Best Forex Brokers in USA 2024
Choosing the right forex broker for your trading needs is as important as drawing up a trading plan for yourself. As an experienced forex trader myself, I have had first personal experiences with how important a broker can be to your journey as a trader.
Therefore, before I go ahead with recommending some of the best forex brokers in USA that are reliable and can be trusted for forex trading, I would like us to examine some of the factors to consider when trying to choose a broker and what differentiate the best forex brokers from the rest.
Key Factors to Consider When Choosing a Forex Broker:
Ensure that the forex broker you choose is regulated by a reputable authority like the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC). As you should know, when a platform is certified by government regulatory bodies, it means that its operations are constantly under scrutiny from these bodies making it almost impossible for the forex brokers to engage in any form of fraud.
Some of the best forex brokers in USA are regulated by the above-mentioned bodies according to my research.
Look for a broker with a trading platform that is user-friendly, stable, and supports the types of trading that you intend to do. This is also very important as not all forex brokers support all forms or types of trading, some forex brokers have high taxes and swap fees that would not be okay for swing trading, so you need to also ensure that the trading platform is okay for you.
Ensure that the broker you choose offers the currency pairs that you want to trade in. Some of the best forex brokers offer almost all instruments for trading, and this should be another thing to look out for. You need to be sure that the trading platform you are using offers a large repertoire of trading pairs from which you can select your favorite.
Choose a broker that has excellent customer service, with easy access to support staff through multiple channels like phone, email, and chat. As a forex trader, you wouldn’t want to be stranded using your broker and not have anyone to attend to you or help resolve any challenges, this is why the best forex brokers for me must have great customer service to always help traders resolve challenges they might encounter. You wouldn’t want to add to your trading headache you know.
Fees and Commission:
Carefully review the fee structure charged by the broker, ensuring that it is transparent and competitive with the market standard. Another important aspect you need to consider when choosing a broker is the fees charged, the spread, and the commissions, as this would also determine your level of profitability. Some of the best forex brokers in USA, charge very reasonable fees and have a good spread.
Education and Research:
A good broker will provide resources like tutorials, webinars, and research tools to help you trade in a more informed manner. Lastly, this is a criterion that is very important for beginner traders, and it goes a long way in helping the beginner trader make smart decisions when trading. The education ranges from making it easy for the trader to navigate the platform and understand how to use it to their advantage, to getting trading tips from the brokerage platform experts.
Now that we have been able to establish some of the criteria to use when we want to choose some of the best brokers in USA, I would now give a list of some of the best brokers in USA, their benefits, and also some of the disadvantages. Note that this is strictly my opinion from my research and I am open to any criticism and differing opinion.
See Also: Is Forex Trading Tax Free in USA?
List of Best Forex Brokers in USA:
Below is the list of the best forex brokers in USA, we have included some basic information and also given our ratings based on our research.
- TD Ameritrade FX
- IG U.S
TD Ameritrade FX
- TD Ameritrade is a publicly traded financial services company, that is also listed on the New York Stock Exchange under the ticker symbol SCHW. It is regulated in four tier-1 jurisdictions which include Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) this is a testament to its credibility and reliability.
- Another highlight that sets it apart making it one of the best forex brokers in USA is that the brokerage firm has Over 11 million clients entrusting it with more than $1 trillion in assets. Since October 2020, TD Ameritrade has been a part of the Charles Schwab Corporation, resulting in a combined client base of 28 million and assets worth $6 trillion. This shows they are not a rush-in-and-out broker, but have proven experience and credibility.
- TD Ameritrade’s forex offering is particularly noteworthy due to the availability of currency ETFs, exchange-traded forex futures, and options on forex futures. This impressive range of products, when combined with its already impressive forex offering, elevates TD Ameritrade to the top of its league.
- The platform also offers a wealth of research resources to its clients. Its in-house research from the Ticker Tape hub and TD Ameritrade Network is particularly noteworthy.
- In addition, the broker offers third-party market news integration from sources such as CNBC, Dow Jones, Thomson Reuters, Morningstar, and FXWirePro, which makes it all the more impressive as traders are able to get first-hand news resources to facilitate their trades.
- The Learning Center is another great resource, with over 400 pieces of content, both written and audio-visual, with many of them being forex-related. The multimedia offering is robust, including a well-maintained YouTube channel and a catalogue of archived webinars with quality content such as its Trader Talks Webcasts. What more can you ask for as a beginner?
- One of the major disadvantages of this brokerage firm is its spread as its pricing is slightly above the industry average, with average spreads close to 1.2 pips on the EUR/USD, its impressive range of products and services more than makes up for it.
