Best Forex Brokers in USA for 2024

Last updated Jun 17, 2024

We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Forex brokers USA based on our analysis:

  1. 1
    FOREX.com Logo
    FOREX.com - Best US Forex broker - Broker with many years of history and a global reputation. A variety of deposit methods. A wide variety of available markets and products.
  2. 2
    IG Logo
    IG - Licenses from regulators with a high level of credibility. Tight spreads. A variety of markets and products.
  3. 3
    Trading.com Logo
    Trading.com - Low trading fees. Multiple deposit and withdrawal methods. Quality technical support.
  4. 4
    Oanda US Logo
    Oanda US - Tight spreads. Advanced trading platforms. Quality analytics.
  5. 5
    eToro Logo
    eToro - A social network for traders. Good selection of trading instruments. Fractional shares purchasing.

We've researched and compiled a list of the best US Forex brokers to offer you access to trustworthy trading accounts right now. Read on to discover which Forex brokers have made our list and why they are considered the best in the U.S. for 2024!

Top 5 Best US Forex Brokers

1
Register68-81% of retail investors lose money when trading CFDs with this broker
Foundation Year2000
Minimum Deposit
$100
2
Register68-72% of retail investors lose money when trading CFDs with this broker
Foundation Year1973
Minimum Deposit
$1
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2017
Minimum Deposit
$5
4
Foundation Year2001
Minimum Deposit
$1
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2006
Minimum Deposit
$200

We review the top US Forex brokers, comparing their services, trading fees, platforms, regulatory compliance, Forex pairs, and customer support. This comparative analysis aims to help traders find the best regulated US Forex broker suited to their needs.

1. FOREX.com

FOREX.com Logo
1
Register68-81% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexStocksETFIndicesCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
FOREX.comNinja TraderMetaTrader 4TradingView
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Bank Transfer
Логотип Credit and Debit Cards
compare FOREX.com trading accounts

FOREX.com is an excellent broker for trading in the Forex and CFD markets. They offer fast execution speeds, a wide selection of currency pairs, and other assets for trading. Their customer service is outstanding, and multiple financial authorities regulate them.

Pros and Cons of FOREX.com

Pros

  1. Broker with many years of history and a global reputation.
  2. A variety of deposit methods.
  3. A wide variety of available markets and products.
  4. Advanced analytical tools and daily updates from the company's professionals.
  5. Comprehensive educational materials for all levels of traders.

Cons

  1. Lack of specialized accounts.
  2. High transaction fee on DMA Account.

2. IG

IG Logo
2
4.1/5
IG review
Register68-72% of retail investors lose money when trading CFDs with this broker
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4IG Trading PlatformL2 Dealer
Deposit/withdrawal:
Логотип PayPal
Логотип Bank Transfer
Логотип Credit and Debit Cards
compare IG trading accounts

IG is a highly regulated broker with licenses from reliable financial authorities, providing clients with high funds protection. Thanks to narrow spreads, traders can effectively manage their costs and increase the profitability of their operations. Quality trading platforms and advanced analytical tools support informed trading decisions, while extensive educational resources make IG attractive to traders of all experience levels.

Pros and Cons of IG

Pros

  1. Licenses from regulators with a high level of credibility.
  2. Tight spreads.
  3. A variety of markets and products.
  4. Extensive set of analytical tools and content.
  5. Quality educational resources for different levels of traders.

Cons

  1. Limited choice of trading accounts.
  2. High trading fee on DMA account.
  3. Inactivity fee.
  4. Limited choice of payment methods.

3. Trading.com

Trading.com Logo
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
StocksIndicesForexPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Bank Transfer
Логотип Credit and Debit Cards
compare Trading.com trading accounts

Trading.com is an attractive choice for traders due to its low commission policy, which makes trading more affordable. Using the MetaTrader 5 platform satisfies traders' needs for modern trading tools and functionality. Additionally, the broker supports various deposit and withdrawal methods without additional commissions, which is convenient for clients from different countries.

Trading.com is suitable for experienced traders who do not depend on the broker's training materials and analytics and who are looking for low-cost trading in a wide range of traditional financial instruments.

