Forex trading platforms 2

Best Forex Trading Platform US.

The best forex trading platforms for US traders give a top UX with easy trading, good trading tools and fast execution. We chose the 6 best platforms and recommend a suitable broker based on trading accounts, spreads and products.

Written by Justin Grossbard.

Written by Justin Grossbard Co Founder.

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.

Edited by Laura Wolfe.

Edited by Laura Wolfe.

Laura is a freelance content writer focused on financial and legal technology, decentralized finance, cryptocurrency and related topics. Prior to beginning her writing career, she worked as an international disputes lawyer specializing in finance and construction cases in Paris, New York and Dubai. She holds degrees in law from Queen Mary University of London in Paris (LLM) and New York University School of Law (JD), as well as assorted other diplomas in Literature, French and Philosophy from New York University (MA) and the University of Georgia - Athens (BA Hons).

Reviewed by Riley Adams.

Reviewed by Riley Adams Senior Trading Editor.

As a Senior Financial Analyst for Alphabet with an active CPA, Riley has a vast amount of financial knowledge. He has a Master's Degree in economics at Penn State University and a B.A. & B.S., Economics at the Centenary College of Louisiana. He also owns the website Young and the Invested providing investing advice for young individuals.

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Best Forex Trading Platform in the US.

Find out the brokers with the top trading platforms in the US.

OANDA - Best For Metatrader 4 IG - Best For Charting And Fast Execution - Has Top For Analytical Tools TD Ameritrade - Has Cutting Edge Trading Tools Interactive Brokers - Best For Mobile And On The Go Trading eToro - Best For Social Trading Nadex - Best For Options Trading - Best For Metatrader 5.

Interactive Brokers.

Our Rating.

Forex specialist in USA.

Choice of trading platforms.

Guaranteed stop loss orders.

125 Markets 31 Countries 22 Currencies.

Social trading CFD Platform.

Regulations and Licenses.

Interactive Brokers.



Interactive Brokers.

EUR/USD Standard Spread.

Commissions (USD Base)

Minimum Deposit.

Swap Free Account.

No Inactivity Fees.

Funding Methods.

No Funding Fees.

Markets and Instruments.

Interactive Brokers.

Currency Pairs.

Cryptocurrency CFDs*

Index CFDs.

Share CFDs.

Commodities CFD.


50,000+ (Spot)

1903 (Spot) 221 ETFs.

Retail Max. Leverage (USA)

Major Pairs 50:1 Minor Pairs 33:1.

Spot 50:1 Futures 6.25:1.

Major Pairs 50:1 Minor Pairs 20:1.

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations *CFD trading is not available in the USA due to NFA and CFTC regulations, American traders spot trade in place of CFDs.

Trading Platforms + Tools.

Interactive Brokers.

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)


Proprietary Platform.

Automated Trading.

Social + Copy Trading.

MetaTrader 4 only.

Standard Stop Loss.

Guaranteed Stop Loss.

Demo Account.


Interactive Brokers.

Our Rating.

Broker Official Site Our Rating Regulation EUR/USD Spread GBP/USD Spread AUD/USD Spread MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Visit Broker > 8.83 NFA, CFTC IIROC - - - 120ms $0 68+ (Spot) - 50:1 100:1 Visit Broker > 7.28 NFA, CFTC FCA, IIROC - - - 160ms $100 55+ (Spot) - 50:1 50:1 Visit Broker > 8.23 NFA, CFTC FCA, ASIC - - - 130ms $450 80+ (Spot) - 50:1 50:1 Visit Broker > 8.17 NFA, IIROC - - - 120ms $0 105+ (Spot) - 30:1 - Visit Broker > 7.17 ASIC, FCA CYSEC - - - 120ms $10 - 24 (Spot)

Choosing the right forex trading platform will have an outsized influence on the trading experience you will have. If you are going to trade for hours on end, you will want a platform that has a good UX experience, a pleasing interface and reliable technical and analytical tools. In addition to a good platform, it also helps to choose the right broker for your needs.

