7 Best Forex Brokers In USA [2024 Regulated US Brokers] (2024)

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (2)

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Home » CFTC » Forex Brokers USA

If you’re a US resident and wish to start Forex trading, you should choose a broker that CFTC and NFA regulate to protect your capital. Select from the best brokers like OANDA, Forex.com (Gain Capital), TD Ameritrade and Interactive Brokers.

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (3)

Written byJustin Grossbard

Edited byLaura Wolfe

Fact Checked byRiley Adams

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (4)

Edited byLaura Wolfe

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (5)

Fact Checked byRiley Adams

Updated:

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (6)

Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

Forex trading in the USA is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). These organizations set strict rules and regulations to protect traders and ensure the market’s integrity.

We strongly recommend US residents choose a broker regulated by the CFTC and NFA, which all the providers on this page meet.

Our Top CFTC and NFA regulated list of forex brokers for US residents is:

  • OANDA - Best Forex Broker For US Traders
  • FOREX.com - Top Broker With MT4
  • IG Group - Best Forex Broker In USA For Beginners
  • TD Ameritrade - Good Broker For Customer Support
  • Interactive Brokers - Top Broker For Low Trading Fees
  • Nadex - Great FX Broker For Options Trading
  • Trading.com - Best MT5 Broker And Platform

BrokerOur RatingRegulationStandard
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 4MetaTrader 5cTraderExecution SpeedMinimum DepositCurrency PairsCrypto CFDsRetail LeverageProf. Leverage
81NFA/CFTC1.421.4---7 Best Forex Brokers In USA [2024 Regulated US Brokers] (8) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (9) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (10) 120ms$068+ (Spot)-50:1100:1
61NFA/CFTC
FCA,CIRO
1.501.51.40.00.2-$7.007 Best Forex Brokers In USA [2024 Regulated US Brokers] (13) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (14) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (15) 30 ms (May 2023)$10080+ (Spot)-50:1
71NFA/CFTC
FCA, ASIC
1.21.91.4---$6.007 Best Forex Brokers In USA [2024 Regulated US Brokers] (18) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (19) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (20) 174ms$45080+ (Spot)-50:150:1
41SEC, NFA/CFTC
FINRA
1.41.31.2----7 Best Forex Brokers In USA [2024 Regulated US Brokers] (23) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (24) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (25) 110ms$200070+ (Spot)-50:150:1
52NFA, CFTC, CBI
ASIC, FCA, MAS
CIRO, JFSA
----0.08%-0.2%7 Best Forex Brokers In USA [2024 Regulated US Brokers] (28) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (29) 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (30) 110ms$0100+-30:1500:1

1. OANDA - Best Forex Broker For US Traders

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Forex Panel Score

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (33)7 Best Forex Brokers In USA [2024 Regulated US Brokers] (34)7 Best Forex Brokers In USA [2024 Regulated US Brokers] (35)7 Best Forex Brokers In USA [2024 Regulated US Brokers] (36)

81

Average Spread

EUR/USD = 0.6 GBP/USD = 0.9 AUD/USD = 0.7

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit

$0

Visit Broker

Why We Recommend OANDA

We recommend OANDA for its all-around excellence in currency trading: competitive spreads, a wide variety of forex pairs, and a scalable trading experience suitable for beginner and experienced traders. This broker stands out for its forex trading platforms, including OANDA Trade, the broker’s in-house option, and MetaTrader 4 and Tradingview.

We also like that OANDA offers excellent trading conditions. Spreads for the Standard account are among the tightest we tested.

Pros & Cons

  • Advanced charting with TradingView
  • Tight spreads with Standard account
  • Elite Trader program with volume-based rebates
  • Only 24/5 customer support
  • Withdrawal and inactivity fees
  • No price alerts on the OANDA Trade platform

Broker Details

OANDA has appealing features for all traders

OANDA is a leading global market maker that ranks in our top US FX brokers list for their no minimum deposit policy, comprehensive support for MetaTrader 4, round-the-clock customer support and competitive trading costs.

