Best US Forex Brokers: Top 10 Forex Brokers in USA for 2023
- Best Forex Broker in USA for 2023
- Top Forex Brokers in USA List
- 1. IG US
- 2. TD Ameritrade
- 3. FOREX.com
- 4. Interactive Brokers
- 5. ATC Brokers
- 6. Ally Invest
- 7. NinjaTrader
- 8. Colmex Pro
- 9. Alpho
- 10. Rockfort Markets
- Comparison of Best Brokers USA
- Is Forex Trading Legal in the USA?
- How to Know If the Forex Broker Is Regulated in the USA?
- How to Trade Forex in the USA?
- Points to Choose the Best Forex Brokers USA
The foreign exchange trading market, also known as the Forex market or the FX market, is one of the global markets that witness a trading volume of almost $6.6 trillion daily. There are approximately 15.3 million crypto traders in the US.
To find the best forex brokers in the USA, you must choose those trading platforms that are regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). To safeguard investors from dishonest practices, these regulatory authorities ensure that the brokers adhere to tight rules and use transparent trading procedures.
Most forex participants use the trade foreign exchange system to hedge against interest rate risks and international currencies, diversify their portfolios and speculate on geopolitical events.
Please note that the information in the below content has been provided with various online research conducted to guide you and help you choose the Best US Forex Brokers; below, we have compiled a list of safe platforms for you that accepts US citizens and offer very competitive pricing.
Before proceeding, you should know that CFD trading carries high risks due to leverage often being susceptible to losing money, so trade safely.
Best Forex Broker in USA for 2023
Here is the list of the top US online brokers for forex trading in 2023:-
- IG US:- Best for Trading CFDs and Forex
- TD Ameritrade:- Best for Online Stock Trading & Long-Term Investing
- FOREX.com:- Best for Active Foreign Exchange Traders & Trading CFDs
- Interactive Brokers:- Best for Active Traders & Institutional Investors
- ATC Brokers:- Best for Institutional Clients & Beginner Traders
- Ally Invest:- Best for Forex Traders
- NinjaTrader:- Best for Forex, CFDs, & Futures Traders
- Colmex Pro:- Best for Private Investors & Retail Traders
- Alpho:- Best for Forex & Cryptocurrency Traders
- Rockfort Markets:- Best for Professional Traders & Retail Traders
Top 10 US Forex Brokers
From our in-depth research, we have gathered the top 10 US-regulated forex brokers below, so gather more information about the best forex platform (USA platforms) to select the preferable one. You can also have a quick look at our comparison table, where we have information regarding its maximum leverage, regulations, and minimum deposit.
IG US – Best for Trading CFDs and Forex
IG was founded in 1974, and its primary services include exchanging trading services. IG US currently focuses on enabling FX traders to trade with major international currency pairs, and the IG group, in total, has 313,000+ clients worldwide that support traders of any experience.
The IG web platform interface is highly customizable and highly competitive; IG offers are top-class & consider a global leader in the online trading industry. The IG markets have years of expertise in this field; they have platforms like MT4 and ProRealTime, which help you get started with trading. It also provides demo accounts that help novice traders.
In IG, U.S. traders, to be classified as Eligible Contract Participants (ECP), an individual or organization must have over $10 MM in assets. However, you can view our IG review to explore the various leveraged products, trading signals, and other services that IG offers to its retail trader.
- The trading platform has the largest number of major & minor currency pairs.
- The forex trading platform accepts various payment methods like debit cards.
- The forex trading platform accepts various payment methods like debit cards.
- IG offers educational resources & advanced charting tools that are very helpful, especially during demo account trading.
- The CFDs and forex trading fees are exorbitant.
- The online broker portfolio is limited.
Regulated by: NFA, CFT, FDM, & RFED
Minimum Deposit: $250 via debit card
Maximum Leverage: 50:1 to U.S Clients
Spread: Starts from 0.8 pips
Currency Pairs: 80+ FX Pairs
TD Ameritrade – Best for Online Stock Trading & Long-Term Investing
Established in 1975, TD Ameritrade, also known as the thinkorswim platform, is renowned for being associated with more than 7 million traders who engage in over 65,000 online business trades almost daily. The intuitive interface of this online brokerage firm offers a wide selection of unique copy trading tools, along with many account options, demo accounts, algorithmic trading, & mobile app for its US residents.
