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Top 5 US Forex Brokers

If you're looking for a US forex broker but don't know where to start yet, then check out our guide below. We've evaluated the top 5 US forex brokers you can choose from.

If you’re looking for a US forex broker, you’ll be pleased to know that there are a bunch of forex brokers active in the market, all offering different spreads, payment methods, and platforms. In this guide, we review the top choices to help you make the best choice.

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    Top Forex Brokers USA

    Below you will find our top five rated forex brokers that serve US customers. All of the following recommendations are based on countless hours of independent research. Each of the five brokers offer super-tight spreads, low fees and commissions, dozens of tradable currencies, and a top-grade research department.

    Note: As US forex brokers are heavily regulated, you will be required to verify your identity before you can make a withdrawal. This includes the provision of a government-issued ID and a proof of address. You’ll also need to provide your social security number, so be sure to have this to hand.

    1. - US-Based Specialist Forex Broker

    Our number one pick goes to They're a registered broker. In the US, this includes with authorities such as the CFTC and the NFA. Around the world, is also regulated by IIROC (Canada), ASIC (Australia), MAS (Singapore), FSA (Japan), FCA (UK), and CIMA (Cayman Islands).

    The products and services available to you at will depend on your location, and on which of its regulated entities holds your account.

    Nevertheless, spreads are reasonably competitive, with the majors starting at just 1.2 pips. You can get started at with a minimum deposit of $100, which is great for those of you that wish to start with smaller amounts. With that said, you will be able to apply leverage of up to 50:1 when trading major currency pairs. Finally, gives you access to globally recognizes platform MetaTrader 4 (MT4).

    Assets: Forex

    Demo Account: Yes

    Educational Material: Highly extensive forex research department and technical indicator tools

    Fees: 1.2 pips on major pairs, $40 wire withdrawal fee (only applied if withdrawal is below $10k), $15 monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: MT4 and outside the US MT5 is available

    Regulation: US regulators such as FCM, RFED, CFTC, NFA

    Payment methods: Bank Transfer, Wire Transfer, and Debit Card (you can include a footnote saying other deposit/withdrawal methods might be available depending on the location and the entity that holds your account


    • Spreads from just 1.2 pips
    • Regulated by US bodies
    • More than 80 pairs
    • $40 wire withdrawal fee
    • $15 monthly inactivity fee

    2. OANDA - Highly Competitive Forex Broker

    OANDA, a long time money markets broker, peered into the forex trading world in 2001 after launching their FXTrade platform, making it a pioneer in forex brokerage. It makes it to our list of top US forex brokers because of its emphasis on technology and integrating it into forex trade as evidenced in the fact that it was the first foreign exchange brokerage to embrace full automation.

    OANDA doesn’t discriminate between different classes of forex traders and only maintains one type of trading account, Standard Account. This has no minimum initial deposit, operating balance, or even a minimum lot size. We also believe they have some of friendliest charges. For instance, they don’t charge any trading commissions and spreads are heavily discounted with those of the major currencies, case in point the EUR/USD pair, starting from 1.1 pips. The leverage here is also capped at 1:50.

    Assets: Forex, Indices, Forex, Commodities, Metals and Bonds

    Demo Account: Yes

    Educational Material: Daily market analysis via MarketPulse

    Fees: 1.1 pips on major pairs, no trading commissions

    Minimum deposit: No minimums

    MT4/MT5: MT4

    Regulation: RFED, FCA

    Payment methods: Credit/debit card, Bank wire

    • Highly competitive pricing model
    • The no minimum deposit and lot size make it friendliest to beginners
    • The first withdrawal is free regardless of the payment processor
    • The mobile app charting is quite poor, is rigid and does not allow for alert creation
    • Little emphasis on news, research, and education

    3. IG - Some of the Lowest Spreads in Forex

    We consider IG-US one of the best brokers in the country include its fast account creation and verification processes as well as its competitive spreads. IG has diversified their system, making it accessible to its different clients on such platforms as MT4, MT5, WebTrader, Desktop, and Smartphone app. The forex broker U.S operations are regulated by both the CFTC and NFA.