Key Strengths Of OANDA

  • Access to quotes on 68 currency pairs with no dealer intervention
  • Four trading platforms (OANDA Trade web-based, mobile apps, and MT4)
  • Powerful technical analysis tools powered by Autochartist
  • Integrated economic announcements with the OANDA Trade platform
  • Third-party software (MotiveWave and Dow Jones FX Select)
  • Risk management orders
  • Transparent pricing models

View OANDA ReviewVisit OANDA

OANDA Trading Accounts and Products

OANDA offers spread-only trading, which means no commission costs in addition to the spread. Spreads start from 0.6 pips, which is very competitive.

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For high-volume traders, OANDA offers rebates via their EliteTrader Program. Cash rebates ranging from $5 to $17 will be deposited into your monthly trading account for each million you trade.

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OANDA Minimum Deposit and Account Funding

At OANDA, US residents can fund their live accounts via debit card (MasterCard, Visa or Discover), bank transfer, check (USD) and automated clearing house (ACH). On the other hand, withdrawing funds can only be done via debit card and bank wire transfer.

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OANDA Trading Platforms

Our analysis showed that OANDA was the best US MT4 forex broker but also offered other options, including TradingView and the provider’s in-house web, mobile and desktop interface.

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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 be pleasantly surprised at how robust OANDA’s offerings 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.

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (41)Our Verdict On OANDA

OANDA’s powerful analytical tools, tight spreads and extensive selection of trading instruments make it the ideal choice for experienced and beginner US forex traders.

OANDA offers a Welcome Bonus for new clients. Please see the broker’s website for the program’s terms and conditions and qualifications.

View OANDA ReviewVisit OANDA

2. FOREX.com - Top Broker With MT4

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Forex Panel Score

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61

Average Spread

EUR/USD = 1.2 GBP/USD = 1.6 AUD/USD = 1.4

Trading Platforms

MT4, MT5, FOREX.com Trading Platform

Minimum Deposit

$100

Visit Broker

Why We Recommend FOREX.com

We recommend FOREX.com for its appealing combination of tight spreads and excellent MetaTrader 4 offering. This broker goes the extra mile with 20 apps that you can use to customize your trading environment down to the last detail. Nine additional Expert Advisors (EAs), including Sentiment Trader, help you take automated trading to the next level.

We also like that this broker offers multiple account types for American clients. The Standard account has competitive trading costs, while the RAW Spread account has minimum variable spreads that start from 0.0 pips.

Pros & Cons

  • Access to deep liquidity for tight spreads
  • A more comprehensive range of financial markets to trade – including stocks and futures
  • Excellent educational resources
  • Required minimum deposit – US $100
  • Demo account expires after 90 days
  • No copy trading or social trading

Broker Details

FOREX.com has spreads from 0.0 pips.

Forex.com takes first place for having the tightest spreads of all brokers listed on this page, thanks to spreads as low as 0.0 pips for most major pairs on the RAW Pricing account. Commission costs are $7.00 one way and $7.00 side way/$14 round-turn for each $100,000 lot.

Key Strengths:

  • Sophisticated technical trading tools
  • There is an excellent variety of currency pairs
  • Fast trade execution

Forex.com Trading Accounts and Products

Forex.com 2 types of account types.

The Standard and MetaTrader 4 accounts charge no commission or funding costs and offer a minimum spread of 1.2 pip. Both are good options for discretionary traders. MetaTrader 4 accounts have access to the MetaTrader 4 trading platform. In contrast, Standard account holders will execute trades via Forex.com’s proprietary platform, including integration with NinjaTrader (futures trading) and Capitalise.ai (automated trading with no coding).

The RAW Pricing account is better for experienced, high-volume traders and scalpers. This account has better transparency with spreads from 0.0 pips since the $7.00 sideway/$14.00 round-turn commission for each 100k lot you trade is separate from the spread.

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Forex.com stands out amongst the lowest spread US forex brokers for the variety of trading products available in the US, with nine major currency pairs, plus gold and silver and index futures.

Forex.com Trading Platforms

Forex.com account holders have access to an impressive array of trading platforms. So whether you prefer platforms with lots of charts for technical analysis or automation tools, Forex.com most likely has the platform for you.

With a wealth of charting features such as enhanced charts via TradingView, over 80 indicators, 10+ types of charts and a host of drawing tools, the Forex.com Trading Platform is a solid choice for traders who like technical analysis.

