Here is a compiled list of the top CFTC-registered US Forex Brokers with Comparison. Pick the best Forex Brokers in USA who can help you to trade trusted forex in the US:
Forex brokerage is common in the United States and a common practice is the provision of ECN and DMA types of accounts, although market-making is also common among brokers.
The former provides attractively low spreads but they charge a commission, although most ECN and DMA brokers also offer trading rebates for large-volume traders to reduce those commissions. Standard accounts may not apply a commission, but spreads are relatively higher compared to ECN and DMA.
The fee charged on top of raw spreads on ECN and DMA broker platforms is a huge differentiator among brokers. We find that different trading platforms offer different assets for trading.
Table of Contents:
Best US Forex Brokers: Trusted Trading Platforms

Different platforms also empower traders differently depending on the features and tools supported. These also matter when selecting the best forex brokers in USA.
This tutorial discusses how to choose the best forex broker in the United States and what factors to consider. We also provide a list of the best U.S. forex brokers with which you can start researching the best broker platform.
The below image shows the US foreign exchange market turnover:
[image source]
Global FX turnover by currency and pairs:
[image source]
As seen above, the USD, EUR, and JPY currencies dominate the foreign exchange market turnover while the USD/EUR remains the most traded according to the latest data.
Who is this article for?
This research is for beginner to advanced traders looking for a broker with whom to trade forex in the United States. You may use our research to decide or further enrich your research for the best forex trading platforms U.S.
We consider and compare brokers across different factors that include trading fees, bonuses and promotions, trading rebates, and extra offers for high-volume traders, spreads, trading platforms supported, in-house and third-party trading tools supported, types of accounts offered, and user support.
This research can be used by providers of FX products, services, and platforms to better their services/products.
Suggested Read =>> Top Forex Brokers of the Biggest Financial Markets
List of the Best Forex Brokers in USA
Here is the popular list of Forex Brokers for US Traders:
- Forex.com
- IG
- OANDA
- FXCM
- TD Ameritrade/Charles Schwab
- Interactive Brokers
- eToro
Comparing The Top US Regulated Forex Brokers
Name of broker | Trading Platforms | Max Leverage | Minimum Deposit | EUR/USD Spreads | Commissions |
---|---|---|---|---|---|
Forex.com | MT4, MT5, MT5 Mobile, MT Mobile, TradingView, MT WebTrader, MT VPs, API, NinjaTrader. Forex.com iOS/Android | 1:50 | $100 | 1.3 pips | Flat $5 commission per standard lot (100K) |
IG | MT4, MT5, ProRealTime, IG Mobile/web/desktop/iPad/tablet app, L2 Dealer, IG Forex app for spot forex trading. | 1:20, 1:30, or 1:50 depending on currency pairs. | $0 but depends on the method, e.g. $50 for credit/debit cards. | 0.86 - 1.13 pips | $0 for US clients. |
OANDA | OANDA Mobile, Web, TradingView, MT4, APIs. | 1:50 | $0 | 1.58 pips | $0.01 per trade |
FXCM | Trading Station, TradingView Pro, MT4, ZuluTrade, Capitalise AI, and APIs. | 1:100, 1:200, 1:400, or 1:1000 | 50 CCY | 0.20 pips | $3.92 to 4.88 total. Advantage Plus zero commissions |
TD Ameritrade | Thinkorswim desktop/web/mobile, TD Ameritrade mobile apps, Stocks Overview web-based investment platform, and SnapTicket web-based investment platforms. | 1:50 | $0 | 1.2 pips | $0 for forex. It is reflected in the spreads |
Detailed review:
#1) Forex.com
Best for active traders and VIP corporate accounts.
Forex.com provides markets for 80+ currency pairs including the US dollar, and 8+ others. The CFTC, Futures Commission Merchant (FCM), and the National Futures Association regulated it in the US.
Some reasons for using this platform to trade forex in the U.S. include support for automated trading, diverse trade analytics tools, and trading rebates for large-volume traders. With huge popularity among U.S. clients, it certainly ranks as the best U.S. forex broker in 2023.
How to trade on Forex.com in the USA
Step #1: Apply for a trading account.
Step #2: Fund account.
Step #3: Download the platform of your desire on your trading gadget, e.g. desktop or mobile, or use the web. Log in to the account and start trading.
Other Features:
- Trading tools include Capitalise.ai for automated trading, SMART Signals for getting statistics-based trade ideas and signals, and Trading Central for expert analyses and signals.
