10 Best US Forex Brokers for 2024
Trading foreign exchange, or forex, is purchasing one currency and selling another to profit from the exchange of funds. The foreign exchange market is a worldwide marketplace that attracts traders from every hook and nook globally. It is a lucrative trading environment where newcomers can easily enter the market with demo accounts available from brokers and take advantage of the open market twenty-four hours a day, five days a week.
The Bank for International Settlements reported in its 2022 triennial report that the daily global volume of forex trading reached more than $7 trillion. Approximately $4 trillion are traded worldwide every day via American forex brokers.
This guide aims to give you an in-depth understanding of the top US forex brokers by outlining their features, pros, and cons so that you can make informed decisions when trading in foreign exchange.
Key Takeaways
When choosing forex brokers, US traders are advised to consider the following carefully for a safe trading environment.
Regulatory Compliance: Brokers must comply with financial authorities’ regulations, which include licenses, anti-money laundering (AML), KYC procedures, and transparency.
Trading Conditions: Spread, commission, leverage, speed of order execution, currency pair availability, trading hours, and margin requirements constitute these factors.
Trading Platforms: Brokers must offer stable, user-friendly platforms integrated with advanced charting tools, technical indicators, numerous order types, and compatibility with various gadgets.
Customer Support: Technical issues assistance, including account management and trading inquiries, should be provided by the brokers instantly.
Reputation & Trustworthiness: A reliable history is important for brokers as they must comply with regulations’ fit-for-purpose objectives, adopt ethical practices through secure systems, and attract positive client feedback.
Additional Services & Resources: Educational material like E-books or tutorials might be available through some brokerage firms.
List of Forex Broker in USA for 2024
Here is the list of the top US online brokers for forex trading in 2024:-
- IG US:- Best for Trading CFDs and Forex
- TD Ameritrade:- Best for Online Stock Trading & Long-Term Investing
- Plus500:- Best Reliable Platform for Online Trading
- 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
- OANDA:- Best for Private Investors & Retail Traders
- eToro:- Best for Forex & Cryptocurrency Traders
Top 10 Best US Forex Brokers
Forex trading requires a reputable online broker. Contract for difference (CFD) traders and forex investors may have different platforms, trading tools, and research needs. Therefore, knowing the investment style can help choose the best forex brokers that accept US clients. Here we have curated a list of 10 best US forex brokers, you can choose the best among them based on their fees, platforms, trading styles and start your trading journey soon.
IG US – Best for Trading CFDs and Forex
For traders located in the United States who want to access the forex markets, IG US is a highly regarded option among all US forex brokers. Based in London, the massive player in the forex market offers its customers extremely competitive spreads and quick execution. It is notable for the active trader pricing offered through its Forex Direct accounts. IG also offers MetaTrader and premium MT4 add-ons from FX Blue, but the selection of tradable instruments is limited to just 76. You can view our IG review to explore the various leveraged products, trading signals, & other services that IG offers to its retail trader.
Why We Choose It?
IG is a standout option for CryptoNewZ as it offers a trading platform with easy-to-use interfaces, strong trade management tools, various order choices, a helpful community, and extensive educational materials. Whether you’re new to trading or seasoned in the field, IG equips you with the resources and assistance to thrive in the evolving realm of forex trading. Moreover, The Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS) support IG, which has a 40-year track record and operates on five continents. This makes it a dependable option for CFD brokers that operate internationally. Delaware-based North American Derivatives Exchange Inc. regulates IG US, which is a top choice for CFD, Spread betting, and Barriers.
Key Features
- IG Desktop Platform lets you choose between two types: CFDs/Spread betting and Options.
- The CFDs/Spread betting one is more usual, with small changes in look and what it can do.
- The main area has search tools, prices for stuff to trade, what you’re trading now, charts, tickets for trades, lists to watch, and alarms.
- The Trade Management part helps you keep an eye on things you like, your trades, and your trade past.
- Trade tickets let you put orders into the market and set orders with special rules.
Pros
- Tops in trust level in an independent list, named the most reliable broker for forex and CFDs.
- Leads in what’s offered, how you use it, what you pay, and pro trading.
- Buying tastytrade brought options and derivatives trading to U.S. clients.
- Offers IG Smart Portfolios, stock trading, derivatives, forex, CFD trading, and Spread Betting.
- Has over twice the needed money to be safe with a $498 million extra money buffer.
Cons
- Only 80 items can be traded on IG’s MetaTrader.
- Has FX Blue extras and works with Autochartist.
- No MT5 option available yet in IG’s MetaTrader.