To further enhance the trading experience with the Forex.com Trading Platform, extra tools and 3rd part platform can be used with this account. NinjaTrader is built for futures trading, while Capitalise.ai allows you to create algos using plain English rather than code so you can automate your trading. Other tools include performance analytics such as ‘Chasing Returns’ to give you feedback on your trading performance and Smart Signals to find trading opportunities across 36 major global markets.

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Our Verdict On Forex.com

An easy-to-navigate trading environment, low trading costs and numerous trading platforms from which to choose make Forex.com a good choice for intermediate and advanced traders hoping to control costs without sacrificing a quality trading experience.

3. IG Group - Best Forex Brokers For Beginner Traders

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Forex Panel Score

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71

Average Spread

EUR/USD 1.13 GBP/USD = 1.66 AUD/USD = 1.01

Trading Platforms

MT4, IG Trading Platform, ProRealTime

Minimum Deposit

$0

Visit Broker

Why We Recommend IG Group

We recommend IG Group for beginner retail traders based on its award-winning trading platform and comprehensive collection of educational materials. IG Group has some of the most extensive resources for new traders, from platform guides to trading skills how-tos to webinars and a free educational mobile app.

We also appreciate the flexibility of the broker’s trading platform. It’s powerful enough for advanced traders and complex strategies but intuitive enough for new traders to master.

Pros & Cons

  • Stellar global reputation
  • Competitive trading costs
  • Powerful charting with AutoChartist
  • Limited forex pairs on MetaTrader 4
  • No MetaTrader 5
  • Customer support sometimes lags

Broker Details

IG Group has a good education for new traders.

With over 45 years of experience in the foreign exchange market and over 195,000 retail client accounts worldwide, IG Group is one of the largest forex brokers operating on US soil. Trading with IG US comes with several advantages for those new to trading.

Key Strengths:

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

IG Trading Accounts and Products

IG’s account charges no commissions and offers good leverage, making it an excellent option for forex traders of all experience levels. Opening an account requires no minimum deposit; however, traders must meet margin requirements to take a trading position.

Leverage with IG extends to the maximum permitted by the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA): 50:1 for major currency pairs and 20:1 for minor pairs.

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Due to state-level regulatory restrictions, IG US is not available to residents of Arizona or Ohio.

Among the US brokers we investigated, IG Group offers the largest number of currency pairs with minimum low spreads on EUR/USD and USD/JPY from only 0.8 pips. At IG, US clients can enjoy competitive spreads across over 70 currency pairs including:

  • Major currency pairs (EUR/USD, GBP/USD and USD/JPY)
  • Minor currency pairs (USD/ZAR, SGB/JPY, CAD/CHF)
  • Emerging currency pairs (USD/CNH, EUR/RUB, AUD/CNH)
  • Exotic currency pairs (EUR/CZK, TRY/JPY, USD/MXN)

IG Trading Platforms

Professional traders and casual investors agree that IG offers first-in-class proprietary web, mobile and tablet trading platforms. From remarkably comprehensive market research to advanced charting capabilities – 20 drawing tools and 32 indicators – IG has every tool a trader might need to be coupled with the power a forex specialist could want in a single platform.

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IG’s top technical tools for navigating the market and finding new trading opportunities include:

  • Streaming Reuters news integrated directly with the trading platform
  • Autochartist tool for unbiased and timely analysis
  • One-click trading now from the charts
  • Price alerts to notify you of forex price movements
  • +100 indicators integrated with ProRealTime

Our Verdict On IG

IG brings decades of experience to its trading platform and market research tools, making it an excellent choice for novice traders.

4. TD Ameritrade - Good Broker For Customer Support

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Forex Panel Score

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41

Average Spread

EUR/USD = N/A GBP/USD = N/A AUD/USD = N/A

Trading Platforms

Thinkorswim

Minimum Deposit

$0

Visit Broker

Why We Recommend TD AMERITRADE

We recommend TD Ameritrade for a great selection of financial markets to trade. In addition to the forex market, US clients can access stocks, ETFs, indices, commodities, cryptocurrency, mutual funds, futures and bonds. We also appreciate this broker’s user-friendly and intuitive trading platform: thinkorswim.

Pros & Cons

  • Most extensive range of trading products of any of the regulated forex brokers
  • Easy-to-use trading platform
  • Great educational resources
  • Average trading fees
  • Limited account funding options
  • High trading account funding fee

Broker Details

TD Ameritrade has helpful customer support.

