FOREX.com is our top pick for the best US forex broker for its wide range of currency pairs and trading tools, user-friendly platform, excellent customer support, regulations by top-tier authorities, reliability and customer satisfaction.
Forex traders in the U.S. enjoy the protection of a stringent regulatory framework aimed at safeguarding both consumers and traders against forex fraud. Prior to accepting U.S. traders, forex brokers are required to obtain registration as Retail Foreign Exchange Dealers (RFED) from the Commodity Futures Trading Commission (CFTC) and be regulated by the National Futures Association (NFA) as Futures Commission Merchants (FCM).
To help you find the right broker, we have compiled a list of the best forex brokers. These U.S regulated brokers offer competitive spreads, reliable trading platforms, excellent customer support and more to ensure a smooth trading experience for U.S. residents.
Quick Look: Best Forex Brokers
- Best Offerings, Excellent Trading Conditions: FOREX.com
- Best for Professional Traders: Interactive Brokers
- Best for Transparency: OANDA
- Best for Fast Execution: tastyfx
Compare US Forex Brokers
| Best For | Earning Cashback on Trades | Active and Global Traders | Forex and CFD Trading for Mobile Users |
| Rating | 5 | 5 | 4.5 |
| Read Review | Forex.com Review | IBKR Forex Review | Plus500 Forex Review |
| Currency Pairs | 80+ | 100+ | 60+ |
| Account Minimum | $100 | $100 | $100 |
| Spreads | As low as 0.0 pips | As low as 1.10 | Start at 1.0 |
| Inactivity Fees | $15 per month inactivity fee after no trading activity for 12 months | $0 | $10 a month after three months of no trading activity |
| Commissions | Fixed $7 USD per $100k USD traded | 0.08 to 0.20 bps times trade size, with no hidden spreads or markups | $0 |
| Supports US Traders? | Yes | Yes | Yes |
| Trading Platform | MetaTrader 4, MetaTrader 5, NinjaTrader, TradingView, Trading Central, Web Trader, Mobile Trading App and Desktop | IBKR GlobalTrader, Trader Workstation (TWS), Trading Central, Desktop and Mobile | Mobile, Desktop and Trading Central |
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Best Forex Brokers for U.S. Traders
U.S. clients have fewer options when choosing forex brokers due to tighter regulations. The following list is several of the best forex brokers for U.S. clients.
Best Offerings and Excellent Trading Conditions: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
Why We Picked It: FOREX.com truly caters to forex traders with a wide selection of currency pairs, low account minimums, a notable trading platform with extremely customizable charting tools, and their mobile app provides the same access as the desktop version. You'll also have the option to trade on MT4/MT5 or TradingView.
Overview: FOREX.com is a leading forex trading platform offering a range of features for both beginners and advanced traders. They were founded in 1999, giving them an long standing history of reliability and trust among users. This broker is regulated in the U.S. by the CFTC and NFA.
- Minimum Deposit: $100
- Active Promotions: Up to 5% cashback of initial deposit for new traders; Active trader cash rebates
- Forex Pairs: 80+
Best for Professional Traders: Interactive Brokers
- Best For:Active and Global TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
Why We Picked It: IBKR offers competitive spreads, low commissions and transparent pricing with no hidden fees. It's particularly popular for algorithmic trading, thanks to its advanced technology. A standout feature is its ability to integrate forex trading with other assets, allowing traders to manage a diversified portfolio from a single account.
Overview: Interactive Brokers (IBKR) offers a comprehensive trading platform for spot currencies. With access to 20+ currencies and over 100 currency pairs, it provides advanced tools for institutional and individual traders. IBKR offers tight spreads, direct access to interbank quotes, and liquidity from global banks, making it appealing for high-volume and professional forex traders.
- Minimum Deposit: $100
- Active Promotions: None
- Forex Pairs: 100+
Best for Transparency: OANDA
Why We Picked It: OANDA offers a variety of trading platforms to meet the needs of different types of traders. The broker is known for its competitive spreads and offers margin rates starting at 2% for major pairs like EUR/USD. Clients have access to a diverse range of instruments, educational resources, including webinars, trading guides and market analysis.
Overview: OANDA is a well-established online broker, founded in 1996, offering a range of trading services with a strong emphasis on transparency and advanced technology. The broker is regulated by the CFTC and NFA, ensuring a secure trading environment.
- Minimum Deposit: $0
- Active Promotions: Trading bonus credits of 50% of your initial deposit, if you deposit a minimum of 25 USD.
- Forex Pairs: 68
Best for Fast Execution: tastyfx
- Best For:$10,000 Funding BonusVIEW PROS & CONS:securely through tastyfx's website
Why We Picked It: tastyfx provides a user-friendly and intuitive trading platform with competitive spreads, fast execution and 24/5 customer support. They offer an impressive range of currency pairs, comprehensive trading packages, excellent trading conditions and fast execution (less than 1 second).
Overview: tastyfx, formerly IG Markets, offers tight spreads starting at 0.8 pips and $0 commissions. It provides access to over 80 currency pairs, advanced tools like MetaTrader 4 and TradingView, and supports both manual and automated trading.
