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I copied the following from the Waka Waka website!
Does your EA support FIFO?
The EA itself supports FIFO without problems, so there are no problems in principle here. However, most of the brokers available in the USA provide terrible trading conditions, so profitable scalping is only possible with a few of the US brokers.I spent a good deal of time testing brokers available for US citizens and so far found only two brokers with trading conditions that allow scalping to be profitable: Oanda and Coinexx. Oanda is heavily regulated, but with worse trading conditions compared to top choices like IC Markets, Pepperstone, RannForex.
I estimate that with risks of 0.01 lot per $100 of your deposit one can have about 50% made per the average year with Oanda (while it is about 100% with other brokers listed above). The other 50% will be eaten away by higher spreads, slippages and commissions. Now, Coinexx provides good trading conditions comparable to IC Markets. But it is an offshore broker, so not everyone will be comfortable working with it
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I wonder how well Waka Waka would work with Trading.com? They are the only regulated USA broker offering MT5 with FIFO compliance, but I don’t know how good they are as I have never used them. I use Coinexx and their trading conditions are very good, but their support can take weeks to respond to any issue, if they respond at all, and all transfers need to be via crypto which has it’s own set of tax complications, not to mention the headaches of FBAR/FinCEN reporting for foreign accounts. Oanda.com and Forex.com are just trash for trading conditions. Regulation has only given us the two worst brokers and removed the ability for US citizens to use any reputable brokers like IC Markets, Pepperstone, etc.
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