Best Forex Brokers For Beginners In USA

We’ve put OANDA to the test, and it didn’t disappoint. They’ve mastered the global forex game with over 25 years of experience and branches stretching from the US to Australia. We found their account structure straightforward, perfect for those just dipping their toes into forex. Plus, trading costs are easy to work out, eliminating any guesswork.

Having personally trialled the global forex broker OANDA, which boasts offices across Europe, the US, Asia, and Australia, we can attest to the value you’ll derive from their over 25 years in the industry. Their straightforward account structure and quickly calculable trading costs make them a solid choice for beginners. Meanwhile, we observed that the array of potent integrations and their well-crafted in-house platform offer a wealth of advantages to the more advanced traders.

Key Strengths:

• Low spreads and competitive trading costs
• Wide variety of assets to trade
• 24/7 customer support by traders, for traders

OANDA Trading Accounts

For high-volume traders or beginners aiming to boost their ROI, OANDA’s fee structure might be precisely what you’re after. Their Spread Only Pricing account wraps the commission within the spread from just 0.6 pips. You’ll also appreciate the low forex fees on extended positions.

OANDA also offers American account holders an attractive rebate program to reward high-volume traders with cash rebates and commission reductions ranging from USD 5.00 and USD 15.00 per million dollars traded.

Minimum Deposit And Funding Methods

There’s no pressure to front a minimum deposit or sustain a minimum balance to activate and maintain your OANDA account. However, you’d incur a monthly fee of up to ten units of your account currency if you remain inactive for over a year.

OANDA also assists in reducing some indirect trading expenses, like withdrawals. You can confidently pull funds out of your OANDA account free of charge, irrespective of your chosen method: debit card, credit card or ACH transfer. But remember that opting for wire or ACH money transfers might stretch processing times beyond six days.

OANDA Trading Platforms

OANDA presents a diverse suite of trading platforms featuring their proprietary web, mobile, and tablet options powered by TradingView. Our experience indicated that newcomers and seasoned traders would find these platforms apt. The OANDA Trade platform, particularly, caught our eye with its robust performance analytics and advanced charting options.

If you’re a MetaTrader 4 user, OANDA also allows access to 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.

OANDA Trading Products

One area of improvement? Available markets. While OANDA grants American traders access to a commendable 68 currency pairs, we felt there’s room for a bit more diversity. You’ll undoubtedly find all the major pairs – EUR, GBP, USD, JPY, NZD, AUD, and CHF – but perhaps fewer exotic options than provided by some competitors.

Our Verdict on OANDA

Given OANDA’s remarkable range of instruments, tight spreads, and dynamic trading tools apt for any strategy, they easily clinch the top rank among forex brokers catering to US traders. They were also named the overall Best Forex Brokers In USA for more advanced traders based on their low trading costs and advanced trading environment.

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We were impressed with FOREX.com’s low spreads and its solid selection of trading platforms and products. If you are using MetaTrader 4, MetaTrader 5 or TradingView, you’ll find an ideal blend of tight spreads and swift execution. With over 80 forex spot pairs for trade, we think FOREX.com is one of the best choices for Forex trading.

Having put FOREX.com through its paces, we can confirm their no-dealing desk model does indeed grant US traders access to the most competitive spreads compared to other international brokers active in the USA.

Key Strengths:

• Sophisticated technical trading tools
• Great variety of currency pairs
• Fast trade execution

FOREX.com Account Types

FOREX.com is a market maker for its Standard and MetaTrader 4/5 accounts, offering variable spreads commencing from 1.2 pip without any commissions. You’ll appreciate the inclusion of NinjaTrader and Capitalise.ai for automating your trades.

If you are after spreads from 0 pips, FOREX.com RAW Pricing account is available. You will pay a commission of $14 per lot round-turn ($7 for entry and another $7 for exit) for every 100k lot but this is outside the spread meaning better price transparency. Platforms with the RAW account include MetaTrader 5, TradingView and the Forex.com platform.

