US Forex Brokers In August 2022

IG Is A Good Forex Broker for Beginners

With over 45 years of experience in the foreign exchange market and over 195,000 retail client accounts worldwide, IG Group is one of the largest forex brokers operating on US soil. Trading with IG US comes with several advantages for those new to trading.

Key Strengths:

• Extensive research tools and trading strategy ideas
• Excellent educational tools and trading supports
• Great proprietary trading platforms

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IG Trading Accounts and Products

IG’s CFD account charges no commissions and offers good leverage, making it an excellent option for forex traders of all experience levels. There is no minimum deposit requirement to open an account, however traders must meet margin requirements to take a trading position.

Leverage with IG extends to the maximum permitted by the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA): 50:1 for major currency pairs, and 20:1 for minor pairs.

Due to state-level regulatory restrictions, IG US is not available to residents of Arizona or Ohio.

Among the US brokers we investigated, IG Group offers the largest number of currency pairs with minimum low spreads on EUR/USD and USD/JPY from only 0.8 pips. At IG, US clients can enjoy competitive spreads across over 70 currency pairs including:

• Major currency pairs (EUR/USD, GBP/USD and USD/JPY)
• Minor currency pairs (USD/ZAR, SGB/JPY, CAD/CHF)
• Emerging currency pairs (USD/CNH, EUR/RUB, AUD/CNH)
• Exotic currency pairs (EUR/CZK, TRY/JPY, USD/MXN)

IG Trading Platforms

Professional traders and casual investors agree that IG offers first-in-class proprietary trading platforms for web, mobile and tablet. From remarkably comprehensive market research to advanced charting capabilities – 20 drawing tools and 32 indicators – IG has every tool a trader might need coupled with the power a forex specialist could want in a single platform.

IG’s top technical tools for navigating the market and finding new trading opportunities include:

• Streaming Reuters news integrated directly with the trading platform
• Autochartist tool for unbiased and timely analysis
• One-click trading directly from the charts
• Price alerts to notify you of forex price movements
• +100 indicators integrated with ProRealTime

IG: Our Final Verdict

IG brings decades of experience to its trading platform and market research tools, which means it’s an excellent choice for novice traders.

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Forex.com Has Tight Spreads

Forex.com takes first place as the lowest of the low-spread US forex brokers thanks to spreads as tight as 0.0 pips on its STP Pro account. A no-dealing-desk model and straight through processing (STP) execution accounts enable the broker to process trades at market prices, which translates into tight spreads compared to no commission based trading account.

Key Strengths:

• Sophisticated technical trading tools
• Great variety of currency pairs
• Fast trade execution
• STP and top of the book spreads

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Forex.com Trading Accounts and Products

Forex.com offers an impressive variety of account types, more than any other brokerage we reviewed.

The Standard and MetaTrader 4 accounts charge no commission or funding costs and offer a minimum spread of 1.0 pip. Both are good options for discretionary traders. MetaTrader 4 accounts have access to the MetaTrader 4 trading platform, while Standard account holders will execute trades via Forex.com’s proprietary platform and NinjaTrader.
The Commission and STP Pro Account types boast impressively tight spreads suitable for system traders: 0.0 for the STP Pro account and 0.2 pips for the Commission account.

As a retail trader, the commission account is likely to be the account you will be using. This account requires a minimum deposit of just $100 and has a flat commission of $10 round turn for each lot you trade ($5 per trade each way).

While the STP Pro account spreads are slightly lower than the commission account, this account allows you to save on commissions through the use of tiered commissions.

Tiered commissions means the more volume you trade the previous month, the larger the discount in commissions the next month. The catch – to use this account there is a minimum deposit of $25,000 making this account best for high volume traders. One thing to note is that commission costs will be lower if using commission account unless trading at least $1B each month.

Trading Products with Forex.com

Forex.com stands out amongst the lowest spread US forex brokers for the variety of trading products available in the US, with nine major currency pairs, plus gold and silver, index futures and futures options.

Forex.com Trading Platforms

Forex.com account holders have access to an impressive array of trading platforms. In addition to the broker’s own highly-touted web and mobile offerings, traders using the Standard account can opt for the NinjaTrader platform, which includes futures-specific charting tools and automations similar to MetaTrader.

At the Commission and STP Pro account levels, however, Forex.com offers a more limited range of trading platform options. STP Pro accounts run only on Forex.com’s in-house platform, and Commission account holders must trade on MetaTrader 4. The broker’s web and mobile platforms fortunately stack up well against MetaTrader, with trading from charts, advanced charting tools and other powerful features.

Forex.com: Our Final Verdict

An easy-to-navigate trading environment, low trading costs and numerous trading platforms from which to choose make Forex.com a good choice for intermediate and advanced traders hoping to control costs without sacrificing a quality trading experience.

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TD Ameritrade Has Great Customer Support

TD Ameritrade is a multi-asset broker that ranks in our top US forex brokers list due to their outstanding customer support. With over 40 years of experience providing trading services, TD Ameritrade is one of the largest broker-dealer firms in the US. The brokerage manages over 11 million trading accounts holding more than USD 1 trillion in assets and processes 500,000 orders on a daily basis.