TD Ameritrade – Best for Online Stock Trading & Long-Term Investing
TD Ameritrade has been acquired by Charles Schwab, a company known for its expertise in modern wealth management capabilities. Established in 1971, the company specializes in trading various financial assets such as common stocks, preferred stocks, exchange-traded funds, futures contracts, forex, mutual funds, and more. It is highly regarded for its user-friendly trading platform, thinkorswim, as well as its top-notch research tools and comprehensive educational center designed for its clients. Although read our honest TD Ameritrade review and learn more about the social trading platform and its features.
Why We Choose It?
We selected TD Ameritrade due to the trading resources it offers, its easy-to-use interface, and exceptional customer service. Offering a selection of investment opportunities, educational materials, and advanced trading capabilities, TD Ameritrade provides a journey for traders of all types, enabling them to reach their financial aspirations easily and safely.
Key Features
- Intuitive trading platform.
- Comprehensive educational materials.
- Top-notch research tools.
- Outstanding customer service.
- Subject to regulation from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Pros
- Access is available to over 350 technical studies, 20 drawing tools, and 8 Fibonacci tools.
- The extended 24/7 trading hours enable global market access.
- Automated trading features, such as robo-advisors.
- Multiple trading platforms, such as proprietary software that has won awards.
- Engage in live chat rooms to exchange thoughts and interact with numerous seasoned traders.
Cons
- CFD trading is currently unavailable.
- Lack of integration with MT4 or MT5 platforms.
- Fractional shares are unavailable for purchase.
- The fees for trades that brokers assist cost approximately $25.
Plus500 – Best Reliable Platform for Online Trading
Plus500 is a renowned online trading platform known for prioritizing user data and fund security. As per the Plus500 review, this platform strictly adheres to regulatory requirements by segregating funds into separate bank accounts and ensuring robust protection for user information, making security a key selling point. One of the US-regulated forex brokers, Plus500, offers a publicly traded CFD platform with a client base in 32 languages, including English, German, Italian, Spanish, French, and more. It boasts a user base of more than 26 million in 50 different countries. Founded in 2008, the company is included in the FTSE 250 Index and is overseen by global regulatory authorities, with 40% of trades conducted on mobile devices like smartphones and tablets. Check our Plus500 review for more information about this platform’s commission structure, low costs, and leverages.
Why We Choose It?
Plus500 is one of our top choices because of its easy-to-use trading platform, competitive pricing, and wide variety of assets. With CFDs available for stocks, forex, commodities, and other options, Plus500 accommodates all trading styles. Its simple interface, market updates, and risk management tools make it a favored choice for traders looking for effective trading experiences supported by dependable customer service.
Key Features
- Provides forex trading via CFDs with tight spreads on more than 60 currency pairs.
- Provides various shares in US, UK, and European markets.
- Provides investment options in ESG and cannabis industries.
- Offers over 30 indices with leverage of up to 1:20.
- Offers CFDs on currencies, stocks, indices, and commodities without charging commissions.
- Enables trading on both increasing and decreasing prices of well-known cryptocurrencies.
Pros
- Specifically designed for CFD trading with a simple user interface.
- Provides trading without charging commissions in a variety of markets.
- Improves short-term trading products by utilizing VIX options with increased volatility.
- Enables strategic trading in both long and short positions by using leverage.
- Offers customer support around the clock through email, live chat, and WhatsApp.
Cons
- The absence of social trading hinders trade replication.
- Limited research and analysis tools compared to competitors.
- The absence of Algo trading and scalping deters day traders.
- Lack of support for MetaTrader or cTrader charting tools.
82% of Retail CFD Accounts Lose Money
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; it 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 providing several highly advanced chart trading tools that can be updated in real-time scanning. Forex.com provides a trading platform that is easy to navigate and offers competitive pricing and a diverse selection of trading instruments. The CFTC regulates it, and the NFA ranks among the top regulated forex brokers in the USA. With EUR/USD spreads reaching incredibly low levels and a commission of $5 per $100k, it makes the mark. However, check the Forex.com review for more details on the top Forex trading platform, its supported financial regulatory body, and more.
Why We Choose It?
Forex.com stands out as one of our top choices among traders, thanks to its market accessibility, state-of-the-art trading tools, and reputable status. By offering a selection of currency pairs, indices, commodities and CFDs, Forex.com caters to traders at every skill level. With user trading platforms, in-depth research resources and attentive customer service, Forex.com guarantees a trading journey that enables traders to make the most out of the international market prospects.
