Forex Brokers Accepting US Clients should be regulated by the NFA or CFTC. These brokers allow spot trading when forex trading with leverage up to 1:50. We look at the best brokers one can choose from.
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Not all forex brokers accept US clients, we list the best options
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
7.28 |
NFA/CFTC FCA, IIROC |
1.50 | 0.0 | 0.2 | - | $7.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ (Spot) | - | 50:1 |
|
|||
|
8.83 |
NFA/CFTC IIROC |
1.4 | 2 | 1.4 | - | - | - |
|
|
|
120ms | $0 | 68+ (Spot) | - | 50:1 | 100:1 |
|
|
|
8.23 |
NFA/CFTC FCA, ASIC |
1.2 | 1.8 | 1.5 | $6.00 |
|
|
|
174ms | $450 | 80+ (Spot) | - | 50:1 | 50:1 |
|
|||
|
7.17 |
ASIC, FCA CYSEC |
- | - | - | - | - | - | - |
|
|
|
120ms | $10 | - | 24 (Spot) |
|
||
|
6.21 |
SEC, NFA/CFTC FINRA |
1.4 | 1.3 | 1.2 | - | - | - | - |
|
|
|
110ms | $2000 | 70+ (Spot) | - | 50:1 | 50:1 |
|
Given the particular regulatory requirements faced by American forex traders, it’s important to choose a broker licensed by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). At the same time, you want to ensure that your preferred brokerage offers the trading tools and advanced features you need to support your trading strategy. In this ranking, we review the most trustworthy brokers offering a wide range of options to suit the needs of US-based forex traders.
OANDA is our recommended broker
With over 25 years of history, multiple industry awards for stellar customer support and an excellent trading environment suitable for novices and experienced traders alike, OANDA earns our top spot amongst international forex brokers accepting US clients. They were also listed as the best US forex broker overall.
Key Strengths Of OANDA:
OANDA Trading Accounts & Products
If you’re an American forex trader, OANDA offers you a single, straight-forward account. The Spread Only Pricing account functions much like other brokers’ Standard account: rather than paying a commission to execute the trade and a separate fee to cover the spread, you pay a single lump sum that includes execution costs.
Beginner traders and those who play the markets casually may prefer the convenience of OANDA’s spread Only Pricing account, while those with more experience may appreciate the commission-based structure of the Core Pricing account.
Fully Automated Trading – No Requotes
While OANDA is a market maker, the broker promises no manual intervention when it comes to spreads. Spreads are obtained from a deep pool of liquidity providers and any slippage that may occur are solely due to market movements during the order execution process. Your order is automatically filled using the market order execution which means the best available price when OANDA servers receive the order. As OANDA uses market order execution rather than instant order execution, you won’t get requotes.
OANDA Active Trader Rebate Programs
If you’re a professional investor or a trader comfortable working with significant sums of money, OANDA offers an attractive rebate program to reward high-volume trades.
Qualifying account holders can select between a reduction in commissions or a cash rebate ranging from USD 5.00 and USD 15.00 per million dollars traded.
OANDA Minimum Deposits and Funding Methods
OANDA succeeds in making the process of opening and funding a live trading account cost-effective and straightforward.
You don’t need to make a minimum deposit to open an account and can add money quickly and easily using a variety of methods. OANDA charges no fees to make a deposit, and you can add money using a debit card, ACH pr deposit bank transfer.
OANDA limits American traders to forex only, but offers a comprehensive selection of pairs to trade. The broker’s ten major currency pairs include EUR, GBP, USD, JPY, NZD, AUD and CHF. It also offers 58 minor, exotic and cross pairs for a total of 68 currency combinations for trading.
OANDA Trading Platforms
If you’re trading forex with OANDA, you have a choice between two good options when it comes to trading platforms: MetaTrader 4 or OANDA Trade, the broker’s own in-house web and mobile 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.
OANDA: Our Verdict
With a solid selection of currency pairs available to trade, powerful trading tools and competitive trading costs, OANDA covers all the bases for a quality trading experience, regardless of experience level, budget or preferred strategy.
Straightforward funding with no hidden costs and high-quality customer support round out the profile and earn this broker our highest endorsement.
FOREX.com commission account is good for transparency
A solid all-around broker, FOREX.com has resources and tools for both beginners and experienced traders, as well as low trading costs.
