Compare Forex Brokers In The US

Our US forex broker comparison focused on spreads and trading platform features to determine the best broker in May 2022.

View the full May 2022 compare forex broker list.

Justin Grossbard

Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

Updated: 23/05/2022

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.

Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

US Forex Broker Comparison

Below shows our best forex broker USA list.

IG Markets - The Best Forex Broker Overall
Forex.com - The Top Forex Broker For Low Spreads
Oanda - A great Forex Broker For No Commission Trading
ATC Brokers - The Good Broker For Metatrader 4 Platform
TD Ameritrade - The Best Forex Broker For Variety Of Markets
eToro - The Top Forex Broker For Social And Copy Trading

Visit Site

Our Rating

6.67

7.28

7.33

7.17

71% of retail investor accounts lose money when
trading spread bets and CFDs with this provider

72% of retail investor accounts lose money when trading CFDs

76.6% of retail investor accounts lose money when trading CFDs

68% of retail investor accounts lose money when trading CFDs with this provider.

Regulations and Licenses

NFA or CFTC (USA)

Brokerage

EUR/USD Avg. Raw Spread

0.17

GBP/USD Avg. Raw Spread

0.59

AUD/USD Avg. Raw Spread

0.3

EUR/USD Standard Spread

0.86

1.30

1.1

3.00

EUR/USD Fixed Spreads

Commissions (USD Base)

$2.00-$6.00

$3.50

Minimum Deposit

$450

$100

$200

Swap Free Account

No Inactivity Fees

Funding Methods

11+

No Funding Fees

Markets and Instruments

Currency Pairs

100+

80+ (Standard Account)
58+ (DMA)

70+

49+

Cryptocurrency CFDs*

12+

46+

Index CFDs

34+

15+ (Standard Account)

16+

13+

Share CFDs

12000+

220+ (Standard Account)

2000+

Commodities CFD

35+

26+

34+

33+

Stockbroking

2000+

Retail Max. Leverage (USA)

Major Pairs 50:1
Minor Pairs 20:1

Spot 50:1
Futures 6.25:1

Major Pairs 50:1
Minor Pairs 33:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Unique Feature

Guaranteed stop loss orders

Owned by Capital Gains

Fast Execution

CopyTrader functionality
for automated trading

Overall

Our Rating

6.67

7.28

7.33

7.17

Top Forex Brokers In The USA

Interested in trading forex online in the United States? Learn more about the best forex brokers operating in the US and the rules and regulations governing online foreign exchange trading.
American investors interested in trading forex may find their options more limited than in other jurisdictions, but that doesn’t mean that the available forex brokers don’t have much to offer.

In this guide, we compare forex brokers in the USA across several metrics to help you find a licensed, regulated foreign exchange broker best-suited to your needs, trading style and trading strategy.

Online Forex Trading in the US: Legal, But Limited

Before moving further, it’s important to understand how the US differs from other jurisdictions when it comes to trading forex online. Forex trading in the US is legal, however, traders have a more limited range of options when it comes to choosing a broker.

Why? Because regulators in the United States have specific capital requirements for forex brokers.

The National Futures Association (NFA) requires ‘Futures Commission Merchants’, including forex brokers, to maintain a minimum of USD$20 million in adjusted net capital in order to act as a counterparty to any forex trade. Compare this to the EU$730 thousand needed to operate as a forex broker in Cyprus – and, by extension, the rest of the EU – and you can see why smaller, leaner brokers might find the American regulatory environment a bit chilly.

The Commodities Futures Trading Commission (CFTC), another American regulator, does not permit trading on Contracts for Difference (CFDs), only spot trading or direct foreign exchange trading. The difference? In a CFD, the trader has no exposure to the underlying asset – traders bet on the movement of a currency pair. In spot forex trading, however, the trader buys and sells the actual currency.

Comparing Forex Brokers in the USA: Key Considerations

Choosing a forex broker can feel like a daunting process, particularly for beginners not entirely sure about the differences between account types or trading platforms. Even more experienced traders may hesitate before committing to a US forex broker, however, as accounts may appear to lack familiar features or products commonly available overseas. That said, US traders do have access to the same range of accounts as in other countries. CFTC and NFA rules and regulations permit US forex brokers to act as market makers (standard accounts) and simply trade processors, as in a no dealing desk electronic communication network (ECN) or straight-through processing (STP) system.

