Best US Forex Brokers 2024
The number of online forex brokers in the USA has grown significantly in recent years. North America’s average daily FX trades by volume climbed to $967 billion in 2021 up 4% vs the same time period in 2020. So it’s worth understanding the different platforms and companies available.
Here we list the key points to compare when considering forex brokers that accept US clients, from the lowest spreads and trading fees to the highest leverage and best promotions. Use our ranking of the best US forex brokers in 2024 to get started.
Top 5 US Forex Brokers
- Forex.com - Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
- Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
- NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
- OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
Best US Forex Brokers 2024 Comparison
|Forex App Rating
4.9 / 5
|0.08-0.20 bps x trade value
4.3 / 5
|FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
3.5 / 5
4 / 5
4.9 / 5
|FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
|Floating from 0.1 pips
2.5 / 5
4.3 / 5
4.3 / 5
|No fee - payouts approx. 80% (Copper)
|National Bank of Georgia
|From 0.0 pips
|From 1.6 pips
3 / 5
|CMA, FSC, FSCA
#1 - Forex.com
Why We Chose Forex.com
Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
"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."- DayTrading Review Team
- GBPUSD Spread: 1.0
- EURUSD Spread: 1.0
- EURGBP Spread: 1.0
- Total Assets: 80+
- Leverage: 1:50
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
- Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC
- Excellent trading tools including the Trading Central research dashboard and the SMART Signals price pattern scanner
- The free demo account allows you to practice day trading strategies in a risk-free environment
- The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
- It's a shame that there's no copy trading platform for beginners or signal providers
- The investment offering varies between countries
#2 - Interactive Brokers
Why We Chose Interactive Brokers
IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts. 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."- DayTrading Review Team
- GBPUSD Spread: 0.08-0.20 bps x trade value
- EURUSD Spread: 0.08-0.20 bps x trade value
- EURGBP Spread: 0.08-0.20 bps x trade value
- Total Assets: 100+
- Leverage: 1:50
- Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
About Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, 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.
- 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.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- 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.
- 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.
- 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.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
#3 - NinjaTrader
Why We Chose NinjaTrader
NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
"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."- DayTrading Review Team
- GBPUSD Spread: 1.6
- EURUSD Spread: 1.3
- EURGBP Spread: 1.6
- Total Assets: 50+
- Leverage: 1:50
- Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
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.
- 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
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
#4 - OANDA US
Why We Chose OANDA US
OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
"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."- DayTrading Review Team
- GBPUSD Spread: 3.4
- EURUSD Spread: 1.6
- EURGBP Spread: 1.7
- Total Assets: 65+
- Leverage: 1:50
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
About 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.
- Beginners can get started easily with $0 minimum initial deposit
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
#5 - IG
Why We Chose IG
IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
"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."- DayTrading Review Team
- GBPUSD Spread: 0.9
- EURUSD Spread: 0.8
- EURGBP Spread: 0.9
- Total Assets: 80+
- Leverage: 1:30 (Retail), 1:250 (Pro)
- Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
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.
- 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 ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
How Forex Brokers In The US Work
Foreign exchange, also known as forex, operates 24 hours a day, across hundreds of platforms, making it an accessible and exciting market in which to trade. Retail investors can access the FX markets through dedicated online brokers, who are essentially a financial service provider for US customers seeking to buy and sell foreign currency. They may also trade with other asset classes such as cryptocurrency, commodities like gold, indices like the Dow Jones, or a key volatility index like the VIX 75.
Importantly, transactions in the US forex market are straightforward. A trader opens a trade by purchasing a currency pair and closes a position by selling the same pair.
For example, US clients interested in exchanging USD for EUR would buy into the EUR/USD pair. If the exchange rate is higher when a trade is closed, a profit will be gained. If the exchange rate is lower, a loss will be generated.
It is worth noting that the best forex brokers in the USA will hold licenses with the National Futures Association (NFA) and/or the Commodity Futures Trading Commission (CFTC). These agencies aim to protect the financial markets and US forex investors. We explain how to check an FX brokerage is regulated by the financial watchdogs further below, alongside the protections they provide.
Types Of Forex Brokers In The USA
- No Dealing Desk – Essentially skipping a dealing desk, Straight Through Processing (STP) offers the best quotes from various forex providers and offers significant liquidity. Brokers in the United States will use this model to offer the most competitive bid-ask spreads.
- Market Maker – Market makers buy large amounts of foreign currency from clients and then sell it to other traders of a particular asset to achieve liquidity and, therefore, the smooth running of financial markets. Income is made from the price differentials on these trades, which are known as spreads and are typically competitive in the USA due to the number of market maker forex brokers in the country.
- ECN – Electronic Communication Network (ECN) forex brokers execute straight-through processing with a direct connection between clients and liquidity providers via an automated network. ECN brokers consolidate the best price quotations from market participants, generally offering traders tighter bid-ask spreads than would be otherwise available to them.
