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3 Best Forex Brokers in the US for 2024

Looking for the top broker in the US? Based on our hands-on analysis, we’ve identified 3 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Dan Blystone
Reviewed By:
Ola Alder
Updated: Feb 4, 2024

List of Top US Forex Brokers

  • IG US – Best Overall
    Spreads from 0.8 pips in EUR/USD. Fast order execution. Feature-rich proprietary platform. Premium services, including rebates. Industry-leading research.
  • Plus500 US – Best Trading Platform
    Cutting-edge WebTrader platform. Wide range of forex futures. Standard, Mini, and Micro contracts. Competitive commissions. 24/7 support via live chat and email. $100 minimum deposit.
  • OANDA US – Best Trading and Research Tools
    Unique tools and research materials. Robust range of trading platforms. Flexible account types. Variable contract sizes, as low as 1 unit. $0 minimum deposit.

US Forex Regulatory Landscape

The United States is home to a number of high-quality brokers that can accommodate residents seeking to access the global foreign exchange market.

Forex is the largest, most liquid market in the world. It’s relatively unknown compared to the stock market, but has many qualities that are attractive to traders. The forex market can be accessed non-stop 24/5, is highly volatile, and can be traded with substantial leverage. Traders can easily go long and short, presenting opportunities in rising and falling market conditions. The barrier to entry is low, and it’s possible to get started with as little as $100.

The U.S. forex market operates under the careful oversight of the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Forex brokers in the US must comply with these regulators, with regular audits and a requirement to maintain $20 million in net capital. This ensures that US traders benefit from a high level of security and stability.

How Did FX Empire Select the Best Forex Brokers in the US?

We carefully considered the needs of forex traders in the United States and focused on the qualities that benefit this group the most.

  • We confirmed that each broker accepts US clients, is registered with the CFTC, and is a member of the NFA.
  • We assessed their overall level of financial strength and transparency.
  • We looked for forex brokers offering a diverse range of instruments, including major, minor, and exotic currency pairs.
  • We tested fees and trading costs, including spreads, commissions, swap fees, inactivity fees, and withdrawal fees, and selected the most competitive brokers.
  • We reviewed available platforms and looked for key features, including robust charting, diverse order types, 1-click trading, watchlists, alerts, and an intuitive interface.
  • We looked for insightful research and educational content to enhance traders’ understanding of the financial markets, develop effective trading strategies, and make informed decisions.
  • We checked for premium accounts including benefits like cash rebates and a dedicated account manager.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology.

Now let’s go through the selected brokers.

Best Overall

74% of retail CFD accounts lose money
  • Min Deposit
    $250
  • Tradable Instruments
    82
  • Fees
    Low

IG was founded in 1974, making it by far the oldest broker I have reviewed for FX Empire. The London-based forex industry pioneer now has over 300,000 clients and offices across five continents. IG Group is listed on the London Stock Exchange (LSE: IGG) and is a member of the FTSE 250. IG US launched in 2019, providing Americans access to the global forex market with leverage and tight spreads. Clients can trade an industry-leading range of forex instruments, including major, minor, Australasian, Scandinavian, exotic, and emerging market currency pairs.

Key Features:

  • Regulated by the CFTC and NFA
  • 82 currency pairs
  • Average EUR/USD spread 0.8 Pips
  • IG Web Platform, IG Mobile App, MetaTrader 4, ProRealTime
  • Minimum deposit $250
  • Dedicated support team for US customers via phone and email
  • Volume-based cash rebates
  • Not available for residents of Ohio

My hands-on tests showed that IG US offers highly competitive trading-related fees. Spreads in major pairs are among the tightest in the industry; for example, I experienced average spreads of just 0.8 pips in USD/JPY and 1 pip in GBP/USD. My assessment also indicated that swap fees are better than average. High-volume traders designated as Premium clients can earn substantial cash rebates, further lowering costs.

IG US offers an award-winning proprietary platform which I rate as among the best in the industry. The platform is highly customizable, allowing you to tile charts, watchlist, and news to stay on top of multiple markets and data points at a glance. Features like 1-click trading and trading from the chart enabled me to be nimble in volatile markets and enter orders fast. In my experience, trader sentiment gives you powerful insight into the psychology of a market, so I found this built-in tool especially helpful.

Live account holders can also access MetaTrader 4 and ProRealTime platforms, which offer advanced capabilities like automated trading. With its low costs and cutting-edge technology, I rate IG as a strong choice for US traders looking to try out the forex market.