While reading through our reviews of forex brokers in the US, it may help to keep in mind the following questions:

What’s my experience level? Beginner traders may fare best with the security of a standard account featuring solid charting tools. More experienced players, on the other hand, might prefer the enhanced efficiency and transparency of a no-dealing desk account with tools tailored for specific trading strategies.
What’s my trading strategy? If you’re interested in scalping or social trading, it’s important to select a broker that not only permits, but supports, your strategy with the proper tools and trading platforms.
What’s my budget? Fees and commissions can vary from broker to broker and account to account. Before committing, make sure you understand the charges associated with trading on a given platform with a particular broker.
What platforms do I want? In addition to their own, proprietary trading platforms, many US forex brokers offer clients the option to ‘upgrade’ via third-party integrations to MetaTrader 4 and MetaTrader 5. Not all brokers offer access to all trading platforms, however, and some may limit particular platforms and tools to particular account types.
What’s my risk tolerance? If you’re the type of trader who needs guaranteed stop-loss orders to sleep well at night, you’ll need to ensure that your preferred broker offers them. Those accustomed to trading with the European arms of popular brokers would likewise do well to confirm that the American subsidiary offers similar features.
What extras do I want and need? Maybe you’re still learning the ins and outs of forex trading and want access to advanced educational materials. Or perhaps you travel frequently and rely on 24/7 customer support to keep things running smoothly.

One thing we recommend for all US forex traders, regardless of experience level, trading strategy, preferred product or even location? Trading only with a fully licensed and regulated broker authorized to engage in spot trading of forex by the Commodities Futures Trading Commission (CFTC) and the NFA. Only by opening an account with an authorized broker, such as those reviewed here, can you be confident that you’re trading with a transparent dealer on fair terms.

Leading US Forex Brokers

While it’s true that only a select group of forex brokers allow US-based traders to open accounts, those that do number among some of the largest and most well-known worldwide.

For those that open accounts with the US subsidiary of a reputable international forex broker, we advise first taking a close look at leverage when comparing accounts. Some US forex brokers extend leverage up to 50:1, which provides a slight edge when it comes to flexibility.
But what about the other factors discussed above? Below, we compare forex brokers in the US across a range of metrics to help you decide which broker and account type work best for you and your needs.

Best All-Around: IG

While all of the online forex brokers in the US that we reviewed have their positive points, IG stands out for the range of available trading pairs, low spreads and comprehensive suite of calculators and charting tools.

Although IG limits US-based forex traders to a single account type, the broker’s Standard account has plenty to appeal to novices and experts alike. Variable spreads start at .08 pips and undercut IG’s near competitors by as much as 20% for EUR/USD pairs. And while the broker does act as a market maker, no commissions on trades help keep trading with IG cost-effective, even for high-volume traders.

IG Trading Platforms

When it comes to trading platforms, IG’s intuitive, easy-to-use web, mobile and tablet interfaces can scale up or down depending on your trading needs and experience level. US traders using IG’s proprietary platforms have access to 32 indicators and 20 drawing tools, as well as market research tools.

For forex trading specialists and those interested in implementing automated trading strategies, IG offers two additional platforms: MetaTrader4 and ProRealTime.

IG Trading Products

In addition to 10 major currency pairs, including AUD, NZD, SGD and HKD, the broker offers an array of exotics, with a special emphasis on Asian and Scandinavian currencies. IG caps leverage for major currency pairs at 50:1 – the maximum allowed by US law – and minor pairs at 20:1.

View IG Markets Review >>Visit IG Markets >>

Our Rating

The overall rating is based on review by our experts

7.50

Spreads

7 / 10

Leverage

9 / 10

Trading Platform

8 / 10

Risk Management

7 / 10

Range of Markets

9 / 10

Customer Service

5 / 10

Best for Low Spreads: Forex.com

A no-dealing desk model that uses straight-through processing (STP) for trade execution allows Forex.com to offer US traders the lowest spreads of any international broker operating in the USA.

American forex traders can select from among four different account types with Forex.com: Standard, MetaTrader 4, Commission and STP Pro.