Key Features
- Offers diverse stock CFDs.
- Offers US, EU, and UK stock CFDs with tight spreads of 1 point.
- Allows speculation on well-known brands and emerging IPOs with active community chat rooms.
- Offers long and short positions on 5,500+ CFDs across forex, stocks, indices, commodities, and cryptocurrencies.
- Exclusive Web Trader platform with over 80 technical indicators and 20 millisecond execution speeds.
Pros
- Over 20 years of experience and regulatory oversight.
- In-house Web Trader with over 80 technical indicators for market analysis.
- Offers supplementary tools like Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- Offers industry-leading forex pricing starting from 0.0 pips and competitive cashback rebates of up to 15% for serious day traders.
- Offers educational resources including tutorials, webinars, and a YouTube channel.
Cons
- Product portfolio limited to forex and CFDs.
- Limited funding options compared to leading alternatives.
- No negative balance protection for US clients.
- Demo accounts time-limited to 90 days, limiting effective testing of day trading strategies.
Interactive Brokers – Best for Active Traders & Institutional Investors
Interactive Brokers is one of the top forex brokers in the USA, providing investment services and access to 150 markets. The company has over 40 years of experience and adheres to strict regulations set by the CIRO, SEC, FCA, and SFC. IBKR Lite is a commission-free option for US-listed stocks and ETFs they provide. Further, the IBKR Mobile app allows for easy portfolio management, real-time quotes, and chart viewing, which can be accessed anytime. The mix of attributes makes Interactive Brokers a top pick for new market traders.
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 and more.
Why We Choose It?
Interactive Brokers stands out as our choice due to its wide variety of offerings and competitive prices. With access to trading tools and affordable fees, Interactive Brokers serves both individual and professional traders. Its adaptable interface, research materials, and solid regulatory structure position it as a favored choice for traders looking for trading options and to make exceptional market entries.
Key Features
- Offers over 100 major, minor, and exotic forex pairs.
- Offers institutional-grade spreads and 20 complex order types.
- Provides access to equity products from 24 countries.
- Offers direct investment in stocks or speculative trading through CFDs, futures, and over 13,000 ETFs.
- The TWS platform offers more than 100 order types and high-quality market data.
- Supports cryptocurrency trading with Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Pros
- Top-tier authorities offer trust and regulation.
- TWS platform for intermediate and advanced traders offers 100+ order types and real-time market data.
- The new IBKR Desktop platform includes Option Lattice and Screeners with MultiSort.
- Toggle AI subscribers receive commission reimbursements and free or paid third-party research subscriptions.
- Tens of thousands of stocks from 100+ market centers in 24 countries for unmatched global stock access.
Cons
- Inconsistent research tools and bad user interface of ‘Account Management’ on page across trading platforms.
- Slow customer service.
ATC Brokers – Best for Institutional Clients & Beginner Traders
London-based ATC Brokers, founded in 2012, is one of the best forex brokers in USA. Maximum client security is ensured by FCA regulation, which caps leverage rates at 1:30. The CFTC and NFA regulate it, ensuring that it’s safe for US traders. With no minimum deposit for US residents and multiple account options, it suits all traders. The broker offers MetaTrader 4 and MT Pro software for independent and PAMM account setups. 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.
Why We Choose It?
We selected ATC Brokers for its performance, competitive costs and extensive trading tools. ATC Brokers grants entry to forex and futures markets, delivering traders liquidity, minimal spreads and quick execution times. With tailored customer assistance and dedication to transparency, ATC Brokers stands out as an option for traders searching for a reliable and credible trading setting to better their trading approaches and reach their financial objectives.
Key Features
- Aggregates ECNs with top central banks.
- Advanced MT4 reporting and one-click trading tools.
- Complete order customization risk management tools.
- Allows self-directed trading and PAMM investments.
- Trades 35 currencies, CFD indices, commodities, and cryptocurrencies.
Pros
- Offers competitive spreads on various products.
- Supports various payment methods.
- Multilingual customer support is available.
Cons
- The website needs more transparency.
- Higher fees for non-US residents.
- An inactivity fee is applied.
- The minimum deposit at ATC Brokers is high.
Ally Invest – Best for Forex Traders
Ally Invest, a known Forex brokerage firm, offers a trading platform, competitive pricing, and a variety of trading options. It is overseen by the SEC and NFA, which adds to its credibility among traders in the United States. Ally Invest is a US-based Forex broker with a platform, competitive rates, and diverse trading choices. It caters to traders in the US without requiring a deposit and provides account types suitable for everyone. However, its lack of resources and higher fees for non-US residents might discourage some traders.