TD Ameritrade is a multi-asset broker that ranks in our top US forex brokers list due to their outstanding customer support. With over 40 years of experience providing trading services, TD Ameritrade is one of the largest broker-dealer firms in the US. The brokerage manages over 11 million trading accounts holding more than USD 1 trillion in assets and processes 500,000 orders daily.

Key Strengths:

  • Top-tier market research and analysis tools
  • Excellent customer service
  • Low trading fees, including free stocks and ETFs

TD Ameritrade Trading Accounts and Products

US-based forex traders will need to open a Standard account with TD Ameritrade. This dealing desk account offers a variable spread that starts from 1.0 pips but affords customers access to a comprehensive range of assets to trade.

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At TD Ameritrade, US traders have direct market access to a wide variety of financial instruments, including:

  • 70 major and minor currency pairs
  • 300 ETFs
  • 37,000 mutual funds
  • Ten precious metals and commodities
  • Cryptocurrencies

TD Ameritrade Trading Platforms

TD Ameritrade offers account holders the option to trade via a professional-grade terminal: thinkorswim. Available in desktop, web and mobile formats, thinkorswim provides many of the same features as MetaTrader 4, as well as some critical extras:

  • Depth of Market views
  • 400 technical indicators
  • 20 drawing tools

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The broker also provides award-winning customer service. Live operators, many of whom are traders themselves, stand ready to assist with technical problems, trading strategy issues and account funding difficulties, no matter where you are in the world.

Our Verdict On TD Ameritrade

Overall, TD Ameritrade is geared more towards professional traders. However, US retail traders can also benefit from the multi-asset thinkorswim platform, which is rich in technical tools.

5. Interactive Brokers - Top Broker For Low Trading Fees

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Forex Panel Score

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54

Average Spread

EUR/USD = N/A GBP/USD = N/A AUD/USD = N/A

Trading Platforms

IBKR Workstation, IBKR Global Trader, IBKR Mobile

Minimum Deposit

$0

Visit Broker

Why We Recommend Interactive Brokers

We recommend Interactive Brokers for its exceptionally low trading costs and trading tools that are suitable for professional traders. Rather than pay a fixed commission, you’ll pay based on the size of your position, a percentage that will range between 0.2 and 0.8 basis points.

We also appreciate the powerful additional features available with TraderWorkStation, IBKR’s proprietary platform. Real-time price alerts, a fully customizable interface, and advanced charting suit all trading strategies.

Pros & Cons

  • Excellent selection of products for US clients, including stocks and ETFs
  • Access to a network of deep liquidity providers
  • Low commissions and tight spreads
  • Complicated trading account structure
  • Not suitable for those new to online trading
  • The fee calculation methodology is challenging to understand

Broker Details

Interactive Broker’s trading costs are low

Founded in 1977, this ‘discount’ forex broker snagged a top spot in our roundup due to low trading fees, but that doesn’t mean IB skimps on the trading experience. This brokerage offers a solid selection of assets to trade, as well as comprehensive analysis, research and charting tools.

Key Strengths:

  • Large selection of assets to trade
  • Strong market research and educational tools
  • Low trading costs

Interactive Brokers Trading Accounts and Products

For day traders and those new to forex trading, Interactive Brokers offers the IBKR Lite account. The broker does act as a market-maker, however, trades bypass a dealing desk in favor of 17 forex-dealing banks. Variable spreads are exceptionally tight as a result and start from just 0.1 pips.

Interactive Brokers also charge a commission for round-turn trades of a standard lot, depending on volume.

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Opening an IBKR Lite account can take a bit more time than with other top forex brokers, but does not require a minimum deposit. Note, however, that subsequent deposits incur a 1% funding fee, and the broker also charges between US$4 and US$10 to withdraw.

In addition to over 100 currency pairs, Interactive Brokers provides the opportunity to trade options, bonds, stocks, futures, commodities, mutual funds and crypto.

Interactive Brokers Trading Platforms

US-based account holders can choose from Interactive Broker’s three home-grown trading platforms when trading forex: the IBKR client portal web trader; Trader Workstation on desktop and IBKR Mobile. Each platform includes powerful trading tools, such as FX Trader and advanced algorithms. IB Smartrouting aims to improve execution speed.

