Brokers With USD Accounts
Brokers with USD accounts offer a number of advantages to traders from the US, in particular. This article will outline how you can benefit from opening a USD account plus how to compare brokers on fees, platforms, assets and more. Find out if you should open a USD trading account today.
Brokers With USD Accounts
These are the 10 best brokers that offer accounts with USD as the base currency:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire Transfer, ChequeUSD -
3
eToro USAInvest $100 and get $10Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk. https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100$10SEC, FINRAStocks, Options, ETFs, CryptoeToro Trading Platform & CopyTraderACH Transfer, Debit Card, PayPal, Wire TransferUSD -
4
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
5
RoboForex$30 No Deposit BonusRoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Please be aware that you are able to receive investment services from a third-country firm at your own exclusive initiative only, taking all the risks involved.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000IFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, FuturesR StocksTrader, MT4, MT5, TradingViewVisa, iDeal, Trustly, Neteller, Skrill, Giropay, Sofort, Wire Transfer, Rapid Transfer, Alipay, POLi, Perfect Money, MoneyGram, Cashu, SafeCharge, WeChat Pay, Vietcombank Transfer, Volet, ecoPayz, AstroPayUSD, EUR -
6
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySEC, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
7
IQCent20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
8
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
9
UnitedPips40% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:1000IFSACFDs, Forex, Precious Metals, CryptoUniTraderPayPal, Credit Card, Debit Card, Perfect Money, Bitcoin Payments, Ethereum PaymentsUSD -
10
MoomooGet up to 15 free stocks worth up to $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$01:2SEC, FINRA, MAS, ASIC, SFCStocks, Options, ETFs, ADRs, OTCsDesktop Platform, Mobile AppWire Transfer, ACH TransferUSD, HKD, SGD
This is why we think these brokers are the best in this category:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- eToro USA - eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- RoboForex - RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
- RedMars - Launched in 2020, Cyprus-based RedMars offers competitive spreads on more than 300 instruments and leverage up to 1:500. Three accounts are available - Standard, Pro and VIP - serving a range of budgets and experience levels, with a fast and fully digital account opening process.
- IQCent - IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- UnitedPips - Operating since 2016 and based in Saint Lucia, UnitedPips is a non-dealing desk broker serving clients in over 137 countries. It specializes in CFD trading across around 80+ assets with high leverage up to 1:1000.
- Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
Brokers With USD Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms |
|---|---|---|---|
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$100 | Forex, Stocks, Futures, Futures Options | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
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$0 | Forex, Stocks, Options, Commodities, Futures, Crypto | NinjaTrader Desktop, Web & Mobile, eSignal |
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$100 | Stocks, Options, ETFs, Crypto | eToro Trading Platform & CopyTrader |
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$0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView |
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€250 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT5 |
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$250 | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Online Platform, TradingView |
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$0 | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) | OANDA Trade, MT4, TradingView, AutoChartist |
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$10 | CFDs, Forex, Precious Metals, Crypto | UniTrader |
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$0 | Stocks, Options, ETFs, ADRs, OTCs | Desktop Platform, Mobile App |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
Tobias Robinson, Reviewer
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Regulator | NFA, CFTC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD |
Pros
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
Cons
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
- The premium platform tools come with an extra charge
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
eToro USA Quick Facts
| Bonus Offer | Invest $100 and get $10 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, Crypto |
| Regulator | SEC, FINRA |
| Platforms | eToro Trading Platform & CopyTrader |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Account Currencies | USD |
Pros
- A free demo account means new users and prospective day traders can try the broker risk-free
- The low minimum deposit and straightforward account opening process means beginners can get started quickly
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
Cons
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
- Average fees may cut into the profit margins of day traders
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
Cons
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
RoboForex
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
RoboForex Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures |
| Regulator | IFSC |
| Platforms | R StocksTrader, MT4, MT5, TradingView |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
Cons
- Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
| Regulator | CySEC, AFM |
| Platforms | MT5 |
| Minimum Deposit | €250 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR |
Pros
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
Cons
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | IFMRRC |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR |
Pros
- Keen traders can take part in trading contests with cash prizes
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
Cons
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
- The broker is not overseen by a respected regulator, though this is common among binary options firms
- The market analysis is very basic with limited technical summaries and insights from analysts
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- Beginners can get started easily with $0 minimum initial deposit
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
Cons
- The range of day trading markets is limited to forex and cryptos only
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
UnitedPips
"UnitedPips is ideal for traders seeking leveraged trading opportunities, the security of fixed spreads, and the flexibility to deposit, withdraw, and trade cryptocurrencies - all in one sleek TradingView-powered platform."