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.
Why We Choose It?
Ally Invest stands out as an option for us due to its easy-to-use platform, affordable fees, and wide range of investment choices. Offering commission trading for stocks, ETFs, and options, Ally Invest appeals to traders at all levels of experience. Its user-friendly trading tools, educational materials, and helpful customer service make it a favored choice for individuals looking for an investment journey.
Key Features
- Easy-to-use trading platform (Ally Invest Forex).
- Regulated by multiple authorities.
- No minimum deposit is needed for US residents.
Pros
- Suitable for traders at any skill level.
- Low trading expenses.
- Wide selection of trading instruments.
- Multiple account options are accessible.
Cons
- Limited educational materials.
- Increased fees for non-US residents.
NinjaTrader – Best for Forex, CFDs, & Futures Traders
This broker specializes in futures trading and offers a comprehensive set of technical analysis tools that chart price movements and place trades. NinjaTrader remains an exceptionally coveted choice among traders interested in futures trading, offering versatile desktop and web platforms that can be tailored to individual preferences. Likewise, Ninja Trader offers attractive investment opportunities with fees and margin requirements lower than those of its direct competitors.
Many traders who set up their trading platform at NinjaTrader have found the interface quite worrying, even though their charting tools are considered one of the best forex brokers accepting US clients. However, it earns a spot on the list because of its fast futures trading option, which allows for active trading and investing with leverage. 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.
Why We Choose It?
We recommend using NinjaTrader because it offers charting features, a flexible interface and a wide range of market data. It caters to various types of assets such as futures, forex and stocks making it a comprehensive trading platform for those who are actively involved in trading. With its order features support for trading and detailed backtesting tools, NinjaTrader enables traders to implement complex strategies with precision and skill.
Key Features
- NinjaTrader does not charge fees for deposits, withdrawals, or currency conversion. However, additional fees include a $30 bounced check fee, a $50 outgoing account transfer, a $50 margin call, a $25 margin and delivery liquidation, and a $25 minimum account activity fee for existing accounts.
- NinjaTrader provides Desktop, Web, and Mobile Trading App versions.
- Popular futures markets have $500 intraday margins, while micro contracts have $50.
- Early and late market commentary, analysis, and trading opportunities are live-streamed daily.
- Monthly traders, those with another broker, and those seeking an advanced futures trading platform with low fees will love NinjaTrader.
Pros
- Fast, customizable trading platform for advanced futures traders.
- Offers charting tools, thousands of apps, and add-ons.
- Competitive commission structure, with a lifetime plan offering the lowest commissions on micro and standard contracts.
- No minimum deposit requirements and low margins, starting at $50 for intraday margins on micro contracts.
Cons
- Only offers futures trading, not stock trading or individual stocks.
- Not beginner-friendly due to the learning curve and risk of futures trading.
- Mixed reviews on mobile apps, with complaints about cluttered interface, difficulty placing trades, and illegible chart reviews.
OANDA – Excellent customer service and a strong regulatory record
If you are dedicated to your forex trading, Oanda is a good choice. This broker has a strong reputation among Forex Brokers in the US and provides traders with various advanced platform features and research tools. If, as a trader, your decisions are based on algorithms for trading, Oanda’s API options are very impressive. While the fees for forex trading are usually reasonable, they may not always be the most competitive. You can choose from popular platforms, including MetaTrader, TradingView, and Oanda’s very own mobile app. Oanda offers competitive rates for forex and CFD trading with low fees. While withdrawal fees are generally low, there is a small inactivity fee. Check our OANDA review for more information about this platform’s commission structure, low costs, and leverages.
Why We Choose It?
OANDA stands out as one of our ten choices because of its ease-of-use platform, competitive pricing and wide selection of currency pairs. Featuring charting features up to the minute market information and customizable trading interfaces, OANDA provides an extensive trading journey for both newbies and seasoned forex traders. The company’s dedication to transparency, structure and attentive customer service solidify its position as a reliable ally for traders, across the globe.
Key Features
- They offer trading in forex, CFDs, and cryptocurrencies.
- Their desktop platform is similar to their web platform, with user-friendly features but without price alerts.
- The mobile app has a two-step login for added security.
- There are no deposit or account fees.
- Withdrawals to debit/credit cards are free, but bank transfer withdrawals are pricier than other competitors.
Pros
- Excellent trading platforms.
- Impressive research tools.
- Quick and easy account setup.
Cons
- Limited options for clients, with only FX and CFD available for most (stocks available only in the EU).