Key Strengths:
View Forex.com ReviewVisit Forex.com
FOREX.com Trading Accounts & Products
Choose wisely – your trading costs with FOREX.com depend on the type of account you choose:
FOREX.com requires a minimum deposit of USD 100 to open an account, but makes up for it with the maximum leverage allowed for retail clients. (That’s 1:50 under CFTC rules.)
In terms of markets, you can trade more than 80 major, minor and exotic currency pairs, as well as unleveraged gold and silver.
FOREX.com Trading Platforms
In addition to the platform’s own mobile, web and desktop trading interfaces, you have the option to trade with MetaTrader 4. If you’re interested in using Capitalise.ai for automation or NinjaTrader for futures, however, you’re better off with FOREX.com’s proprietary platform.
FOREX.com: Our Verdict
Overall, FOREX.com offers ultra-tight spreads starting from 0.0 pips (Raw Pricing account) on over 80 currency pairs. Beginner traders and professional traders alike can take advantage of variable spreads either on the spread-only or commission accounts.
IG has 3 platforms and useful tools for better trading
IG Markets US, which is part of global financial services provider IG Group established in 1974. While IG US has been offering financial trading services in the US since 2007, they expanded their services to include over 80 forex trading pairs for trading in 2019.
We consider IG one of the best Forex brokers for US traders based on:
View IG Markets ReviewVisit IG Markets
IG Trading Accounts & Products
Since IG Markets US operates a market maker model, its Forex trading spreads tend to be a bit wider compared to ECN and STP brokerages. Unlike an ECN or STP account, there are no commission costs you need to pay in addition to the spread.
Order Execution
IG US technology delivers speed and reliability to clients. As a result, US Forex traders can enjoy average order execution speeds of 0.014 seconds on IG US web-based platform and 99%+ server uptime on MetaTrader 4, allowing for optimal conditions for expert advisors to operate in.
IG US also caters to client security and uses 256-bit SSL encryption, ensuring top-level security of online financial transactions.
IG Markets US traders offer competitive pricing on more than 80 major, minor and exotic currency pairs. Leverage can be up to 50:1 however most pairs will be 30:1 or 20:1.
IG Trading Platforms
The Forex brokerage offers a mix of in-house and third-party trading platforms in an attempt to suit the preferences of a wider range of traders.
IG Proprietary Trading Platform
IG offers 3 versions of their signature platform built from the ground up for the needs of clients. These versions are web-based, as a mobile app and as a tablet app.
The web-based IG (U.S.) platform requires no download which means you can use it on any interface that allows access to a web browser. Through this platform, you can access the usual charts you will find with most trading platforms however there are a few notable features. Firstly, because they are built with HTML5, they not only run fast but can be split into up to 4 timeframes and come with unlimited indicators.
One last feature to note is that it comes with basic risk management tools such as stop loss and take profits however guaranteed stop loss and trailing stop loss is not available. This is surprising because these tools are available through this platform in other international markets IG serves.
IG US also has its own proprietary mobile apps for Android and iOS devices, which have received multiple industry awards. The Android trading app offers real-time charts, 28 technical indicators and advanced dealing options such as partial fills and points through current. US clients will be able to set price alerts and receive trading signals via email, SMS or push notification.
MetaTrader 4 Platform
With IG, US traders can also access the MetaTrader 4 software, the industry standard for Forex trading. The MT4 trading platform allows US traders to use free-of-charge 6 extra technical indicators and 12 additional trading tools and micro-lots trading for tighter risk management.
The Autochartist pattern-recognition tool and expert advisor development, optimization and backtesting in the MQL4 environment are also available for automated trading.
Let us also not forget that US Forex traders can test out different strategies and become familiar with IG US platform features and tools in a risk-free environment with a free demo account. Equipped with $10,000 in virtual funds, IG’s demo account also grants access to the 18 additional MT4 technical indicators and trading tools as well as other charting options offered on a live trading account.
IG: Our Verdict
IG ranks as the best overall US forex broker because it accommodates the needs of all types of forex traders. Beginner traders can find easy access to the forex market; while more experienced traders can access exclusive trading tools. Read the full IG review by clicking the button below.