Pros and Cons of Trading.com

Pros

  1. Low trading fees.
  2. Multiple deposit and withdrawal methods.
  3. Quality technical support.

Cons

  1. Limited educational materials.
  2. Sparse analytics.

4. Oanda

Oanda US Logo
4
Countries of registration:
Trading Assets
ForexCryptocurrency
Trading Platforms
MetaTrader 4TradingViewfxTrade
Deposit/withdrawal:
Логотип Bank Transfer
Логотип Automated Clearing House (ACH)
Логотип Credit and Debit Cards
compare Oanda US trading accounts

Oanda is an excellent choice for US traders seeking a reliable and regulated broker with competitive spreads and various trading assets.

With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.

Pros and Cons of Oanda US

Pros

  1. Tight spreads.
  2. Advanced trading platforms.
  3. Quality analytics.
  4. Extensive learning section.

Cons

  1. Limited trading account types.
  2. Inactivity fee.
  3. High swaps.

5. eToro

eToro Logo
5
3.8/5
eToro review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
eToro
Deposit/withdrawal:
Логотип PayPal
Логотип Neteller
Логотип Skrill
Логотип Klarna
Логотип Rapid Transfer
Логотип Sofort
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Trustly
Логотип POLi
compare eToro trading accounts

eToro stands out from other brokers due to its unique combination of trading services and social features, making it particularly attractive to traders interested in innovative approaches to investing. Narrow spreads and the ability to buy securities in fractions simplify access to different assets, while the social network allows users to share strategies and copy trades of successful traders, which is a big plus for beginners and those looking for new investment ideas. The simple and intuitive interface makes the platform accessible even for those who are just starting their trading journey.

eToro is best suited for beginner traders who are looking to capitalize on the social aspects of trading and do not require complex individual trading account settings. The platform is also ideal for those looking for an active community to share ideas and strategies.

Pros and Cons of eToro

Pros

  1. A social network for traders.
  2. Good selection of trading instruments.
  3. Fractional shares purchasing.
  4. Narrow spreads.

Cons

  1. Only one trading account is available.
  2. eToro has its own trading platform, but there is no alternative to it.
  3. Poor customer support performance.
  4. Delays and hidden fees during fund withdrawal.

Forex Trading in the US

Forex trading is legal in the United States. Still, it significantly differs from trading in other parts of the world, mainly because Forex brokerage services in the U.S. must adhere to stricter financial regulations.

In Europe, the regulatory environment for companies is relatively straightforward and clear. A broker applies for a license from European regulatory bodies, allowing it to accept users from across the EU. Essentially, a broker regulated by the Financial Conduct Authority (FCA) in the United Kingdom can accept Forex traders from Ireland, Germany, Bulgaria, Italy, and all other EU member countries.

In contrast, the Forex in the USA is not as flexible. Brokers licensed in the EU cannot accept clients from the U.S. This is primarily because stricter rules protect American citizens. Forex brokers registered with the relevant U.S. authority (NFA) must adhere to more rigorous regulations and face more severe penalties than anywhere else.

The Dodd-Frank Act and Consumer Protection

Why does U.S. legislation impose stricter sanctions on its residents? The current state of the U.S. Forex market is a response to the severe impacts of the global financial crisis of 2007-2010.

After many investors suffered significant losses at the hands of brokers and financial institutions, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010. This legislation reformed the previously inadequate regulatory system, compelling brokers to adhere to higher standards by introducing greater transparency and accountability into the financial system.

Following its enactment, many brokers and retail US traders panicked and left the country, leaving a vastly different Forex environment behind. Today, fewer Forex brokers operate in the U.S. than elsewhere, primarily due to the Dodd-Frank Act.

Notably, in 2018, the U.S. Congress and President Trump passed a bill that rolled back significant portions of the Dodd-Frank Act, arguing that it harmed small and medium-sized banks not responsible for the financial crisis. It's probably no coincidence that many Forex brokers returned to the U.S. in the same year.

The Role of the CFTC and NFA

So, who ensures compliance with the Dodd-Frank Act?

Two institutions enforce this act and regulate the American Forex market: the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

To operate in the U.S., Forex brokers must first register with the CFTC. This requirement applies to Forex brokers and those not registered in the U.S. but who wish to serve American clients.

The mission of the CFTC is to maintain a transparent and fair financial market by curbing fraudulent market activities, preventing any form of market manipulation, and stopping financial abuses. Any companies violating these rules will face direct actions to avoid any harm or further damage to clients, including substantial fines and sanctions.