- Account performance analytics to discover your trading performance.
- Trading analytics, including technical and fundamental analysis e.g. through Technical Tuesday, Weekly Updates, market research, Quarterly Market Outlook, Currency Pair of the Week, and Forex Friday. You also get trading ideas, news, economic calendars, trade alerts, webinars, trading courses and lessons, tutorials for trading platforms, and general usage guides.
- A dedicated relationship manager and professional webinars are available for VIP accounts.
- Over 80 technical indicators and extensive support for third-party tools that support social and copy trading, market trading opportunity scanners, and signal provision.
Specifications:
Trading Platforms Supported | MT4, MT5, MT5 Mobile, MT Mobile, TradingView, MT WebTrader, MT VPs, API, NinjaTrader. Forex.com iOS/Android. |
Account Types | Standard, Raw Pricing, MT5, MT4, Corporate Account, and IRA accounts.VIP accounts (fund with at least $10,000, trade $50M of volume in a calendar month, or maintain an available daily balance of $25,000 for new clients. Existing clients should have a daily balance to qualify and achieve a monthly trading volume of $200,000 to continue enjoying VIP trader status). |
Max Leverage | 1:50 |
Regulation | CySEC,FSA, CFTC, FCM, NFA |
Minimum Deposit | $100 |
Why did we select this broker?
In addition to the known low spreads starting at zero for major pairs, active traders managing high volume can further reduce trading costs by enjoying rebates and VIP status. Cash rebates also apply to standard accounts.
Pros:
- High (up to 4.5%) interest rate paid on average daily available margin for new and existing customers. 5% cash back on initial deposits.
- High volume trading rebates. Up to $10 per $10million traded.
- The Active Trader Program offers a waiver on bank fees for both deposits and withdrawals.
Cons:
- Low preference as a diversification platform beyond forex and CFDs.
Pricing/Charges: Raw Spread Accounts attract a commission of between 0.7 to 2.8 pips for majors and up to 225 pips for rarest + a flat $5 commission per standard lot (100K) charged when trade is executed. Standard Accounts attract a spread-only charge and no commissions. Margins from 0.5% to 20% on FX.
Other Potential Charges/Costs: $15 inactivity fees when the account is dormant for a year. No withdrawal and deposit processing costs. Roll-over fees of +/- 2.5% benchmark regional interest rate.
Further Reading => Most Popular Forex Brokers in the UK
#2) IG
Best for portfolio diversification besides trading forex; social trading; and corporate accounts.
IG supports over 80+ forex pairs and CFDs on forex but clients can also trade indices, forex, commodities, cryptocurrencies, shares, ETFs, interest rates, knock-outs, bonds, rates, and options.
IG is a strong contender for the best forex broker U.S.A., not only due to the great and extensive trading features and platforms supported as well as products and services offered, but also because of the huge popularity with 300,000+ clients and having operated since 1974.
It provides tools for performing robust trade customization, social and copy trading, and many other tools to support a forex trader, e.g. market analysis and performance analytics.
How to trade on IG in the USA?
Step #1: Decide what and how you would like to trade, learn how forex markets operate, visit the IG website or apps, and create a trading account. You can also start with a demo account.
Step #2: Choose a forex trading platform and download and install it if needed, even as you build a trading plan.
Step #3: Deposit funds for your account.
Step #4: Access the trading platform and proceed to place trades. Most platforms have guides on how to place trades on them.
Other Features:
- Build algorithms with the supported automated trading tools, integrated access to leading charting packages through ProRealTime, and 100+ indicators to enable the customization of trading practice. Also, traders can split charts up to four times on the trading apps, and trade directly from charts. Subscribing to ProRealTime, an advanced charting package, costs $40 per month.
- Live price data feeds also incur some fees when trading CFDs.
- IG Academy, expert opinions and analyses, financial events tracking, trade ideas,
- Track and analyze your trading activity to understand and improve it. Risk management strategies, such as stop-losses and take-profits are also available.
- DMA comes with benefits like more liquidity, market depth, greater order control (using advanced order types such as pegged, fill or kill, execute and eliminate, good for auction, percentage of volume), and after-hours trading.
- IG Community forum. Post, share, and discuss trading ideas and related stuff.