The thinkorswim platform feature of TD Ameritrade allows smooth trading conditions where US traders access hundreds of forex charts and technical graph data verified in real time. There is also a Peer Comparison tab in the online forex brokers to access the recent historical data of asset classes in the trading foreign exchange market.
Although read our honest TD Ameritrade review and learn more about the social trading platform and its features.
- The knowledge and educational program are insightful by these US forex brokers.
- The TD Ameritrade mobile trading (mobile app) and desktop platform versions are highly interactive.
- The broad range of available investment selections and advanced charting tools for its multiple trading platforms are helpful for every other trader.
- Fractional shares are not available on this desktop platform.
- The TD Ameritrade fund fees and account fees are higher.
- The uninvested amount is limited from getting automatically absorbed into the money market fund.
Regulated by: SEC, FINRA, CFTC, MAS
Minimum Deposit: $50 (Electronic Funding), $2,000 (Margin or Option Privileges)
Maximum Leverage: 2:1 (Margin Account)
Spread: Close to 1.2 pips on the EUR/USD
Currency Pairs: 70+
FOREX.com – Best for Active Foreign Exchange Traders & Trading CFDs
Forex.com, a proprietary trading platform that has been in operation since 2001, is one of the biggest CFDs and largest online forex brokers in the USA that operates in association with more than 300 international financial markets and has over 5,500+ global stocks. This platform helps investors, including US residents across the globe, by giving several highly advanced chart trading tools that get updated in real-time scanning.
Forex.com uses the Direct Market Access feature to trade fx directly using the set of innovative draw trading tools. This powerful trading platform is a part of GAIN Capital Holdings, allowing American traders 24 hours a day support. However, check the Forex.com review for more details on the top forex trading platform, its supported financial regulatory body and more.
- The asset portfolio is quite diverse and provides you with all the data.
- The web platform hosts insightful TradingView charts with a large number of currency pairs/fx pairs.
- The Learn To Trade course of video tutorials and webinars is a pervasive list and valuable.
- The AutoChartist trading instruments provide users with in-depth live charting and options trading services along with powerful tools.
- Customer support is available 24×6.
- The account negative balance protection level is not high for U.S. clients.
- There is no guarantee of stop-loss support.
- The website maintenance routine is below par.
Regulated by: CySec, CIMA, IIROC, FSA, & more
Minimum Deposit: $100
Maximum Leverage: 50:1
Spread: XAU/USD spreads from $0.04 with a DMA account
Currency Pairs: 80+
Interactive Brokers – Best for Active Traders & Institutional Investors
Founded by the IB group in 1977, the website of Interactive Brokers facilitates its investment opportunities in more than a hundred financial markets spanning 24 nations.
The users at Interactive Brokers can open retail investor accounts for short-term trading, margin accounts for trading in securities, futures (like bitcoin futures), then options, and portfolio margin accounts for high-leveraged trading (high volume).
The most attractive feature, when compared to other best online forex broker is that the Interactive Brokers website has the Trader Workstation, which enables the users to trade forex in a wide range of asset classes while gaining free access (free trades), the broker also has more than 124 different charts and index overlays.
Apart from this, one must check our Interactive Brokers review of this platform & learn more about its various services, supported powerful tools, how it benefits algorithmic traders, other assets like bitcoin futures & more.
- The Interactive Brokers asset portfolio is excellent.
- The order execution speed is very fast.
- The interactive broker’s web platform margin interest rates are low.
- Advanced trading tools are technically sound.
- The SmartRouter online trading feature is not available for Life users.
- Unlike other FX trading platforms, customized trading algorithms cannot be back-tested.
- Unlike other US brokers, the broker web platform is unsuitable for new forex traders.