Pros
  • Tight spreads
  • High trust rating
  • Industry-leading research
  • Premium services
Cons
  • No chat support

Best Trading Platform

Trading with leverage comes with a high risk and may not be suitable for everyone.
  • Min Deposit
    $100
  • Tradable Instruments
    52
  • Fees
    Low

A giant of the CFD industry, Plus500 has recently expanded into the United States to offer futures trading via its state-of-the-art proprietary web platform and mobile app. Since launching in 2008, Plus500 is now available in over 50 countries and has 400,000 active clients. US clients can access futures contracts on forex, indices, commodities, bonds, and cryptocurrencies.

Key Features:

  • Regulated by the CFTC and NFA
  • 13 forex futures contracts
  • Average spread in Euro FX 0.75 Pips
  • Standard contract commission $0.89
  • $300 intraday margin requirement for Euro FX
  • Plus500 WebTrader, iPhone/iPad, Android app and Windows app
  • Minimum deposit $100
  • Dedicated support team for US customers via live chat and email
  • Deposit bonus of up to $200

Plus500 has invested heavily in its proprietary WebTrader platform, which takes ease of use to a new level. WebTrader has a range of popular features, including watchlists, trading from the chart, and access to live chat support from within the platform. I especially liked the ease with which you can flip between demo and live trading. The ability to easily enter three orders at once (your initial, order, profit target and stop loss) is another great feature. Futures trading becomes simple and straightforward with this ultra-intuitive platform.

To freely day trade stocks in the US requires an account balance of at least $25,000, but this is not the case with futures. Plus500 US lowers the barrier of entry to active trading with a $100 minimum deposit, competitive commissions, and low intraday margin requirements for a diverse range of futures contracts.

Pros
  • Cutting-edge WebTrader platform
  • Feature-rich mobile app
  • Competitive commissions
  • Standard, Mini, and Micro contracts
Cons
  • No phone support

Best Trading and Research Tools

OANDA corporation is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets.
  • Min Deposit
    $0
  • Tradable Instruments
    77
  • Fees
    Medium

Founded in 1996, OANDA is an award-winning multinational broker. I confirmed that entities of New York-based OANDA are authorized by multiple top-tier regulators. OANDA US clients can trade a broad range of currency pairs and a selection of the most popular cryptocurrencies.

Key Features:

  • Regulated by the CFTC and NFA
  • 69 currency pairs and 8 cryptocurrencies
  • Average EUR/USD spread 1.4 pips
  • OANDA Web platform and Mobile App, MetaTrader 4, TradingView
  • $0 minimum deposit
  • Dedicated support team for US customers via phone, live chat, and email
  • Volume-based cash rebates via Elite Trader account

Having spent over two years reviewing the platforms of leading forex brokers, I rate the OANDA Web platform as far better than average. I appreciated its flexible order types, robust charting, and the real-time news feed from Dow Jones. My experience trading forex taught me that sentiment data is an especially valuable indicator, so I was impressed to see the Position Ratios tool providing insights into the trading activity of OANDA’s large client base.

The Order Book is another unique tool which shows data on the open positions and orders of all the traders using OANDA for a given instrument. This can give traders a clue about the level of liquidity in the market at different price levels and where there may be strong support and resistance. The Heatmap tool shows the major market movers, which I found useful for finding volatile currencies that may present interesting trading opportunities.

OANDA US also checks all the boxes when it comes to research materials. Its decades of experience in the forex market are reflected in the high-quality analysis of MarketPulse writers. Third-party research tools from MultiCharts and MotiveWave, enabling strategy backtesting and optimization, cater primarily to advanced traders. Meanwhile, trading ideas from Autochartist are easy for beginners to grasp. Reliable customer support rounds out a robust overall offering from OANDA US.

Pros
  • Tight spreads
  • Reliable customer support
  • Industry-leading research
  • High trust rating
Cons
  • Inactivity fee

How to Choose a Forex Broker in the US?

When looking for a US forex broker, you should pay special attention to the following points.