Specifications:
Trading Platforms Supported | MT4, MT5, ProRealTime, IG Mobile/web/desktop/iPad/tablet app, L2 Dealer, IG Forex app for spot forex trading. |
Account Types | Standard accounts, and Retail and institutional corporate accounts. |
Max Leverage | 1:20, 1:30, 1:50 depending on currency pairs. |
Regulation | 1:20, 1:30, or 1:50 depending on currency pairs. |
Minimum Deposit | $0 depending on method; e.g. $50 for credit and debit cards. |
Why did we choose this broker?
No commissions are charged on US retail clients. Active traders and premium clients get rebates, high-level analyses, client manager or support desk support during standard trading hours, free VPS via the MT4 trading platform, free reimbursement of third-party platform fees, and bank fees for wire transfers.
The platform provides expert analytics to traders and good support for diverse in-house and third-party trading platforms and tools that help customize and direct a trade the way one wants.
Pros:
- It charges some of the industry-leading low forex spreads, hence one of the best forex U.S. brokers.
- Volume-based rebates where most active traders with $50 million or more notional monthly trading volumes get cash backs of 5%, 8%, 10%, and 15% (savings of $5, $8, $10, and $15 per million) depending on trading volume tier.
- Most active traders who manage the aforementioned volumes receive zero commissions.
- Instant online verification when it takes days to get verified on some other broker platforms.
Cons:
- U.S. clients are not provided with negative balance protection or guaranteed stop-loss order execution for risk management.
Pricing/Charges: Forex spreads range from 0.6 to 0.9 pips on major FX pairs. Minors, Australasian, Scandinavian, Exotic, and Emerging FX pairs are available at higher spreads, sometimes over 1000 and above pips although the majority of all pairs are below 30 pips.
Other Potential Charges/Costs: No withdrawal and deposit costs except third-party costs. 0.50% fee on withdrawal if the currency conversion fee if the currency being withdrawn does not match the account base currency.
Overnight funding fee to keep cash CFD positions open (past 10 p.m. U.K. Time); losses because of slippage on stops (slippage on limits may also mean profit). Fees apply to optional services such as data/research info and price feed subscriptions. Account documentation fees may apply.
#3) OANDA
Best for individual and corporate accounts.
Clients of OANDA can trade 68+ spot forex pairs in addition to forex and spot cryptocurrencies, and despite offering limited asset markets and support for third-party platforms, its native application provides most of what is needed to trade forex. The platform, unlike most others, does not offer hedging capabilities.
How to trade on OANDA in the USA?
Step #1: Apply for an account from the web or on the mobile apps.
Step #2: After approval of the account, log in and start trading.
Other Features:
- Advanced charting with 65+ technical indicators and drawing tools through TradingView integration. Also provides automated chart pattern recognition, pattern quality indicators, performance statistics, volatility analysis, etc on its Technical Analysis web platform powered by Autochartist. Advanced charting is also provided through the MotiveWave (Windows and Mac OS X app) integration.
- News, important updates, economic announcements and events, policy commentaries, and expert trend analyses, including from the Dow Jones FX Select.
- APIs and VPS for MT4.
- Trading guides and tutorials, webinars, and events.
- MT4 open order indicator for all accounts.
- Contract size can be as low as 1 unit.
Specifications:
Trading Platforms Supported: | OANDA Mobile, OANDA Web, TradingView, MT4, APIs. |
Account Types | Standard account and Elite Trader loyalty account. Personal, managed, or PAMM accounts, joint accounts, introducing broker accounts, business, IRA, and Eligible Contract Participant (ECP) accounts and all can be upgraded to premium status. |
Max Leverage | 1:50 |
Regulation | CFTC in the U.S.A., FCA in the U.K., MAS in Singapore, BVI Financial Services Commission in the British Virgin Islands, and CIRO and IIROC in Canada. |
Minimum Deposit | $0. Premium accounts may require a USD 20,000 deposit if not the alternative of USD10m+ monthly traded volume. |
Why did we select this broker?
Some of the benefits of trading with this forex broker include allowing all types of accounts to be upgraded to premium status for benefits such as trading rebates which are also some of the highest in the market.
Pros:
- Better cash rebates from US$5 to US$17 per million with our Elite Trader program make it one of the best forex brokers for U.S. traders. Save up to 34% of trading costs.
- Trading rebates start at $5 per 10 million monthly volume.
- TradingView subscription reimbursement, priority service queues, and a Dedicated relationship manager for Elite accounts.