Key Strengths:

• Top-tier market research and analysis tools
• Excellent customer service
• Low trading fees, including free stocks and ETFs

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TD Ameritrade Trading Accounts and Products

US-based forex traders will need to open a Standard account with TD Ameritrade. This dealing-desk account offers a variable spread that starts from 1.0 pips, but affords customers access to a comprehensive range of assets to trade.

At TD Ameritrade, US traders have direct market access to a wide variety of financial instruments, including:

• 70 major and minor currency pairs
• 300 ETFs
• 37,000 mutual funds
• 10 precious metals and commodities
• Cryptocurrencies

TD Ameritrade Trading Platforms

TD Ameritrade offers account holders the option to trade via a professional-grade terminal: thinkorswim. Available in desktop, web and mobile formats, thinkorswim provides many of the same features as MetaTrader 4, as well as some important extras:

• Depth of Market views
• 400 technical indicators
• 20 drawing tools

The broker also provides award-winning customer service. Live operators, many of whom are traders themselves, stand ready to assist with technical problems, trading strategy issues and account funding difficulties, no matter where you are in the world.

TD Ameritrade: Our Final Verdict

Overall, TD Ameritrade is geared more towards professional traders. However, US retail traders can also benefit from the multi-asset thinkorswim platform, which is rich in technical tools.

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Interactive Brokers Has Low Trading Fees

Founded in 1977, this ‘discount’ forex broker snagged a top spot in our roundup due to low trading fees, but that doesn’t mean IB skimps on the trading experience. This brokerage offers a solid selection of assets to trade, as well as comprehensive analysis, research and charting tools.

Key Strengths:

• Large selection of assets to trade
• Strong market research and educational tools
• Low trading costs

View Interactive Brokers Review >>Visit Interactive Brokers Markets >>

Interactive Brokers Trading Accounts and Products

For daytraders and those new to forex trading, Interactive Brokers offers the IBKR Lite account. The broker does act as a market-maker, however trades bypass a dealing desk in favor of 17 forex-dealing banks. Variable spreads are exceptionally tight as a result and start from just 0.1 pips.

Interactive Brokers also charges a commission for round-turn trades of a standard lot, depending on volume.

Opening an IBKR Lite account can take a bit more time than with other top forex brokers, but does not require a minimum deposit. Note, however, that subsequent deposits incur a 1% funding fee, and the broker also charges between US$4 and US$10 to withdraw.

In addition to over 100 currency pairs, Interactive Brokers provides the opportunity to trade options, bonds, stocks, futures, commodities, mutual funds and crypto.

Interactive Brokers Trading Platforms

US-based account holders can choose from Interactive Broker’s three home-grown trading platforms when trading forex: the IBKR client portal web trader; Trader Workstation on desktop and IBKR Mobile. Each platform includes powerful trading tools, such as FX Trader and advanced algorithms. IB Smartrouting aims to improve execution speed.

Daytraders interested in trading stocks, mutual funds or cryptocurrency also have the option to trade via IBKR Global Trader or Impact. The latter focuses on socially responsible investing.

Interactive Brokers: Our Final Verdict

Though not the most intuitive of brokers when it comes to trading environment or pricing structure, experienced traders who can navigate the volume pricing will find a lot to like about the broker’s sophisticated trading platforms.

View Interactive Brokers Review >>Visit Interactive Brokers Markets >>

NADEX Is the Only Broker to Offer Forex Options

Even though it’s a specialised exchange rather than a brokerage, we’ve included NADEX in our roundup on the best forex brokers for US traders to call attention to its unique range of products: binary options, call spreads and knock-outs.

The first financial services platform of its kind to be licensed by the Commodities Futures Trading Commission and the National Futures Association, NADEX is currently the best, safest way for forex traders to experiment with options contracts.

Key Strengths:

• Dedicated to binary options and other exotic derivatives
• Easy funding and low fees
• Fully regulated and NFA/CFTC-compliant

Nadex Trading Accounts and Products

US-based traders can open three different types of options contracts using NADEX’s proprietary platform: call spreads, knockouts, and binary options. The underlying instruments for each contract are priced based on COMEX and NYMEX futures.

NADEX offers a simple, easy-to-understand trading fee structure for each of its three contract types. To open or exit a contract, traders pay US$1 in trading fees, and US$1 to settle a contract upon expiration. (If the contract is question is a binary option expiration contract, however, and the trader is out of the money upon expiration, NADEX charges no fee.)

Positions for each of the three contract types are capped: 2,500 for binary options, 250 for call spreads and 100 for knockouts. Minimum tick values range from US$1 for call spreads and knockouts to US$.25 for binary options.

Currently, the underlying assets available for binary options contracts on NADEX include forex, indices and commodities. Traders hoping for broader exposure or more volatile assets may need to explore alternative options.

Regardless of funding method, traders pay no fees to fund a NADEX account. Withdrawals also incur no fees, unless done by wire transfer.

