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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.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

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.

    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.

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    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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