Regulated by: CFTC, FCA, NYSE, FINRA
Minimum Deposit: $100
Maximum Leverage: 50:1
Currency Pairs: 100+
ATC Brokers – Best for Institutional Clients & Beginner Traders
ATC Brokers, founded in 2012, is a trusted forex broker whose works are based on the agency broker model of trading by providing solutions on competitive pricing and ECN aggregation associated with top-tier central banks. The online platform allows trading with narrow spreads in various asset classes
ATC US brokers provide the best trading conditions with exclusive offers of extensive knowledge, trading ideas, educational content, and an insightful economic calendar that helps investors keep track of daily forex market events and global news across the globe, whereas agencies like the new york times also help deliver; all these points make it important criteria to consider for traders.
The users can open joint, individual, or corporate ECN accounts for trading at a how much leverage, usually ranging between 1:30 and 1:100. The MetaTrader4 broker website of ATC best brokers supports stop limit feature and market orders for FX trading. Learn more about the platform in our ATC Brokers review and the list of features suitable for you, where we provide all details in your best interest.
- Allows investment through PAMM and Trade Copier accounts.
- It provides services of direct and free access to liquidity providers with STP and ECN technologies.
- Supports trading in a wide range of asset classes like Forex and CFDs.
- The website does not provide offers of bonuses.
- The forex accepts low trading fees for every service, unlike other American brokers.
Regulated by: FCA, CIMA
Minimum Deposit: $5000
Maximum Leverage: 100:1
Currency Pairs: Approx 38
Ally Invest – Best for Forex Traders
Ally Invest founded in 1919, is the broker branch of Ally Bank, renowned for its well-rounded offering of an extensive variety of options, competitive pricing, & technical analysis tools. The initial investment site is designed for trading in derivatives and other securities.
It is an award-winning online broker, a highly regulated brokerage service firm that enables the forex and CFD traders looking to open two types of accounts: managed Robo advisors portfolios and self-directed accounts, another best part of the ally brokerage bonus platform is that it has exclusive offers, including a great cash bonus offer against a min. Deposit amount of $10,000. Being a member of SIPC, it offers account protection that covers customer claims up to $500,000 (does not include forex trading).
However, if you want to explore more detail about the Ally Invest review platform and its features, account opening process & more as it’s an ideal choice platform for everyone & we have it covered.
- This platform is user-friendly and highly intuitive for the stock exchange.
- Financial consolidation among investment, finance, personal finance, and banking is easily facilitated.
- The low trading fees trading costs of trading are low.
- Multi-contingent orders are not supported.
- The site does not allow crypto trading.
Regulated by: FINRA, SIPC, CFTC, FDIC, SEC
Minimum Deposit: $0 (Self-directed Forex Trading Accounts), $100 (Portfolio Accounts)
Maximum Leverage: 50:1
Currency Pairs: More than 50
NinjaTrader – Best for Forex, CFDs, & Futures Traders
Established in 2003, the NinjaTrader platform offers extensive broker and software services and a variety of live trading, analytical, and charting tools. NinjaTrader also offers premium features that include back-testing, automated trading, and advanced trader order account types.
The Order Flow feature of NinjaTrader allows the user to engage in strategic copy trading using volume bars, market depth, order flow, and a license for a lifetime that is user-friendly; that’s why it has been there for many years. A positive aspect of NinjaTrader is the educational content available at the site in course documents and webinars. At the same time provides video tutorials for beginners and advanced traders.
Although check our genuine NinjaTrader review to know all the details & services, a good selection of forex pairs (major pairs) of this forex markets platform, crypto trading, how it fits for the novice trader, & its great customer service.
- The web platform interface is highly engaging and intuitive.
- The trading fee is considerably low with forex pairs support.
- It has unique educational content that is helpful for the novice trader.
- These online brokers’ withdrawal fee is too high.