NADEX does stand out from other platforms we’ve profiled, however, in that it does not allow traders to find an account with credit. Only payment methods backed by real cash, such as debit cards, checks, wire transfers and ACH transfers will do.

Nadex Trading Platforms

Traders who require powerful support like advanced charting, technical indicators and sophisticated drawing tools might find the NADEX platform a bit bare bones. The available trading resources, in our view, more than suffice given the niche trading products available.

NADEX offers both mobile and desktop platforms for maximum freedom and flexibility. Traders have access to identical features and tools, regardless of how and where they choose to trade.

Nadex: Our Final Verdict

Traders interested in learning more about exotic derivatives and options contracts can do so on NADEX with the peace of mind that comes from trading with a regulated platform.

Trading.com Is the Best MetaTrader 5 Broker

For algorithmic traders and others who rely on expert advisors to manage their trading activity, MetaTrader 5 has much to offer. Of all the brokers we reviewed, however, Trading.com stands alone for its commitment to the next-generation MetaQuotes trading platform. With all the features of its predecessor, MT4, MetaTrader 5 also provides traders with the optimal environment for technical trading and above-average execution speeds.

Similar to Forex.com, which we reviewed above, Trading.com stands out more for competitive pricing than for sophisticated features. The commitment to MT5 and an easy-to-navigate trading environment earn it a spot as one of the best US forex brokers.

Key Strengths:

• Straightforward trading environment
• Round-the-clock, live customer support
• Wide range of available instruments to trade

Trading.com Trading Accounts and Products

Opening a trading account with Trading.com takes little time and less effort. New clients will need to make a minimum deposit of US$50, however the broker allows traders to fund their accounts via credit card, wire transfer or ACH transfer.

Trading.com offers a single account option to US-based forex traders: the T1. While the broker does not charge a commission on trades, it does act as a market-maker. Spreads are slightly wider as a result and start at 0.7 pips. Leverage for major pairs tops out at 1:50 for maor pairs and 1:33 for minor pairs in accordance with CFTC and NFA limits.

The broker offers an excellent selection of forex pairs; 71 in total, including all major currency pairs, minor currency pairs and exotics.

Trading.com Trading Platforms

While Trading.com does offer account holders the option to trade on its own in-house platforms, the real draw is MetaTrader 5.

The successor to popular platform MetaTrader 4, MT5 offers traders an environment fully optimised for algorithmic trading. The platform has capacity for 100 charts with 21 time frames, as well as 80 technical analysis tools. Users have access to a curated marketplace of custom-built and off-the-shelf trading robots, but can also code their own expert advisors specifically for use on the platform.

Note, however, that trading bots and EAs written for use with MT4 will not transfer to MT5 due to a difference in programming language.

Trading.com: Our Final Verdict

Trading.com is an excellent option for cost-conscious traders looking for low trading fees, competitive spreads and a powerful platform to support algorithmic trading strategies.

eToro Is Great for Social Trading

A pioneer in the “game-ification” of investing, eToro has great resources for new investors, eToro is an excellent brokerage for casual traders, those interested in social or copy trading, and crypto enthusiasts.

Key Strengths:

• Supports social and copy trading
• Excellent selection of cryptocurrencies
• Innovative, game-ified approach to investing

View eToro Review >>Visit eToro >>

eToro Trading Accounts and Products

For most American traders, eToro offers a single account option for trading cryptocurrency: Standard. Residents of some states, however, may find themselves eligible for only a virtual account due to regulations on cryptocurrency trading.

The eToro Standard account uses a dealing-desk model, and variable spreads start at 1.0 pips. Round-turn trades of a standard lot will incur a ‘spread plus 1%’ fee, and the broker caps leverage at 30:1. Costs associated with trading stocks and ETFs are competitive, however, and carry no commission. Stock traders can buy and sell fractional shares commission-free.

Another unique eToro feature? This broker allows traders to fund their accounts with popular cryptocurrencies, such as ETH, BTC and XRP.

In addition to 42 cryptocurrencies, eToro’s American account holders can also trade in stocks and ETFs.

eToro Trading Platforms

In keeping with its overall commitment to social and copy trading strategies, eToro’s proprietary trading platforms offer several unique features designed to support these styles.

Account holders can stay up to date on market activity via a wall-like ‘feed’ of news and commentary from other eToro traders, regardless of skill level. For a more refined perspective based on activity by top traders, users can turn to eToro’s sentiment data analysis.

eToro does not offer account holders the option to trade via a desktop platform. Nor does the broker support third-party integrations for either MetaTrader 4 or MetaTrader 5, which limits the use of expert advisors and other trading bots. The analytical tools available on eToro’s in-house platforms should meet the needs of intermediate or beginner traders, but those with more experience who prefer the MetaTrader interface may feel restricted.

eToro: Our Final Verdict

For casual or beginner traders interested in exploring day trading and those who prefer to trade only crypto, eToro has much to offer. Regulatory restrictions and a limited range of trading platforms and tools may render it less appealing to experienced traders and those interested in a wider range of assets, however.

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