UnitedPips Quick Facts
| Bonus Offer | 40% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Precious Metals, Crypto |
| Regulator | IFSA |
| Platforms | UniTrader |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD |
Pros
- UnitedPips’ platform performs well, with an intuitive design that will appeal to beginners, while the TradingView integration delivers powerful charting tools without overwhelming users, making it straightforward to execute trades efficiently.
- Although being handed off mid-chat due to shift changes during testing was frustrating, customer support is generally good with quick, helpful responses, and 24/7 support via phone and email for regional teams is a definite advantage.
- UnitedPips offers impressive leverage up to 1:1000 with zero swap fees or commissions, which can enhance potential returns for day traders and swing traders looking to control prominent positions with less capital.
Cons
- Unlike brokers such as IG, UnitedPips is an offshore broker not regulated by any 'green tier' financial authorities, raising concerns for traders seeking assurance and protection under well-established regulatory frameworks.
- UnitedPips lacks comprehensive research, while the educational content for beginner traders is woeful. Compared to brokers like eToro, which offers tutorials, webinars, and advanced courses, UnitedPips offers minimal resources to help new traders understand key concepts.
- UnitedPips' selection of tradable instruments is still minimal, comprising a bare minimum selection of forex, metals and crypto. There are no equities, indices or ETFs, which may be a drawback for experienced traders looking for diverse opportunities.
Moomoo
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
Moomoo Quick Facts
| Bonus Offer | Get up to 15 free stocks worth up to $2000 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, ADRs, OTCs |
| Regulator | SEC, FINRA, MAS, ASIC, SFC |
| Platforms | Desktop Platform, Mobile App |
| Minimum Deposit | $0 |
| Minimum Trade | $0 |
| Leverage | 1:2 |
| Account Currencies | USD, HKD, SGD |
Pros
- Moomoo's analytics and insights are impressive and detailed compared to other brands
- It is reassuring that Moomoo holds licenses with the US Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS), among others
- There are reduced options contract fees from $0.65 to $0
Cons
- There is no phone or live chat support - common options at most other brokers
- It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
- There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
What Is A USD Account?
Brokers with a USD account allow you to trade with the US dollar as your base currency. This comes with key advantages for traders who are registered as citizens in the US. For example, when buying or selling US denominated securities, you won’t need to pay currency conversion charges.
You are still able to trade in these markets with an account registered in another currency, however, you may be subject to conversion fees that can add up if you place frequent trades.
Some brokers with a USD account allow you to register with two currencies i.e. US dollar and a Canadian dollar ‘side’. This enables traders to hold cash and securities in both currencies under the same account. Additionally, if you have already registered in another base currency, some brokers with a USD account allow you to change this on their platform.
Pros Of Brokers With USD Accounts
- Convenience: Registering for a broker with a USD account saves you from having to factor in exchange rates. When funding your account, you can instantly know how much money is coming out of your balance. Also, if you invest in USD forex trading pairs, risk management is less complicated as losses and profits are calculated in the US dollar.
- Taxes: Trading with an account in another currency can become complex when reporting your income in a foreign currency. As a result, a USD account may simplify your annual tax submission.
- Payment methods: USD accounts are likely to have deposit and withdrawal options that are free, easy to use and accessible to traders worldwide. Furthermore, processing times are likely to be rapid with instant funding across many deposit options.