- Minimum Deposit: $250
- Active Promotions: Cashback rebate and bonus up to $10K for new users
- Forex Pairs: 82
How to Choose a Forex Broker
There are several important features to look at before choosing a forex broker. Consider the following:
Account Features
These features are considered the baseline for the operational requirement you might have when starting to trade forex with a U.S. broker. Some account features to look for include:
- An easy to use mobile trading app with the same or similar features as the desktop version
- Access to advanced trading tools for things like technical analysis and fundamental analysis
- Unique features such as copy trading, algorithmic trading or swing trading
- VPS hosting
Initial Deposit
Initial deposits usually have a minimum threshold. If you want to dip your toes in the forex market and start small, pay attention to brokers with favorably low minimum deposits.
Leverage and Margin
Leverage, aka margin trading, is the ability to take outsized forex trades by borrowing funds from the broker. Some offshore brokers offer extraordinary leverage of up to 1:1000, but in the U.S., this number is limited to 1:50. You can trade by using as little as a 2% margin, which is adequate for most traders.
Commission and Spreads
Commissions and spreads fall into the fee category — the broker makes money from these charges. The commission is a volume-based fee, while the spread is the broker’s markup on buying or selling price.
Choosing between those often depends on your trading style. If you’re a short-term trader (scalper), you might prefer commissions since a higher spread might diminish your profitability.
Ability to Easily Deposit and Withdraw Funds
Withdrawing and depositing funds is all about convenience. The brokers usually offer bank transfers and credit cards, but If you have a particular payment service you prefer, make sure it is available.
Regulatory Compliance and Reputation
Regulatory compliance is the first step toward trustworthiness and building reputation. Yet, what takes years to build might take only days to destroy. The U.S. forex community is well-connected, and negative broker feedback spreads fast through forums and social media.
Currency Pair Offers
Currency pairs are the bread-and-butter product for any forex broker. Although virtually all brokers offer the few most popular pairs (majors), pay attention to their minor currency listings, especially the less-popular pairs known as exotics.
Trading Tools
Quality software is the cornerstone of any trading operation. While some traders use a naked chart and follow only price action, others might require the assistance of complex trading tools like multi-timeframe indicators or expert advisors (EAs). Make sure that the selected broker meets your requirements.
Trading Platforms
Forex brokers offer various trading platforms depending on the broker's capabilities as well as the region you live in. By providing access to trading platforms such as TradingView, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), a broker can offer the tools necessary for traders to make informed decisions and achieve successful trades.
These trading platforms provide all the features that are necessary for successful trading. For instance, they allow traders to view the real-time market prices and analyze the various trading strategies. This way, traders can clearly identify trends in the currency markets and make informed decisions regarding their trades.
Customer Support
Customer support is like an emergency kit. You might not realize it is there until it becomes the most important thing in the world. Quality customer support provides peace of mind, so keep an eye on its ratings.
What is the Commodity Futures Trading Commission (CFTC)?
The Commodity Futures Trading Commission (CFTC) is a key regulatory body in the United States mandated by Congress to oversee the nation's derivatives markets. Its primary objectives include safeguarding market integrity, enacting efficient regulations for market participants, and mitigating the risks of fraudulent activities.
The CFTC's jurisdiction extends across a diverse array of markets, encompassing commodities futures and options, foreign exchange, exchange-traded securities, and over-the-counter (OTC) securities.
In conjunction with the CFTC, market participants are typically required to hold regulatory standing with the National Futures Association (NFA), an industry-based self-regulatory organization (SRO) empowered by the CFTC to assist in enforcement efforts.
Forex brokers operating within the U.S., adherence to CFTC regulations is mandatory, resulting in a highly regulated environment that fosters trust among global traders. These agencies conduct due diligence, enforce capital requirements and adhere to other regulatory standards. Those standards include limitations to risk with 50:1 leverage for major currencies or 20:1 for minor and a steep capital requirement of $20 million.
Frequently Asked Questions
Why do most forex brokers not accept U.S. clients?
The U.S. market is heavily regulated. While European regulatory requirements might be from $100,000 to $500,000, the National Futures Association (NFA) has a capital requirement of $20 million for a U.S.-based forex broker — representing a significant hurdle for many global brokers.
How do I know if a forex broker is trusted?
There are multiple ways you can protect yourself from a fraudulent broker. Regulation should be a preliminary factor in the research. It might not be a guarantee, but a lack of it is a clear red flag. You should check online communities and read traders’ reviews and complaints. Stick to public communities like forums and beware of biased commentary from either side. You can also check the Financial Industry Regulatory Authority (FINRA) and browse its database. Finally, factor in word of mouth. If you talk to other traders, ask for direct opinions and listen to their experiences.
Can I trade forex without a broker?
Trading forex without a broker is possible. You can do this by having bank accounts in multiple currencies and then swapping between them or using P2P currency exchange platforms. Finally, even going to a physical money exchange is an act of trading forex. However, these options are not as practical and come with higher fees.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and spreads, fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.0 with fixed $7 commissions per 100,000
- Powerful, purpose-built currency trading platforms like MT4, MT5, TradingView and NinjaTrader
- Monthly cash rebates with FOREX.com’s Active Trader Program
Learn more about FOREX.com powerful trading platform and how you can get started today.
About Stjepan Kalinic
Forex, Equity Analysis, and Financial Education