Cons:
- Products tradable limited to crypto and forex.
- Limited support for third-party platforms.
- High costs of withdrawing money although SGD withdrawals are all free though. Free withdrawals for all other currencies apply to the first withdrawal transaction in the month.
Pricing/Charges: Spreads range from 1.4 to 3.1 pips. Minimum commission of $0.01 per trade.
Other Potential Charges/Costs: Financing fees, funding rates (overnight fees which are calculated as the next swap rates plus admin fees between 1% and 4%). The first withdrawal fee within a month is free, otherwise, additional withdrawals are charged USD 15 plus a third-party fee depending on the withdrawal method. Deposits are free.
Further Reading => Top Rated ECN Forex Brokers of the Year
[read_more]
#4) FXCM
Best for rebates for huge volume traders; trading forex with high leverages.
FXCM provides CFD markets for forex, shares, commodities, indices, and cryptocurrencies which customers can trade on different platforms, including TradingStation, MT4, and TradingView Pro. With FXCM, traders can leverage multiple analytics tools, market scanners, and market signals, among others, to customize their trading.
They can use various tools for automated trading, and benefit from post-trading analysis tools either as add-ons to supported platforms or as standalone apps. It also offers one of the most generous rebate programs in the forex markets, making it one of the best forex trading platforms U.S.
How to trade on FXCM in the USA?
Step #1: Visit the website or apps. Click Add Account from the Account settings and select Please create a new account option. Choose the type of account and enter the required details.
Step #2: Once the account is approved, you can deposit or use a demo account.
Step #3: Download your favorite trading platform or use web traders, log in with details, and place trades.
Other Features:
- Tiered rebates program offering $5, $10, $15, $20, and $25 payouts per 1 million monthly notional traded volume. Referral broker program bonuses of up to $400.
- FXCM Market Data including price data, volume trends, sentiment trends, and historical trends on forex trading. Also includes the Speculative Sentiment Index (SSI). Also benefit from market and trading insights, analysis, and reporting through historical data (provided through standalone Advanced Historical Downloader and Tick Data Downloader and on Trading Station).
- Automated strategies and social trading.
- Institutional accounts through the FXCM Pro and Prime. Use APIs to trade and automate trades, access market data, etc.
- Trading guides, market news, eFXplus live trading simulation tool, forex charts, etc.
- Open up to 5 live trading accounts.
- PAMM accounts for Introducing and Referring brokers.
Specifications:
Trading Platforms Supported | Trading Station, TradingView Pro, MT4, ZuluTrade, Capitalise AI, and APIs. |
Account Types | Personal, Corporate, Trust, Joint, IRA, and Prime/Pro accounts. |
Max Leverage | 1:100, 1:200, 1:400, or 1:1000 depending on the amount of funding. |
Regulation | FCA in the U.K., ASIC in Australia, FSCA in South Africa. |
Minimum Deposit | 50 CCY for personal accounts, and 50,000.00 CCY for Corporate, Trust, or IRA accounts. |
Why did we choose this broker?
FXCM is one of the best forex brokers for U.S. traders looking for the most rewarding rebates program and for those looking for a platform that provides robust real market data for research and analytics.
Pros:
- Most generous rebates program with up to $25 per $million traded monthly for those trading above $400 million of notional monthly volume.
- Robust in-house market data tools to support trading and this is accessible to individual and corporate accounts.
Cons:
- Limited expert market analyses, etc.
Pricing/Charges: 0 pips to 1.6 pips for majors, 0.1 pips to 7.5 pips for minors, and 0 pips to 53 pips for exotics. Commissions are $2 per lot per side, which translates to between $3.92 to $4.88 in total commission depending on the FX pair and contract size.
Deposits are all free except for third-party costs. Free credit and debit card processed withdrawals or withdrawing via Neteller, Skrill, and Unionpay, but a $40 withdrawal fee will be charged for all Bank Wire requests.
#5) TD Ameritrade/Charles Schwab
Best for investment diversification in addition to trading forex; all types of trading accounts.
TD Ameritrade, which is now acquired by Charles Schwab, provides markets for trading over 70 forex pairs in addition to futures, stocks, options, ETFs, cryptocurrencies, bonds and fixed incomes, annuities, IPOs, and mutual funds, probably one of the widest range of tradable assets on a broker platform.
It means TD Ameritrade offers one of the widest range of products for anyone willing to diversify their investment alongside forex trading.
