Lowest Spread Forex Broker USA List

We recommend OANDA for a superior all-around trading experience. This broker’s collection of forex trading platforms, which includes both MetaTrader 4 and TradingView, together with its competitive spreads, make it an excellent choice for both beginner and experienced traders.

We also find that OANDA to be very high in trust since they have multiple licenses from Tier-1 regulators, including the Commodities Futures Trading Commission (CFTC) in the US, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia.

With spreads from 0.6 pips, OANDA is our pick for low spreads, OANDA is our pick for low spreads. OANDA may be your best bet if you’re searching for extra savings amongst the lowest spread US forex brokers. In addition to low forex fees on long positions, you’ll pay no commission on round-turn trades per 100K lot with the spread-only Standard account.

Key Strengths:

• Large range of forex pairs to trade
• Low spreads and discounts for active traders
• Quick account opening and easy funding process
• Choice of trading platforms including MetaTrader 4

Trading Account and Products

While OANDA’s account for US traders does use a dealing desk, the unique no-commission fee structure (with discounts for Active Traders) and speedy trade execution can lead to significant savings. The Spread Only Pricing account charges no additional commission on round-turn trades. Instead, OANDA assesses a spread fee to cover the cost of executing a trade. However, note that the spread for these accounts varies, starting at 0.6 pips.

OANDA doesn’t require a minimum deposit to open an account; however, you will be charged a monthly fee of up to ten units of your account currency for periods of inactivity longer than twelve months. On the other hand, OANDA stands out from other low-spread US forex brokers for its customer service: account holders benefit from 24/7 support in multiple languages. We sent queries in English, French and Spanish and, in all cases, received a response in less than 24 hours.

OANDA limits American traders to spot forex products and cryptocurrencies[1]OANDA US Disclaimer on Cryptocurrencies, but offers an impressive variety: up to 68 currency pairs, including minor crosses and exotics. Major currency pairs include GBP, EUR, USD, AUD, JPY, NZD and CHF.

OANDA has an attractive Elite Trader program for high-volume traders. With this program, traders can receive cash rebates into their trading account for every million traded. The program is divided into 5 tiers with Tier 5 resulting in the most significant saving, this being $17.00 for each million traded.

OANDA Minimum Deposit

OANDA requires no minimum deposit to open an account and begin live trading, regardless of the account funding method. Processing times may vary, however, and deposits made by debit card or ACH transfer are capped at US$20 thousand and US$50 thousand, respectively.

Trading Platforms

OANDA account holders are spoiled for choice when it comes to trading platforms. In addition to the broker’s own award-winning web and mobile options, you can opt for MetaTrader 4 trading platform. If you’re a true MT4 die-hard, you’ll be interested in exploring the MetaTrader 4 Premium plugin.

Regardless of your preferred platform, OANDA offers all the tools a beginning or advanced trader might want, including personalised charts, performance analytics and layouts. If you opt for OANDA Trade, the broker’s own platform, you also have access to TradingView’s advanced charting options.

Our Verdict on OANDA

OANDA’s extensive selection of trading instruments, powerful analytical tools and tight spreads make it the perfect choice for experienced and beginner US forex traders alike.

OANDA Offers A Welcome Bonus of up to $10,000

OANDA is now offering a Welcome Bonus. Please see the OANDA website for information on how to qualify for the bonus and the terms and conditions of the program.

View OANDA ReviewVisit OANDA

We recommend FOREX.com for its variety of forex trading platforms – the most of any of the low-spread forex brokers we reviewed. If you need the lower spreads of a commission account, the RAW account can go as low as 0.0 pips, charges US $7.00 per round-turn trade, and offers a choice between the broker’s own trading platform and MetaTrader 5.

If you prefer spread-only pricing, choose between a Standard account tailored to the FOREX.com proprietary platform or a version compatible with MetaTrader 4 or MetaTrader 5.

FOREX.com has low spreads with their RAW Pricing Account and Standard Accounts

Offering spreads as 0.0 pips on its RAW Pricing Account, FOREX.com takes first place as the lowest of the lowest spread US forex brokers when it comes to spreads plus commission-based trading. Most brokers for the US have spread-only trading so this is a relatively unique product within the US – and a good thing since the overall cost is lower than with a Standard account.

Key Strengths:

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

Trading Accounts and Products

If you’re a newer trader, then FOREX.com’s Standard and MetaTrader 4 accounts make calculating – and controlling – your trading costs straightforward. You won’t pay a commission on your trades, and the broker acts as a market maker to ensure that your orders will be filled. The variable spread for these accounts starts at 1.2 pips.

For system traders and others relying heavily on speed and volume, the Raw Pricing account boasts impressively tight spreads from 0.0 pips. And while it does have a commission of $14.00 per lot round-turn ($7.00 each way), you get greater transparency making this account a popular choice with scalpers.

In all cases, you’ll have access to leverage of 50:1, plus a respectable range of trading products. We counted over 80 currency pairs, including majors, minors, and exotics.