For both Standard and MetaTrader 4 accounts, Forex.com acts as a market maker, with variable spreads starting at 1.0 pip and no commissions. MetaTrader 4 traders take note, Forex.com only allows trading on the platform via this modified version of a Standard account.

Those looking for tighter spreads and a no dealing desk execution system have the option of the Commission or STP Pro Accounts. Spreads for these accounts begin at a tight 0.2 pips for Commission account holders, while high-volume traders using the STP Pro account benefit from spreads as tight as 0.0 pips.

Forex.com Trading Platforms

Forex.com likewise offers US-based forex traders a variety when it comes to trading platforms. In addition to the platform’s own mobile, web and desktop trading interfaces, traders have the option to trade via MetaTrader 4 or NinjaTrader.

For its more ‘advanced’ account types, Forex.com allows integrations with powerful charting tools, such as TradingView, as well as advanced analytics via Trading Central.

Forex.com Trading Products

Forex.com goes beyond its name: in addition to 80 currency pairs, available trading products include index futures, futures options and precious metals.

View Forex.com Review >>Visit Forex.com >>

Best for No-Commission Trading: Oanda

High volume traders and those seeking to maximise return on investment will find Oanda’s fee structure highly appealing. Spread Only Pricing account holders pay no commission on round-turn trades per 100K standard lot, while all account types benefit from low forex fees on long positions.

Unlike other US forex brokers we reviewed, Oanda acts as a market maker for both trading account types available in the US. The Spread Only Pricing account operates much like a standard account, with variable spreads starting at 0.6 pips and no commission on round turn trades. The Core Pricing account offers tighter spreads – 0.1 pips – but charges a USD$10 commission.

Neither the Spread Only Pricing nor the Core Pricing accounts require a minimum balance to open. Instead, traders are charged a monthly fee of up to ten units of their account currency for any periods of inactivity longer than twelve months.

Oanda Trading Platforms

With a full suite of available trading platforms, including proprietary web, mobile and tablet options powered by TradingView, Oanda has all the tools a trader might want. From performance analytics to personalised to advanced charting options, Oanda has tools to support any trading strategy.

Oanda also allows MetaTrader 4 users to access additional tools, including advanced indicators, minicharts, alert trading, EAs, alert trading and one-cancels-the-other orders, keyboard trading and tick trading via MetaTrader Premium. For automated trading, Oanda offers US traders a private API, Oanda v20 REST, which allows for automated trades via the Oanda Trade platforms.

Oanda Trading Platforms

Granted, Oanda does limit American forex traders to, well, forex. The range of available currency pairs, however, more than matches up to comparable US online trading brokers and includes over 68 currency pairs. Among the major currency pairs available: EUR, GBP, USD, JPY, NZD, AUD and CHF.

View Oanda Review >>Visit Oanda >>

Best for MetaTrader 4: ATC Brokers

Fans of popular trading platform MetaTrader 4 will find much to appreciate with ATC Brokers.

Forex traders in the US who choose ATC Brokers benefit from a no-dealing desk model, regardless of account type. Whether you choose an Individual, Joint or Corporate account, ATC Brokers uses an ECN or STP execution system, which means tight overall spreads and speedy processing – important for those using scalping, hedging and fully automated trading strategies.

ATC Brokers does stand out for requiring a minimum deposit of USD$3,000 to open an account. Flat commissions, however – only USD$10 per 100K standard lot on a round-turn trade – as well as the maximum permissible leverage of 50:1 help to balance out costs and gains.

If MetaTrader 4 alone doesn’t quite cut it, ATC Brokers gives US forex traders the option to upgrade to MT Pro, a more powerful version of the platform with additional features, like depth-of-market view. MT Pro also empowers users to more aggressively manage risk via trailing stops, bracket orders and strategy orders – features not available on MetaTrader 4.

ATC Brokers Review >>Visit ATC Brokers >>

Best for Variety of Markets: TD Ameritrade

Perhaps better known for more traditional investments than for online forex trading, TD Ameritrade nevertheless has plenty to offer US clients. Owned by the Charles Schwab Corporation, the broker has access to a range of market research and educational tools few others can match.

Perhaps as a reflection of its commitment to providing a broad range of investment services, including long-term investment and retirement planning, TD Ameritrade keeps it simple when it comes to accounts for US traders. A TD Ameritrade Standard account uses a dealing desk model with spreads of 1.0 pips, comparable to other US forex brokers with no commission on trades of any size.