Comparing The Best Forex Brokers In The USA
It is a bigger task than just trawling Google for reviews of forex brokerages that accept US traders. Consider the following criteria to find the broker and platform best suited to your investing strategy and goals.
High charges erode margins, of course, so an understanding of the key fees and how US forex brokers make money is important:
The spread is essentially the difference between the bid and the ask price of an asset. Some of the best US forex brokers such as IG and Interactive Brokers trade with some of the lowest spreads seen in the market.
Importantly, spreads are measured in pips. 1 pip can be either variable or fixed and wider spreads mean that US forex brokers would charge a customer more when buying but would receive less when selling. The top brands host a comparison table of spreads by major, minor and exotic currency pairs on their website, including all those that contain the USD.
Commission is charged to investors when they buy or sell assets. Some of the best forex brokers in the USA charge no or low commission to incentivise traders. Fees can also be based on the volume or size of trades. Some forex brokers in the US charge lower fees if the size of the trade is larger.
Forex brokerages may also charge currency conversion costs, as well as investor’s maintenance and overnight fees.
Market-leading platforms for retail investors include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are supported by the top five forex brokers in the USA as well as a number of smaller brokerages which use the platforms.
As the world’s most popular retail platforms for traders of forex and CFDs, the software is downloadable for Mac and Windows and most mobile devices.
The MetaTrader 4 system has strong reliability and security and comes with some of the following functionality: faster ECN; multiple options for charting forex and other financial instruments; automated trades with the use of API, algorithms and other indicators; fast, one-click processing of trades, pricing changes and other alerts. A user-friendly and customizable dashboard also makes managing trades and account activity straightforward.
Forex brokers using MetaTrader 5 offer the latest upgrade from MT4, with advanced features: extensive historical data; live headline alerts to allow traders to stay across the latest news; broad educational resources available online from your forex brokers or downloadable to PDF; access to a range of key financial tools and indicators.
Many forex brokers in the USA have also developed and started offering their own bespoke platforms, suited to and accepting the trade of multiple different asset classes such as indices or cryptocurrency.
Some companies have invested heavily in providing high quality, internally-developed software, while some forex brokers instead of using their own platform or MetaTrader, connect customers on TradingView graphs via their website.
US Regulation Explained
Forex brokers in the USA should be regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). They can be found on the regulator’s official registration list and are considered the safest option, promoting fair and transparent investing within the financial market and protecting investors from scams.
Note, see the US regulator’s official list for brands that have been exposed for fraudulent activity.
Regulators impose strict rules including a restriction on maximum leverage opportunities. This also applies if you are opening an account with an international broker and are a registered citizen of the USA. Residents cannot legally trade with a forex broker that does not hold regulation from these authorizations.
Unlike stockbroker customers, clients of forex brokers are not protected by the Securities Investor Protection Corporation, in the event that a brokerage is forced to close. It is therefore important for US citizens to check whether their account offers negative balance protection.
There are many different features which forex brokers in the USA can provide to enhance the experience for the customer.
Nowadays online brokers are expected to have a comprehensive mobile app as well as a webpage so that users can trade on the move.
US forex brokers are also using social media platforms such as TikTok, Twitter, Instagram and Facebook. Other social media sites popular in the USA, such as Reddit, can provide a good discussion platform for investing tips.
In addition, tier 1 forex brokers will provide an abundance of videos, tutorials and lessons on everything from events and announcements that can impact USD currency pairs to tips for scalping. Furthermore, beginner investors can enrol in forex training courses or engage in copy trading.
Deposits & Withdrawals
In order to execute trades, US investors will need to fund their account by depositing capital. There are many US forex brokers offering and accepting debit cards, credit cards, PayPal, MPesa and many other payment methods such as Bitcoin for deposits and withdrawals. ACH Transfer is also particularly popular with forex traders in the United States.
Some of the leading US forex brokers set a no minimum deposit limit, allowing customers to choose exactly how much of their capital they wish to risk. Then there are others with low minimum deposit requirements, for example, $1, $5 or $10, for beginner-level customers.
Forex brokers offering account types with much higher minimum deposits, for example, $100 to $1,000, tend to incentivize traders by providing additional features such as access to Expert Advisors (EAs), quicker execution times and personalized portfolio valuation.
Typically, the best forex brokers in the USA are ones with quick deposits and withdrawals. Most brokerages will also detail how long it will take for payments to be processed on their official website.
Note, be careful when registering at forex brokers without stringent KYC protocols.
Access to responsive customer support is key. Live chat is the most convenient, often with the fastest response times. The top FX brokers in the US are also active on social media channels like Telegram.
In addition, check that customer support opening hours span the times you plan to actively trade. Interactive Brokers, for example, offers 24-hour customer service, available 5 days a week. Note, the overlap between the US and London markets between 8 am and midday EST offers the greatest forex volume.