Forex trading in the United States is legal and accessible to both institutional investors and individual retail traders. It is governed by a stringent regulatory framework that aims to protect traders and maintain market integrity. Here are the key regulatory aspects:

  • Commodity Futures Trading Commission (CFTC): The CFTC is the primary regulatory authority overseeing forex trading in the US. It enforces regulations to maintain the integrity of the forex market, prevent fraud, and ensure fair trading practices. Forex brokers operating in the US must be registered with the CFTC and adhere to its rules. Explore Best CFTC-regulated forex brokers.
  • National Futures Association (NFA): The NFA works in conjunction with the CFTC and acts as a self-regulatory organization for the forex industry. It sets standards and regulations for forex brokers and monitors their compliance. Forex brokers must also be NFA members and follow their guidelines. Explore Best NFA-regulated forex brokers.
  • No CFD Trading: It’s important to note that Contract for Difference (CFD) trading is not permitted in the United States. While US residents can engage in forex trading, they are restricted from trading CFDs.
  • Leverage Limits: The US has imposed strict leverage limits on forex trading to protect retail traders. Major currency pairs are subject to a maximum leverage of 1:50, while minor and exotic pairs have lower limits. This is in contrast to some other countries where higher leverage is allowed.
  • Disclosure and Transparency: The regulatory framework in the US emphasizes transparency. Forex brokers must provide clear information to clients about trading conditions, fees, and potential risks. They are also required to disclose their financial status regularly.

Forex trading in the United States is tightly regulated to ensure the protection of traders and the integrity of the market. Traders should choose forex brokers that are registered with the CFTC and are members of the NFA to ensure they are operating within the legal framework and can enjoy a high level of regulatory protection.

Read more about Best regulated forex brokers.

How to verify if a forex broker is regulated in the USA?

Most regulated brokers prominently display their regulatory status on their official websites. Look for information indicating registration with the CFTC and NFA.

The BASIC tool on the NFA website allows you to look up a broker and confirm that it is an approved NFA member, registered with the CFTC, and a Retail Foreign Exchange Dealer (RFED). The page also shows the names of Listed Principals, including the CE, and CFO, and any disciplinary actions by the NFA or CFTC, if the broker has failed to abide by the requirements of the Commodity Exchange Act.

You can also visit the official website of the Commodity Futures Trading Commission (CFTC) and search for the broker’s name or registration details in the CFTC’s database.

You can also contact the CFTC and NFA directly to confirm a broker’s regulatory status if you have any doubts or concerns.

What fees to consider when choosing a forex broker?

It’s important to understand and compare the fee structures of different brokers before deciding which one to use. When choosing a forex broker, there are main types of fees that a trader should consider:

  • Spreads: The spread is the difference between the buying and selling price of a financial instrument. It’s the main way forex brokers make their money. Lower spreads generally mean lower trading costs. The spreads offered are highly important in terms of your ability to succeed as a trader, so it’s worth comparing what is available across several brokers. For example, in our assessment, spreads of less than 1 pip in EUR/USD are competitive.
  • Commissions: Some brokers charge a commission on trades in addition to spreads. This is often a fixed fee per trade, or it can be a percentage of the total trade volume.
  • Overnight or Swap Fees: If you hold a forex position open overnight, you might have to pay a fee, known as an overnight or swap fee. It’s a fee that you pay or receive depending on the interest rate difference between the two currencies involved in the pair and whether you are long or short.
  • Inactivity Fees: Some brokers charge inactivity fees if you don’t make a certain number of trades within a specified timeframe.
  • Withdrawal Fees: Some brokers may charge you for withdrawing money from your account. Check the fee structure and withdrawal methods before choosing a broker.

Not all brokers charge fees in the same way. Some charge a commission per trade, while others earn through the spread. Some may also include hidden charges like inactivity fees or withdrawal fees. It’s crucial to understand these fee structures to make an informed comparison.

Read more about Best lowest spread forex brokers.

How to choose a forex trading platform?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface. The MetaTrader platform has advanced features like backtesting, automated trading, and a wide range of order types, but it presents a steep learning curve for beginners.

Check out our guide on Best forex trading platforms.

There are a variety of trading platforms available to forex traders. Here are a few that you may want to consider for gaining great trading results.

MetaTrader 4 and MetaTrader 5 are among the most popular and widely used forex and CFD trading platforms, both of which are offered by many U.S. forex brokers. These platforms provide a wide range of features and tools, including advanced charting tools, automated trading through expert advisors, custom indicators, one-click trading, and portfolio management.

Check out our dedicated guides on Best MT4 forex brokers and Best MT5 forex brokers.

TradingView is a rapidly growing and widely popular charting and trading platform with over 50 million users worldwide, including in the US. It enables users to track nearly all markets and describes itself as a ‘supercharged super-charting platform and social network for traders and investors.’

Read more about Best TradingView forex brokers

What is the minimum deposit?