TD-AmericaTrade Trading Platforms

In contrast to other brokers, many of which take great pains to ensure account holders have access to the MetaTrader 4 trading platform, TD Ameritrade has gone all-in on thinkorswim. MetaTrader 4 users needn’t fret too much, however, the platform offers similar features, plus some attractive extras, such as depth of market. Scalping is possible.

The close relationship with thinkorswim also enables TD Ameritrade to offer account holders access to thinkScript, a proprietary algorithmic trading tool, as well as technical studies. On the other hand, the reliance on thinkorSwim limits the number and variety of third-party integrations, and the platform does not permit social or copy trading.

TD-AmeriTrade Trading Products

What TD Ameritrade lacks in options when it comes to account types and trading platforms, it more than makes up for in the breadth of available products. In addition to 70 forex pairs, US-based account holders have the option to spot-trade EFTs, stocks, cryptocurrencies, indices, precious metals and commodities.

View TD Ameritrade >>Visit TD Ameritrade >>

Best for Social and Copy Trading: eToro

Globally recognized for its accessible, approachable branding and social media-esque trading interface, eToro has yet to fully break into the American market. Its limited presence, however, shouldn’t lead US traders to dismiss this up-and-comer, particularly those interested in crypto.

In fact, eToro allows US account holders to trade only cryptocurrencies, EFTs and stocks, not forex. We’ve included it here, however, due to its worldwide popularity and unique value proposition: all social trading, all the time.

American traders residing in one of the limited number of states in which eToro can get started by opening a Standard account funded with the currency of their choice – including crypto.

eToro acts as a market-maker, charging a ‘spread plus 1%’ fee per 100K standard lot on round-turn trades with a minimum spread of 1.0 pips. That doesn’t mean commission costs aren’t competitive, however. Users can trade stocks and EFTs at 0% commission, even for fractional shares.

eToro Trading Platforms

As one might expect from a broker touting itself as ‘the world’s largest social investment community’, eToro’s trading platforms are optimised for just that: social and copy trading.

Sentiment data captures activity by top traders, while a Twitter-style feed gives real-time insight and commentary on the market sourced from the eToro community. The similarities to social media interfaces don’t stop there – eToro offers only web and mobile interfaces for its trading platforms and prohibits third-party integrations. MetaTrader 4 and MetaTrader

eToro Trading Products

While US-based eToro account holders don’t have the option to trade in crypto, they do have access to over 42 cryptocurrencies, as well as 2,500 stocks and 76,000 EFTs. eToro also offers investors the option to trade using Smart Portfolios, curated indices of similar stocks.

View eToro Review >>Visit eToro >>

*Your capital is at risk ‘68% of retail CFD accounts lose money’

US Forex Broker Licenses and Regulations

Understanding why many of the better-known and globally popular forex brokers don’t offer accounts to American forex traders requires an understanding of the US’ unique regulatory framework. As explained above, obtaining the necessary licenses and approvals from the CFTC and the NFA requires a broker to show a minimum capitalization of USD$20 million. That’s a lot to pay for one license that, unlike an EU license, gives the broker access to a single market.

The Australian Securities and Investments Commission (ASIC), by contrast, requires only AUD$1 million in capital for forex brokers, and the International Financial Services Commission (IFSC) in Belize only USD$500 thousand. European regulators, such as the Cyprus Securities and Exchange Commission (CYSEC) may have higher minimum requirements but, due to EU-wide regulations, a license to operate in one jurisdiction allows a broker to operate anywhere within the bloc.

In short, if you’re currently an IC Markets, FP Markets, Pepperstones or FXPro account holder abroad and relocating to the US, you may find your available brokerage options somewhat more limited. Cause for short-term frustration? Perhaps. But the peace of mind that comes with knowing that your counterparty in a market-maker account complies with all applicable rules and regulations affords valuable peace of mind.

Comparing Forex Brokers in the US: Conclusions

While high minimum capital requirements and an ambiguous regulatory framework may have limited the available options for trading forex in the US, those who wish to do so will find an attractive array of US brokers from which to choose.

About the author: Justin Grossbard