6 Best Forex brokers in the USA ☑️ (Updated* 2024) (2024)

TheTop 6 Best Forex Brokers in the USA revealed. We have rated and reviewed the best Forex Brokers acceptingUS Traders.

This is a complete listing of The 6 Best Forex Brokers in theUSA.In this in-depth write-up you will learn:

• Who is the Best Suited Broker forBeginner US Traders?
• Pros and Cons ofForex trading in the USA.
• Regulation of CFD and forex trading in the USA. (Is it legal?)
• Top US Dollar Trading Accountsand how they work.
• $ Costs of Trading Forex in the United States of America
• How to choose the best USA broker for your risk profile.
• Best VERIFIED regulated forex brokers in the USA.
• High leverage Metatrader 5 and 5 Forex brokers in the US.

and much, much more!

6 Best Forex Brokers in the USA – A Comparison

The CFTC and NFA – A Definition

The Commodity Futures Trading Commission (CFTC) is the independent federal agency tasked with the regulatory authority of the derivatives markets, including futures contracts, options, and swaps, in the United States.

The National Futures Association or NFA on the other hand is an independent self-regulatory organization for the U.S.futuresandderivatives markets designated by the Commodity Futures Trading Commission (CFTC) as a registered futures association.

6 Best Forex Brokers in the USA (Updated 2024*)

1. Oanda – Overall, Best Low $ USD Minimum Deposit.
2. Ally Invest – Best Broker accepting US Traders.
3. Forex.com – NFA Regulated Broker.
4. Interactive Brokers – CFTC Regulated Broker.
5. TD Ameritrade – Award-Winning USA Broker.
6. IG – Competitive Fees and Spreads accepting USA forex traders.

Oanda

Overall, Oanda can be summarised as acredible broker. Oanda is fullyregulatedthus making it asafe and trustworthy broker. OANDA is consideredlow-riskwith atrust score of 91 out of 99.

Oanda Overview

Oanda Pros and Cons

Ally Invest

Overall,Ally Invest is considered a trustworthy US Stockbroker with average risk. Ally Invest is listed on the New York Stock Exchange and has a banking subsidiary, Ally Bank.

Ally Invest Overview

Ally Invest Pros and Cons

Forex.com

Overall, Forex.comcan be summarised as a trustworthy broker with a reputable, well-established reputation that providesContracts for Difference (CFDs), trading facilities on forex, user-friendly trading conditions, education materials, and research tools for a global market.

Forex.com Overview

Forex.com Pros and Cons

Interactive Brokers

Overall, InteractiveBrokershas a reputable reputation and offers traders user-friendly trading conditions. Interactive Brokers offers quality education material and research tools,Contracts for Difference(CFDs), and trading facilities on shares, forex,commodities, cryptocurrencies, ETFs, options, and indices to a global market.

Interactive Brokers Overview

Interactive Brokers Pros and Cons

TD Ameritrade

Overall, TD Ameritradecan be summarised as a trustworthy broker with $0USD, R0ZARcommissions on trades, enhancedtrading platforms, top-line education, and an overall full-service brokerage experience.

TD Ameritrade Overview

TD Ameritrade Pros and Cons

IG

Overall, IG can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs)
and low spreads on 70+ trading instruments. IG is regulated by two tier-1 regulators (highest trust)
and it has a trust score of 96 out of 100.

IG Overview

IG Pros and Cons

Conclusion

Now it is your turn to participate:

WhichUS brokerfrom this list do you intend to test out?

What was the determining factor in your decision to engage with a certain broker?

Was it because of the $ USD minimum deposit or the Pros and Cons?

Regardless, please share your thoughts in the comments below.

Disclaimer

Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.

Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.

Frequently Asked Questions

Who is the most used forex broker in the USA?

According to research, Forex.com is the most popular broker choice in the USA.

Who regulates Forex Trading in the USA?

Forex trading in the USA is regulated by several government agencies, including the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The CFTC is the primary regulator of the forex market in the USA, and it oversees forex trading through the enforcement of the Commodity Exchange Act (CEA) and other regulations. The NFA is a self-regulatory organization that works in conjunction with the CFTC to ensure that forex brokers and other financial institutions comply with industry standards and regulations. Additionally, the Securities and Exchange Commission (SEC) regulates forex trading for certain financial institutions and investors, and the Federal Reserve System oversees the overall stability of the financial system, including the forex market. These regulatory bodies aim to protect investors, maintain market integrity, and prevent fraudulent or manipulative practices in the forex market.

What is the minimum deposit requirement for a forex trading account with a broker in the USA?

The minimum deposit requirement for a forex trading account with a broker in the USA varies depending on the broker and the type of account. Some brokers offer accounts with a minimum deposit requirement as low as $1, while others require a minimum deposit of $10,000 or more for certain account types. It is important to research and compare different brokers to find one that offers account types with minimum deposit requirements that suit your trading needs and financial situation.

How many forex traders are currently active in the USA?

The rough estimate is approximately 100,000 active US traders per month.