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Best Forex Trading Platforms In The US 2024

Written By

James Barra

Written By

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.

» James Barra Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

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.

» Jemma Grist Profile Page

Updated

Apr 24, 2024

The US Dollar is traded three times more than the Euro, New York is gaining on London as the largest foreign exchange hub, and the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) hold forex brokers to the highest standards. These factors are attracting US forex traders at all levels to the market and increasing the demand for online trading platforms.

Explore our selection of the best forex trading platforms in the US following comprehensive testing and analysis. Every broker recommended specifically caters to forex traders in the US:

Top 5 Forex Trading Platforms In The US

Many of the 500 brokers we've evaluated as of 2024 offer an excellent forex trading environment, but these 5 stand out as the best for traders in the USA:

1. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
2. 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.
3. 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).
4. 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.
5. 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 Forex Trading Platforms In The US 2024 Comparison

Best Forex Trading Platforms In The US 2024 Comparison

Broker	US Regulated	USD Account	Currency Pairs	EUR/USD Spread	Forex App Rating	Minimum Deposit	Visit
	✔	✔	80+	1.2	4.9 / 5	$100	Visit
	✔	✔	100+	0.08-0.20 bps x trade value	4.3 / 5	$0	Visit
	✔	✔	50+	1.3	3.5 / 5	$0	Visit
	✔	✔	65+	1.6	4 / 5	$0	Visit
	✔	✔	80+	0.8	4.9 / 5	$0	Visit
	✔	✔	13	0.75	4.3 / 5	$100	Visit

#1 - FOREX.com

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Review

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency 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: 1.3
• EURUSD Spread: 1.2
• EURGBP Spread: 1.4
• Total Assets: 80+
• Leverage: 1:50
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About 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.

Pros

• 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.
• There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
• 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.

Cons

• There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
• FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.

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#2 - Interactive Brokers

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Review

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, 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."

- 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), IBKR 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.

Pros

• 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.
• IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
• IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries.

Cons

• 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.
• 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.
• 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.

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#3 - NinjaTrader

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Review

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

About 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.

Pros

• NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
• NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
• Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract

Cons

• 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

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#4 - OANDA US

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Review

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.

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 proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView

Cons

• It's a shame that customer support is not available on weekends
• 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

Visit OANDA US

#5 - IG

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Review

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

About 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.

Pros

• 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
• The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award

Cons

• 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
• Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
• IG has discontinued its swap-free account, reducing its appeal to Islamic traders

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Forex trading is risky. Most retail investors lose money. Only risk what you can afford to lose.

How We Chose The Best Forex Trading Platforms In The US

To find the best forex trading platforms in the US, we identified all those offering currency-related trading products and accepting investors from the US, then we ranked them by their total rating.

Our forex broker ratings are based on extensive hands-on testing, drawing on over 100 data points and the firsthand observations of our industry experts, focusing on key areas, notably:

Trust

We’ve recommended forex brokers we trust after weighing their:

Of these, the best sign that a forex broker can be trusted is authorization from the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), ‘green-tier’ regulators in line with our Regulation & Trust rating, protecting forex traders in the US through:

• Forex brokers must segregate client funds, providing protection against insolvency. When Refco became insolvent in 2005, the CFTC successfully secured $7 billion in customer funds.
• Forex brokers must display risk warnings. FOREX.com uses the following: “Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning.”
• Forex brokers must not provide leverage trading beyond 1:50, limiting losses. Hugo’s Way offers very high leverage up to 1:500 because it’s not regulated in the US so should be avoided.
• Forex brokers must publish reports to show fair execution and pricing. This report from Interactive Brokers clearly details their use of various clearing houses and depositories.

Currency Pairs

We’ve recommended forex brokers that offer trading on a wide range of currency pairs, catering to various day trading strategies.

Every one of our top-rated forex brokers in the United States offers trading on currency pairs containing the US Dollar, including majors: EUR/USD, USD/JPY, GBP/USD and USD/CHF.

These are the most widely traded currency pairs, comprising up to 75% of global forex trading volumes, and typically exhibiting the lowest fees, making them appealing to active traders looking to keep costs down when operating in slim margins.

Pricing

We’ve recommended forex brokers with competitive pricing after evaluating spreads on popular currency pairs; EUR/USD, GBP/USD and EUR/GBP, and balancing these with any additional fees, such as inactivity penalties, and critically, the overall quality of the forex trading environment.

This is because we’ve learned that it can be worth paying more depending on your needs. For example, superior education if you’re a beginner, the fastest execution if you’re a short-term trader, and automated trading tools if you’re an algo trader.

Importantly, newcomers may prefer a commission-free account to keep pricing simple, while advanced forex traders may prefer a low-spread and commission account, which can reduce costs when executing frequent trades.

Let’s say I’m an active trader of the USD/GBP pair and opt for an account that offers low spreads and a commission. Here’s why this could work for me: Each time I execute a forex trade, I pay a small fixed commission, but I could benefit from significantly tighter spreads.

For example, while a commission-free account might offer a spread of 1.2 pips, my account might only have a 0.3 pip spread but include a $7 commission. Over many forex trades, the savings from the lower spreads can outweigh the commissions.

James Barra

Author

Tools

We’ve recommended forex brokers with user-friendly and feature-rich platforms following direct testing of their desktop, web and/or mobile solutions.

The forex industry has been dominated by MetaTrader 4 (MT4) for years, but we’re observing a shift towards more user-friendly platforms like TradingView that come stacked with helpful features, notably forex heatmaps, market forecasts, trading ideas and dozens of indicators.

This isn’t surprising – I’ve spent countless hours testing the MetaTrader 4 forex platform over the years and am always struck by its bland design, especially the web solution that is unintuitive and fiddly, resulting in a subpar user experience.

With 50% of retail forex investors now using mobiles to trade, according to Gitnux, US brokers are also investing in forex trading apps, which increasingly offer a comprehensive mobile trading experience, complete with mobile-optimized charting, in-built research and analytics, plus in-app support to resolve urgent trading queries.

FAQ

Which Is The Best Forex Trading Platform In The US?

Use our rankings of the best forex trading platforms in the USA to find the right broker for you as everyone’s needs are different.

We also recommend making use of forex demo accounts, offered by all of our recommended brokers, to get familiar with platform features and test strategies before risking funds.

Who Regulates Forex Brokers And Trading Platforms In The US?

The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) regulate forex brokers in the US.

We recommend choosing a forex trading platform registered with these financial bodies. We also recommend reading the CFTC’s advice on how to protect yourself against forex trading scams.

What Is The Minimum Amount Of Money I Need To Trade Currencies In the US?

Our analysis of the largest US forex brokers shows you’ll normally need up to $250 to open a trading account, with debit card, wire transfer and ACH transfer the most supported payment methods.

However, brokerages such as IG and OANDA are increasingly catering to budget forex traders in the US with no minimum investment.

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