This page looks at the best US Forex trading platforms and then recommends a broker that offers this platform.

OANDA Is Best for MetaTrader 4.

Key Strengths:

Wide variety of assets available to trade Low spreads and competitive trading costs Easy account opening and deposit process Discounts for active traders and high-volume traders No minimum deposits.

OANDA Trading Platforms.

Available Formats: web platform, mobile app, desktop, tablet.

While OANDA’s in-house trading platform relies on TradingView for advanced charting and technical analysis, it nevertheless provides a solid trading experience with easy-to-navigate web, mobile, desktop and tablet formats; industry-standard technical analysis tools, including advanced charting and depth of market pricing which starts from 0.8 pips for EUR/USD standard lots.

OANDA Trade, the broker’s proprietary platform, offers US clients a range of interesting features, including integration with TradingView for chart trading, charting analysis with MotiveWave and technical analysis powered by Autochartist. While most proprietary trading platforms don’t allow automated trading, OANDA Trade supports algorithmic trading via Algo Labs, powered by Quant Connect.

OANDA Trade’s additional features don’t end there. Dow Jones Select FX Select gives US forex traders a high-level, real-time view of the financial markets, and the platform includes extensive forex trading education materials to help you develop a trading strategy or improve overall performance. Partner agreements with specialist software providers give OANDA Trade users options for even more special features via APIs. Access to multi-charts online trading software means professional-level technical analysis with over 300 trading strategies and indicators, as well as more than 20 data feeds from 10 brokers. The CQG FX app provides access to the most recent market data and is backed with robust charting and analysis tools.

OANDA and MetaTrader 4.

US clients of OANDA who prefer to trade on MetaTrader 4 have the option to do so via a proprietary plugin offered with two designated account types: MetaTrader 4 and MetaTrader 4 Premium.

Both accounts provide access to the platform’s Signals tool for social trading and copy trading, experienced investors will likely prefer the ‘Premium’ option for its more extensive array of technical analysis and charting tools, which include mini charts, alert trading, keyboard trading, tick chart trading, EAs and one-cancels-the-other orders. Specifically, US forex traders benefit from the following features when trading via MT4 with OANDA:

Depth of market pricing and spreads as low as 0.6 pips on typical EUR/USD order sizes. The smaller the order size, the tighter the spread. This benefit is available through the OANDA MT4 premium upgrade with the mini terminal; Access to OANDA’s suite of technical analysis packages as a plug-in to MetaTrader 4. This allows clients to execute trades directly from the interface, use intraday market scanning tools, set up automated alerts for specified patterns; Access to MT4 open order indicator. With it, traders will view aggregate current buy and sell orders placed by OANDA clients for a better assessment of market sentiment; Ability to develop, optimize and use automated trading strategies with the help of MQL4; Fast order execution with no dealing desk intervention and no re-quotes; Good mobile trading options – access to 32 overlay indicators, 11 drawing tools and 9 chart types with OANDA’s mobile apps for iOS and Android devices.

MetaTrader 4 is the Most Popular Trading Platform.

Available Formats: web platform, mobile app, desktop (including macOS), tablet.

Looking for the most trusted and reliable forex trading platform? Look no further than MetaTrader4. Suitable for beginners and professional traders alike, it’s a one-stop shop for all your forex trading needs.

MetaTrader 4’s breadth and depth of features, as well as the straightforward interface, have helped make MetaTrader 4 the most-used trading platform across the globe. The platform also stands out from the competition for its emphasis on customization. It’s a mainstream platform that actively encourages integrations from numerous third-party APIs and other tools. Developed by MetaQuotes back in 2005, MetaTrader 4 is also amongst the oldest trading platforms developed specifically for online trading by retail investors. Consistent upgrades over the years have kept the trading platform current and innovative, and many forex traders consider it the ‘gold’ standard when it comes to trading platforms.