Forex is tradable on the Thinkorswim web, mobile, and desktop clients despite TD Ameritrade providing multiple trading platforms. It can be traded for 23 hours per day, Sunday through Friday.
How to trade on TD Ameritrade in the USA?
Step #1: Visit TD Ameritrade or the Charles Schwab website to open an account (the required account is a standard account). Submit the required documents and wait for approval.
Step #2: Deposit, decide what to trade, download platform or choice, or use the web trader, and start trading.
Other Features:
- Thinkorswim platform optimized for forex trading. Get currency trading maps, news from CNBC and Dow Jones Newswires, advanced order types, and economic calendar. Place trades from the mobile app. There is a dedicated trade desk on the Thinkorswim desktop app.
- Customizable forex pair watchlists allow the monitoring of multiple currency pairs simultaneously.
- Stop-loss orders, trailing stops, and take-profit orders risk management strategies.
- Leverage insights based on economic data derived from 400,000 global data points. 400+ technical indicators, 20 drawings with eight Fibonacci tools. Build own order execution and strategic testing algorithms using the thinkScript.Share ideas and trading journeys on the platform chat rooms.
- Third-party research, planning tools, and educational resources on supported platforms. Platforms also provide social sentiment tools, historical and current market data,400,000+ economic indicators from the Fed, mobile trading capability, real-time streaming quotes, and in-app live help.
- Market news, investment resources, money management resources, trading resources, virtual and physical events and workshops, technical analyses, etc.
- Forex is traded in increments of 10,000 units
- Yields on non-invested cash in brokerage and retirement accounts. Though they do not apply to forex, there is a dividend reinvestment program and a Fully Paid Lending Income program that pays income on the stocks you lend.
Specifications:
Trading Platforms Supported | Thinkorswim desktop/web/mobile, TD Ameritrade mobile apps, Stocks Overview web-based investment platform, and SnapTicket web-based investment platforms. |
Account Types | Standard accounts (individual, joint, tenants in common, community property, tenants by the entireties, guardianship or conservatorship), Retirement accounts (IRA, Roth IRA, or Rollover IRA), Education accounts, Specialty Accounts, and Margin Trading accounts. |
Max Leverage | 1:50 for forex. |
Regulation | CFTC and SEC. |
Minimum Deposit | $0, also depending on deposit methods. $2,000 for margin accounts. |
Why did we select this broker?
One of the most feature-rich trading platforms with extensive support for trading tools and platforms. Also, strong support for portfolio diversification makes it one of the best U.S.-regulated forex brokers.
Pros:
- Commission-free forex trading with cost reflected in the spreads for all pairs. The cost of trading is reflected in the bid/ask spreads.
- Trading insights based on extensive economic data derived from hundreds of data points.
- Wide range of products for diversification including investment, retirement, cash solutions, and trading products.
- Extensive guides and tutorials on forex trading.
Cons:
- Higher deposit minimums for margin accounts compared to most brokers. Also, margin traders must maintain 30% of their total account value as equity at all times.
Pricing/Charges: Spreads start from 0 to 2.5 pips with majors remaining mostly under 1.5 pips. The average is 1.2 pips. Commissions or costs of the trade are reflected in the bid/ask spread.
Other Potential Charges/Costs: Deposits are free with a debit card, credit card, and ACH. $25 is charged on local and international wire transfers or withdrawals.
Optional premium research data, and market data subscriptions such as Real-time OPRA quotes, AMEX quotes, NYSE quotes, and ICE Futures US are available but they incur separate fees for professional clients though they are mainly free for non-professional/standard account clients. Broker-assisted FEE OF $25 and Interactive Voice Response (IVR) Phone System charge of $5 may apply where used.
#6) Interactive Brokers
Best for low margin rates, high interest on available cash balances, and best for trade customization and market data.
The Interactive Brokers platform is a place for trading 100+ forex currency pairs, stocks, options, futures, cryptocurrencies, ETFs, bonds, funds, US Spot Gold, and more.
It is not merely one of the most feature-rich trading platforms but also an ECN broker that offers some of the lowest spreads in the market (between 0.08 to 0.20 bps times your trade size) in the market. Prices are directly streamed from 17 dealing banks acting as liquidity providers.
For forex traders, IB provides pairs for 24 Currencies, including the popular options of USD, AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, and HKD. Among the multiple platforms provided, the FXTrader is the most suitable for trading FX on IB.
