9 Best Forex Brokers in the USA
The 9 Best Forex Brokers in the USA revealed. This article presents an exclusive list of the top nine Forex brokers that have earned their reputation as reliable players in the US market and have successfully passed through strict scrutiny by American regulatory bodies.
This is a complete guide to the 9 Best Forex Brokers in the USA.
In this in-depth guide, you’ll learn:
- A Review of the Nine Best USA Forex Brokers
- How to Choose a Forex Broker.
- FAQs for Beginners.
- What is the Best Forex Trading Platform?
- Is Forex trading legal in the USA?
And lots more…
So, if you’re ready to go “all in” with 9 Best Forex Brokers in the USA
Let’s dive right in…
| Broker | Website | |
|---|---|---|
| 🥇 |  | Visit Broker |
| 🥈 |  | Visit Broker |
| 🥉 |  | Visit Broker |
| 4 |  | Visit Broker |
| 5 |  | Visit Broker |
| 6 |  | Visit Broker |
| 7 |  | Visit Broker |
9 Best Forex Brokers in the USA (2024*)
- ☑️OANDA – Best global instrument in North America.
- ☑️ TradeStation – Best Education Services for Beginners.
- ☑️ eToro USA LLC – Multi-asset platform in the USA.
- ☑️IG US – Offering advanced FX trading platforms.
- ☑️Interactive Brokers – Award-winning platforms with MT4.
- ☑️TD Ameritrade – Best Mobile app for trading brokers.
- ☑️FOREX.com – Award-winning trading platform.
- ☑️ATC Brokers – Best Premier brokerage firm in America.
- ☑️Fidelity Investments – Best investment solutions for professionals.
Best Forex Brokers in the USA
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | ✔️ Accepts USA Traders |
| OANDA | 👉 Open Account | 0 USD | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC | ✔️ |
| TradeStation | 👉 Open Account | 0 USD | SEC, CFTC, FINRA, NFA | ✔️ |
| eToro USA LLC | 👉 Open Account | 200 USD | CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, SIPC | ✔️ |
| IG US | 👉 Open Account | 250 USD | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA | ✔️ |
| Interactive Brokers | 👉 Open Account | 0 USD | CFTC, IIROC, FCA, CSSF, CBI, MNB, ASIC, SEHK, HKFE, KLB, MAS | ✔️ |
| TD Ameritrade | 👉 Open Account | 0 USD | FINRA, CFTC, SEC, SFC | ✔️ |
| FOREX.com | 👉 Open Account | 100 USD | NFA, CFTC, FCA, ASIC, JFSA, IIROC, CIMA, SFC, MAS | ✔️ |
| ATC Brokers | 👉 Open Account | 2,000 USD | CIMA, FCA, NFA | ✔️ |
| Fidelity Investments | 👉 Open Account | 0 USD | FINRA, SEC | ✔️ |
9 Best Forex Brokers in the USA
OANDA
Who should use OANDA?
OANDA best suits US traders seeking powerful trading tools and market access. It is aimed at those who value a trading platform that combines ease of use with complex features such as performance analytics and personalized watch lists.
What does OANDA do best?
OANDA excels in providing diverse currency pairs and a transparent and competitive pricing strategy. Their platform is enhanced by connecting with TradingView, which offers greater charting capabilities.
Where can OANDA improve?
OANDA could enhance its offers by increasing the number of account types available to traders seeking more than a spread-only account. Furthermore, providing more training tools dedicated exclusively to rookie traders may improve their standing among new market participants.
OANDA Pros and Cons
| ✔️ Pros | ❌ Cons |
| Extensive currency pair options | Limited to a spread-only account model |
| Integrated with robust TradingView graphs | Educational resources are not as abundant |
| There is no minimum deposit for account opening | Negative balance protection is not provided |
| User-friendly proprietary platform | The product portfolio is less diverse than that of some competitors |
| Extensive currency pair options for US traders |
TradeStation
Who should use TradeStation?
TradeStation is ideal for tech-savvy US traders searching for a powerful platform with advanced trading features, extensive charting, and analysis tools. It is particularly popular among people interested in stock and futures trading and Forex.
What does TradeStation do best?
TradeStation excels in providing a strong, highly customizable trading platform that includes a variety of tools for in-depth market analysis and strategy formulation. It is particularly well-known for its radar screen capability, which enables real-time monitoring of hundreds of symbols.
Where can TradeStation improve?
TradeStation may improve by making its platform more accessible to beginning traders, as the existing complexity may be intimidating for newcomers. Additionally, increasing their teaching materials to include more entry-level content could assist novice traders in making better use of their complex platform.
TradeStation Pros and Cons
| ✔️ Pros | ❌ Cons |
| Advanced trading platform with extensive customizability | Beginners face a steep learning curve |
| Excellent graphing and analytical tools | There are few resources for learning about Forex |
| Features include real-time market data and a radar screen | Higher pricing structure than some competitors |
| Comprehensive back-testing capabilities for strategy creation | Some advanced features require a minimum account balance |
| Access to a diverse set of markets, including stocks and futures | Platform fees apply unless specific activity levels are attained |
eToro US LLC
Who should use eToro?
eToro US LLC is best suited for US traders interested in social trading platforms and wanting community-driven investment techniques. It appeals to people interested in copy trading or following successful traders’ investment strategies.