FOREX.com Trading Products

With an impressive lineup of 84 currency pairs spanning majors, minors, and exotics, FOREX.com is a front-runner for those traders focused solely on currencies. Notably, minimum spreads for popular pairs such as EUR/USD, USD/CAD, and EUR/GBP can reach lows of 1.2 pip when using a standard account.

FOREX.com Trading Platforms

FOREX.com likewise offers US-based forex traders a variety when it comes to Trading Platforms. In addition to the broker’s own mobile, web and desktop trading interfaces, you have the option to trade via MetaTrader 4 and MetaTrader 5.

For those with more ‘advanced’ account preferences, FOREX.com supports integrations with superior charting tools like TradingView and sophisticated analytics through Trading Central. And if automation or algorithmic trading is your cup of tea, Capitalise.ai and TradingView can seamlessly integrate with the FOREX.com platform.

Our Verdict on FOREX.com

For those dedicated to good trading platforms like FOREX.com or MT4, desiring the tightest spreads and unmatched execution speed, FOREX.com is your golden ticket, their offering of 84 forex pairs is bound to satiate the majority of forex traders.

We were impressed with Tastyfx’s wide range of trading pairs and competitive spreads, making it a standout among US forex brokers we reviewed. The platform offers a strong selection of calculators and charting tools, which enhance the trading experience. Beginners benefit from extensive educational resources and research materials. Tastyfx, formerly known as IG Markets, continues its strong legacy in its new format.

Among all the online forex brokers we’ve reviewed in the US, Tastyfx stands out for its wide variety of trading pairs, competitive low spreads, and extensive range of calculators and charting tools.

With our experience navigating the global trading scene, we can vouch for Tastyfx’s strong reputation. It’s particularly advantageous for beginners, thanks to its impressive array of educational resources and research materials. Tastyfx offers valuable guides, demonstrations, and the chance to practice with a demo account before moving on to live trading.

Key Strengths:

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

Tastyfx Trading Accounts

While tastyfx offers only a single account type for US-based forex traders, the broker’s Standard account caters aptly to newcomers and seasoned traders.

Variable spreads starting at just 0.08 pips are highly competitive, beating Tastyfx’s closest rivals by up to 20% for EUR/USD pairs. Although Tastyfx operates as a market maker, the lack of commissions on trades keeps it cost-effective, even for high-volume traders.

Tastyfx Trading Platforms

From our experience, Tastyfx’s proprietary platforms—whether web, mobile, or tablet—adapt seamlessly to your trading needs and skill level. US users benefit from access to 25 indicators, 17 drawing tools, and a range of market research tools on Tastyfx’s platforms.

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

Tastyfx Trading Products

In addition to major currency pairs such as AUD/USD, NZD/USD, and USD/SGD, the broker offers a range of exotic options, with a special emphasis on Asian and Scandinavian currencies.

Tastyfx caps leverage for major currency pairs at 50:1 – the maximum allowed by US law – and minor pairs at 20:1.

Our Verdict on Tastyfx

As pioneers in offering trading accounts for individuals, Tastyfx has had ample time to refine its platforms and gather valuable data. This dedication is evident. Although experienced traders might look for more advanced options, Tastyfx is a great choice for those just starting in forex trading.

Charles Schwab stands out as a top choice for US traders, offering an exceptional range of market research and educational resources. Known for its strong presence in forex trading, Schwab also excels in more traditional investment options, including Money Market Funds, and Mutual Funds. This combination makes it a well-rounded choice for both forex traders and those looking to diversify their portfolios with a variety of investment products.

Perhaps better known for more traditional investments, Charles Schwab also is one of the premium Forex Brokers Accepting US Clients. Charles Schwab boasts access to market research and educational tools that many others struggle to rival.

Key Strengths:

• Top-tier market research and analysis tools
• Excellent customer service
• $0 Commission on Listed Equity Trades Online

Charles Schwab Account Types

Charles Schwab excels in offering a comprehensive range of investment products and services for US traders. Their offerings include brokerage and trading services, Retirement Accounts (IRAs), personal choice retirement plans, small business solutions, and accounts tailored to various financial goals.

