Best Forex Broker In USA 2024: Top 7 Picks & Reviews
Reviewed by Randolph Vialva, MBA
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If you’re looking to trade forex, you’ll need to find the best broker to help you facilitate your trades. Continue reading through this list of the best forex brokers in the USA (United States of America).
7 Best Forex Broker in USA 2024
- Etoro: Best Overall
- IG Markets: Most Affordable
- Oanda: Best Research Tools
- Interactive Brokers: Best for Advanced Use
- FOREX.com: Best Mobile App
- TD Ameritrade: Best for US Forex Trading
- Nadex: Best Highly-Regulated Broker
Read more: Top 10 Best Binary Options Brokers & Trading Platforms 2024
Top 7 Best Forex Broker in USA April 2024
Etoro
eToro is a good option among other forex brokers because of its simple-to-use copy-trading functionality. With this. Traders can copy the trades of successful investors, or even share their own trades for compensation once they have a proven track record.
- Social trading platform
- User-friendly platform
- Indemnity insurance
- More expensive than competitors
- Certain research and tools only available for certain members
eToro supports over 3,000 assets to be traded, including CFDs, forex and major currencies, and ETFs. They have a comprehensive and educational trading platform that’s even a good fit for beginners, though it’s not the most affordable option out there. Even still, it’s one of the best forex brokers out there and continues to be an industry leader.
IG Markets
IG is another great platform for trading forex. They have great research and tools available to users and are available over a wide range of markets and asset classes.
- Widely used
- Public Company
- Good reputation and trusted forex broker
- Some manual configuration needed
- More tradeable instruments with other online forex brokers for MetaTrader
IG is one of the most trusted forex brokers out there, and is even a public company and regulated. This offers good peace of mind to users and adds to the level of credibility that they have. They offer a great trading experience to users and are consistently seen as one of the best forex brokers available around the globe.
Oanda
Oanda is a US-based forex broker with a high-quality and easy-to-use site. They have great research tools for those who are trading forex to utilize to their advantage. Plus, they have a convenient API feature for even further customization.
- High quality
- Easy to use
- Good research tools
- Limited customer support
- Only for forex and retail CFD accounts
Many like Oanda for its friendly interface and high-quality platform with great technical indicators, API, and more. The account opening process is easy and quick, though they do have a limited product portfolio and customer service.
The platform is only for forex and CFD traders, with no other assets. Compared to others on this list, it doesn’t have any affiliation with a bank or is listed on the stock market, which could detract its credibility with some.
Interactive Brokers
Another one of the widely-trusted forex brokers is Interactive Brokers. It has very extensive offerings for tradeable assets and has competitive fees with other trading platforms.
- Widely used
- Great for sophisticated investors
- Integrated news and economic calendar
- Not good for beginners
- MetaTrader integration not available
Interactive Brokers shines above the competition with its great fee structure, wide offerings, research and education provided, and modern platform. It has very advanced features, which could mean it’s a better fit for more sophisticated investors who are experienced in currency trading. Plus, compared to many other trading platforms, MetaTrader is not available as an alternative platform option.
FOREX.com
FOREX.com is an online forex broker that is widely trusted and is a subsidiary of the public company StoneX. The offerings of its trading accounts will depend on where you’re located, and whether you have the MT5 version or not.
- Multi-asset offerings
- Mobile trading
- Free performance analytics
- Education on the US site not as good as in the UK
- Limited asset offerings in MT5 version
- Not as much video educational content as other trading services
FOREX.com is one of the great US forex brokers to help people get involved in the financial markets. As one of the best trading platforms.
Users can trade forex and CFDs around the globe, and access a large number of markets and proprietary trading platform options. It is not the most affordable of the forex trading platforms, though it is if you have a very high trading volume. Even still, their multi-asset offering is one of the largest draws to the platform for a forex trader.
TD Ameritrade
TD Ameritrade’s online trading account platform is one of the most comprehensive available today. If you want to be active in the forex markets and use a familiar platform, this can be a good way for you to start trading forex.
- Over 70 currency pairs
- Great research and resources available
- Excellent tools, trading ideas, and trading strategies
- Spreads aren’t as good as the industry average for forex pairs
- US only
Trading currencies on TD Ameritrade is a good option among the other US forex brokers. They have a great number of currency pairs available for forex traders to access, in addition to other great trading tools that some online brokers don’t have.
Nadex
Nadex is a binary options trading platform for US and EU traders, known for its transparent features and good regulations. The company has been around since 2009 and is regulated in the US by the CFTC.