The NFA, a division of the CFTC, implements regulatory programs to protect the integrity of the Forex market, and it is where American brokers must register. The NFA works to regulate individuals and companies participating in the U.S. financial industry and maintains honest and ethical business practices.

Both agencies work together to manage the conduct of member firms following their rules. The NFA and CFTC also act as judge and jury in any arising disputes with consumers.

Forex Regulations in the USA

Regulated Forex brokers accepting US residents must adhere to certain limitations and meet requirements. Here are the most important ones:

1. Capital Requirement

The capital requirement for American companies is one of the most significant differences between the USA and other countries. According to NFA requirements, U.S.-registered brokers must have a minimum capital of no less than $20 million to maintain client positions without declaring bankruptcy. Additionally, any broker whose liabilities exceed $10 million must have 5% of this amount. The requirement is significantly lower in Cyprus, home to many Forex dealers – from approximately $42,000 to $1 million. After Cyprus joined the European Union, it became an attractive option for Forex brokers, allowing them to trade under less stringent regulations than most other EU countries, let alone the USA.

2. Leverage Restrictions

The USA has fewer Forex dealers with high leverage compared to other jurisdictions. Users often seek companies that offer high leverage to clients, as it can potentially increase their winnings. This is one of the main reasons for the success of the Forex industry – it doesn't require traders to have substantial capital at the outset. However, higher leverage can also lead to more significant losses. For this reason, American brokers, like those in the UK, are limited by maximum leverage. In the USA, Forex brokers are restricted to a maximum leverage of 50:1 for most major currencies. By contrast, Australian brokers have no such leverage restrictions. As a result, you won't find US-based Forex brokers with high leverage.

3. Hedging is Prohibited

In currency trading, traders can use specific strategies for more effective outcomes. Hedging is one of them, and it helps minimize potential losses. For example, if your sell order isn't performing as expected, you might place a buy order. Why is hedging not allowed in the USA? Regardless of the protection it may offer, traders in the US cannot hedge trades on the global Forex market as regulators believe it could be disadvantageous to traders due to high commissions and trading costs.

4. Registration with the CFTC

Forex brokers in the USA must be registered with the CFTC and regulated by the National Futures Association (NFA). Upon registration, brokers receive a unique registration number. All registration numbers are displayed in the CFTC’s online database, which is publicly accessible. Users considering registering with a broker can first check if the broker is regulated by the Commodity Futures Trading Commission (CFTC).

5. Ensuring Fund Security

Last, the NFA regulates the security of traders' funds, ensuring they do not lose their money. This is achieved in several ways. Firstly, the NFA monitors and ensures that all registered brokers keep their funds in segregated accounts, separate from those managed by the broker. American companies cannot run off with client funds if something goes wrong. Forex brokers usually clearly state this on their website, and it's something to pay attention to when researching companies. But look no further, as we've done the heavy lifting for you and compiled a list of the USA's most reputable and best Forex brokers for beginners.

How Forex Regulation in the USA Differs from Other Countries

Before registering with a Forex broker, it’s crucial to check its status, affiliation, and location. Websites often boast low brokerage commissions and high leverage (which implies increased risk). However, most sites are operated from outside the United States and may not be registered with a responsible authority in their country of operation.

In many cases, even those sites with local permission might not be registered with the relevant U.S. authority. Separate government bodies regulate different countries, each setting its own rules and standards regarding offered leverage, required deposits, reporting requirements, and investor protection, depending on the broker's location.

How to Choose the Best Forex Broker US

Selecting a trusted broker is critical for successful online trading in the international currency market. To identify a top Forex broker in the United States, it's essential to carefully evaluate a range of critical parameters that align with your personal requirements and trading style. It’s crucial that the chosen broker meets your expectations and lacks drawbacks that could hinder your trading. When choosing a Forex broker, consider the following aspects:

  1. Broker Regulation. Give preference to brokers licensed by authoritative regulatory bodies such as the CFTC, NFA, or SEC in the USA, ensuring the broker's reliability and transparency.

  2. Account Types. The choice of account type should match your experience and the size of your trading capital. Assess whether the broker offers accounts that are suitable for you.

  3. Trading Platforms. The convenience and functionality of trading platforms are significant, so choose a broker with the most comfortable platforms for your trading strategies.