    You can open up either a Mini or standard trading account with IG –US and gain access to over 80 tradeable currency pairs. Spreads for major currencies here start from 0.6 pips and average between 0.9 and 1.3 pips with no commissions for both trading accounts. Leverage is capped at 1:50. Unlike OANDA, however, you will need an initial minimum deposit of $250 to activate the live account and start trading.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4

    Special Features: Minute-by-minute analysis

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Regulated by virtually every major trading jurisdiction across the world
    • Highly customizable and easy to use trading platforms
    • Advanced charting features and tools such as the alert system for specific indicators and sentiment readings
    • Forex Direct not available to U.S clients
    • The web trader platform is largely blank and with no preset layouts making it impossible to interact with for novice traders

    4. TD Ameritrade - Exclusive Forex Broker for US Traders

    TD Ameritrade makes it to our list as one of the few NFA and CFTC regulated brokerages that offer forex trading services to the United States residents, exclusively. We like their relatively competitive pricing model and access to over 80 currency pairs. The process of opening and funding an Ameritrade Forex account is quite straightforward. Plus you don’t even need a minimum initial deposit or operating balance to activate live trading accounts.

    The forex broker also maintains one of the most versatile pricing models that allow for both pure spreads charges and a combination of spreads and commission. For instance, if you opted to use the pure spread charging system, you will have to settle with EURUSD spreads that start from 0.9 pips.

    The combination of spread and commissions model, on the other hand, imposes $2.00 charge per traded lot and with the spread for the EURUSD pair starting from 0.3 pips.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities, Bonds

    Demo Account: Yes

    Educational Material: Very strong on fundamental news analysis, dozens of research publication every day

    Fees: 0.9 pips on EUR/USD or 0.3 pips with $2 per trade commission

    Minimum deposit: $0

    MT4/MT5: MT4

    Special Features: Access to foreign markets, excellent on the mutual fund front

    Regulation: CFTC, SFC

    Payment methods: Credit/debit card, Bank wire

    • Innovative desktop charting that can be synced with the mobile app
    • Offers one of the best trading platforms in the industry
    • Choice to determine the charges for their trades
    • Possibility of system lags
    • Trade or Swim platorm may be difficult to master

    5. PaxForex - Heaps of Forex Account Types to Choose From

    PaxForex has one of the most elaborate types of trading accounts catering for the different types of traders. These include the cent, mini, standard, Fix Spread, and VIP trading accounts. But this isn’t the only reason, PaxForex, one of the most progressive forex brokerage houses, is making it to our list of best forex brokers.

    We also like its progressive commission free mode of operation as well as its considerably low lot sizes. PaxForex forex broker’s spreads start from 0.4 pips for the standard trading account with a minimum deposit set at $2000. The Mini and Cent accounts operate on variable spreads that start from 1.4 pips and 2.4 pips for the major currencies with a prerequisite minimum deposit set at $100 and $10 respectively.

    Assets: Forex

    Demo Account: Yes

    Educational Material: Premium analytical tools

    Fees: 0.4 pips on standard trading account, 2.4 on cent account, 2.9%-3.9% fee on Skrill deposits

    Minimum deposit: $10

    MT4/MT5: MT4

    Special Features: VIP accounts, Leverage on majors up to 50:1

    Regulation: Financial Services Authority (FSA) of St. Vincent & the Grenadines

    Payment methods: Credit/debit card, Bank wire, Skrill, debit card

    • Fast and affordable payment processing
    • Supports trading account integration with expert advisors
    • Dedicated customer service team available 24/7
    • No proprietary, mobile, desktop or WebTrader platform

    Leverage at U.S. Forex Brokers

    The United States has some of the strictest laws and regulations governing the online forex trading space. This has made it difficult for most international brokerage houses not just to maintain operations in the country but even offer forex services to American citizens. Brokers seeking to establish operational bases in the country must first be vetted by the National Futures Association (NFA) and the Commodities and Futures Trading Commission (CFTC).