Based on our experience, the Charles Schwab Standard account operates on a dealing desk model, offering spreads starting at 1.0 pips. This is competitive with other US forex brokers. Importantly, there are no commissions on trades, regardless of size, making it a cost-effective choice for traders.

Charles Schwab Trading Platforms

Unlike other brokers, which typically emphasise providing access to the MetaTrader 4 platform, Charles Schwab is fully committed to Thinkorswim. For those accustomed to MetaTrader 4, the features are comparable and complemented with added benefits like depth of market. We’ve found scalping to be a viable strategy here.

Charles Schwab’s thinkorswim platform offers robust charting tools with hundreds of indicators and drawing tools, plus built-in insights from expert commentary and live news. It also provides on-demand education via the Learning Center. While Schwab focuses on innovation through user feedback and offers a broad range of products including stocks, ETFs, options, futures, and forex, the platform lacks third-party integrations and does not support social or copy trading.

Charles Schwab Trading Products

Although Charles Schwab offers a limited selection of account types and trading platforms, it compensates with a diverse array of products. For example, US traders can access 65 forex pairs and explore a broad spectrum of other options, including ETFs, stocks, cryptocurrencies, and mutual funds. Additionally, Schwab provides opportunities to trade bonds, futures, and options, catering to various investment strategies.

Our Verdict on Charles Schwab

For traders who prefer the security of working with a trusted financial institution, Charles Schwab is a strong choice. It meets the needs of forex traders well, but if you’re looking to diversify your portfolio, you’ll benefit from the broker’s wide range of investment options.

Trading.com stands out for those in the US who want the best of MetaTrader 5. Specialising exclusively in the latest offering from MetaQuotes, Trading.com has a lot to offer automated trading enthusiasts. While some competitors might offer tighter spreads or additional trading tools, when it comes to leveraging Expert Advisors for technical investment, Trading.com clearly emerges as our top choice.

For those with a penchant for automated trading or keen to dive into a broader spectrum of markets and instruments than MetaTrader 4 can cater to, settling for a broker proficiently in the platform’s upgraded and swifter version is the way to go.

While many brokers have integrated MetaTrader 5, we’ve noticed that Trading.com has carved a niche by zeroing in exclusively on this evolved successor to the renowned MT4.

Key Strengths:

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

Trading.com Account Types

With Trading.com, we’ve had access to a singular, fuss-free account tailored for US traders. A modest initial deposit of USD$50, conveniently payable through wire or ACH transfer, as well as credit or debit card, and we were set to commence our trading journey.

It’s worth noting that this broker operates as a market-maker, ensuring a trade’s execution. Moreover, with spreads commencing at a commendable 0.7 pips and the absence of commission on round-turn trades of standard lots, it’s a worthwhile consideration.

For forex enthusiasts among us, Trading.com hits the mark. They provide 71 pairs in total, covering all major, minor, and exotic categories, including RUB pairs. Their leverage scales to the utmost permitted by US regulations.

Trading.com Trading Platforms

Whether you’re venturing into trading or eager to acquaint yourself with MT5’s enhanced functionalities, we reckon Trading.com is the optimal broker for those predominantly inclined towards MT5.

So, why this unwavering commitment to MetaTrader 5? Essentially, the latest iteration encapsulates the core strengths of MetaTrader 4 and introduces a set of novel features, positioning it as the dream platform for automated trading. The MT5 setup empowers traders like us to craft, evaluate, and deploy our customised trading bots or procure them from an active marketplace.

Furthermore, the platform impresses with its rapid execution and advanced charting capabilities, allowing us to monitor up to 100 charts concurrently across 21 timeframes with 80 technical analysis instruments.

Our Verdict on Trading.com

While Trading.com might not serve up the most thrilling spreads or a toolkit as exhaustive as some leading US forex brokers, it’s the go-to for those who leverage Expert Advisors. The broker offers only MetaTrader 5, which means access to thousands of bots.

