Unlike in Europe where regulations are not as strict, it takes a lot more to become registered as a Forex broker in the US. There are 2 main institutions to oversee Forex trading operations in the US – the CFTC (Commodities Futures Trading Commission) and the NFA (National Futures Association). The SEC (Securities and Exchange Commission) may also intervene, although it is not usually involved in the Forex market. A Forex broker should thus either be:
Both Gain Capital and Oanda have the necessary qualifications to operate in the US, but they aren’t the only brokers looking to expand into the US. The region has, for a long time, been monopolized by FXCM, and now the door’s open for any other broker.