If you’re a US resident and wish to start Forex trading, you should choose a broker that is regulated by CFTC and NFA to protect your capital. Select from the best of these brokers like OANDA, Forex.com (Gain Capital), TD Ameritrade, Interactive Brokers, and ATC brokers.
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Forex trading in the USA is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). These organizations set strict rules and regulations to protect traders and ensure the integrity of the market.
We strongly recommend US residences choose a broker regulated by both the CFTC and NFA which all the providers on this page meet.
The top CFTC regulated US forex brokers are.
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.83 |
NFA/CFTC IIROC |
1.4 | 2 | 1.4 | - | - | - |
|
|
|
120ms | $0 | 68+ (Spot) | - | 50:1 | 100:1 |
|
|
|
7.28 |
NFA/CFTC FCA, IIROC |
1.50 | 0.0 | 0.2 | - | $7.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ (Spot) | - | 50:1 |
|
|||
|
8.23 |
NFA/CFTC FCA, ASIC |
1.2 | 1.8 | 1.5 | $6.00 |
|
|
|
174ms | $450 | 80+ (Spot) | - | 50:1 | 50:1 |
|
|||
|
6.21 |
SEC, NFA/CFTC FINRA |
1.4 | 1.3 | 1.2 | - | - | - | - |
|
|
|
110ms | $2000 | 70+ (Spot) | - | 50:1 | 50:1 |
|
|
8.17 |
NFA, CFTC, CBI ASIC, FCA, MAS CIRO, JFSA |
- | - | - | - | 0.08%-0.2% |
|
|
|
110ms | $0 | 100+ | - | 30:1 | 500:1 |
|
In this guide, we’ll provide an overview of forex trading in the USA and the key considerations for American traders. We’ll cover the top brokers in the USA, as well as the unique challenges and opportunities that the American market presents. Whether you’re new to forex trading or an experienced trader, we’ll share the information you need to navigate the highly-regulated forex market in the USA.
OANDA has appealing features for all traders
OANDA is a leading global market maker that ranks in our top US FX brokers list for their no minimum deposit policy, comprehensive support for MetaTrader 4, round-the-clock customer support and competitive trading costs.
Although OANDA’s two account types for US traders both process trades through a dealing desk, the unique fee structure on the Spread Only Pricing account and low commission fee on the Core Pricing account can lead to lower overall trading costs than with other top forex brokers.
OANDA’s Spread Only account offers average spreads of 1.4 pips on EUR/USD and USD/JPY compared to 0.4 pips average spread on EUR/USD respectively and 0.3 pips on USD/JPY for the core pricing model. While the Core Pricing account offers reduced spreads, it has an additional commission of $5.00 per side for every 100,000 units traded (or a $10 round-turn commission).
OANDA’s price engine technology connects to an exclusive liquidity pool formed by tier-1 global banks. At OANDA US, the price you see on the feed is the price at which your order gets filled. There are no re-quotes.
OANDA customers have a wide range of supported funding currencies at their disposal including USD, EUR, GBP, CAD, AUD, HKD, JPY, SGD and CHF.
OANDA’s American clients can also participate in an attractive rebate program that rewards high-volume traders with cash rebates and commission reductions ranging from USD 5.00 and USD 15.00 per million dollars traded.
At OANDA, US residents can fund their live accounts via debit card (MasterCard, Visa or Discover), bank transfer, check (USD) and automated clearing house (ACH). On the other hand, withdrawing funds can only be done via debit card and bank wire transfer
Our analysis showed that OANDA was the best US MT4 forex broker but also offers other options including TradingView and the provider’s in-house web, mobile and desktop interface.
Powered by TradingView, OANDA’s proprietary platforms have all the tools a trader might want, including performance analytics, personalized watchlists and advanced charting options. Technical traders accustomed to MetaTrader and cTrader might find themselves pleasantly surprised at how powerful OANDA’s offerings really are.
For those who prefer the Meta family of trading platforms and tools, OANDA allows MetaTrader 4 users to access additional tools, including advanced indicators, mini charts, 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.
Our Verdict On OANDAOANDA’s powerful analytical tools, tight spreads and extensive selection of trading instruments make it the ideal choice for experienced and beginner US forex traders.
Forex.com takes first place for having the tightest spreads of all brokers listed on this page thanks to spreads as low 0.0 pips for most major pairs on the RAW Pricing account. Commission costs are $7.00 one way and $7.00 side way/$14 round-turn for each $100,000 lot.
Key Strengths:
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Forex.com 2 types of account types.
The Standard and MetaTrader 4 accounts charge no commission or funding costs and offer a minimum spread of 1.2 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 include integration with NinjaTrader (for futures trading) and Capitalise.ai (for automated trading with no coding).
The RAW Pricing account is a better option for experienced traders, high-volume traders and scalpers. With spreads from 0.0 pips, this account has better transparency since the $7.00 sideway/$14.00 round-turn commission for each 100k lot you trade is separate from the spread.
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 and index futures.
Forex.com account holders have access to an impressive array of trading platforms. So whether you prefer platforms with lots of charts for technical analysis or automation tools, Forex.com most likely has the platform for you.
With a wealth of charting features such as enhanced charts via TradingView, 0ver 80 indicators, 10+ types of charts and a host of drawing tools, the Forex.com Trading Platform is a solid choice for traders who like technical analysis.