We like Nadex for its robust and user-friendly platform, which pairs well with affordable trading costs. What particularly stood out to us was the protection from negative balances. If trades take an unexpected turn, Nadex promptly closes out positions, ensuring you’re shielded from drastic losses. It’s undoubtedly a solid pick for those venturing into exotic derivatives.

Technically, while it’s an exchange centred on trading binary options, we’ve roped it into our curation of top-notch US forex brokers, given its distinctive proposition and captivating range of instruments, which embrace ‘call’ spreads and knock-outs.

Key Strengths:

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

Nadex Product Types

Through Nadex, we’ve ventured into many pioneering derivative tools, namely binary options, knockouts, and call spreads. Every underlying instrument has its roots in COMEX and NYMEX futures, ensuring the credibility of our trades. With licences from both NFA and CFTC, we took comfort in knowing that Nadex maintains our funds in isolated, safeguarded accounts, distinctly apart from their operational funds.

The position limits initiate at 100 for knockouts, journeying to 25 for Call Spreads, and hitting a peak of 2,500 for Binary options. However, for traders like us who’ve got an appetite for a richer instrument palette, Nadex might appear a tad restrictive. The exchange offers only 10 forex pairs, seven stock indices and three commodities.

Trading fees are set at $1 to enter or exit any contract before expiration, regardless of instrument, and $1 to settle a contract at the expiration of trading. If you’re out of the money when your binary option contract expires, however, you’ll pay no settlement fee.

As for account funding, Nadex lays out a gamut of choices, all sans any fees. A point to pencil in, though: Nadex steers clear of credit cards, only welcoming debit, cheque and ACH or wire transfers. It’s a subtle nudge to ensure you’re backed by liquid cash if trading’s on your agenda. When it’s time to pull out funds, Nadex keeps it plain sailing – no charges unless you opt for a direct wire to your account.

Nadex Trading Platforms

Nadex’s proprietary trading platforms allow account holders to access the markets anytime, anywhere, with mobile and desktop options. While charting tools may not be as extensive or analytics as powerful as a traditional forex broker, they more than suffice for this niche investment platform.

One thing we especially like? Nadex offers traders negative balance protection via its platform. If your strategy doesn’t pan out, the platform will automatically exit your positions to avoid catastrophic losses.

Our Verdict on Nadex

If your trading interests extend to exotic derivatives, Nadex is the safest, most sophisticated option available. The exchange offers a well-designed platform and competitive trading fees.

We spent considerable time with eToro and found it to be an outstanding platform for those newer to trading. It allows you to tap into the expertise of seasoned market players. While its focus leans more towards stocks, ETFs, and cryptocurrencies, it serves as an excellent springboard for those contemplating more intricate asset trading. We recommend eToro as the best broker for those venturing into social and copy trading.

While exploring various trading platforms, eToro caught our attention with its distinct branding and resemblance to a social media interface. Although it’s a big name globally, eToro has yet to make its mark in the US fully. However, for those passionate about crypto, it’s worth a look.

While eToro’s US offerings don’t encompass forex trading, it allows trading in cryptocurrencies, ETFs, and stocks. Its unique selling point drew us to its dedicated focus on social trading.

Key Strengths:

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

eToro Account Types

For those in the US lucky enough to be in one of the few states where eToro operates, setting up a Standard account is a breeze, and you can fund it with various currencies, crypto included.

eToro operates as a market-maker, charging a ‘spread plus 1%’ fee for every 100K standard lot on round-turn trades, starting with a minimum spread of 1.0 pips. But, it’s worth noting the competitive edge: we can trade stocks and ETFs with a 0% commission, even when dealing with 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 trading forex

The platform showcases top traders’ sentiment data, and a feed strikingly similar to Twitter gives us real-time market insights directly from the eToro community. Just a heads-up: eToro has kept it simple with web and mobile interfaces and doesn’t entertain third-party integrations.

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.

Our Verdict on eToro

For budding traders or those just dipping their toes into the market, eToro offers a valuable learning experience, especially by observing seasoned market players. While the platform leans more towards cryptocurrency, stocks, and ETFs rather than forex, it can serve as a gateway to more intricate trading instruments.