Lowest Spread Forex Broker In USA

IG Has a Top Range of Trading Platforms

With over 80 currency pairs and spreads as low as 0.8 pips and an impressive roster of awards for its intuitive interface and mobile platforms, IG gets our vote for its range of low spreads across its trading platforms.

Key Strengths:

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

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Trading Accounts and Products

While IG offers a single account type for US traders – the CFD account – no commissions and good leverage make it appealing for both new and seasoned forex traders.

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

Spreads vary across currency pairs and can range from a tight .08 pips for EUR/USD to 3.2 pips for GBP/CHF. IG also claims to offer 20% lower spreads than the nearest competitors for EUR/USD pairs.

IG’s forex offering extends beyond the usual major and minor pairs and includes exotics, Scandinavian and Australasian currency combinations. High-volume traders also can receive a rebate on their spreads to reduce brokerage costs.

Trading Platforms

Professionals and novices alike praise IG for its first-in-class trading platforms, available for web, mobile and tablet. From advanced charting capabilities – 32 indicators and 20 drawing tools – to remarkably comprehensive market research, IG has all the infrastructure a new trader might need and all the power a forex specialist could want in a single, easy-to-access platform.

Traders interested in implementing an automated strategy will need to choose ProRealTime or MetaTrader4 integrations; however, IG’s proprietary charting tools pack more than enough analytical punch for most traders.

Our Verdict on IG

As one of the original retail brokerages to offer forex as a tradable instrument to individual traders, IG has decades of experience behind its trading platform and market research tools, making it an ideal choice for beginner traders.

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Forex.com Is a Great MetaTrader 4 Broker

Offering spreads as 0.0 pips on its STP Pro account, Forex.com takes first place as the lowest of the lowest spread US forex brokers. In addition, the no-dealing-desk model of its straight-through processing (STP) and electronic commission (ECN) accounts means Forex.com processes trades at market prices, which means tighter spreads and higher profits for traders.

Key Strengths:

• Great variety of currency pairs
• Fast trade execution
• MetaTrader 4 trading Platform
• Proprietary trading platform with unique trading tools

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Trading Accounts and Products

With four different account types, Forex.com has an option to suit just about any trader.

For discretionary traders, the Standard and MetaTrader 4 accounts charge no commission or funding costs and a minimum spread of 1.0 pip. Standard account holders will execute trades via Forex.com’s proprietary platform and NinjaTrader, while MetaTrader 4 accounts have access to the MetaTrader 4 trading platform.

For system traders and others relying heavily on speed and volume, the Commission and STP Pro Account types boast impressively tight spreads: 0.2 pips for the Commission account and 0.0 for the STP Pro account.

Users with commission accounts, by comparison, only need $100 to get started and can expect to pay US$10 round-turn per 100K lot.

While the commission account is best for retail traders, the STP Pro account lives up to its name, with a $25,000 minimum deposit but gives you discounts using a volume-based commission. These commissions range from $80 ($160 round-turn) per $100M to $30 per ($60 round-turn) per $1 billion. Interestingly on a pro-rata basis (I.E. if your trade in 100,000 lots), unless you trade 1B the previous month, commissions are lower with the Commission account.

Trading Products with Forex.com

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

Trading Platforms

In addition to MetaTrader 4, Forex.com account holders can select from among an impressive array of trading platforms, including the broker’s own highly-touted web and mobile offerings. Additionally, traders using the Standard account can diversify their activity with the NinjaTrader platform, which includes futures-specific charting tools and charting and automation tools comparable to MetaTrader.

Traders using the Standard account can use Forex.com Trading Platforms, commission free trading is also available with a MetaTrader 4 account. Commission account holders can trade on MetaTrader 4, and STP Pro accounts run exclusively on the broker’s platform. The Forex.com web and mobile platforms stack against MetaTrader, with advanced charting tools, trading from charts, and other powerful features.

Our Verdict on Forex.com

Low fees and a straightforward trading environment based on MetaTrader 4 make Forex.com a good choice for intermediate and advanced traders with budget concerns looking for a no-frills brokerage.

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TD Ameritrade Has the Best Range of Products

As part of the Charles Schwab Corporation, TD Ameritrade account holders benefit from impressively thorough market research and comprehensive educational resources, as well as an intuitive interface that’s just the ticket for forex investors interested in exploring the market as part of a broader investment strategy.

Key Strengths:

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

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Trading Accounts and Products

The TD Ameritrade Standard account operates on a dealing desk model with a 1.0 pip minimum spread. But given the variety of products available, TD Ameritrade remains an attractive option for everyday traders.

As a full-service brokerage, TD Ameritrade offers account holders a comprehensive array of trading products, including 70 forex pairs.

In addition to forex, TD Ameritrade account holders can trade in ten precious metals, cryptocurrency, futures and futures options and ETFs, though commissions will vary depending on the product.

Trading Platforms

TD Ameritrade relies on the thinkorswim platform to deliver maximum flexibility to forex, options, futures and day traders. Available in desktop, web and mobile formats, thinkorswim provides many of the same features as MetaTrader 4, plus some critical extras, like depth of market views.

Advanced desktop users can take advantage of the proprietary Strategy Roller tool to manage Covered Call positions, while novices hone their trading strategy using the paper money virtual trading simulator. TD Ameritrade’s partnership with thinkorswim means accounts holders also enjoys access to thinkScript, the platform’s algorithmic trading solution, and more than 400 technical studies.

However, reliance on thinkorswim makes for limited third-party integrations, and the platform does not allow for social trading.

Our Verdict on TD Ameritrade

Backed by one of the most trusted names in financial services and offering an extensive range of non-forex instruments to trade, TD Ameritrade makes the most sense for US forex traders interested in developing a diversified portfolio for long-term security.