Regulated by: CFTC, NFA
Minimum Deposit: $50
Maximum Leverage: Upto 50:1
Currency Pairs: Yes
Colmex Pro – Best for Private Investors & Retail Traders
Colmex Pro, founded in 2010, is particularly popular for the advanced trader with a MultiTrader site that offers an extensive host range of intuitive functions, including basket trades, Level 2 quotes for options and equities, order routing technologies, real-time data points analysis, mobile apps, and a low level of latency.
The forum offers an impressive selection of analytical and charting tools, stock market history reports, real-time stock screeners, chart indicators, advanced order types, and a Super DOM panel for trading with Level 2 data verified info. The best forex trading platforms associated with Colmex Pro include Colmex Pro 2.0, MetaTrader 4, and Colmex Pro MultiTrader.
- The portfolio consists of over 11,000 asset classes in the online trading industry.
- The tariff policy is quite flexible for these online brokers.
- An insurance fund of up to $20,000 is available for US-based clients.
- The transaction and liquidity charges are higher than that of most brokers.
- There are hardly any offshore brokers permitted to access/the forex regulation of the platform in the forex industry.
Regulated by: FSCA, CySEC, FCA
Minimum Deposit: $500
Maximum Leverage: 30:1 (FX Trading); 5:1 (Stock Trading)
Spread: 0.3 pips
Currency Pairs: Approx 22
Alpho – Best for Forex & Cryptocurrency Traders
Regulated in significant jurisdictions and publicly traded platform of Alpho is perfect for traders who seek to take part in international trading forex at competitive fees. The broker platform was established in 2016 and is associated with trading platforms like MT Web trader and MT5.
U.S Clients can access two accounts, including the standard account and the Islamic Swap-free trade account; it also has an easy account opening process, and it also includes a bonus of $1000 and free training on your first deposit, depending on the amount.
Professional traders can open either of the accounts to trade with a minimum of 0.01 lots at forex. There is a limited amount of educational content available on the site. Still, the webinars and courses of the Alpho web trading platform are quite a bit suitable for beginning and even seasoned traders.
- It does not charge a commission fee for trading.
- The offshore brokers have portfolios consisting of more than 250 ranges of tradable products.
- The MetaTrader 5 platform is highly suitable for U.S. traders.
- Broker is regulated & there are more than a thousand offer CFDs available for trading with spot metals as well.
- Cryptocurrency trading is not allowed.
- There are no off-exchange spot forex regulators.
Regulated by: FSA
Minimum Deposit: $100
Maximum Leverage: 1:500
Spread: 3 pips
Currency Pairs: Yes
Rockfort Markets – Best for Professional Trading & Retail Trading
Rockfort Markets, founded in 2019, offers excellent trading opportunities associated with trading platforms, including Trader Workstation and MetaTrader 4. The exchange forum offers competitive commission-based pricing, a variety of derivatives, direct market access, ultra-fast execution, and exchange-traded securities at multiple leverages.
The Trader Workstation platform (TWS) of Rockfort Markets provides every user, either a beginner or forex pro, with a wide range of market scanning, complex instruments, multiple plug-ins, an extensive range of charting capabilities, and comprehensive research tools that enable strategic trading, making these regulated brokers better in comparison to other forex platforms.
- The interface is highly functional in every device.
- The Trader Workstation access is highly convenient with wide market access.
- The tight spreads and high leverage yield lucrative returns in this online broker.
- The transaction fee is too high.
- Payment modes are limited.
Regulated by: FMA
Minimum Deposit: $200
Maximum Leverage: 500:1
Spread: 0.0 pips
Currency Pairs: Over 50
Comparison of Best Brokers in the USA
|Forex Brokers||Minimum Deposit||Maximum Leverage||Regulated by US Authorities (NFA)||Accepts US Citizens|
|TD Ameritrade||$50||2:1 (Margin Account)|
Is Forex Trading Legal in the USA?
It is legal to engage in FX trading in the United States. These online forex brokers need to be licensed by the US financial authority to provide offers and services to citizens of the United States. Moreover, US-regulated forex brokers also need to make a security deposit of $20 million to the regulatory authority of the US to operate legitimately in the country. The US-registered brokers must stick to the rules.