Trading Platforms

In addition to MetaTrader 4, FOREX.com account holders in the US can opt for the broker’s own highly-touted web and mobile offerings.

While we understand the appeal of MT4, especially if you’ve been using it to trade forex since your baby pips days, we actually prefer the FOREX.com proprietary platform. For one thing, it’s an award-winner. FOREX.com snagged the ‘Best Platform’ title for its web trader offering at the ADVFN International Financial Awards in 2021.

Opting for the FOREX.com platform also comes with access to additional trading tools to support sophisticated strategies. With the broker’s own platform, you have the option to integrate with the NinjaTrader trading tool, which includes futures-specific charting tools and automation compatibility comparable to MetaTrader’s Expert Advisors.

If you’re committed to automated trading, you can also add Capitalise.ai to create algorithms with no coding knowledge. Finally, web trader users can connect with TradingView to take advantage of the tool’s powerful advanced charting.

Our Verdict on FOREX.com

Low fees and a straightforward trading environment make FOREX.com a good choice for intermediate and advanced traders looking for a lean, forex-focussed brokerage.

We recommend IG Group for beginner traders and those ready to start trading based on the broker’s stellar reputation, award-winning trading platform and mobile app and competitive pricing. While this broker only offers American forex traders a standard account, it boasts commission-free trading and low spreads.

Our tests found that IG Group averaged 1.56 pips for the major currency pairs, placing it in the top quartile of brokers worldwide. In addition to the broker’s platform, which includes trading tools suitable for novices and experts, you can trade on MetaTrader 4 with a ProRealTime plugin for advanced charting and technical analysis.

IG has 3 different trading platform options

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:

• Useful education suite and trading supports
• Extensive research tools including ideas for trading strategies
• 4 trading platforms including IG Markets Proprietary trading platform

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, the EUR/USD starts from 1.13 pips while the GBP/CHF begins from 3.2 pips. IG markets their EUR/USD spreads as being 20% better than their major competitors.

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. There is an option for a demo account on all platforms and another option is to view our prop forex trading firms if you’re looking to trade with virtual funds.

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.

We recommend TD Ameritrade for its extensive offering of financial instruments to trade. In addition to the foreign exchange market, you’ll have access to financial markets like stocks, cryptocurrencies and commodities where you can trade indices, ETFs, futures and options.

Owned by financial services conglomerate Charles Schwab, TD Ameritrade has the advantage of being a thoroughly American broker, which affords this broker easy access to markets not available to international brokerages operating through a subsidiary.

TD Ameritrade most financial products you can trade with

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:

• Market-leading analysis tools and market research
• Largest collection of trading products
• Online and brackets and mortar presence
• Tight trading fees, when trading Forex and no commissions for stocks and ETFs

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 account holders also enjoy 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.

We recommend eToro to anyone interested in exploring copy trading, social trading or casual trading in a gamified format.

While this low spread forex broker’s ‘low fees’ rate is slightly higher than others we reviewed, we like the commitment to creating a community of traders with in-platform chatting, live feeds and the innovative CopyPortfolio feature. However, eToro only offers a single, home-grown platform, and some experienced traders might find it lacks functionality for more advanced trading strategies.

eToro trading platform is designed for social traders

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 Forex broker for low spreads. The self-identified ‘world’s largest social investment community has over 11 million users and supports social and copy trading.

Key Strengths:

• Specialise in cryptocurrency and stocks
• Innovative, game-ified social trading approach to trading
• Unique tools to take full advantage of the skills in the large trading community

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.

eToro uses a market maker dealing-desk model with a one-pip spread costing ‘spread plus 1%’ fee round-turn per lot. Interestingly eToro caps leverage is capped at 30:1 rather than the 50:1 found with other NFA/CFTC regulated brokers.

Stocks and ETFs have 0% commission with stocks available as fractional shares.

Unlike other low-spread US forex brokers reviewed, eToro allows accounts to be funded using cryptocurrencies such as Bitcoin, XRP and Ethereum.

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

Trading Platforms

Prominently featuring social and copy trading, eToro stands apart among the lowest spread forex brokers for emphasizing these innovative trading strategies.

A mural-like ‘feed’ of reflections from fellow eToro users facilitates traders in remaining au courant with the latest market perspectives within the eToro fraternity. Concurrently, the platform’s sentiment data metric exclusively zeroes in on elite traders’ manoeuvres, a feature the broker underscores as a catalyst for enhancing precision and practicability.

One thing to note is that since eToro was built from scratch as a platform that maximises social trading, it does not offer MetaTrader 4 and MetaTrader 5.

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.

We recommend up-and-coming CFTC-regulated broker Trading.com for its excellent MetaTrader 5 offering, which includes multiple add-ons for a powerful trading experience.

While this broker does act as a market maker, it goes the extra mile for transparency. Spreads are based on real-time, publicly quoted currency prices, and the broker offers liquidity at interbank rates.

Trading.com is one of the few brokers in The US with MT5

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:

• Over 70 forex pairs for trading
• Only broker in the US with MetaTrader 5
• 27/7 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.