How to trade on Interactive Brokers in the USA
Step #1: Visit the website or download apps to create an account. You can choose to use a demo or live account.
Step #2: Deposit money into the account. Choose a platform of your choice and start trading.
Other Features:
- Invert the FX quote to compare and trade currencies side by side with the Globex FX futures.
- Trade using more than 20 order types. They include trailing stop limits, brackets, limit if touched, OCA (one cancels all), and scale.
- Show data and manage orders on forex pairs or any instrument using the FXTrader trading cells.
- Customization. Traders can customize the trading cell display to show position, average cost, and P&L data.
- Portfolio management tools including those that can be integrated with third-party platforms, model portfolios, portfolio rebalancers, Risk Navigator, etc on the IBKR Trader Workstation.
- Analytics tools include Advanced Algos, IBKR Blocks trading desk, market scanners, market data, third-party news and research, advanced charts and chart indicators, and technical analysis.
- Trade stocks on exchanges and attach an FX order to the equity trade to hedge the currency you want at the time of trade.
- Large-sized order quotes.
- Margin rates start at 5.83%.
Specifications:
Trading Platforms Supported | IBKR Trader Workstation (TWS), IBKR Mobile, IBKR GlobalTrader, IBKR Client Portal, IBKR APIs. |
Account Types | Individual (personal, joint, or IRA), and Institutional (including for educators, money managers, fund administrators, small businesses, compliance officers, family offices, introducing brokers, hedge funds, proprietary trading groups, and registered investment advisors). |
Max Leverage | 1:10, 1:28, 1:33, 1:43 depending on the pairs traded. |
Regulation | CFTC, SEC, FINRA |
Minimum Deposit | $0 |
Why did we choose this broker?
Feature-rich with extensive support for forex trading tools and platforms. It also includes advanced analytic tools, market data provision, insights, algo trading, third-party integrations, etc.
Pros:
- Earn interest on available cash balances up to 4.83% interest for a $100,000 available cash balance. One of the highest rates in the market among brokers.
- Extensive trading research tools and trading education. Also includes webinars, a student trading lab, videos, news, academy, IBKR Campus with trading courses, podcasts, Quant blog, and Trader’s Insight.
Cons:
- Trading leveraged forex in the USA requires one to be An Eligible Contract Participant which requires an individual or organization to have assets of over USD 10 MM (or USD 5 MM if trades are hedging).
Other Potential Charges/Costs: Short sale cost (cost of borrowing), research and market data access fees depending on subscription (some are free), exposure fee for high-risk accounts, etc.
One free withdrawal request per month. Otherwise, a bank wire fee of $10, $4 for checks, and $1 for BACS/GIRO/ACH/EFT/SEPA methods apply. Deposits are all free for the first deposit in the month. Otherwise, a 1% physical cash deposit fee is charged in the U.S.
Other fees applying to U.S. clients include U.S. Canada Northbound/Southbound fees, DTC position transfers, and security transfers
#7) eToro
Best for social and copy trading.
eToro offers 40,000+ tradable assets including 51 forex currency pairs, CFDs, stocks, commodities, indices, crypto, metals, ETFs, funds, etc. Forex traders can long or short FX with up to 1:30 leverage for individuals and 1:400 for professional client accounts.
Currencies can be traded on the platform from Monday to Sunday during normal and extended trading hours (mainly from Monday 11:05 to Saturday 10:30).
It is one of the best Forex Brokers in USA for social and copy trading, with over 30 million users subscribed to the eToro CopyTrader and Popular Investor program. The latter offers more: traders can discuss and share ideas on trading and trading strategies.
How to trade forex on eToro in the USA
Step #1: Visit eToro and click or tap the Join Now page. Enter the details asked for and accept the terms and conditions to proceed. Click or tap the Create Account button and check your email to verify the account.
Step #2: Deposit money using accepted methods of deposit. There also is an option for demo trading.
Step #3: Choose and download your trading platform and start trading forex.
Other Features:
- Premium perks and offers for premium clients in the eToro Club (Silver $5,000, Gold $10,000, Platinum $50,000, Diamond $250,000 tier balance). Exclusive offers include assistance through WhatsApp, a dedicated account manager, lower trading fees (from 25% to 100%) and other discounts on trading, 2% to 5.3% interest on balances, eToro Money account and debit card, premium content, and VIP event invitations.
