The Forex market is currently more active than all other financial markets worldwide, with more than $5 trillion being traded every day. This guide is for US traders looking for a top Forex trader that suits their trading style.
We’ve broken down the best USA Forex broker for execution, trading platforms, commissions & spreads, and overall quality. All the best Forex brokers for USA traders we’ve covered here are licensed and regulated in the united states by the NFA (National Futures Association) and meet a very strict set of criteria, making sure traders are well protected from Forex scams.
Best USA Forex Brokers
- TD Ameritrade
- Interactive brokers
1. IG: Best Overall
As a pioneer in offering spread betting and contracts for difference (CFDs), IG was established back in 1974 and has over the years grown to become a leader in the Forex trading industry. It’s a London-based trading company that has publicly traded in London’s stock exchange.
You’ll be glad to find around 91 Forex pairs here.
Pros And Cons
- Competitive commission-based pricing
- Licensed and regulated in major jurisdictions
- Wide range of markets, multi-asset CFDs, and currency pairs
- Comprehensive research tools
- The Forex Direct is only available to professional Forex traders in the European union
CFD and Forex traders looking to trade an extensive variety of instruments across several asset classes will find this Forex broker to be a great option. Spreads, commissions, and fees are pretty competitive with a speed of around 0.9 pips. One major drawback is that there’s an inactivity fee that’s charged if your account has been inactive for 2 years.
Ameritrade offers a superb combination of both functionality and design. This trading platform has everything you’ll need, including real-time scanning, trade alerts, live CNBC TV, and typically all technical indicators you may want for charting.
Ameritrade offers you 75 Forex pairs.
Pros And Cons
- Wide range of premium trading and research tools is available through the thinkorswim platform.
- Powerful PC charting that perfectly syncs with mobile
- Options and futures trading on bitcoin and Forex futures
- Low trading fees
- Impressive desktop charting
- Wide variety of amazing research and trading tools
- The Forex is only available to US traders
- Lacks a web-based platform for Forex
For investors, and US-based traders Ameritrade’s thinkorswim platform is a complex multi-asset PC experience optimized for securities trading. The customer support services provided by TD Ameritrade are easy to reach. You can reach out to the support team through Amazon’s Alexa, WeChat, Twitter, Facebook, and others.
Forex.com is renowned for providing traders with an impressive offering. In the same way as Interactive Brokers and TD Ameritrade, forex.com is a publicly-traded company and offers Forex traders an extensive range of trading tools. Besides the proprietary trading platform, it also offers MetaTrader4 to customers, which makes it perfect for investors.
Forex.com offers you 84 Forex pairs.
Pros and Cons
- Platforms feature many trading ideas and research content
- Licensed in major regulatory jurisdictions
- Highly advanced charting abilities in both web and desktop platforms
- Offers bitcoin futures in the united states and cryptocurrency CFDs in the united kingdom
- MetaTrader5 hasn’t yet been rolled out yet
Forex.com has many options for CFD and Forex traders across its incredible offerings across the globe. Furthermore, when it comes to fees and costs, forex.com’s pricing is almost impossible to beat. For starters, there are no extra fees associated with withdrawals and deposits. Not to mention there is no account fees. An organized and centralized research area makes this Forex broker easy to use. As mentioned earlier, the company offers access to real-time trading signals, trading ideas, and the latest research.
4. Interactive Brokers
Experienced currency traders ought to consider Interactive Brokers. It’s a well-known brand in the US stock & options market as one of the leading trading brokers. Keep in mind, that for you to be allowed to trade Forex with Interactive Brokers, you should be classified as an Eligible Contract Participant (ECP). An ECP is an organization or individual with assets of more than $10MM.
Interactive Brokers offers you 115 Forex pairs.
Pros and Cons
- Competitive discounts and fees for high volume traders
- Supports bitcoin futures trading
- Extensive selection of asset classes ad global markets
- Publicly traded and regulated
- Forex charts missing in the web platform
- Sophisticated desktop platform