    The level of emphasis given to the regulation of foreign exchange brokers in the country is evidenced by the fact that the U.S was the first nation to set a cap on the amount of leverage advanced to traders, setting its maximum at 1:50. The upside to this strictness and complicated rules of engagement is that they have birthed what you might consider the most transparent forex brokerage houses in the world today. And this list reviews what we consider top 5 forex market operators in the country.

    Note: Most newbie forex traders lose money when they first get started. Not only should you consider using a demo account before depositing funds, but you should also spend some time learning how to read technical charts.


    Over the past few years, some of the most prominent forex brokerage firms in the world have pulled out of the United States market citing the prohibitive regulation and trading restrictions imposed by NFA and CFTC. They started by relocating offices but still maintained their client bases but most, such as FXCM, has since disbanded their U.S operation by closing client accounts or transferring them to other brokers.

    Note that while prohibitive regulations with regards to leverage and CFDs trading were meant to safeguard the trader’s interests from dishonest brokers, some of these have only served to disadvantage the traders. For instance, the prohibition of leveraging and margin trading make forex trading highly unprofitable for traders with minimal capital and a preserve of individuals with significant disposable incomes.

    Some trading rules imposed by these agencies such as FIFO and no hedging also limit a forex trader’s flexibility and even exposes them to unwarranted risks. For instance, The FIFO rule states that a trader must close all open trades in the order in which they were opened. This implies that you cannot hold long term trading positions and scalp at the same time. The no-hedging rule, on the other hand, makes it illegal to safeguard your trades against unexpected drawdowns thus exposing you to huge losses should markets defy your analyses.

    Another option that supports both forex and crypto, as well as stocks, is They’re also open to the United States and most of the world.

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • Millions of Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders - 83.7% Average Yearly Profit
    eToro exchange
    68% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.


    How can I open a trading account with a U.S forex broker?

    Opening a trading account with any broker in the United States is relatively straightforward as most will not request for personal information apart from name and email when opening a demo account. When taking your account live, however, they will require that you furnish them with government-issued identification documents such as the driving license and S.S.N number.

    Do U.S forex brokers allow CFD trading?

    No. Contracts for Difference (CFD) trading, margin trading, and issuance of leverages beyond the 50:1 level are all prohibited in the United States to brokers with an active presence in the country as well as international brokerage houses that accept U.S clients.

    When was leveraging and CFD trading banned in America?

    In 2010, the enforcement of Dodd-Frank Finance Act that caps leverage at 1:50 and bans CFDs and margin trading started. CFTC and NFA have been charged with the responsibility of ensuring compliance by the different brokerage firms.

    Is there a possibility of high leverage and CFD trading ever being allowed in the U.S?

    The clamor for a ban on CFDs and margin trading came about after the 2008 financial crisis. Given that some sectors of the economy haven’t quite fully recovered from the crisis a decade after its occurrence and the many cases of financial scams being reported across the country, the general opinion edges towards sealing more loopholes in the finance industry. Such sentiments dim the chance of CFDs trading and ‘exaggerated’ leverage making it back to the U.S forex markets.

    What is an expert advisor?

    An expert advisor is trading software coded specifically for the MetaTrader platform. It is designed to analyze markets and use the information gathered to determine the buying and selling points that guarantee most returns automatically.

    What are the NFA and CFTC policies regarding expert advisors?

    Both NFA and CFTC welcome the idea of automated forex trading. They, however, delineate themselves from the responsibility of vetting expert advisors making it your responsibility as a trader to first confirm the reliability of the AutoTrader before integrating them into your real account.

    Forex brokers by country


    Question & Answers (2)

    Have a question? Our panel of experts will answer your queries.Post my Question
    1. Question

      Can I only trade forex with TD Ameritrade?

      • Answer

        Hello carlos6. Thanks for your question. The answer is no, TD Ameritrade offers a really good selection of asset types that you can choose from, including stocks, mutual funds, options, futures, ETFs, bonds and of course, forex. That is the case for standard accounts only though, because if you have a trust account, education account or pension plan, then your investment choices vary, but still, forex is definitely not the only asset type you can trade with. I hope that helps.

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