Brokers With US Dollar Index

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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
Updated

Brokers with the US Dollar Index (USDX) allow traders to speculate on the strength of the USD against a basket of foreign currencies. Managed by the Intercontinental Exchange (ICE), the USDX can be traded via various instruments depending on the trading platform, notably futures, options, and CFDs.

Discover the best brokers with the US Dollar Index, all personally tested by our experts.

Best Brokers For US Dollar Index

Following our first-hand evaluations, these are the top 2 trading platforms that offer the USDX:

Click a broker for details
  1. 1
    DNA Markets
    Currency index: USD

    Ratings
    3 / 5
    4 / 5
    4 / 5
    3.9 / 5
    3.5 / 5
    3.6 / 5
    1.8 / 5
    1.6 / 5
    4.8 / 5
    4.4 / 5

    $100
    0.01 Lots
    1:500
    ASIC
    CFDs, Forex, Indices, Commodities, Stocks, Crypto
    MT4, MT5
    Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, Mastercard
    USD, EUR, GBP, CAD, AUD, NZD, SGD
  2. 2
    IG
    Currency index: USD
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Here is a short summary of why we think each broker belongs in this top list:

  1. DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
  2. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

Brokers With US Dollar Index Comparison

Brokers With US Dollar Index Comparison
Broker Currency Indices Minimum Deposit Platforms Regulator
DNA Markets logo
USD $100 MT4, MT5 ASIC
IG logo
USD $0 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB

DNA Markets

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

Jemma Grist, Reviewer

DNA Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Indices, Commodities, Stocks, Crypto
RegulatorASIC
PlatformsMT4, MT5
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Currency Indices

DNA Markets only allows for trading on the USD currency index.

Pros

  • Convenient account funding is available with 7 base currencies, a $100 deposit and a wide range of payment methods
  • Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
  • You can access low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees

Cons

  • Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
  • Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
  • Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Currency Indices

IG only allows for trading on the USD currency index.

Pros

  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges

Methodology

To identify the best trading platforms with USDX, we examined our database of around 500 online brokers and pinpointed all those that facilitate trading on the US Dollar Index.

We then ranked them by their overall rating, blending over 100 data entries with our direct observations during testing. This revealed the trading platforms that go the extra mile for traders interested in the US Dollar index.

  • We only recommended brokers that have earned our trust.
  • We prioritized brokers with competitive trading fees.
  • We checked each broker has correlating markets to the USDX.
  • We ensured each broker offers excellent charting platforms.
  • We examined each broker’s leverage and margin requirements.

DayTrading.com broker testing methodology overview

How To Choose A Broker With The US Dollar Index

There are several factors we, and you, should consider when choosing a broker for US Dollar Index trading:

Choose A Trustworthy Broker

An established, regulated broker will help protect you from trading scams.

This is important given that the Commodity Futures Trading Commission (CFTC) has warned against the increase in foreign currency fraud in recent years, publishing tips on identifying potential signs of a scam. For example, fraudsters may use persuasion techniques to convince traders of ‘guaranteed’ gains and create a false sense of urgency to invest.

This is why we always verify the regulatory credentials of each broker that we test and assign each broker a score from 1 to 5 for ‘Regulation & Trust’, helping to keep your funds secure when trading the USDX and other financial markets.
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Jemma Grist
Author
  • AvaTrade is highly trusted, with an excellent record spanning 15+ years and licenses from multiple ‘green tier’ authorities. It also offers robust safeguards, including negative balance protection, segregated accounts and a bespoke risk management tool, AvaProtect with up to $1M in insurance against trading losses.

Choose A Broker With Competitive Fees

Brokers with low trading fees on the USDX will help you maximize returns, especially for active traders.

That’s why we evaluate spreads, commissions and other charges when examining brokers, including recording fees on correlating markets, such as the EUR/USD.

We then assess non-trading fees, such as deposit/withdrawal charges, and weigh these against the overall service provided.

💡
Some traders may be willing to pay more for expert analysis and insights into interest rate decisions from the Federal Reserve Board, which can impact the US Dollar Index.
  • Pepperstone continues to lead in this category, with spreads averaging 6.00 pips on the US Dollar Index and 0.10 pips on EUR/USD, plus access to a fantastic economic calendar for tracking financial announcements.

Choose A Broker With Correlating Markets

Traders may also be interested in a broker that provides access to other currencies within the USDX basket, providing alternative trading opportunities.

For example, the EUR/USD, which is available at all of our recommended brokers, is typically inversely related to the US Dollar Index.

Additionally, currency pairs where USD is the base or quote currency can also indicate a correlation with the USDX, such as USD/JPY or GBP/USD.

Other markets may also be of interest to USDX traders, such as commodities like gold (gold is quoted in dollars) as well as bonds (which are impacted by yield rates against the USD).

Infographic showing additional assets that may be of interest to USDX traders
Markets potentially related to the US Dollar Index
  • IG is our top pick if you’re looking to trade the USDX alongside other relevant markets, including US bonds, gold, and USD currency pairs. I also love that you can follow announcements from the Federal Reserve Meeting in almost real-time through IG’s live market coverage.

Choose A Broker With Excellent Platforms

Day traders speculating on the US Dollar Index will require a broker that offers a powerful charting platform to perform technical analysis.

Most brokers we test offer the MetaTrader 4 and MetaTrader 5 platforms. That said, I find the seamless navigation and integrated tools in TradingView far more appealing for active traders.

For example, you can use the integrated forex screener to analyze relevant currency pairs alongside your USDX chart, as you can see below.

TradingView platform showing USDX chart and USD forex screener
TradingView

Since the USDX is a popular macro indicator for the strength of the US Dollar, having access to excellent market research services like Trading Central can also be a value-add.

You may want a broker that provides interest rate updates from the Federal Reserve, as well as other relevant Central Banks, notably the European Central Bank as the EUR forms the largest weighting in the US Dollar Index.

  • XM offers a superb selection of charting platforms for USDX traders, including MT4 and MT5. However, where it shines is its fantastic research tools, with trade ideas, technical summaries and news where you can search specifically for the US Dollar Index.

Choose A Broker With Clear Margin Requirements

Day traders, in particular, often trade the US Dollar Index with leverage, allowing them to maximize their potential gains using a small outlay.

This makes it important to choose a broker with clear margin requirements so you know what’s needed and what it costs, to borrow funds.

Crucially, brokers regulated by ‘green tier’ authorities like the FCA and CySEC cap leverage for retail investors at 1:30.

This means that if I were to put down $100 for a USDX CFD, the value of my position would be $3,000 (30 x $100).

This means both my profits and losses will be multiplied by 30. As such, I recommend using risk management tools like stop-loss orders to close positions before large losses can accumulate.

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Jemma Grist
Author
  • eToro offers leverage up to 1:10 on the US Dollar Index, with transparent margin requirements clearly displayed in the platform. You can also quickly and easily set stop loss and take profit parameters, while its social trading platform is world-leading and used for real-money trading by our team.

FAQ

Which Is The Best Broker With The US Dollar Index?

See our list of the best brokers with the USDX to find a suitable option based on your trading needs.

For example, Pepperstone offers some of the lowest fees on the USDX, while XM offers hourly technical summaries and sentiment data on the world’s most prominent currency index.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com