- Another disadvantage we noticed is that customer service is not available 24/7, but they do have a good customer service system.
Open a TD Ameritrade Account: https://www.tdameritrade.com/
FOREX.com is a reliable and reputable brand and is one of the best forex brokers around that provides an exceptional trading experience for traders who deal with forex and CFDs on a global scale. With a diverse range of markets to choose from, FOREX.com also offers an impressive array of in-house platforms, albeit with limited access to MetaTrader.
While FOREX.com may not cater to traders seeking discounted rates unless they engage in large-volume trades, its multi-asset offerings are suitable for forex traders of all levels of experience. Whether you’re a beginner or an expert in the field, FOREX.com has got you covered with a comprehensive range of features and functionalities.
- Minimum Deposit: $100
- Trust Score: 99
- Tradeable Symbols (Total): 5500
- FOREX.com is another reliable broker we are choosing on our list of best forex brokers in USA, as it is one of the largest, due to the fact that its parent company StoneX, is a publicly traded company (NASDAQ: SNEX) that is regulated in four tier-1 jurisdictions, making it a highly secure broker with a low-risk profile for forex and CFD trading.
- FOREX.com as a brokerage firm offers a diverse range of markets, and its multi-asset offering is particularly impressive on its flagship Advanced Trading (desktop) and Web Trading (browser) platforms.
- The Web Trader platform features TradingView’s advanced charting, which is fully integrated and easily accessible through a single username.
- Following FOREX.com’s acquisition of Chasing Returns, performance analytics are now accessible to live account holders at no cost.
- The website also has provisions for beginner traders with its educational contents, although it is not as robust as the first on our list TD Ameritrade FX, these resources can still be of help to beginner traders.
- There is also a provision for customers and potential customers to contact customer service, either through toll-free calls and also emails.
- FOREX.com Only has about 600 instruments available on its Meta Trader 5 platform, as compared to over 4,500 on its non-MetaTrader platforms.
- The brokerage firm does not produce video content as actively as its peers in the research and education category, despite offering quality written content across both.
Open a FOREX.com Account: https://www.forex.com/en-us/
Another of the best forex brokers you can find in the U.S. is the IG broker. IG provides an exceptional trading package that encompasses top-notch trading and research tools, leading industry education, and an extensive variety of tradable markets. As a dependable broker that offers multiple assets, IG is publicly traded and regulated worldwide, ensuring a secure trading environment for its users.
IG ensures that traders receive an outstanding trading experience that is unparalleled in the industry. IG can arguably be called the best forex broker, which is a testament to its commitment to excellence.
- Minimum Deposit: £250.00
- Trust Score: 99
- Tradeable Symbols (Total): 19537
- One thing that stands IG out making it one of the best forex brokers around is its long-standing operations, as it has over 30 years of operations to its books. The broker was established in 1974 and is a publicly traded broker (LON: IGG) that is regulated in six tier-1 jurisdictions. As a result, IG is considered a low-risk broker, making it a safe choice for forex and CFDs trading.
- In addition to placing second for Platforms and Tools and first for Research, IG was recognized as Best in Class in seven categories, including Offering of Investments (with over 19,000 tradable instruments), Commissions and Fees, Education, Mobile Trading, and Professional Trading.
- IG’s acquisition of tastytrade for a whopping $1 billion introduced options trading and listed derivatives, such as futures trading, to its U.S. clients.
- Apart from IG Smart Portfolios and share-dealing, IG provides listed derivatives, including options and futures trading in the U.S. and Europe, in addition to its forex and CFD trading (and Spread Betting for U.K. clients).
- IG also has a great educational system, where they use both video and written content to properly provide forex lessons on their platform. They have a dedicated academy system, they also have webinars which they deliver at intervals.
- Their customer service system is not live which means it would be a little bit difficult to instantly contact someone if there are any pending issues, but that can be communicated using the mail service or through a voice call.
Open an IG U.S Account: https://www.ig.com/us/
OANDA is a renowned global brand that is widely trusted for its exceptional reputation and high-quality market research. It has an impressive regulatory track record that enhances its credibility, and its commitment to providing support for third-party features further strengthens its overall offering.
Despite these advantages, OANDA falls short of being on par with the first three on our list of the best forex brokers in USA due to its limited range of CFDs and pricing that is slightly below average.
If you’re seeking a reliable and reputable forex broker with a strong commitment to quality market research and regulatory compliance, OANDA is an excellent choice. However, if you require a broader range of CFDs and competitive pricing, you may need to consider other options.