To further enhance the trading experience with Forex.com Trading Platform extra tools and 3rd part platform can be used with this account. NinjaTrader is built for futures trading while Capitalise.ai you to create algos using plain English rather than code so you can automate your trading. Other tools include performance analytics such as ‘Chasing Returns’ to give you feedback on your trading performance and Smart Signals to find trading opportunities across 36 major global markets.
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.
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:
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IG’s 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:
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:
IG brings decades of experience to its trading platform and market research tools, which means it’s an excellent choice for novice traders.
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:
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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:
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:
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.
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.
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:
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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.
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.
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 ReviewVisit Interactive Brokers Markets
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:
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.
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.
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.
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:
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.
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 is an excellent option for cost-conscious traders looking for low trading fees, competitive spreads and a powerful platform to support algorithmic trading strategies.
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. Etoro specializes in the trading of cryptocurrencies but also offers stocks and ETFs.
Key Strengths:
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.
eToro’s unique feature is the ability to social trade, clients can choose from 42 cryptos, over 2500 stocks and over 70,000 ETFs.
Another unique eToro feature? This broker allows traders to fund their accounts with popular cryptocurrencies, such as ETH, BTC and XRP.
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.
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.
US residents can trade forex with a regulated forex broker. There are seven brokers in the USA that are CFTC regulated including OANDA, IG, Forex.com, TD Ameritrade and Interactive Brokers. Our comparison found OANDA has the best offering with a details explanation provided in the OANDA section.
TD Ameritrade is the most trusted broker based on market share. The Finance Magnates analysis found over 40% of FX trading accounts were held by the broker which also offers most other trading products from bonds to shares. Our TD Ameritrade section reviews the broker in more detail.
Our team at Compare Forex Brokers believes regulation is one of the most important factors when assessing US FX brokers. Forex regulation in the United States is unanimously understood to be
the most stringent regulatory framework in the world.
The strict rules that govern the financial services offered by the US Forex brokers give US traders the following advantages:
Below, our team of investment professionals has outlined the major regulatory entities in the USA that supervise the financial markets, including Forex brokers.
In the United States, there are two financial watchdogs responsible for providing the regulatory framework for US-based Forex brokers:
All US and overseas Forex brokers that intend to service US residents must register with the CFTC and NFA at the same time. Both regulatory bodies work together to protect US traders. Below our experts will outline a brief history of the world’s most trustworthy regulatory authorities in the foreign exchange market.
The NFA is a self-regulatory organization (SRO) founded in 1977 as a CFTC committee but became an independent registered futures association in 1981. The National Futures Association began its regulatory operations in 1982.
Note* The NFA website offers US retail traders the chance to verify the status of US forex brokers via an online portal called Background Affiliation Status Information Center (BASIC).
These are some strict restrictions imposed by the NFA on the US-regulated brokers:
On the other hand, the Commodity Futures Trading Commission (CFTC) was established in 1974 by the US Congress. The CFTC is the ultimate regulatory body in the USA governing the Forex market. There are two major bills that provide the legal framework that constitute the rules regarding FX trading:
Below, our team of industry experts ranked the best CFTC and NFA regulated brokers in the USA. This evaluation accounts for their modus operandi, trading platforms, range of currency pairs, spreads, total costs of trading, customer support, and much more. This makes the most complete and relevant forex broker comparison.
Our experts at Compare Forex Brokers have hand-check for accuracy all the data provided through the Forex brokers USA Review. We used our proprietary star scoring system to rank US FX brokers.
Our methodology took into consideration factors such as:
The heavily regulated environment in the USA due to the CFTC rules and strict requirements has narrowed the brokerage options in the US. However, individual US traders have the option to also trade through offshore brokers that are not subject to the CFTC rules. The number of offshore Forex brokers accepting Americans is also very limited. It also comes with several risks due to the lack of regulation.
Risk Warning: Forex trading and trading on margin come with a high level of risk. Trading high-leveraged products may not be suitable for all investors, as you might lose all your money. Make sure you understand how forex trading works before putting your funds at risk.
Ask an Expert
I noticed that other sites list a lot more forex brokers for US traders compared to this list. Why is that?
If you are in the USA, then you must choose a forex broker that is regulated by the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA). Residents of the USA cannot legally trade with a broker that does not have this regulation. Most likely these other websites are including brokers that are not regulated by the CFTC or NFA, so cannot legally offer their services to US residents.
Can you trade Contracts for difference in the USA?
Hi Kelsey – The regulators in the USA- the NFA and NFTC forbid the trading of CFDs. You can trade using spot prices however
What is the maximum leverage for trading in the USA
If you are forex trading with a broker regulated by NFA or NFTC (the main regulators in the USA) then you can trade with a maximum leverage of 1:50 when trading spot forex
Excellent broker comparison analysis. Do you have any background info regarding trading.com which launched its NY operation around February 2022 and is one of the few Forex brokers supporting the MT5 trading platform?
Hi Pepi, that’s a great question. At this time we don’t intend to do a full review about Trading.com but we are planning to start adding them to some of our American review pages. Trading.com at first glance appears to be a decent broker and MetaTrader 5 is an excellent platform. Keep an eye on our US pages over next few weeks as we add the,
Hi Justin, – thank you for the comparison. Which of the above brokers can I use to trade stocks?
The following brokers offer share trading – Forex.com, eToro and TD-AmeriTrade
Who is the biggest forex broker in the US?
Not sure who is the biggest but OANDA, FOREX.com and IG would be among the largest and the ones we recommend