- Customer support is not available around the clock.
eToro – Best for Forex & Cryptocurrency Traders
eToro is a well-known cryptocurrency exchange and one of the best US Forex Brokers, where you can trade more than 30 different cryptocurrencies and stocks and a few exchange-traded funds (ETFs). The platform’s social aspects and vibrant community make it perfect for traders looking for a shared trading environment. However, some may find the high trading fees challenging, especially for short-term trading, even though the CFD fees are lower. Despite the fees, eToro stands out from other brokers with its exceptional copy-trading feature. Find more information about this broker in our detailed eToro review, including about their services, tight spreads, account opening process, and more.
Why We Choose It?
eToro is well-known for its social trading platform, where users can engage, exchange trading insights and replicate the strategies of investors. Featuring a simplistic user design, a diverse selection of assets such as stocks, cryptocurrencies and commodities along with functions like CopyTrading, eToro provides an accessible and interactive trading experience to traders at any expertise level making it one of our top picks.
Key Features
- Supports trading in 30+ cryptocurrencies, stocks and ETFs.
- Offers social features and active community for communal trading.
- User-friendly apps and competitive fees make it ideal for beginners.
- Superior copy-trading feature sets it apart.
Pros
- The fees for CFD trading are not as competitive as those of other brokers.
- Free stock and ETF trading.
Cons
- Limited Altcoins in U.S.
- Equity holdings determine platform levels.
Comparison of Best US Forex Brokers
| Forex Brokers | Minimum Deposit | Maximum Leverage | Regulated by US Authorities (NFA) | Accepts US Citizens |
|---|---|---|---|---|
| IG US | $300 | 50:1 |  | |
| TD Ameritrade | $50 | 2:1 (Margin Account) | | |
| Plus 500 | $100 | 1:30 – 1:300 | | |
| Forex.com | $100 | 50:1 | | |
| Interactive Brokers | $100 | 50:1 | | |
| ATC Brokers | $5000 | 50:1 |  | |
| Ally Invest | $0 | 50:1 | | |
| NinjaTrader | $50 | 50:1 | | |
| Colmex Pro | $500 | 30:1 | | |
| Alpho | $100 | 1:500 | | |
| Rockfort Markets | $200 | 500:1 | | |
Forex Broker Law and Regulations in USA
US Forex brokers must follow strict rules set by the CFTC and collaborate with the NFA to oversee trading activities. The CFTC supervises off-exchange trading in forex and commodities, ensuring adherence to regulations on supervision, ethics, and anti-fraud measures. Traders with less than $10 million assets and not considered ECPs must comply with these rules. ECPs, such as larger entities with assets exceeding $10 million, have special permissions for certain forex trades unavailable to regular trading customers. Non-counterparties involved in forex trading in the US are also subject to these regulations. Forex brokers in the US adhere to stringent regulations to ensure the safety and security of investors. There are certain limits on leverage for different currencies to ensure that risk is kept in check.
Major currencies have a 50:1 leverage limit, while minor currencies have 20:1. Short and long forex options also require security deposits. Traders cannot hedge their forex trades as the FIFO rule prohibits them from holding multiple positions in the same forex asset. These regulations promote transparency and stability in the forex market for all
Our Methodology
This thorough analysis of the ten best us forex brokers are, based on certain determinants such as:
Basic And Advanced Trading Features: These brokers provide a wide array of tools for traders at all levels, making it easy to access and use different trading strategies.
Security Measures: Top brokers prioritize the safety of their clients’ funds and personal data, using strong encryption and regulatory practices to build trust.
Platform Usability: The brokers offer user-friendly trading platforms for both desktop and mobile devices, ensuring a smooth trading experience.
Fees Structure: It’s crucial to look for brokers with competitive spreads, reasonable commissions, and minimal hidden charges. This helps to ensure that trading costs are clear and cost-effective for clients.
Ease of Deposit And Withdrawal: Choosing a broker that offers convenient and efficient processes for depositing and withdrawing funds is important. This includes supporting various payment methods, minimizing transaction delays, and improving client satisfaction and convenience.
Conclusion
Picking the forex broker is important as it plays a significant role in shaping one’s trading journey, financial stability, and overall performance in the forex market. A trustworthy broker offers trading platforms, competitive pricing, secure transactions, and essential support services. Given the intricacies of trading, opting for a broker can help mitigate risks, enhance trading efficiency, and ultimately contribute to financial prosperity. Therefore, traders seeking a companion on their adventure should conduct thorough research and thoughtful deliberation before finalizing any decisions.