The platform boasts an extensive range of technical and drawing tools to help with market analysis, as well as sophisticated EAs. Write your own indicators or rely on pre-written scripts. MetaTrader 4 has hundreds of free and paid EAs available. In addition to this. Need even more custom options? MetaTrader 4 allows you to integrate a range of third-party software solutions to do even more with the platform.

OANDA Accounts and Products.

OANDA’s US clients have a choice of two account types for forex trading: Spread Only Pricing and Core Pricing. The Spread Only Pricing account has variable spreads that start at .6 pips for EUR/USD and charge no commission on round-turn trades. Instead, you’ll pay a spread fee to cover execution costs.

Core Pricing account holders benefit from a tighter minimum spread of .1 pips due to ECN-style trading with straight-through processing but pay commission costs. Core Pricing accounts carry a commission of USD$10 per standard lot for a round-turn trade.

American account holders also benefit from OANDA’s rebate program. Designed to reward high-volume traders, the program offers cash-back or reduced commissions ranging from USD $5.00 to USD $15.00 per million traded.

Americans trading forex with OANDA can choose from 68 currency pairs, including ten majors and 58 minors, exotics and crosses.

OANDA: Our Verdict.

With advanced technical analysis tools, tight spreads and a wide range of tradable assets, OANDA is an excellent forex broker for both experienced and beginner forex traders.

Our Rating.

The overall rating is based on review by our experts.



Trading Platform.

Risk Management.

Range of Markets.

Customer Service.

IG Trading Platform Has Top Charting And Fast Execution.

With 71 forex pairs, IG Markets has one of the most comprehensive range of currency pairs of all brokers in the US. US forex traders also pay no commission when trading on a standard account. Spreads start from 0.8 pips for selected currency pairs but otherwise have a minimum of 1.0 pips. IG also claims their spreads for EUR/USD (the most popular currency pair) are up to 20% lower than their main competitors.

Key Strengths:

Excellent educational tools and trading supports Extensive research tools and trading strategy ideas Great proprietary trading platforms.

IG Trading Platforms.

Available Formats: web platform, mobile app, tablet.

With a pared-down, web-based interface that won’t overwhelm beginners and powerful charting tools to support more sophisticated investors, IG’s in-house trading platform has something for everyone. Easily customizable, IG offers users the option to create and save preferred layouts, as well as create custom watchlists.

With a pared-down, web-based interface that won’t overwhelm beginners and powerful charting tools to support more sophisticated investors, IG’s in-house trading platform has something for everyone. Easily customizable, IG offers users the option to create and save preferred layouts, as well as create custom watchlists.

IG’s US clients won’t have access to all the same tools as the UK and Australia-based traders, but all the core tools and functions are there. Traders have the option of placing three different order types, as well as “take profit” and “stop-loss” options to maximize gains and minimize losses.

Where IG really stands out, however, is its charting options. Built using HTML5 (the best technology for most browsers), the platform has at least 28 technical indicators and 19 compatible drawing tools for in-depth analytics. You can even trade directly from the charts.

An infinite number of timeframes are available, and traders can compare up to four in a single chart. Charts can also be split into multiple frames to better help you visualize different markets and include extra monitoring tools. Along with watchlist and price alerts, US forex traders can opt to integrate third-party solutions like Autochartist or PIA First for trading signals.

IG also offers US clients significant advantages when it comes to execution speeds. The forex market changes rapidly, and staying ahead of the curve in a high-risk, high-volatility environment can help avoid slippage which can mean the difference between big profits and big losses.

Research tools are also available such as economic calendars and Twitter. If you like your news streamed then Reuters is also available.

IG’s direct market access means it provides electronic communication network (ECN)-style trading conditions, with speeds comparable to straight-through processing (STP) on some accounts. It’s not quite real-time trading such as you might get with direct access to the forex market, but it’s close.

Other IG Trading Platforms.

For those who appreciate the benefits of an IG trading account, but prefer a more powerful interface for trading, IG Markets has a few options.