In conclusion, OANDA is a trustworthy and dependable forex broker, which is one of the most important to us even though it may not meet the needs of all traders.
- Minimum Deposit: $0
- Trust Score: 92
- Tradeable Symbols (Total): 124
Like the other mentioned forex brokers, OANDA was founded in 1996, which means the brokerage firm has been operating for almost 30 years showing its trustworthiness. Some of the key features are as follows:
- Oanda is a highly regulated forex and CFDs broker that operates in six tier-1 jurisdictions. As a result, it is a low-risk choice for traders seeking a safe and secure platform.
- One of the features that made Oanda appear on our list of best forex brokers in USA is its Market Pulse hub, which provides traders with access to high-quality market research articles and daily analysis updates.
- Additionally, the broker produces its own podcast series called “Market Insight,” which provides valuable insights and perspectives on the markets.
- The fxTrade mobile app is another notable feature of OANDA’s offering. It strikes an excellent balance between functionality and ease of use and has received high marks from users.
- OANDA’s research tools, news, and market analysis are of exceptional quality, providing traders with all the information they need to make informed decisions.
- The forex broker also offers social copy trading through ZuluTrade, although a deposit of $500 is required to use this service.
- Traders can take advantage of the TradingView platform, as well as several VPS services for MT4 hosting.
- Another key standout feature is that OANDA provides multiple options for algorithmic trading, including via API through its Algo Labs offering.
- Oanda is one of the few brokers that offer physical crypto trading, thanks to its partnership with Paxos. In addition to this, the broker also provides crypto CFDs where permitted by local regulations.
In conclusion, OANDA is one of the best forex brokers around as it is highly reputable and reliable offering a wide range of features and tools to traders.
- Oanda spreads are below average as compared to some brokers who offer great discounts such as CMC Markets and IG by a wide margin.
- The trading platform used by Oanda can be said to be good, but not top-notch like some of the best brokers around.
Open an OANDA Account: https://www.oanda.com/
FXCM is a UK-based forex and CFD trading broker that offers a straightforward, easy, and fast account opening process. One of the standout features of FXCM’s offering is its excellent technical research tools, which include numerous technical indicators that traders can use to make informed decisions. Also, for traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading.
- Minimum Deposit: Starts from $50
- Trust Score: 96
- Tradeable Symbols (Total): 440
FXCM is one of the youngest brokerage firms in our list of best forex brokers in USA as the firm was established in 1999. Despite the fact that it hasn’t stayed as long as its counterparts, it is a very reliable and trustworthy broker with a trust score of 96 given to it.
- It is a Leucadia Company under the arm of Jefferies Financial (NYSE: JEF). The broker is highly regulated in three tier-1 jurisdictions, making it a safe and low-risk option for traders interested in forex and CFDs trading.
- The broker stands out for its Platforms and Tools, such as; Professional Trading, Algorithmic Trading, and Social Copy Trading. It’s also clear that FXCM prioritizes the needs of traders and excels in the areas that matter most.
- FXCM regularly publishes detailed monthly execution reports that highlight important statistics on slippage and trade execution quality across all order types. This level of transparency is commendable and demonstrates the broker’s commitment to providing the best possible service to its clients.
- In addition to the Signals market on MetaTrader, FXCM also offers the ZuluTrade platform for copy trading (available only in certain regions). This allows traders to follow the trades of successful traders and benefit from their expertise.
- Additionally, the broker provides high-quality educational content to help traders improve their skills.
- Also, FXCM is a highly reputable and reliable broker that prioritizes the needs of traders. It’s impressive offering of platforms, tools, and trading solutions makes it an excellent choice for anyone interested in forex and CFDs trading.
However, there are some limitations to FXCM’s offering. The broker only provides CFDs for forex, indices, commodities, cryptos, and shares, meaning that popular asset classes like real stocks or ETFs are not available.
Moreover, there is a high fee for bank withdrawals, which can be a drawback for traders looking to withdraw funds.
However, traders looking for a broker that provides a broader range of asset classes or lower withdrawal fees may need to consider alternative options, such as IG and FOREX.com.
Open an FXCM Account: https://www.fxcm.com/
It is important to note that, making use of the right broker is also instrumental to a forex trader’s success. Therefore, before going on to make use of a forex broker, you need to understand your goals and trading plans, then do your research to help understand the forex broker that fits well with your trading plans.
This is also the main reason why I have taken some time out to research some of the best forex brokers that are legitimate and reliable when it comes to forex trading in the U.S. I hope you found this article useful. kindly subscribe to our newsletters to get more informative and educational articles.
You can also make a comment on any forex and cryptocurrency trading topic you would like us to expound on.