To check the legal status, ensure that the reliable forex broker USA is registered with the National Futures Association (NFA website) and the Commodity Futures Trading Commission (CFTC) or Futures Commission Merchant (FCM) to avoid forex scams. Some of the US’s most popular online forex brokers (the agency broker) include TD Ameritrade, IG, Forex.com, and more. They all have a legal framework built up to ensure max protection, with no hedging allowed.
How to Know If the Forex Broker Is Regulated in the USA?
You can follow the below method to find out if a forex broker is authorized to operate in the USA:-
Verify whether the broker is a member of the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA) (CFTC). These regulatory agencies keep an eye on forex brokers operating in the USA and ensure they adhere to rigorous regulations and use open trading methods.
For details on the broker’s regulatory standing, see their website. Most licensed brokers openly advertise their regulatory credentials on their websites. See the below example of IG US, which also mentions the NFA ID Number.
IG is a trading name of IG US LLC (a company registered in Delaware under number 6570306). Business address, 1000 West Fulton Street, Chicago, IL 60607. IG is a registered RFED with the Commodities Futures Trading Commission and member of the National Futures Association (NFA ID 0509630).
Visit the websites of the CFTC and NFA to confirm the broker’s membership, and enter the ID or the firm’s name. The NFA and CFTC list all forex brokers subject to American regulatory oversight.
To find out about the broker’s regulatory standing, contact them directly. A trustworthy and open-to-help broker will provide you with this information.
How to Trade Forex in the USA?
FX trading should not be too difficult for you if you are acquainted with equity and stock trading. Besides, there are regulated brokers in USA to guide you through the various steps of the FX trading and dealing desk model. If you are about to venture into the forex market, read the brief guide below & start trading in the USA:
Study the Forex Market
FX trading is slightly more intricate than equity trading and requires one to possess expertise. For instance, the ratio of leverages of fx broker trading is higher than that of equities. The drivers of the price movement of different currencies also differ from those in the stock markets.
One more thing to remember is that the foreign exchange market is usually more active than any other financial market; you can check for movements either in the US or the European Union. It is recommended to sign up (read broker review before) with an FX traders course to become fully aware of the techniques, the currency traders’ cons, supported currency pair, and other aspects of FX trading; ideally, it is suited to both smaller and professional traders.
Open a Brokerage Account
Opening an account with an online forex broker accepting US clients to engage in brokerage trading is essential. One may come across quite a few forex brokers in the US who do not charge commission fees. These US-based forex brokers obtain their service charge from the spreads or the pips between the selling and buying prices of cryptocurrencies.
Many brokers traders are recommended to open a micro FX trading account, accept clients with a low-cost trading requirement to gain capital, and provide access to excellent trading experience for their traders.
These accounts (like eco accounts and standard accounts) generally have a wide variety of trading limits, allowing currency traders to limit their trading amounts to only 1000 units of the currency. Trading through the micro forex trading account helps one develop their trading style and strategies without incurring heavy losses.
Devise an FX Trading Strategy
Do not ever conduct FX broker trading without developing a strategy and a trading roadmap. A sound trading strategy is based on the ground reality and many other financial market situations of the USA, which is a highly liquid trading market.
The trader has to consider the amount required for a good trading experience and the high level of risk warning that one can afford to take. In contrast, in trading, the retail investor loses money. The operating capital requirement of the brokerage platform while developing the trading strategy should also be up to date with the mobile functionality of the platform.
The regulatory environment of forex trading boasts of high leverage and low cost. However, the trader’s confidence plays a key role; those who take high risks often manage to secure better rewards when they execute trades.
Keep an Eye on the Trading Positions
Most forex trading forums provide users with accounting reports of executing trades daily on their mobile app. It is an essential factor that you should keep in mind and ensure that there are no pending trading positions. There is a sufficient account balance for conducting future trades in the forex markets, including forex & various tradable products like the currency pair.
Check the trading positions at the end of the day daily to ensure you have an idea of how it works, including hidden fees, additional fees, or any other fees they may charge.