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Daytraders interested in trading stocks, mutual funds or cryptocurrency also have the option to trade via IBKR Global Trader or Impact. The latter focuses on socially responsible investing.

Our Verdict On Interactive Brokers

Though not the most intuitive of brokers when it comes to trading environment or pricing structure, experienced traders who can navigate the volume pricing will find a lot to like about the broker’s sophisticated trading platforms.

6. NADEX - Great FX Broker For Options Trading

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Forex Panel Score

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65

Average Spread

EUR/USD = N/A GBP/USD = N/A AUD/USD = N/A

Trading Platforms

NADEX Trading Platform

Minimum Deposit

$0

Visit Broker

Why We Recommend Nadex

We recommend NADEX as an excellent way to explore options contracts. Technically an exchange and not a broker, NADEX allows you access to maximum leverage alongside excellent risk management tools. You won’t pay a penalty to exit a position before your contract expires, which can prevent loss or maximize profits.

Pros & Cons

  • Low level of risk
  • Binary options toolkit
  • Novel financial instruments
  • One base currency – U.S. dollar
  • Lengthy account opening
  • US $250 minimum deposit

Broker Details

NADEX have options trading with Forex products

Even though it’s a specialised exchange rather than a brokerage, we’ve included NADEX in our roundup of the best forex brokers for US traders to call attention to its unique range of products: binary options, call spreads and knock-outs.

The first financial services platform to be licensed by the Commodities Futures Trading Commission and the National Futures Association, NADEX is currently the best, safest way for forex traders to experiment with options contracts.

Key Strengths:

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

Nadex Trading Accounts and Products

US-based traders can open three types of options contracts using NADEX’s proprietary platform: call spreads, knockouts, and binary options. The underlying instruments for each contract are priced based on COMEX and NYMEX futures.

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NADEX offers a simple, easy-to-understand trading fee structure for its three contract types. To open or exit a contract, traders pay US$1 in trading fees and US$1 to settle a contract upon expiration. (If the contract in question is a binary option expiration contract, however, and the trader is out of the money upon expiration, NADEX charges no fee.)

Positions for the three contract types are capped: 2,500 for binary options, 250 for call spreads and 100 for knockouts. Minimum tick values range from US$1 for call spreads and knockouts to US$.25 for binary options.

The underlying assets available for binary options contracts on NADEX include forex, indices and commodities. Traders hoping for broader exposure or more volatile assets may need to explore alternative options.

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Regardless of the funding method, traders pay no fees to fund a NADEX account. Withdrawals also incur no fees unless they are done by wire transfer.

However, NADEX does stand out from other platforms we’ve profiled because it does not allow traders to find an account with credit. Only payment methods backed by real cash, such as debit cards, checks, wire transfers and ACH transfers, will do.

Nadex Trading Platforms

Traders who require powerful support like advanced charting, technical indicators and sophisticated drawing tools might find the NADEX platform a bit bare bones. The available trading resources, in our view, are more than sufficient given the niche trading products available.

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NADEX offers both mobile and desktop platforms for maximum freedom and flexibility. Traders can access identical features and tools regardless of how and where they choose to trade.

Our Verdict On Nadex

Traders interested in learning more about exotic derivatives and options contracts can do so on NADEX with the peace of mind that comes from trading with a regulated platform.

7. TRADING.com - Best MT5 Broker And Platform

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Forex Panel Score

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50

Average Spread

EUR/USD = 1.0 GBP/USD = 1.3 AUD/USD = 1

Trading Platforms

MT5

Minimum Deposit

$50

Visit Broker

Why We Recommend Trading.com

We recommend Trading.com based on its commitment to the MetaTrader 5 trading platform. Many of the top forex brokers on this list have developed their own web trading apps or mobile apps, but Trading.com chose to focus on MT5.

We like MT5 because it offers access to markets beyond the foreign exchange market, allowing users to trade asset classes only available on centralized exchanges. It also provides faster processing and deeper data than its predecessor.

Pros & Cons

  • Low minimum deposit
  • Demo account and paper trading competition
  • MetaTrader 5
  • No MetaTrader 4
  • No swap-free account
  • 24/5 customer support

Broker Details

Trading.com has automation via EAs with MT5.