Customer service representatives should be able to walk through how to make Bitcoin deposits, share secrets about forex platforms, plus provide details of any official qualifications that their experts hold.
Forums are also a good place to ask questions about various topics, from finding platforms that allow hedging and companies that use MT5 to firms supported by TradingView and lists of unregulated, offshore forex providers accepting US traders.
Despite secure internet transactions, the decentralized and global nature of the forex investment environment does carry some risk so it is advisable to only trade with regulated entities.
The best US forex brokers in New York and beyond will offer various account security measures. This can include additional layers of protection such as two-factor authentication (2FA) and one-time passwords for account access.
Transactions with high leverage can amplify losses so investors need to be cautious and forex brokers’ leverage quotes vary. Regulatory authorization restricts USA retail investors’ access to highly leveraged trading opportunities. This includes 1:500, 1:1000 and 1:2000 leverage ratios.
Typical margin opportunities by asset are as follows:
- Minor Currency Pairs: Available leverage up to 1:20 on minor currencies
- Major Currency Pairs: Limited to 1:50 on major currencies including with GBP, EUR and CAD
Note, you can view leverage comparisons on forex platforms.
A first in first out rule also prevents clients from holding concurrent positions in the same forex asset. Any existing position in a currency will be squared off for the opposite position in the same currency pair, so there are limited US forex brokers where hedging is allowed.
For short forex options, the notional transaction value amount plus an option premium received should be maintained as a security deposit. For long forex, the full option premium is generally needed as security.
Bonus & Promotions
You will find some of the top forex brokers in the USA offering and giving various incentives to new or existing clients, both at home and abroad. Promotions can include a sign-up welcome bonus or no deposit bonus. Minimum volume investments and verification requirements may also apply.
A Regulation Best Interest, known as Reg BI, is a standard of conduct for all new or existing forex brokers involved in securities transactions to identify and eliminate any bonus, promotion or non-financial compensation based on sales of specific securities within a limited time. The 2020 Reg BI is a safeguarding method, designed to ensure US brokers act in the best interest of investors.
See our list of the top US forex brokers that give sign up deals and welcome bonuses.
Your forex account type is the backbone of your investing potential and getting the right profile can set you up for success.
- Live Accounts – Forex brokers for US clients are offering a variety of account types from ECN profiles, swap-free, zero commission, low spread, micro or nano lots transactions and cent accounts. The main differences between live accounts will come in the form of fee structures, minimum deposit requirements, access to FX assets and additional features.
- Demo Accounts – The top forex brokers for US traders will allow the use of their platforms and software in a simulated environment, without the need for verification details. The paper-based account setting is ideal for beginners or those wanting to try out a new strategy risk-free. Additionally, it offers the opportunity to get a feel for proprietary terminals and learn nuances, meaning investors can gain knowledge and confidence before opening live positions. The best forex demo accounts will have no expiration times and provide access to unlimited virtual funds and flexible leverage on all assets.
Firstly, select a US forex broker that offers competitive investment opportunities. The best FX brokers accepting US clients will be CFTC and/or NFA-regulated, have a transparent pricing structure, offer access to a variety of assets with the USD and provide established platforms, including bespoke analysis tools and proprietary software.
With your broker chosen, open a live account and fund it with an initial deposit. Some US forex brokers may impose a minimum deposit requirement. Often you cannot start investing without providing proof of residency such as a driving license or passport.
What Is A Good Definition Of US Forex Brokers?
A forex broker is a financial services provider that allows clients to buy or sell currency. For traders based in the states, a US forex broker would be most suited. Nowadays it is assumed that cryptocurrency also falls under this category as some coins can be pegged to fiat currencies such as USD, GBP and EUR for example.
Do US Forex Brokers Report To The IRS?
No, US forex brokers are normally regulated by National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), though any earnings need to be reported to the IRS.
Do US Forex Brokers Want You To Lose Money?
Typically, forex brokers in the USA want investors to be successful when dealing with their company so that customers keep returning and entering the market with them. If brokers take a commission from transactions, then the more trades made, the better.
Do Forex Brokers In The USA Trade Against You?
Brokers acting as a market maker may take up positions against their clients, regardless of whether you are spread betting or entering a forex contract. See our guide for more details on the different types of forex brokers in the US.
Do Forex Brokers In The USA Charge Commission?
Some brokerages generate revenue from charging fees such as commission. There are several leading US forex brokers who charge zero or low fees to their customers, including IG and Interactive Brokers.
Do USA Forex Brokers Manipulate Prices?
In theory, no. Most online brokers will offer a spread on the price of an asset which is essentially the difference between the buy and sell price. If a US forex brokerage is offering a high spread, then that means that there might be a large difference between the two prices offered. This, while not being ideal trading conditions, is not a manipulation of price.