The minimum deposit required by a forex broker varies widely and depends on the individual broker’s policies. Typically, the minimum deposits at forex brokers are relatively low. For example, among the brokers listed in this article, minimum initial deposits range from $0 in the case of OANDA US to $250 in the case of IG US.

What account types are available?

A broad range of account types helps a broker cater to different trader profiles.

Here are some of the most common account types offered by forex brokers in the US:

  • Standard Accounts: These are the most common types of accounts that forex brokers offer. In the US they provide access to the global forex market and may also include other markets like spot commodities and cryptocurrencies. The minimum deposit requirement for standard accounts can vary greatly between brokers.
  • Premium Accounts: These accounts are designed for high-volume or professional traders. They offer cash rebates based on the volume you trade and may have other perks like a dedicated account manager.
  • Demo Accounts: Almost all forex brokers offer demo accounts where traders can practice their strategies with virtual money before risking real money. This is a great way to get to know the broker’s platform and test your trading skills.

Read more about Best forex demo accounts.

What is the available leverage?

The availability of leverage is a significant advantage in forex trading. In the United States, leverage in forex trading is regulated by the National Futures Association (NFA). Leverage allows traders to amplify their positions using borrowed funds, extending their trading potential beyond their account balance. For spot forex trading, U.S. traders have access to a maximum leverage of 1:50. This means that with a $1,000 account balance, traders can control positions worth up to $50,000. However, in the case of forex futures, a higher leverage of over 1:400 is available.

Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a very high risk of losing money. Accounts can get wiped out in seconds.

What is margin in forex trading?

Margin in forex trading is essentially a collateral or security deposit required by your broker to enable you to open and maintain trading positions in the foreign exchange market. It allows traders to control larger positions with a relatively smaller amount of capital. Leverage represents the ratio between the total position size and the margin required. For instance, with 1:100 leverage, you can control a position 100 times the size of your margin.

It’s vital to use margin judiciously and exercise caution. Overleveraging can lead to substantial losses. Risk management is crucial, and traders should set stop-loss orders to limit potential losses. Regularly monitor your account balance, margin usage, and equity (account balance plus or minus unrealized profits or losses). Also, understand your broker’s margin requirements and policies to use margin effectively while minimizing risks.

Is customer support reliable?

Having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

How to avoid forex scams?

  • High-Return Guarantees. A common scam in the forex industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party and be conscious that past performance does not guarantee future results.
  • Lack of Protection. Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage, but client funds are typically not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct.

Our Methodology

In our selection of the best forex brokers, we utilize our proprietary methodology, focusing on top performers in our comprehensive reviews. FXEmpire, with a history of broker reviews since 2010, employs a detailed evaluation process involving over 250 data points per broker.

Our analysis spans nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education. We delve into areas like regulatory status to ensure a clear understanding of fund safety and broker benefits.

The review process includes live testing, research, and demonstrations, with a focus on spreads, swap fees, and user experience of trading platforms. We emphasize editorial integrity, ensuring unbiased and fact-checked reviews. Read more about our review process here.

In choosing the best US forex brokers, we considered regulatory compliance, financial stability, low spreads and swap fees, feature-rich platforms, and user-friendliness. We favored brokers offering a variety of tradable instruments and account types suitable for all trader levels. Customer support responsiveness, ease of transactions, and leverage options were also key factors. Preference was given to brokers with comprehensive research and educational resources to support informed trading decisions.

FAQ

Yes, forex trading is legal in the United States.
No, CFD trading is not permitted in the United States.
Forex trading in the US is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
Check the CFTC and NFA websites for the broker's registration details. Additionally, reputable brokers typically display their regulatory status on their official websites.
We rate the Plus500 Web Platform as the best in light of its innovative tools and intuitive interface.
The NFA limits leverage available to retail spot forex traders in the United States to 1:50 on major currency pairs and 1:20 for others.
In the US, forex trading is considered a business activity and it is necessary to pay taxes on your profits.
Yes. Several forex brokers such as OANDA US and eToro US offer crypto trading.
No. US brokers do not offer negative balance protection. However, negative balances are unlikely because brokers typically have an auto-stop-out mechanism.
No. Accounts with US forex brokers are not FDIC or SIPC insured.
No. US regulations do not permit forex accounts to have segregated account status.
In the spot forex market, delivery is instant. Prices in the spot forex market are those at which a currency pair can be immediately bought or sold.
Forex futures are exchange-traded contracts to buy or sell a currency at a predetermined price for delivery at a specified time in the future.
No, the U.S. prohibits hedging in forex trading.

About the Author

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.