- Fees: A key advantage of signing up for a broker with a USD account is removing currency conversion fees. If you’re based in the US or trade large volumes of major FX pairs, this can help reduce fees that would otherwise eat into profits.
- Regulation: Brokers with USD accounts are often regulated by reputable financial bodies, such as the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the US, plus the Cyprus Securities and Exchange Commission (CySEC) in Europe. This provides added protection for retail traders.
How To Check If A Broker Offers A USD Account
Some brokers with a USD account clearly advertise this option while others require a bit of research. Firstly, check on the broker’s website under the accounts section. Here, a USD base currency account may be listed. If you’re still unsure, check with the company’s customer support team.
How To Compare Brokers With USD Accounts
Once you’ve identified brokers with USD accounts, there are a few factors to consider before signing up.
Fees
There are several fees a broker may charge which can impact your bottom line. Check the commission rates and compare spreads during periods of high liquidity as both can cut into profits, especially for active day traders. Other charges to look out for include overnight rollover costs and account inactivity fees.
Platforms
Look for brokers with USD accounts that offer the best trading platforms and tools. A beginner may benefit from the popular MetaTrader 4 while experienced investors looking to implement sophisticated automated trading algorithms may prefer MetaTrader 5. Many of the top platforms have also introduced copy trading services in recent years.
Regulation
Choosing a regulated broker with a USD account is sensible. Licensed brokers are governed by strict rules that protect retail traders from fraud or significant trading risks.
For US traders, in particular, check the broker is licensed with the SEC or CFTFC on the respective website. For international traders, regulatory oversight from the likes of the CySEC or FCA is a good sign that the online broker is legitimate and trustworthy.
Assets
Ensure the broker offers favourable conditions on the assets you want to trade. A good broker will offer a wide range of instruments, from forex and stocks to cryptos and precious metals. The best brokers with USD accounts make trading in US dollar denominated securities straightforward and hassle-free.
Mobile App
Many of the top brokers with USD accounts offer a user-friendly mobile application where you can make deposits, analyse the markets, and take positions. Most mobile trading apps are free to download from the respective app store.
Demo Account
Brokers with live USD accounts may also offer a demo account. This is a great way to test the platform with virtual funds before risking your own dollars. Once you’re comfortable with the broker’s services you can upgrade to a real-money trading account.
Final Word; Brokers With USD Accounts
Brokers with a USD account can help streamline the trading experience for users from the US and those actively investing in the forex market. They can help cut currency conversion fees and offer straightforward access to popular trading assets. Fortunately, many of the best online platforms now offer USD accounts. See our list for our top picks.
FAQ
How Do I Open A USD Trading Account?
You can sign up for a USD trading account on a broker’s website. There will usually be a ‘Sign Up’ button followed by on-screen instructions. Depending on the account type, you will need to fill in personal details, answer questions about your investing knowledge and provide identification documents. You should then be able to pick the USD account option.
Which Online Brokers Offer A USD Account?
Reliable brokers with a USD account include Pepperstone, Plus 500 and CMC Markets. All these platforms are regulated and offer extensive access to popular assets including forex, stocks and cryptocurrencies. See our table for more options.
How Do I Switch To A Broker With A USD Account?
Firstly, check if your current broker will let you switch from your existing currency to a USD account. You can contact the broker’s customer service team for assistance. If it’s not possible, you may need to withdraw your balance and open a new account with the US dollar as the base currency.
Why Should I Trade With Brokers With A USD Account?
The main benefit is avoiding currency conversion fees. USD accounts can also make for a convenient trading experience, offering easy market access with straightforward deposits and withdrawals.
Who Regulates Brokers With USD Accounts?
The main regulatory bodies that protect US retail traders are the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The United Kingdom’s Financial Conduct Authority (FCA) and the Cyprus Securities & Exchange Commission (CySEC) also govern many international trading brokers.