- Trading academy with trading guides and courses, daily commentaries, video-based trading guides, news and analysis from experts, events calendar, insights from key industry players through Digest and Invest, weekly market recaps, business talks, trader talks, etc.
- TradingView integration. It provides over 100 indicators for customized charting and drawing. eToro ProCharts for premium eToro Club members also offers dozens of indicators and customizable options. Bronze members can trial it for 30 days.
Specifications:
Trading Platforms Supported | eToro app |
Account Types | Personal or retail accounts, professional, corporate, Islamic, and demo accounts. |
Max Leverage | 1:30 for personal and 1:400 for professional accounts. |
Regulation | FCA, CySEC, MFSA in Malta, ASIC in Australia, FSAS in Seychelles, MSB in the USA, FinCEN in the USA, and GFSC in Gibraltar. |
Minimum Deposit | $10 in U.S. and U.K. or $50 in other locations. |
Why did we select this broker?
eToro is trusted globally by millions of investors to trade forex and other assets. It also has a robust trading community (on CopyTrader and Popular Investor) on which social trading and copy trading can be done.
Pros:
- Up to 100% fee waivers on trading for premium clients through the eToro Club.
- Trade both sides of the market (long and short).
- Huge range of products to diversify your portfolio including free commission trading on stocks.
- Deposits do not incur any fees from the broker apart from the normal third-party costs which depend on the deposit method (e.g. up to 4% per transaction when depositing through credit cards).
Cons:
- No support for third-party platforms popular among forex traders e.g. MT4 and MT5.
- $5 withdrawal fee per transaction. Wire deposits both local and international can also be expensive. The conversion fee also applies since the trading currency is USD.
Pricing/Charges: The average spread is 1 pip. The fee or commission is built into the spreads.
Other Potential Charges/Costs: Overnight fees, inactivity fees ($10/month after 12 months of inactivity), currency conversion (150 points), $5 bank wire fees, $5 withdrawal fees, copy trading fees, etc. Deposits are free.
Forex Trading Limitations in the USA
- The leverage is mostly limited to 1:50 for regular retail U.S. clients to limit potential loss or exposure. Thus clients may sometimes need to deposit more and/or upgrade accounts to access higher leverages.
- Fewer platforms or brokerages are approved for forex trading in the United States with the majority of global platforms kept out, which limits options for traders.
- A majority or over 60% of clients lose money in forex trading on all platforms because of the higher steep learning curve.
- CFTC restricts hedging, a strategy used by expert traders to minimize losses by opening two or more positions simultaneously on a given currency pair, such that if one is losing the other remains open to gains. Regulators, instead, impose a First-in-First-out (FIFO) model by forex regulators mostly to prevent them from losing money. In FIFO, the oldest positions must be closed on a given pair before placing new positions.
- Fraudster online platforms.
- Taxes are imposed at a higher rate than on foreign brokerage platforms that aren’t allowed to recruit clients in the U.S.A. 60% of profits are grouped as capital gains and taxed at 15% while the remaining 40% is taxed depending on your income bracket.
- The registration and compliance process sometimes takes a lot of time (sometimes days) compared to how long it takes on non-U.S. platforms.
- CFTC also limits bonuses and offers given to traders based on their trading volumes and profitability.
Frequently Asked Questions
1. Are there any forex brokers in the US?
Forex.com, IG, OANDA, FXCM, TD Ameritrade, Interactive Brokers, and eToro rank as the best forex brokers in USA, by user rating, powerful trading features, and tools, trading fees, regulation, and many other factors.
All of these forex brokers provide their services to U.S. clients. Forex.com and eToro are ranked as the best forex brokers USA for beginners.
2. Is $100 enough for forex?
$100 is not adequate for beginners when trading forex because of the risk exposures involved when trading FX pairs. You might need at least $250. For advanced traders who already understand forex trading, $100 can work well with a good trading strategy.
Many brokers, for instance, already provide minimum trading lots as low as 0.01 lot and this would allow a trader to trade efficiently with $100.
3. How many US forex brokers are there?
There are countable or just about eight regulated forex brokers in USA. The names of the top 10 forex brokers in the world are Forex.com, OANDA, TD Ameritrade, ATC Brokers, Interactive Brokers, and Ally Invest. Countless other forex brokers not based in the U.S. provide their services to U.S. clients and the list includes but is not limited to eToro, IG, and FXCM.