  4. Trading Conditions. It is essential to evaluate conditions like spreads, commissions, minimum deposits, and lot sizes to ensure they meet your requirements.

  5. Customer Support. Check the quality and responsiveness of customer service and the availability of communication methods that are convenient for you.

Considering all these criteria, you can make an informed choice of a Forex broker. We recommend starting with a demo account to practically test the broker's services in the context of an American client.

How the List of Best Forex Brokers in the US Was Compiled

The selection of the best Forex brokers in the United States was based on a set of considered criteria:

  1. The ranking of brokers was conducted considering our Forex broker comparison.

  2. Best brokers received high scores according to our established methodology.

  3. All the listed companies provide services that accept US clients.

These standards ensure that the brokers included in our list meet stringent reliability criteria and offer the trading conditions necessary for safe and effective Forex market operations.

Conclusion

Choosing the right broker is crucial in trading spot Forex, as in any other aspect of life or business. The best US brokers are those that offer a variety of features and services, appealing to a broad range of traders.

If you are new to Forex market trading, conduct thorough research and compare different dealers before making a decision. Once you've chosen a regulated broker, utilize all their resources to learn as much as possible about trading Forex.

FAQ

What is the best Forex broker in the USA?

The best forex broker in the USA is often determined by their regulatory compliance, trading conditions, and overall reputation. Some of the top forex brokers in the USA include:

  1. IG: Offers a wide range of trading instruments, competitive spreads, and an advanced trading platform. IG is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

  2. OANDA: Known for its user-friendly platform, competitive spreads, and strong regulatory oversight. OANDA is regulated by the CFTC and NFA.

  3. Forex.com: A well-established broker with competitive pricing, advanced trading tools, and a wide range of trading instruments. Forex.com is regulated by the CFTC and NFA.

These brokers are recognized for their strong regulatory frameworks, excellent trading platforms, and competitive trading conditions, making them some of the best choices for forex trading in the USA.

Yes, Forex trading is legal in the United States. However, it is subject to strict regulations enforced by bodies such as the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Brokers offering Forex trading services in the USA must be registered with these regulatory agencies to operate legally.

How to Start Trading Forex?

To start trading Forex, you should educate yourself about the Forex market and trading strategies. Then, choose a reliable Forex broker, preferably one regulated in your country. Open a trading account, deposit funds, and start trading using a platform. It's recommended to begin with a demo account to practice without financial risks.

Can You Profit from Forex Trading?

Yes, it is possible to profit from Forex trading. However, it requires a good understanding of the Forex market, effective trading strategies, risk management, and a disciplined approach. Remember that Forex trading involves significant risk, and it's possible to incur losses.

Why Some Forex Brokers Don't Accept US Clients?

Some Forex brokers do not accept US clients due to the stringent regulations and licensing requirements imposed by U.S. authorities. Compliance with these regulations can be challenging and costly for brokers, leading some to opt out of the U.S. market.

Forex Trading Taxation in the USA

In the USA, profits from Forex trading are subject to taxation. Depending on their trading activities, traders must report their earnings as foreign income or capital gains. It's advisable to consult with a tax professional to understand specific obligations and ensure compliance with U.S. tax laws.

Minimum Capital Required to Start Forex Trading

The minimum capital required to start Forex trading varies by broker. Some brokers allow you to start trading with as little as $50 to $100. However, it's important to consider that starting with a small amount may limit your ability to manage risks effectively.

Is Forex Trading Suitable for Beginners?

Forex trading can be suitable for beginners, but it requires a commitment to learning and understanding the complexities of the Forex market. Beginners should start by educating themselves, practicing with demo accounts, and starting small to manage risk effectively.

Is Copy Trading Available in the US?

Yes, copy trading is available in the US but is subject to regulatory restrictions. Copy trading platforms and brokers offering such services in the USA must comply with regulations set by authorities like the CFTC and NFA. As a trader, ensure you choose a regulated and reputable platform for copy trading.

Can US Citizens Trade Forex Internationally?

US citizens can trade Forex internationally, but they must ensure that the foreign brokers are registered with the CFTC or NFA if they offer services in the USA. Due to stringent US regulations, many international brokers do not accept US clients. Therefore, US traders need to verify the regulatory compliance of any international broker they consider.

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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