads as Gailelo makes a lot of trades per week, but Im a true novice and dont know. Any insight from any of you guys on which is the better way to go before I commit to one or the other?

 

[MadDawg]

Opening a demo account. We'll see how this goes. So far the only choice I've seen for a US account.

 

[scrappyjedi]

Im a noob. Signed up for Galileo using Forex.com and was disappointed to find I could only trade currency pairs. After much search to find a broker that takes US clinets and supports gold/silver/crypto and stock trading for US customers, I found Ox securities. Others (including forex.com and oanda) offer only Forex. Most wouldnt even take me on as a customer (eg peppermint).

My question now that I found a broker is which version to sign up for: Standard or pro. In their defintiion the difference is

• Pro Account: Spreads start from 0.0 pips, and a commission of $7 per lot (round trip) is charged.
• Standard Account: There is no commission charge, but spreads start from 1.0 pips.

My guess is we want the tighter spreads as Gailelo makes a lot of trades per week, but Im a true novice and dont know. Any insight from any of you guys on which is the better way to go before I commit to one or the other?

A lot of factors to consider. What is your account size going to be and how much volume do you plan on trading. For larger volume of trades, the Pro Account is often a go to; however, each trader has their own choice to make. You can set up Galileo FX to be aggressive and trade a ton on a given day/week or a more conservative approach. The choice is yours

 

[MadDawg]

The Ox people are quite nice and responsive to questions. My Live account has been established with a nominal amount of funds. My deposit was made with a Fed Wire Transfer which was the only way I could get it done with my bank. Next step is to add a Demo account to practice trading with. I will report my success or failure in getting that done.

 

[MadDawg]

Demo account is open. Quite easily too. Trading in demo begins tonight when the forex market opens.

 

[chy5398p]

In OX Securities, it does offer forex, stocks, cryptocurrencies, indices, metals (including gold and silver), and commodities one single account. If you want to trade forex, cryptocurrencies, indices, metals (including gold and silver), and commodities, you can use the trading platform MT4 or MT5. If you want to trade stock, you have to use the trading platform called IRESS, which Galileo does not support. Also, if you open a demo account from OX, you end up with a demo account that resembles a PRO account, where you pay US$7 for each two-way transaction (buy and then sell, or vice versa) in lots size of 1.0 (100,000 unit in US dollar), and Galileo FX AI program will only trade with investment options that have the suffix “PRO” (mainly EUR/USD, GBP/USD, USD/CAD, USD/CHF, XAU/USD (gold/US Dollar), and XAG/USD (silver/US dollar)), but not others, such as cryptocurrencies and indices.

 

[juankinus]

Demo account is open. Quite easily too. Trading in demo begins tonight when the forex market opens.

Any updates? I just bought the software and will begging trading soon.

 

[MadDawg]

Yes. Have both a demo and live account. Actively demo trading BTC, ETH, and XAU. If you live in the US you will most likely need to fund your account with a Fed wire transfer. Hope to start live trading XAU this next week. Still tweaking the others.

 

[Jborremans]

Im a noob. Signed up for Galileo using Forex.com and was disappointed to find I could only trade currency pairs. After much search to find a broker that takes US clinets and supports gold/silver/crypto and stock trading for US customers, I found Ox securities. Others (including forex.com and oanda) offer only Forex. Most wouldnt even take me on as a customer (eg peppermint).

My question now that I found a broker is which version to sign up for: Standard or pro. In their defintiion the difference is

• Pro Account: Spreads start from 0.0 pips, and a commission of $7 per lot (round trip) is charged.
• Standard Account: There is no commission charge, but spreads start from 1.0 pips.

My guess is we want the tighter spreads as Gailelo makes a lot of trades per week, but Im a true novice and dont know. Any insight from any of you guys on which is the better way to go before I commit to one or the other?

I am a newbe as well and we have the same experience. It was rather a disappointment to find out that only currencies could be traded with the recommended Brokers. Will look into OX Securities. BTW, any other suggestions for Brokers that can handle Silver/Gold/Crypto and Indexes?

 

[juankinus]

I am a newbe as well and we have the same experience. It was rather a disappointment to find out that only currencies could be traded with the recommended Brokers. Will look into OX Securities. BTW, any other suggestions for Brokers that can handle Silver/Gold/Crypto and Indexes?

Same here... I was hoping to trade crypto, since currencies don't move that much. If you find any options to trade any of these from the US, please share.

 

[MadDawg]

Ox is the only one I know of. Working a demo account now with a small live account standing by. Trading crypto and gold in the demo account.

 

[MadDawg]

Live trading with XAUUSD and happy with it. Will continue demo trading BTCUSD and ETHUSD on a second install of MT5. So far so good.

 

[Bernie]

I have been looking at using Ox Securities to trade XAUUSD but have some reservations about doing this because of the US regulations with trading XAUUSD utilizing leveraging as a resident of the United States.

Does anyone have an opinion on the below?

As a U.S. resident, there are specific regulatory restrictions that could explain why you're unable to use leverage to trade XAU/USD (gold) with Ox Securities or any other forex broker. Here's why this may be the case:

1. U.S. Regulatory Restrictions (CFTC and NFA Regulations):

The Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) regulate financial markets in the U.S. and impose strict rules on the amount of leverage that can be offered to U.S. residents for trading commodities, including gold (XAU/USD).

• For retail forex trading (including XAU/USD), the CFTC has imposed leverage limits. As of recent rules, brokers offering forex trading to U.S. residents are generally restricted to offering a maximum leverage of 50:1 on major currency pairs and 20:1 on non-major pairs or commodities like gold.
• These rules were introduced to protect retail investors from taking excessive risks, given the high volatility of forex and commodities markets.

2. Broker Compliance with U.S. Regulations:

Brokers that offer services to U.S. residents must be registered with the CFTC and be members of the NFA. If Ox Securities is not registered with these regulatory bodies, they are prohibited from offering leveraged trading on forex or commodities to U.S. clients.

It's possible that Ox Securities may not be offering trading to U.S. residents because they do not want to comply with the CFTC and NFA regulations or they have other operational reasons to exclude U.S. traders.

3. Leverage Restrictions on Gold (XAU/USD):

Gold (XAU/USD) is considered a commodity in the eyes of regulators. The CFTC places higher restrictions on leveraged trading in commodities for U.S. residents. U.S. residents may not be able to access higher leverage for XAU/USD due to these limits, even if a broker is willing to offer it.

In summary, the primary reason you can’t use leverage to trade XAU/USD as a U.S. resident is due to the regulatory restrictions imposed by U.S. financial authorities (CFTC and NFA). These regulations limit the amount of leverage that can be offered to retail traders in the U.S. to protect them from excessive risk. If you want to trade XAU/USD with leverage, you will need to use a U.S.-regulated broker that complies with these rules.