What does eToro do best?
eToro thrives in its social trading network, allowing users to emulate expert traders’ moves, giving rookie traders a huge advantage. They also offer a user-friendly interface and a wide range of assets to trade.
Where can eToro improve?
eToro can improve by providing more complex analytical tools for experienced traders and expanding its teaching content for US markets. Furthermore, improving their customer service response times and offering more thorough support would improve their customer base.
eToro Pros and Cons
| ✔️ Pros | ❌ Cons |
| eToro is the top platform for social and copy trade | Limited advanced technical analysis tools. |
| Beginners will find the UI easy to use | Educational resources are limited compared to other brokers |
| There are a wide variety of trade instruments, including cryptocurrency | Spreads can be higher than those charged by other brokers |
| The fee structure is transparent | |
| There is no commission on stock trading |
IG US
Who should use IG US?
IG US is great for US traders seeking a reputable broker with a robust suite of trading tools and a dependable platform. It is ideal for people who need detailed market analysis and access to a wide range of international marketplaces.
What does IG US do best?
IG excels in providing a strong and versatile trading platform that is well-suited for advanced traders while remaining user-friendly for beginners. They are also well-known for offering diverse tradable markets and high-quality instructional resources.
Where can IG US improve?
IG could enhance its services and solutions by broadening its US offering to include more local stocks and futures. Some users have mentioned delays, so their customer service can be more responsive.
IG US Pros and Cons
| ✔️ Pros | ❌ Cons |
| US traders can access a diverse set of international marketplaces | A limited selection of US-specific products |
| IG offers a robust set of trading tools and excellent charting. | Customer support response time could be improved |
| Quality instructive content is available to traders of all levels | The platform might be too complex for absolute novices |
| The Commodity Futures Trading Commission (CFTC) regulates IG US | |
| There is access to a diverse set of international marketplaces |
Interactive Brokers
Who should use Interactive Brokers?
Interactive Brokers US is ideal for advanced traders and investors in the United States seeking a diverse set of investment alternatives and sophisticated trading tools. It is also an excellent solution for people seeking a global trading platform with access to various asset classes.
What do Interactive Brokers do best?
Interactive Brokers is notable for its extensive portfolio of tradable assets throughout worldwide financial markets and its advanced Trader Workstation (TWS) platform. The firm offers one of the most advanced trading environments, focusing on low-cost trading and fast order execution.
Where can Interactive Brokers improve?
Interactive Brokers could improve by making its platform more user-friendly for casual or new traders. The broker should also improve its customer care support by providing more immediate assistance, particularly during peak trading hours.
Interactive Broker’s Pros and Cons
| ✔️ Pros | ❌ Cons |
| Interactive Brokers offers a wide range of marketable assets and markets | A challenging platform with a steep learning curve |
| The Advanced Trader Workstation (TWS) platform is available to traders | During peak periods of activity, customer service may be less accessible |
| Competitive commission and margin rates | Low-balance accounts incur monthly inactivity penalties |
| Strong research and analysis tools | |
| US traders can access worldwide marketplaces |
TD Ameritrade
Who should use TD Ameritrade?
TD Ameritrade is ideal for US-based traders seeking a complete trading experience with one of the most technologically advanced platforms, thinkorswim. This platform is great for traders who need detailed research, configurable screens, and various professional charting tools.
What does TD Ameritrade do best?
TD Ameritrade stands out for its broad research services and diverse investment products, making it a top choice for traders who prefer a one-stop shop for all their financial and trading needs.
Where can TD Ameritrade improve?
TD Ameritrade could improve by offering forex-specific educational resources and tools to serve currency traders better.
TD Ameritrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| Extensive research and educational materials | Beginners may find the trading platform difficult to understand |
| Effective thinkorswim trading platform | Increased broker-assisted trade fees |
| There is no minimum deposit to start trading | There are no Forex-specific bonuses or promotions |
| Access to a diverse set of financial products | The platform may be overwhelming for forex-only traders |
| Superior client service with 24-hour support | Currency trading leverage is limited due to US restrictions |
FOREX.com
Who should use FOREX.com?
FOREX.com is designed for US forex traders who want to trade various currency pairs with tight spreads. They are ideal for traders who want to choose between a standard spread-based pricing methodology and a commission-based raw spread approach with smaller spreads.
What does FOREX.com do best?
FOREX.com stands out with a wide range of trading platforms, including MetaTrader 4 and its own FOREX.com platform, which includes comprehensive charting and analysis capabilities. They also offer a variety of educational tools for both rookie and advanced traders.
Where can FOREX.com improve?
FOREX.com can improve by expanding its offering of CFD products to give other options outside currency. Additionally, improving customer service to provide more personalized support may improve the user experience.
FOREX.com Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tight spreads across a variety of currency pairs | There are no strong incentives for high-volume trading |
| There are multiple trading platforms | The demo account expires after 90 days |
| Strong educational support for traders | Platform options can be challenging to browse |
| Competitive price and a straightforward fee structure | Aside from Forex, there are limited product options |
| An extensive toolkit for analyzing and trading | If you do not trade consistently, you will incur an inactivity fee |
ATC Brokers
Who should use ATC Brokers?
