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TheTop 6 Best Forex Brokers in the USA revealed. We have rated and reviewed the best Forex Brokers acceptingUS Traders.
This is a complete listing of The 6 Best Forex Brokers in theUSA.In this in-depth write-up you will learn:
- Who is the Best Suited Broker forBeginner US Traders?
- Pros and Cons ofForex trading in the USA.
- Regulation of CFD and forex trading in the USA. (Is it legal?)
- Top US Dollar Trading Accountsand how they work.
- $ Costs of Trading Forex in the United States of America
- How to choose the best USA broker for your risk profile.
- Best VERIFIED regulated forex brokers in the USA.
- High leverage Metatrader 5 and 5 Forex brokers in the US.
and much, much more!
6 Best Forex Brokers in the USA – A Comparison
🔎 Broker | 📝 CFTC / NFA Regulation | 🚀 Open an Account | 🤝 Accepts US Traders | 💰 Min Deposit |
🏅 Oanda | ☑️ Yes | 👉 Click Here | ✅ Yes | $0 USD |
🥇 Ally Invest | ✅ Yes | 👉 Click Here | ☑️ Yes | $100 USD |
🥈 Forex.com | ☑️ Yes | 👉 Click Here | ✅ Yes | $1000 USD |
🥉 Interactive Brokers | ✅ Yes | 👉 Click Here | ☑️ Yes | $100 USD |
📌 TD Ameritrade | ✅ Yes | 👉 Click Here | ☑️ Yes | $2000 USD |
📌 IG | ☑️ Yes | 👉 Click Here | ✅ Yes | $200 USD |
The CFTC and NFA – A Definition
The Commodity Futures Trading Commission (CFTC) is the independent federal agency tasked with the regulatory authority of the derivatives markets, including futures contracts, options, and swaps, in the United States.
The National Futures Association or NFA on the other hand is an independent self-regulatory organization for the U.S.futuresandderivatives markets designated by the Commodity Futures Trading Commission (CFTC) as a registered futures association.
6 Best Forex Brokers in the USA (Updated 2024*)
- Oanda – Overall, Best Low $ USD Minimum Deposit.
- Ally Invest – Best Broker accepting US Traders.
- Forex.com – NFA Regulated Broker.
- Interactive Brokers – CFTC Regulated Broker.
- TD Ameritrade – Award-Winning USA Broker.
- IG – Competitive Fees and Spreads accepting USA forex traders.
Oanda
Overall, Oanda can be summarised as acredible broker. Oanda is fullyregulatedthus making it asafe and trustworthy broker. OANDA is consideredlow-riskwith atrust score of 91 out of 99.
Oanda Overview
🔎 Broker | 🥇 Oanda |
📌 Tier-1 Licenses | 6 |
🎉 Bonus | No |
☪️ Islamic Account | No |
🆓 Demo Account | ✅ Yes |
💰 Min Deposit | $0 USD |
📈 Inactivity Fee | ✅ Yes |
📉 Withdrawal Fee | No |
🚀 Open an Account | 👉 Click Here |
Oanda Pros and Cons
✔️ Pros | ❌ Cons |
Accepts U.S. clients | No account protection for U.S. clients |
Regulated by FCA and NFA | No guaranteed stop losses for U.S. or U.K. clients |
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Platform
MT4
Crypto
No
Total Pairs
71
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on Oanda's website
Ally Invest
Overall,Ally Invest is considered a trustworthy US Stockbroker with average risk. Ally Invest is listed on the New York Stock Exchange and has a banking subsidiary, Ally Bank.
Ally Invest Overview
🔎 Broker | 🥇 Ally Invest |
💰 Min. Balance | $0 USD |
📈 Cost Per Stock Trade | $0 USD |
📉 Cost per Options Trade | $0.50 USD |
🎉 Promotion | ✅ Yes |
🔁 Transfer Fee | $50 USD |
💵 IRA Transfer Fee | $50 USD |
💳 IRA Closing Fee | $25 USD |
🚀 Open an Account | 👉 Click Here |
Ally Invest Pros and Cons
✅ Pros | ❌ Cons |
No account minimum. | No no-transaction-fee mutual funds. |
Strong web-based platform. | No branches. |
Overall Rating
- 4.4/5
Min Deposit
USD 0
Regulators
FINRA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Forex.com
Overall, Forex.comcan be summarised as a trustworthy broker with a reputable, well-established reputation that providesContracts for Difference (CFDs), trading facilities on forex, user-friendly trading conditions, education materials, and research tools for a global market.
Forex.com Overview
🔎 Broker | 🥇 Forex.com |
💰 Min. Deposit | $100 USD |
🔁 Spreads from | 0.1 |
🔽 Commissions | ✅ Yes |
▶️ Forex Commission | $5 USD per round lot |
▶️ CFDs/DMA Commission | $0.18 USD per share (US Stocks) |
🛑 Inactivity Fee | $15 monthly after 12 months |
💳 Deposit Fee | Third-Party |
💳 Withdrawal Fee | Third-Party |
💻 Trading Platforms | MT4, MT5, Proprietary |
🆓 Demo Account | ✅ Yes |
☪️ Islamic Account | ❌ No |
🚀 Open an Account | 👉 Click Here |
Forex.com Pros and Cons
✔️ Pros | ❌ Cons |
Segregates client funds | Doesn’t offer VPS |
Established in 1999 | Not ASIC Regulated |
Overall Rating
- 4.7/5
Min Deposit
USD 100
Regulators
FCA, CFTC, ASIC
Trading Platform
MT4, MT5, Proprietary
Crypto
No
Total Pairs
91
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on Forex.com's website
Interactive Brokers
Overall, InteractiveBrokershas a reputable reputation and offers traders user-friendly trading conditions. Interactive Brokers offers quality education material and research tools,Contracts for Difference(CFDs), and trading facilities on shares, forex,commodities, cryptocurrencies, ETFs, options, and indices to a global market.