For algorithmic traders and others who rely on expert advisors to manage their trading activity, MetaTrader 5 has much to offer. Of all the brokers we reviewed, however, Trading.com stands alone for its commitment to the next-generation MetaQuotes trading platform. With all the features of its predecessor, MT4, MetaTrader 5 also provides traders with the optimal environment for technical trading and above-average execution speeds.

Like Forex.com, which we reviewed above, Trading.com stands out more for competitive pricing than sophisticated features. The commitment to MT5 and an easy-to-navigate trading environment earn it a spot as one of the best US forex brokers.

Key Strengths:

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

Trading.com Trading Accounts and Products

Opening a trading account with Trading.com takes little time and less effort. New clients will need to make a minimum deposit of US$50. However, the broker allows traders to fund their accounts via credit card, wire transfer or ACH transfer.

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Trading.com offers a single account option to US-based forex traders: the T1. While the broker does not charge a commission on trades, it does act as a market-maker. Spreads are slightly wider as a result and start at 0.7 pips. Leverage for major pairs tops out at 1:50 for major pairs and 1:33 for minor pairs in accordance with CFTC and NFA limits.

The broker offers an excellent selection of forex pairs; 71 in total, including all major currency pairs, minor currency pairs and exotics.

Trading.com Trading Platforms

While Trading.com offers account holders the option to trade on its in-house platforms, the real draw is MetaTrader 5.

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The successor to the popular platform MetaTrader 4, MT5 offers traders an optimised environment for algorithmic trading. The platform has the capacity for 100 charts with 21 time frames, as well as 80 technical analysis tools. Users can access a curated marketplace of custom-built and off-the-shelf trading robots and code their own expert advisors specifically for use on the platform.

Note, however, that trading bots and EAs written for use with MT4 will not transfer to MT5 due to a difference in programming language.

Our Verdict On Trading.com

Trading.com is an excellent option for cost-conscious traders looking for low trading fees, competitive spreads and a powerful platform to support algorithmic trading strategies.

8. eToro - Best Social Trading Platform

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Forex Panel Score

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (80)7 Best Forex Brokers In USA [2024 Regulated US Brokers] (81)

43

Average Spread

EUR/USD = 1.0 GBP/USD = 2.0 AUD/USD = 1.0

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Visit Broker

Why We Recommend eToro

We recommend eToro to anyone with a casual interest in day trading in search of a user-friendly trading platform. Cryptocurrency enthusiasts will also appreciate this broker’s focus on Bitcoin and other digital assets.

More experienced traders may balk at the limited functionality of eToro’s trading platform, but beginners will appreciate research tools and innovative approaches to social and copy trading.

Pros & Cons

  • Excellent selection of cryptocurrency pairs
  • Innovative copy trading tools like CopyPortfolios
  • Largest community of traders worldwide
  • Limited range of markets
  • Higher than-average trading costs
  • Not suitable for professional traders or those with complex trading strategies

Broker Details

eToro trading platform is designed for social trading

A pioneer in the “gamification” of investing, eToro has great resources for new investors; eToro is an excellent brokerage for casual traders, social or copy trading, and crypto enthusiasts. Etoro specializes in the trading of cryptocurrencies but also offers stocks and ETFs.

Key Strengths:

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

eToro Trading Accounts and Products

For most American traders, eToro offers a single account option for trading cryptocurrency: Standard. Residents of some states, however, may find themselves eligible for only a virtual account due to regulations on cryptocurrency trading.

The eToro Standard account uses a dealing-desk model, and variable spreads start at 1.0 pips. Round-turn trades of a standard lot will incur a ‘spread plus 1%’ fee, and the broker caps leverage at 30:1. Costs associated with trading stocks and ETFs are competitive, however, and carry no commission. Stock traders can buy and sell fractional shares commission-free.

eToro’s unique feature is the ability to social trade; clients can choose from 42 cryptos, over 2500 stocks and over 70,000 ETFs.

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Another unique eToro feature? This broker allows traders to fund their accounts with popular cryptocurrencies like ETH, BTC and XRP.

eToro Trading Platforms

In keeping with its overall commitment to social and copy trading strategies, eToro’s proprietary trading platforms offer several unique features designed to support these styles.