4. What is the minimum deposit in forex in the USA?
$0 although this depends on the broker. The minimums for different brokers include $1 for Exness, $10 for RoboForex, $1 for InstaForex and Admiral Markets, and $0 for OANDA and TD Ameritrade.
Margin accounts require a $2,000 minimum deposit, $0 for Interactive Brokers, and $10 for eToro. The deposit minimum requirements may be higher for premium or pro accounts and in cases where traders want to do margin trading.
5. How to start forex in the USA?
The first step to starting forex trading is learning how to trade, how the market works, and the tools to utilize to succeed in forex markets. Most people lose money in forex trading as they think it is a get-rich-quick scheme. It requires patience and skill to succeed in it.
The second is to identify the best forex broker for U.S. clients, or in other words, the ones regulated in that market.
Step #1: Research forex markets and how they work. Research the tools to use, common pairs, types of trades, types of brokers, types of orders to use, when to best trade forex, which platforms to best trade on, and where to get help when trading forex.
Other important things include learning how to use leverage trading, how to hedge trades, and how to minimize risks or set risk management measures.
Step #2: Decide on a broker platform and open an account on it. Demo accounts are available on all platforms except that they might have a usage time limit on some. But they are a good place to practice trading risk-free, test your strategies, and exercise all you need to before live trading.
Step #3: Once ready to trade on live markets, deposit money, download a trading platform of choice or use web-based tools, customize your trading platform, set risk management measures, and start placing live trades.
6. Which U.S. Forex Broker has the best mobile trading app?
eToro, TradingView, FXTM Trader, IG Trading, MetaTrader, CMC Markets, Forex.com, and TD Ameritrade all rank as the best forex trading apps and best forex brokers in the USA. Mobile apps allow you to not only chart your way and watch trades but also place trades on the go.
7. What are the best forex brokers in the United States?
This tutorial ranks Forex.com, IG, OANDA, FXCM, TD Ameritrade/Charles Schwab, Interactive Brokers, and eToro as the best US forex brokers. They also offer markets for most other assets in addition to forex CFD markets.
8. What is the safest broker for forex?
eToro is used by over 30 million clients globally mainly in the United States and ranked as the best safe forex trading app/platform. It is also regulated by FCA, FINRA, CySEC, and ASIC which means traders looking for regulated forex platforms in the U.S.A. and EU can rely on eToro.
TradingView, FXTM Trader, IG Trading, MetaTrader, CMC Markets, Forex.com, and TD Ameritrade are also each regulated in the U.S.A. as well as (for some) in many jurisdictions around the world.
9. Is forex trading legit in the USA?
Forex trading is a legitimate way for regular and institutional traders to earn passive income in the United States and the world over. In the United States, the CFTC regulates asset and commodities trading. Forex trading is legally allowed on all the platforms we ranked in this tutorial but there are hundreds of others you can use to trade forex depending on your location.
10. How can I legally trade forex in the USA?
Step #1: Research a regulated broker who accepts U.S.A-based clients. The list of regulated forex brokers in the USA includes the ones we have ranked in this tutorial.
Step #2: Register for an account with the broker. This includes filling out an online application form sending the required documents, and waiting for approval.
Step #3: Start trading.
Conclusion
This tutorial discussed how to choose the best forex brokers in USA for your trading. It is suitable for beginner to advanced-level FX traders. We found the top brokers who are licensed to offer FX markets and related services and products for individual, group, and corporate clients.
We recommend looking at the trading fees and commissions charged when deciding which FX broker to trade with, but this is one of many factors. Others to consider include the availability of market and trading analytics tools, availability of market data access, rebates for large-volume traders, types of accounts and products offered, social and copy trading availability, etc.
We ranked Forex.com as one of the best Forex Brokers in USA. Not only does it provide low spreads and commissions, but it also provides good rebates and waivers on deposit and withdrawal fees for active traders.
TD Ameritrade is better at diversification as are IG and Interactive Brokers while FXCM offers the highest rebates for active traders and the most or highest margins and best market data integrations.
IG scores high on client trust besides offering great product diversification options. eToro is renowned for copy and social trading while Interactive Brokers provides the best trading analytics and research tools. IG, TD Ameritrade, and Interactive Brokers charge among the lowest total trading costs in the market.
Research Process:
- Total US Forex Brokers mentioned initially for research: 35
- Total Forex Brokers in USA reviewed: 7
- Time taken to research: 28 Hrs