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 US forex broker for more advanced traders based on their low trading costs and advanced trading environment.

OANDA offers new Welcome Bonus of up to $10,000

OANDA is now offering a Welcome Bonus of up to $10,000 for all new account holders, a unique incentive to help boost your trading account. To opt into this offer you simply need to:

• Complete an online form on OANDA’s website
• Open an account and deposit at least $300 and maintain this for at least 60 days
• Meet OANDA’s minimum trade volume requirements of $25,000
• Do all the above by 30 April 2024 and receive $100

or

• Complete an online form on OANDA’s website
• Open an account and deposit at least $50,000 and maintain this for at least 60 days
• Meet OANDA’s minimum trade volume requirements of $50,000,000
• Do all the above by 30 April 2024 and receive $10,000

View OANDA ReviewVisit OANDA

*OANDA’s Welcome Bonus of $10,000 is now available for all new account holders.

We were impressed with FOREX.com’s low spreads and its solid selection of trading platforms and products. For those utilising MetaTrader 4, 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 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.

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.

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 IG’s vast array of trading pairs. Its competitive spreads also genuinely stand out among US-based online forex brokers we’ve tested. The extensive assortment of calculators and charting tools enhances the trading experience. Moreover, beginners are well-catered with a wealth of educational and research materials.

Out of all the online forex brokers in the US that we’ve reviewed, IG distinctly shines due to its variety of trading pairs, competitive low spreads, and extensive set of calculators and charting tools.

As traders who have navigated the global scene, we can attest to IG’s reputation. This broker is especially beneficial for those just starting, given the impressive array of educational and research materials they offer. IG includes helpful guides and demonstrations, as well as the opportunity to practice with a demo account before “graduating” to live trading.

Key Strengths:

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

IG Trading Accounts

While IG 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 beginning at .08 pips are notably competitive, outperforming IG’s closest competitors by up to 20% for EUR/USD pairs. And though IG functions as a market maker, the absence of commissions on trades ensures that trading with IG remains cost-effective, even for those of us trading in high volumes.

IG Trading Platforms

From our experience, IG’s proprietary platforms — web, mobile, or tablet — adjust fluidly based on one’s trading requirements and expertise. Those in the US using IG’s platforms have the advantage of 32 indicators, 20 drawing tools, and various 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.

Our Verdict on IG

Being pioneers in offering accounts to non-institutional traders, IG has had ample time to refine its trading platforms and gather a treasure trove of data and insights. This dedication is evident. While those at the peak of their trading journey might seek more adrenaline elsewhere, IG serves as an excellent springboard for those finding their feet in the world of forex trading.

TD Ameritrade truly shines as one of the premier forex brokers available to US traders. Under the reputable banner of the Charles Schwab Corporation, it offers an unparalleled breadth of market research and educational resources. Beyond its standing in forex, it’s renowned for its more traditional investment avenues.

Perhaps better known for more traditional investments, TD Ameritrade also is one of the premium forex brokers accepting US clients. Owned by the Charles Schwab Corporation, the broker 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
• Low trading fees, including free stocks and ETFs

TD Ameritrade Account Types

In line with its ethos of offering a broad spectrum of investment services, such as long-term investments and retirement planning, TD Ameritrade keeps things straightforward for US traders.

Through our experience, the TD Ameritrade Standard account operates on a dealing desk model, presenting spreads of 1.0 pips. This aligns well with other US forex brokers, and there’s no commission attached to trades of any scale.

TD-Ameritrade Trading Platforms

Unlike other brokers, which typically emphasise providing access to the MetaTrader 4 platform, TD Ameritrade 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.

Given the relationship with Thinkorswim, TD Ameritrade provides traders with tools such as thinkScript, a unique algorithmic trading utility, and various technical studies. However, the primary reliance on Thinkorswim does limit the scope of third-party integrations, and the platform doesn’t support social or copy trading.

TD-Ameritrade Trading Products

While TD Ameritrade might seem restrictive regarding account types and trading platforms, it compensates with a vast array of available products. As users, we’ve had access to 70 forex pairs and, for those in the US, the ability to spot-trade ETFs, stocks, cryptocurrencies, indices, precious metals, and commodities.

Our Verdict on TD Ameritrade

For traders who value the reassurance of partnering with a reputable financial institution, TD Ameritrade emerges as a formidable choice. We’ve found it satisfies the needs of forex traders, but if you prefer to safeguard by diversifying your portfolio, you’ll likely appreciate the broker’s extensive roster of instruments.

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.