How to Choose the Best Forex Brokers Accepting US Clients?
Choosing an online forex broker platform is not easy, and it takes a good amount of decision-making to finally settle for the right and excellent trading platform for US forex brokers. It should be registered with the National Futures Association (NFA), a free demo account feature that is good for inexperienced traders, which might be helpful, a range of tradable products, 24 hours support. Thus you can buy and sell national currencies on behalf of the registered client of the forex platform in exchange for a commission fee done by the broker.
Consider the following pointers while browsing through the best American forex brokers in the USA industry to select the right trading platforms:-
Opting for Regulated Fx Brokers USA
To stay protected against financial institutions’ scams, it is essential to ensure that the forex broker platform is compliant with USA regulations or is a self-regulatory organization, as most next-generation platforms are compliant. Most regulated forex brokers in the US are registered with the National Futures Association (NFA), the regulatory authority of futures trading forums. These independent agencies enforce strict forex regulations and rules that must be followed, as they constantly work on providing you with the best United States platforms.
Other USA forex brokers are associated with Commodity Futures Trading Commission (CFTC), the regulatory organization that governs the US’s options markets and commodity futures. Some regulated brokers also offer binary options. The main feature of binary options is either you get a fixed amount or nothing. Then there is Retail Foreign Exchange Dealer support by platforms like IG US. Remember that the forex brokers USA act as middlemen to match their clients’ buy and sell orders to the other clients’ orders.
Features, Spreads, and Fees
USA forex brokers offer various accounts with extensive features in the forex market. The different accounts have four main features: margin and leverage, spreads and commissions, initial deposit to be made, with easy transactions. While most forex offers leverage of around 50:1, some brokers tempt traders to take a significant risk with a leverage of 200:1.
A forex broker trading platform imposing a commission fee may acquire a specific percentage of the currency spread and currency trading from the user. The average spread refers to the difference between the asking price and the bid price of the currency pair.
The US forex broker who does not charge a commission fee obtains their service charge from the wider spreads. Some platforms offer low trading, which is lower than the forex industry average.
Some trading platforms set the initial deposit limit only at $50 for you to start trading forex (new traders should prefer a broker with a low minimum deposit) and also provides a facility to deposit and withdraw funds easily via bank wire transfer, PayPal, credit and debit cards, ACH payments, electronic wallets, etc.
So choose the best forex brokers USA platform as per your requirements and brokers that have reasonable fee structures to trade forex.
Availability of Customer Support
As we know, top forex brokers offer much support, so assess the site’s customer support system and make sure that the help desk is available 24×7 over the phone; some even offer five days a week, email support and live chat to provide smooth online trading, all included in the mobile apps. Place a call to the help desk to assess the efficiency and promptness of the best customer service provided by assistants. Most United States platform in the forex market provides good customer service.
Currency Pairs Available for Trading
Even though many currency pairs are available in the global forex markets, only a few are feasible and profitable regarding trading and investment advice. The currency pairs of major pairs (forex pairs) with the highest liquidity are the best overall broker suited for FX trading.
The most popular major currency pairs included by the best forex brokers in the USA are USD/CHF, USD/JPY, GBP/USD, EUR/GBP, and EUR/USD. Broker platforms offer the most currency pairs compared to the traditional broker, which is good for an active trader. Still, it is up to the trader to select the forex pairs and currency pair of his choice to conduct lucrative FX trading experience levels based on the market trends as many platforms began offering these services & choose a US forex broker.
Conclusion on USA Forex Brokers
For all traders, regardless of experience level, the forex market is a vibrant, exciting, and risky place to trade. Selecting the finest US forex broker is crucial because the correct broker can assist you in achieving your trading objectives and increasing your income. As determined by this article’s assessment, the top 10 forex brokers in the US offer a variety of features and advantages that make them suitable for traders of all stripes in 2023.
You can discover a broker on our list that matches your demands, whether you are searching for inexpensive fees, cutting-edge trading platforms, or top-notch customer support. You can discover the ideal forex broker that accepts US clients by carefully weighing your options and conducting independent research.