Why do some forex brokers not accept US clients?

US clients face strict CFTC and NFA rules that limit leverage to 1:50 max, ban hedging, require transparent pricing, and prohibit many bonuses. These requirements raise compliance costs significantly for international brokers, who find it easier to avoid the US market entirely. Only brokers registered as Futures Commission Merchants can serve Americans, a small group dominated by local firms like Oanda or Interactive Brokers. Offshore brokers risk massive fines for serving US persons without proper licensing. US traders must use CFTC‑regulated entities, while non‑US traders gain access to higher leverage elsewhere.