Interactive Brokers Overview
🔎 Broker | 🥇Interactive Brokers |
📝 Regulation | CFTC, NFA, FCA |
💰 Min. Deposit | $0 USD |
☪️ Islamic Account | No |
🆓 Demo Account | ✅ Yes |
🤝 Managed Accounts | ☑️ Yes |
🚀 Open an Account | 👉 Click Here |
Interactive Brokers Pros and Cons
✅ Pros | ❌ Cons |
Wide range of products | Withdrawals bank transfer only |
Wide range of products | Suited to experienced investors |
80+ exchanges | Commission structure benefits high volume trades |
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
FCA, ASIC, NYSE, SEC, FINRA, IIROC. Regulated in Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK
Trading Platform
Proprietary Platform
Crypto
Yes
Total Pairs
90
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on Interactive Brokers' website
TD Ameritrade
Overall, TD Ameritradecan be summarised as a trustworthy broker with $0USD, R0ZARcommissions on trades, enhancedtrading platforms, top-line education, and an overall full-service brokerage experience.
TD Ameritrade Overview
🔎 Broker | 🥇 TD Ameritrade |
💵 Minimum Deposit | $0 USD |
💳 Commissions | $0 USD |
💰 Options (per contract) | $0.65 USD |
💵 Inactivity Fee Charge | No |
💵 Withdrawal Fee | No |
📌 Products offered | Stock, ETF, Forex, Fund, Bond |
📝 Demo Account | ☑️ Yes |
🚀 Open an Account | 👉 Click Here |
TD Ameritrade Pros and Cons
✅ Pros | ❌ Cons |
Low trading fees | US markets Only |
Excellent desktop trading platform | No credit/debit cards |
Great customer support | Mostly limited to US residents |
Overall Rating
- 4.5/5
Min Deposit
USD 0
Regulators
SEC, FINRA, CFTC
Trading Platform
Proprietary
Crypto
No
Total Pairs
70
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on TD Ameritrade's website
IG
Overall, IG can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs)
and low spreads on 70+ trading instruments. IG is regulated by two tier-1 regulators (highest trust)
and it has a trust score of 96 out of 100.
IG Overview
🔎 Broker | 🥇 IG Group |
💰 Trading Fee Class | High |
💵 Inactivity Fee | ✅Yes |
💳 Minimum Deposit | $140 USD |
💡 Base currencies | 6 |
✅ Demo Accounts | ✅Yes |
📌 Products Offered | ETF, Forex, Options |
🚀 Open an Account | 👉 Click Here |
IG Pros and Cons
✔️ Pros | ❌ Cons |
Excellent Web-Trading Platform | High Forex and Stock CFD Fees |
Excellent Educational Tools | Limited Product Portfolio |
Great Deposit and Withdrawal options | Slow Customer Support |
Overall Rating
- 4.8/5
Min Deposit
USD 0
Regulators
FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF
Trading Platform
MT4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on IG's website
Conclusion
Now it is your turn to participate:
WhichUS brokerfrom this list do you intend to test out?
What was the determining factor in your decision to engage with a certain broker?
Was it because of the $ USD minimum deposit or the Pros and Cons?
Regardless, please share your thoughts in the comments below.
Disclaimer
Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.
Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.
Frequently Asked Questions
Who is the most used forex broker in the USA?
According to research, Forex.com is the most popular broker choice in the USA.
Who regulates Forex Trading in the USA?
Forex trading in the USA is regulated by several government agencies, including the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The CFTC is the primary regulator of the forex market in the USA, and it oversees forex trading through the enforcement of the Commodity Exchange Act (CEA) and other regulations. The NFA is a self-regulatory organization that works in conjunction with the CFTC to ensure that forex brokers and other financial institutions comply with industry standards and regulations. Additionally, the Securities and Exchange Commission (SEC) regulates forex trading for certain financial institutions and investors, and the Federal Reserve System oversees the overall stability of the financial system, including the forex market. These regulatory bodies aim to protect investors, maintain market integrity, and prevent fraudulent or manipulative practices in the forex market.
What is the minimum deposit requirement for a forex trading account with a broker in the USA?
The minimum deposit requirement for a forex trading account with a broker in the USA varies depending on the broker and the type of account. Some brokers offer accounts with a minimum deposit requirement as low as $1, while others require a minimum deposit of $10,000 or more for certain account types. It is important to research and compare different brokers to find one that offers account types with minimum deposit requirements that suit your trading needs and financial situation.
How many forex traders are currently active in the USA?
The rough estimate is approximately 100,000 active US traders per month.
Louis Schoeman
Featured Forex and Stocks writer
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