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Regardless of skill level, account holders can stay current on market activity via a wall-like ‘feed’ of news and commentary from other eToro traders. For a more refined perspective based on activity by top traders, users can turn to eToro’s sentiment data analysis.

eToro does not offer account holders the option to trade via a desktop platform. Nor does the broker support third-party integrations for either MetaTrader 4 or MetaTrader 5, which limits the use of expert advisors and other trading bots. The analytical tools available on eToro’s in-house platforms should meet the needs of intermediate or beginner traders. Still, those with more experience who prefer the MetaTrader interface may feel restricted.

Our Verdict On eToro

For casual or beginner traders interested in exploring day trading and those who prefer to trade only crypto, eToro has much to offer. However, regulatory restrictions and a limited range of trading platforms and tools may render it less appealing to experienced traders and those interested in a broader range of assets.

What Do I Look For To Find The Best Broker In The US?

To find the best forex broker in the US, look for a combination of tight spreads, powerful trading tools and comprehensive customer support. We also recommend that US residents focus on brokers licensed by the National Futures Association (NFA) and overseen by the Commodities Futures Trading Commission (CFTC).

What Is The Regulation For Forex Brokers In The US?

The regulators for forex brokers in the US are the CFTC and the NFA. While the CFTC develops and sets out the rules that govern how financial services companies must conduct themselves, the NFA issues licenses.

CFTC

The Commodities Futures Trading Commission (CFTC) is the federal agency that oversees the US derivatives markets such as futures and options. It ensures market integrity, protects market participants and sets rules and regulations for US online brokers.

NFA

The National Futures Association (NFA) is a self-regulatory organization comprised of financial services companies – including online brokers – in the futures industry. It’s responsible for issuing licenses, conducting audits and enforcing compliance.

Other Licences

Individual states may also require financial services companies to obtain licenses to operate within the jurisdiction. Likewise, each state can determine whether it will allow brokers to allow novel financial products. eToro, for example, specializes in cryptocurrency and, therefore, cannot offer services to residents of US states where it’s not legal.

Is Forex Trading Legal In The US?

Yes, spot forex trading and futures trading are legal in the US. Trading forex CFDs, however, is not.

Is Forex Trading Popular In The US?

Yes, forex trading is popular in the US. According to the Bank for International Settlements (BIS), the United States, the United Kingdom, and Japan tops the list of the most active forex traders. These three countries account for 50% of the world’s forex trading volume.

How Can You Trade Forex In The US

You can trade forex in the US through a regulated online broker licensed by the NFA and overseen by the CFTC. Americans can also trade with offshore brokers. However, many most reputable, with licenses from regulators like the FCA in the UK or ASIC in Australia, cannot accept US clients.

Which Is The Best Platform To Trade Forex As A US Trader?

FOREX.com is the best platform for trading forex in the US due to its combination of competitive spreads, low commissions and an excellent collection of platforms. You can choose between the broker’s highly-touted web trader and mobile app or the popular MetaTrader 4 and MetaTrader 5 platforms.

Which Platforms Have Automation?

MetaTrader 4 and MetaTrader 5 support automated trading with Expert Advisors (EAs). Many brokers also offer tools to enable algorithmic trading on their proprietary platforms. IG Group, OANDA, and IBKR stand out.

What Is The Best App To Trade Forex In The US?

IG Group offers the best mobile app for American forex traders. Based on the broker’s award-winning proprietary trading platform, the mobile app includes powerful charting, advanced technical indicators, drawing tools and everything else you need for trading on the go.

Which Broker Has The Lowest Spreads In The US?

OANDA has the lowest spreads in the US, based on our testing. In our independent analysis, OANDA averaged 0.70 pips across the major currency pairs for its Standard account. eToro came in second at 1.30 pips.

Standard Account Spreads

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (84)

1.401.401.702.001.40

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (85)

1.001.001.502.001.00

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (86)

1.201.401.901.901.40

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (87)

1.201.801.601.701.60

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (88)

1.001.201.601.601.50

Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024

FAQs

Can I Trade Forex in the USA?

Yes, you can trade spot forex and forex futures in the USA. You must open an account with a CFTC-regulated, NFA-licensed online broker to do so. The best times for Americans to trade will vary but generally fall between 8:00 AM and 12:00 PM EST, which overlaps with London’s busiest trading hours.