TD Ameritrade provides an easy-to-use trading environment
TD Ameritrade ranks as the best Forex broker for novice traders in the USA based on its intuitive, easy-to-use trading tools and simplified trading environment.
Key Strengths:
View TD AmeritradeVisit TD Ameritrade
TD Ameritrade Trading Accounts & Products
TD Ameritrade clients will need to open a standard account to trade forex and other instruments.
This standard account model uses a dealing desk for trade execution. Spreads start at 1.0 pips, but US traders pay no commission, regardless of the size of the trade.
Regardless of which account you choose you can trade a very diverse range of products whether this be spot or actual. Some 70 forex pairs, TD Ameritrade’s US-based customers can spot-trade stocks, ETFs, cryptocurrencies, precious metals, indices and commodities.
TD Ameritrade Minimum Deposit
To deposit money into a TD Ameritrade standard account, clients have at their disposal four standard methods:
On the downside, debit cards and credit cards are not supported as funding methods. Additional digital wallets like Skrill, NETELLER or PayPal are not supported by TD Ameritrade. There are no deposit fees and most withdrawals are free except for wire transfers which have a USD$25 fee.
TD Ameritrade Trading Platforms
TD Ameritrade takes a similar approach to trading platforms as account types: pick one thing and do it well. The broker offers a single, powerful platform to customers: thinkorswim, which it acquired in 2009.
Fortunately for those accustomed to the tools and features of the MetaQuotes family of platforms, thinkorswim has everything an MT4 or MT5 trader could want and more. With thinkorswim, traders have access to Level 2 depth of market data, as well as over 400 studies and 20 drawing tools. Algorithmic traders can use thinkscript for automated trading, and social traders have access to sophisticated sentiment analysis.
TD Ameritrade Mobile App
The brokerage has developed an intuitive, user-friendly mobile app with novice traders in mind. TD Ameritrade’s mobile app provides all the essentials traders need to manage their accounts while on the go. The app allows for:
TD Ameritrade: Our Verdict
Overall, TD Ameritrade is beginner-friendly because it offers abundant educational and research content to guide you into the world of online trading. Forex traders can access a total of 73 spot currency pairs with an all-inclusive spread and zero-commission trading.
eToro trading platform is for social and copy trading
eToro USA is one of the well-recognized, multi-regulated brokers across the world when it comes to forex trading. One of the largest social trading platforms globally, over 20 million customers trade with eToro. This broker also offers US residents the opportunity to trade 39 cryptocurrencies.
Key Strengths:
eToro Trading Accounts & Products
eToro operates in a limited number of US states and offers only one account type to American customers: standard. Account holders will need to make a USD$10 minimum deposit to begin trading, however, accounts can be funded with a range of currencies, including crypto.
Because the broker acts as a market-maker, traders pay a ‘spread plus 1%’ fee per 100K standard lot on round-turn trades with a minimum spread of 1.0 pips. Users can trade stocks and ETFs at 0% commission, however, even for fractional shares.
US traders can access some of the most popular cryptocurrencies, like Bitcoin, Ethereum, Ripple, ADA, and Dogecoin. The broker currently allows trading in 39 cryptocurrencies, as well as ETFs and stocks.
Popular Investor Program
US traders with a proven approach to financial markets and who will earn a second income may join the broker’s Popular Investor program. They have to meet several specific requirements, including:
The program is structured into four different tiers – Cadet, Champion, Elite and Elite Pro, while each tier has certain requirements and offers certain benefits.
eToro Trading Platforms
US clients seeking a copy trading solution will find eToro appealing. The broker’s proprietary platform allows users to identify top-performing traders, connect with them and directly replicate their trading activities.
eToro’s CopyTrader also enables users to pause or stop the copy, to add or to remove funds whenever they wish – without the need to pay any additional management fees or other hidden costs.
eToro: Our Verdict
Overall, eToro is an excellent solution for buying and selling cryptocurrencies and a copy trading platform that allows customers to follow more experienced traders. The only downside to eToro is the limited number of cryptocurrencies offered – 17 digital coins. However, most forex brokers in the USA don’t offer cryptocurrencies.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
Trading.com has trading with MetaQuotes MT5 Trading Platform
For automated traders and those with an interest in centralised exchanges, a broker like Trading.com stands out for its commitment to the MetaTrader 5 platform. The successor to MetaTrader 4 provides a similarly high-quality trading environment, with several innovative features.