- Regulated by CFTC
- Easy to use binary options toolkit
- Limited range of products
- Commission on each trade
- Minimum required deposit may not be for a beginner forex trader
What is a Forex Broker in USA?
A forex broker is a person or firm who will act as the intermediary between two parties for the sale of an asset–like foreign currencies.
Forex Trading Environment in the USA
Let’s take a look at some of the regulations that surround forex trading in the United States so you can better understand the market.
The Dodd-Frank Wall Street Reform and Consumer Protection Act
This act was passed as a response to the 2008 financial crisis in order to prevent a future occurrence. Overall, the act aims to support the financial system and make it safe for US people. Certain compliance measures of the act could limit the best US forex brokers and other top forex brokers.
Forex Broker’s Regulators
Forex brokers are regulated by a number of different regulatory bodies in the United States, which we’ll discuss here, including the NFA and Commodities Futures Trading Commission.
The Roles of Forex Broker’s Regulators
Regulators are aimed at making the forex market fair and safe for US consumers to take part in, and pass appropriate regulations accordingly to protect professional traders and hobbyists alike in the foreign exchange market. Each agency that regulates forex brokers is aiming for a fair and open forex industry.
Commodity Futures Trading Commission (CFTC)
The foreign exchange market is regulated by the Commodity Futures Trading Commission (CFTC). They aim to ensure the integrity of the firms engaging in the forex market.
National Futures Association (NFA)
The National Futures Association, the NFA, also regulates the forex market as one of the financial industry regulatory authority bodies. The NFA regulated forex brokers to safeguard the integrity of the derivatives markets.
How to Choose The Best Broker in the USA?
If you want to compare forex brokers, continue reading below as we discuss trading costs and trading fees, features of trading accounts, and other aspects to help you decide where to trade forex.
Licensed and Regulated
First, you should see if the broker is regulated and licensed. This means it’s legitimate and is meeting the compliance standards of regulatory bodies.
Price
You may also want to consider the cost of using the platform. Sometimes there will be discounts for high-volume traders or other types of beginner accounts, though if you want to access more currency pairs, retail investor accounts, or advanced trading tools, you may have to pay more.
Security
The security of the platform is highly important since it has your money and other sensitive information that could be abused if it comes into the wrong hands.
Currency Pairs
Having access to a larger number of currency pairs is important when choosing the right forex broker. If you can only access one currency pair or a limited number, it may not be the right platform for forex traders.
Spread and Leverage
You’ll also want to see the type of maximum leverage and spread they provide to customers. Check out their statistics from past users to see if it’s attractive to you.
Transaction Execution Speed
Time is everything when trading forex, so you’ll want to see how quickly they execute trades. This could have implications on the profitability of your trade, so it’s highly important to keep this in mind aside from low trading fees.
Minimum Deposit
Another thing to consider is the minimum deposit amount they require. This could limit newcomers, so shop around to find the right match for you.
Demo Account
Using a platform with demo accounts is valuable because it allows you to try out your trading strategies with virtual money before doing the real thing.
Mobile Compatibility
Many brokers will have a desktop platform for forex trading, but not all will have a mobile version. This can be very important to traders who want to access the London stock exchange from their phone or trade a currency pair on the go.
Customer Reviews
Lastly, take a look at the customer reviews and see what others have to say about forex brokers before choosing to use one. Just like you do when you trade stocks, you want to select a reliable broker that other customers have had success.
Final Thoughts
Choosing a great broker for forex trading is highly important because it contributes to the overall success and profitability of your strategy.
Frequently Asked Questions (FAQs)
There are many aspects that go into choosing a good broker, but try to do some research using the tips above like cost, reliability, speed, and licensing in order to choose the right one.
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- CFTC. Dodd-Frank Act | U.S. COMMODITY FUTURES TRADING COMMISSION. Cftc.gov. Published 2010. Accessed December 10, 2022. https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm
- NFA. www.nfa.futures.org. Accessed December 10, 2022. https://www.nfa.futures.org/
- Commodity Futures Trading Commission | CFTC. www.cftc.gov. Accessed December 10, 2022. https://www.cftc.gov/
- Forex Trading | TD Ameritrade. www.tdameritrade.com. Accessed December 10, 2022. https://www.tdameritrade.com/investment-products/forex-trading.html
- Home (US). IG. Accessed December 10, 2022. https://www.ig.com/us