Who is the Most Trusted forex broker?

OANDA is the most trusted forex broker licensed by the NFA to accept American clients. We also appreciate its excellent in-house trading platform, selection of currency pairs to trade and competitive trading costs.

It’s essential to choose a trusted forex broker to avoid trading scams.

Can I Use the MT4 Trading Platform In The USA?

Yes, you can trade using the MetaTrader 4 in the US, provided your brokerage offers it as a trading platform option.

Is Forex Available In the USA?

Yes, spot forex and forex futures are available in the USA. Forex CFDs, however, are not available.

Can I Trade With An Offshore Broker?

Yes, you can trade with an offshore broker that accepts US clients. Be aware, however, that you may not trade products like CFDs, which is forbidden by US law, regardless of the broker.

About The Forex Brokers USA Review

Our experts at Compare Forex Brokers have hand-checked all the data provided through the Forex Brokers USA Review for accuracy. We used our proprietary star scoring system to rank US FX brokers.

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (90)
Our methodology took into consideration factors such as:

  • Regulation and licensing
  • Price competitiveness (spreads)
  • Software technology (trading platforms)
  • Accessibility (minimum deposit and available funding methods)
  • Range of currency pairs
  • Beginner-friendly and easy-to-use platforms
  • Customer support service

The heavily regulated environment in the USA due to the CFTC rules and strict requirements has narrowed the brokerage options in the US. However, foreigners living in the US could trade through offshore brokers not subject to the CFTC rules (an option not available to US residents). The number of offshore Forex brokers accepting Americans is also minimal. It also comes with several risks, such as scams.

Risk Warning: Forex trading and trading on margin come with a high level of risk. Trading high-leveraged products may not suit all investors, as you might lose all your money. Ensure you understand forex trading before putting your funds at risk.

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About the author:

Justin Grossbard

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.

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  • 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (93)
  • 7 Best Forex Brokers In USA [2024 Regulated US Brokers] (94)

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (96)

Gregg D

2 years ago

I noticed that other sites list a lot more forex brokers for US traders compared to this list. Why is that?

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (97)

Forex Expert

David Levy

2 years ago

If you are in the USA, then you must choose a forex broker that is regulated by the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA). Residents of the USA cannot legally trade with a broker that does not have this regulation. Most likely these other websites are including brokers that are not regulated by the CFTC or NFA, so cannot legally offer their services to US residents.

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (98)

Kelsey

2 years ago

Can you trade Contracts for difference in the USA?

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (99)

Forex Expert

David Levy

2 years ago

Hi Kelsey – The regulators in the USA- the NFA and NFTC forbid the trading of CFDs. You can trade using spot prices however

Reply

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (100)

Kelsey

2 years ago

What is the maximum leverage for trading in the USA

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (101)

Forex Expert

David Levy

2 years ago

If you are forex trading with a broker regulated by NFA or NFTC (the main regulators in the USA) then you can trade with a maximum leverage of 1:50 when trading spot forex

Reply

7 Best Forex Brokers In USA [2024 Regulated US Brokers] (102)

Pepi

1 year ago

Excellent broker comparison analysis. Do you have any background info regarding trading.com which launched its NY operation around February 2022 and is one of the few Forex brokers supporting the MT5 trading platform?

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (103)

Forex Expert

David Levy

1 year ago

Hi Pepi, that’s a great question. At this time we don’t intend to do a full review about Trading.com but we are planning to start adding them to some of our American review pages. Trading.com at first glance appears to be a decent broker and MetaTrader 5 is an excellent platform. Keep an eye on our US pages over next few weeks as we add the,

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (104)

Roberto

1 year ago

Hi Justin, – thank you for the comparison. Which of the above brokers can I use to trade stocks?

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (105)

Forex Expert

David Levy

1 year ago

The following brokers offer share trading – Forex.com, eToro and TD-AmeriTrade

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Robyn Oneill

10 months ago

Who is the biggest forex broker in the US?

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7 Best Forex Brokers In USA [2024 Regulated US Brokers] (107)

Forex Expert

David Levy

6 months ago

Not sure who is the biggest but OANDA, FOREX.com and IG would be among the largest and the ones we recommend

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