ATC Brokers is designed for experienced traders in the United States who want direct market access and can accommodate tactics such as scalping and high-frequency trading. They are well-recognized for delivering an ECN execution approach, allowing greater transparency and faster execution times.
What do ATC Brokers do best?
ATC Brokers specializes in a no-frills trading experience emphasizing execution quality and low latency, which might assist traders who use automated trading systems or want to reduce slippage.
Where can ATC Brokers improve?
ATC Brokers can improve by increasing training tools for new traders and offering a wider range of asset classes for trading. Additionally, improving customer service to be more responsive would benefit their clients.
ATC Brokers’ Pros and Cons
| ✔️ Pros | ❌ Cons |
| Direct market access through the ECN model | Not suitable for casual or inexperienced traders |
| Ideal for scalping and algorithmic trading | Increased minimum deposit required |
| Pricing is transparent, with competitive commissions | Limited educational resources |
| Provides the popular MT4 trading platform | There are no diverse account types. |
| Low latency and quick trade execution | Compared to other brokers, the instrument range is limited |
Fidelity Investments
Who should use Fidelity Investments?
Fidelity Investments is perfect for long-term investors and traders in the United States who want diverse investment options and powerful research tools. They excel at providing comprehensive market analysis, retirement services, and a diverse range of investment products.
What does Fidelity Investments do best?
Fidelity provides thorough research and analytical tools for investors seeking to make informed selections. Their costs are cheap, and there are no account minimums. They also have a reputation for providing good customer service.
Where can Fidelity Investments improve?
Fidelity Investments can improve its forex capabilities, as its services are mostly focused on stock trading and long-term investment options. Their trading platform should also be improved to accommodate busy day traders who require extensive charting and trading capabilities.
Fidelity Investments Pros and Cons
| ✔️ Pros | ❌ Cons |
| A diverse range of financial instruments are available | Limited Forex trading options |
| Robust research and retirement planning tools | The trading platform may lack advanced capabilities that day traders require |
| Competitive fee structure with no account minimums | The emphasis is on long-term investment rather than active trading |
| Excellent client service | There is no direct market access for currency trading |
| User-friendly web and mobile platforms | Educational resources are more investment-oriented than trading-focused |
How to Choose a Forex Broker in the USA
Choosing a Forex broker in the United States takes careful consideration of several essential elements to assure compliance with US rules and to meet your individual trading needs:
- Verify that the broker is registered with and regulated by the Commodity Futures Trading Commission (CFTC) and a National Futures Association (NFA) member. These are the key regulatory agencies that control forex trading in the United States.
- Novices must choose a broker that offers thorough instructional resources and demo accounts so they can practice trading without risk.
- US regulations limit leverage to 50:1 for major currency pairings. Make sure you understand the margin requirements and that they match your trading risk tolerance.
- Find out how simple it is to fund and withdraw from your account and whether the broker charges fees for these services.
- Analyze all trading costs, such as spreads, commissions, and rollover fees. In the United States, brokers may offer narrower spreads but demand greater commissions.
- Select a broker with a track record of quick and dependable trade execution, reducing slippage and guaranteeing that your trades are executed at the intended price.
- Because Forex markets operate around the clock, look for brokers who offer responsive customer service, ideally 24 hours a day.
- To protect your capital, look for brokers offering FDIC or SIPC coverage accounts.
- Make sure the broker’s trading platform matches your trading style, whether MetaTrader for advanced techniques or a bespoke platform with user-friendly features and integrated tools.
Conclusion
These brokers provide a diverse range of features tailored to meet the needs of American traders, including competitive spreads, advanced trading platforms, regulatory compliance with authorities such as the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), and robust customer support services.
Faq
MetaTrader 4 (MT4) is often regarded as the best trading platform in the United States due to its comprehensive features, customization options, and widespread adoption by multiple brokers.
Yes, forex trading is allowed in the United States and regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
For novices in the United States, brokers such as TD Ameritrade and IG US are suggested due to their user-friendly platforms, substantial instructional resources, and customer service.
Professional traders in the United States frequently choose Interactive Brokers or ATC Brokers because of their advanced tools, competitive pricing, and direct market access.
The CFTC and the NFA oversee forex trading in the United States, enforcing rigorous limits on brokerage operations to safeguard retail traders.
Yes, some Forex firms in the United States provide no-swap Islamic accounts. However, availability varies, and traders should check with the broker directly.
Profits from Forex trading are taxed in the United States, and traders must record winnings as capital gains on their tax filings.
To confirm a Forex broker is regulated in the United States, check their registration with the NFA using the NFA’s BASIC system, which offers regulatory information on approved firms.
| Broker | Website | |
|---|---|---|
| 🥇 | | Visit Broker |
| 🥈 | | Visit Broker |
| 🥉 | | Visit Broker |
| 4 | | Visit Broker |
| 5 | | Visit Broker |
| 6 | | Visit Broker |
| 7 | | Visit Broker |
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