Key Strengths:
Trading.com Trading Accounts & Products
US-based forex traders can open a T1 account with Trading.com after making a minimum deposit of USD$50 via wire or ACH transfer. Payment by credit or debit card are also options but will incur a fee.
Trading.com acts as a market-maker for customers. While this does ensure the execution of customer trades, it also means wider spreads. Variable spreads start at 0.7 pips, however, traders pay no commission on round-turn trades of standard lots.
Trading.com offers 71 pairs total, including all major, minor and exotics, as well as RUB pairs. Leverage extends 1:50 for major pairs and 1:33 for minor pairs – the maximum allowed under US regulations.
Trading.com Trading Platforms
Trading.com is, hands down, the best broker for traders interested in exploring MT5. The newest version of the platform has many of the same features as MetaTrader 4, plus some new additions that make it an ideal platform for automated trading.
The platform has reported impressive execution speeds, and offers users access to some sophisticated charting tools. Users can pen up to 100 charts at a time with 21 timeframes and 80 technical analysis tools.
Trading.com: Our Verdict
For technical traders using Expert Advisors, Trading.com is the natural choice. The broker offers only MetaTrader 5, which means access to thousands of bots and advanced trading tools.
NADEX is an options trading specialist
While not a brokerage, we’ve included NADEX in our roundup due to its status as the only fully-regulated forex options trading platform available to US residents. Tradable instruments include binary options, knockouts and call spreads, all of which are based on COMEX/NYMEX futures. Nadex holds a license from the NFA and the CFTC, which means the exchange holds trader funds in dedicated, secured accounts separate from its own money.
Key Strengths:
NADEX Trading Products
Americans using NADEX have the choice to trade in binary options, call spreads and knockouts. Position limits start at 100 for knockouts and extend to 25 for Call Spreads and 2,500 for Binary options. 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 you’ll pay no settlement fee.
Traders accustomed to a balanced portfolio with a variety of instruments may find NADEX offering too limited. The exchange offers only 10 forex pairs, seven stock indices and three commodities.
NADEX allows customers to fund their accounts via debit card, paper check and ACH or wire transfers at no fee. Note that credit cards are not available, which means traders must have cash on hand to trade. Withdrawals are likewise inexpensive, as NADEX does not charge a fee unless customers opt for a wire transfer.
NADEX Trading Platforms
With a proprietary trading platform adapted for mobile and desktop, NADEX allows customers to access markets at any time. The trading tools, particularly charts and technical indicators, may feel lightweight to professional traders. For a niche investment platform, however, they’re perfectly adequate.
NADEX does stand out for its risk management tools. Traders enjoy negative balance protection. The platform will automatically exit losing positions if the market turns against a trader, preventing catastrophic losses.
NADEX: Our Verdict
For American traders interested in exotic derivatives, such as forex options, Nadex is the safest option available. The exchange offers a well-designed platform and competitive trading fees, as well as excellent risk management tools.
We only recommended comparing forex brokers that are regulated. If you are in the USA, choose a broker regulated by National Futures Association (NFA) or Commodity Futures Trading Commission (CFTC). There are some other brokers that are regulated by these organizations that are not listed on this page including Interactive Brokers, who would also be a good choice if you are looking for a regulated broker to use.
Trading with a US-regulated broker means that there are certain trading strategies that you can’t use including hedging, but you might be able to use with brokers based outside the US. Traders outside the USA should select a broker with regulations for their country.
Australian traders should pick a broker regulated by the Australian Securities and Investments Commission (ASIC).
Traders in the United Kingdom (UK) should pick a broker regulated by the Financial Conduct Authority (FCA). While traders in Europe can select any broker regulated by a European-based financial regulator such as the Cyprus Securities Exchange Commission (CySEC).
If you are in the US, you may be tempted to join a broker with offshore regulation such as the Financial Services Authority Seychelles (FSA), the Securities Commission of the Bahamas (SCB) or the International Financial Services Commission (IFSC) in Belize, this is not recommended since their consumer protection guarantees are not what one should expect from a broker.
Brokers (or subsidiaries) registered in St Vincent and the Grenadines are not regulated since this country has no regulator.
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