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eToro Has Great Social Crypto Trading

For those who like to get by with a little help from friends and fellow investors when devising a trading strategy, eToro may be the best of the lowest spread US forex brokers. The self-identified ‘world’s largest social investment community has over 11 million users and supports social and copy trading.

Key Strengths:

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

View eToro Review >>Visit eToro >>

Trading Accounts and Products

While eToro continues to expand its presence in the US, residents of some states may find themselves eligible for only a virtual account. For other American traders, the brokerage currently offers a single account option and limits forex trading to cryptocurrencies.

An eToro Standard account operates on a dealing-desk model with a one-pip spread, with a ‘spread plus 1%’ fee round round-turn per lot. Leverage is capped at 30:1, slightly lower than other brokers we reviewed. However, the costs associated with trading stocks and ETFs are competitive, with 0% commission. Stock traders can buy and sell fractional shares, also at no commission.

Unlike other low-spread US forex brokers reviewed, eToro allows traders to fund accounts using cryptocurrency, including bitcoin, Ethereum and XRP.

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

Trading Platforms

With web and mobile platforms optimised for social and copy trading, eToro stands out amongst the lowest spread US forex brokers for highlighting these novel trading strategies.

A wall-style ‘feed’ of commentary from other eToro users helps traders stay up-to-date on what other eToro users have to say about the market, while the platform’s sentiment data metric captures activity only from top traders – a feature the broker indicates increases accuracy and utility.

Notably, eToro offers neither a desktop platform nor third-party integrations for MetaTrader 4 or MetaTrader 5. While the broker’s own analytical tools and market research are solid, traders accustomed to the MetaTrader interface may want to look elsewhere.

Our Verdict on eToro

A good option for casual or beginner traders who are interested in learning more about day trading or cryptocurrency. Limited availability and a narrow range of trading instruments might limit its appeal to experienced US-based forex traders interested primarily in forex.

View eToro Review >>Visit eToro >>

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

Trading.com Is the Best Broker with MetaTrader 5

US forex traders dedicated to algorithmic trading and expert advisors would do well to seek out a broker like Trading.com focused on MetaTrader 5. The successor to the hugely popular trading platform MetaTrader 4, MT5 offers a trading environment optimised for technical trading and speedy trade execution.

Trading.com, like Forex.com profiled above, may not stand out for extra bells and whistles, but its competitive pricing and straightforward environment earn it a spot as one of the top low spread US forex brokers.

Key Strengths:

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

Trading Accounts and Products

Trading.com makes it easy to open an account and begin trading. The broker requires a low minimum deposit of US$50 and allows account holders to fund their accounts via ACH transfer, wire transfer or credit card.

The T1 account available to US-based forex traders charges no commissions; however, the broker does act as a market-maker, which means spreads start at 0.7 pips. Leverage is capped at 1:50 for major pairs and 1:33 for minor pairs, the maximum permitted by US regulations.

Forex traders won’t have anything to complain about. Trading.com offers 71 pairs, including all the major, minor and exotic combinations.

Trading Platforms

Beyond the broker’s proprietary trading platforms, Trading.com has gone all-in on MetaTrader 5, making it a good choice for traders ready to commit to the next generation of MetaQuotes products.

In addition to powerful trading – over 80 technical analysis tools and capacity for 100 charts with 21 timeframes – MT5 provides traders with an environment optimised for algorithmic trading. While it doesn’t support expert advisors or bots coded for MT4, users have access to an extensive marketplace for off-the-shelf trading robots and can continue to code their own expert advisors tailored to the platform.

Our Verdict on Trading.com

For traders searching for competitive spreads, low trading costs and the best platform for algorithmic trading, Trading.com’s commitment to MetaTrader 5 could prove attractive.

NADEX Is the Best for Forex Options

While NADEX isn’t technically a brokerage – it’s a specialised exchange – we’ve included it in our write-up on the best low-spread US forex brokers to highlight the innovative offering: binary options, knock-outs and call spreads.

NADEX is the first entity of its kind to receive a license from the National Futures Association and the Commodity Futures Trading Commission, making it one of the safest ways to explore options contracts.

Key Strengths:

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

Trading Accounts and Products

NADEX allows US-based forex traders to open three types of options contracts via its proprietary exchange platform: binary options, knockouts, and call spreads. All underlying instruments are based on COMEX and NYMEX futures.

Fees to open, exit and settle contracts are straightforward and transparent: US$1 in trading fees, regardless of the type of contract, and US$1 to settle when the contract expires. (Except in the case of a binary option expiration when the trader is out of the money, which carries no fee.)

NADEX caps positions for each of the three contract types: 100 for knockouts, 250 for call spreads, and 2,500 for binary options. Minimum tick values for binary options start at US$.25 and extend to US$1 for knockouts and call spreads.

NADEX limits the available instruments to forex, indices and commodities, which means traders searching for exposure to a wider range of underlying assets may need to look elsewhere.

NADEX charges no fees to fund a trading account, regardless of the method. Likewise, only withdrawals by wire transfer incur a cost.
Note, however, that NADEX only works with available cash – the exchange accepts only debit cards, checks, wire transfers and ACH transfers. No credit cards.

Trading Platforms

To facilitate on-the-go trading, NADEX offers account holders a mobile and desktop platform designed exclusively for the exchange.

Traders accustomed to powerful charting, extensive technical indicators or deep market research may find the platforms wanting, but they’re certainly adequate for the tailored range of trading opportunities available on NADEX.

Our Verdict on NADEX

Traders new to options contracts or exotic derivatives can explore this niche asset class with the peace of mind that comes from trading on a licensed exchange with NADEX.