If your forex trading strategy includes extensive chart trading and automation, then ProRealTime is a worthy alternative. With over 100 indicators and an unlimited number of timeframes, ProRealTime has the depth and breadth of information required by those who need a rich market analysis experience. ProRealTime also makes automation accessible via its no-code solution, as well as advanced backtesting.

While IG does charge a fee to trade using ProRealTime, you’ll pay nothing for the first 30 days. Once your free trial runs out, you’ll pay only during months in which you execute fewer than four trades.

And, of course, IG offers access to MetaTrader 4 – the world’s most popular forex trading platform. While using the broker’s proprietary platform always offers advantages, MetaTrader 4 may have more appeal for traders already accustomed to its interface, or who want to avoid committing to a specific broker’s ecosystem.

IG Accounts and Products.

Note that, due to state-level regulatory restrictions, IG is not available to residents of Arizona or Ohio.

This top forex broker’s CFD account charges no commissions and offers good leverage, making it an excellent option for forex traders of all experience levels. There is no minimum deposit requirement to open an account.

Among the US brokers we investigated, IG offers the largest number of currency pairs with minimum low spreads on EUR/USD and USD/JPY from only 0.8 pips. At IG, US account holders will benefit from competitive spreads across over 70 currency pairs including:

Major currency pairs (EUR/USD, GBP/USD and USD/JPY) Minor currency pairs (USD/ZAR, SGB/JPY, CAD/CHF) Emerging currency pairs (USD/CNH, EUR/RUB, AUD/CNH) Exotic currency pairs (EUR/CZK, TRY/JPY, USD/MXN)

Leverage with IG extends to the maximum permitted by the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA): 50:1 for major currency pairs, and 20:1 for minor pairs.

IG: Our Verdict.

A great choice for beginner traders thanks to its intuitive interface and award-winning proprietary platforms, IG also has everything a more advanced trader could want when it comes to drawing tools and indicators. Has Top Analytical Tools.

Traders who take the time to look beyond the no-frills interface will find a surprisingly powerful collection of analytical tools. Those on a budget will likewise appreciate the tight spreads and more than reasonable trading costs and ultra-fast execution thanks to an ECN-like environment with STP.

Key Strengths:

Great variety of currency pairs Fast trade execution MetaTrader 4 trading Platform Proprietary trading platform with unique trading tools. Trading Platforms.

Available Formats: web platform, mobile app, tablet.

A leader in online trading for almost two decades, it’s hardly surprising that has developed some of the most powerful, flexible analytical tools available. US forex traders enjoy access to the same comprehensive suite of charts and calculators as their international counterparts, including automated market analysis via Trading Central,’s proprietary EA tool and advanced charts powered by Trading View.

Suitable even for professional traders,’s advanced charting features an extensive array of chart types, timeframes and technical indicators and drawing tools. Users have the option to save preferred chart types and variables for future use, as well as compare multiple financial markets with overlays.

Even beginners will appreciate’s charting tools, however, as the uniformity across web and mobile platforms with ensures a consistent trading experience. The ability to customize virtually every aspect of a chart – from indicators to colors to size – ensures maximum clarity and legibility for even novices trading on a demo account.

Other Trading Platforms.

In addition to Trading with, traders with Standard and Commission accounts can choose between MetaTrader 4 and NinjaTrader.

Opting for MetaTrader 4 has several advantages, including access to EAs to automate your trading and additional indicators beyond those native to the platform. TradingCentral for extra charting and Reuters for news services and market research are also available.

If your trading strategy favors scalping, however, NinjaTrader 8 may be the better bet. In addition to depth of market views, the trading platform offers trading directly from charts, one-click trading, simultaneous orders across accounts and cancellation at different prices. NinjaTrader also simplifies order entry with hotkeys and provides a range of order types, such as order-cancels-order (OCO).

Used by over 500,000 users, this platform empowers you with top-notch charting and analysis. With over 100 pre-built indicators and access to 1000s of extra indicators as add-ons, you won’t be found wanting when it comes to market analysis features to find the support and resistance level. These indicators are supplemented with Market Analyzer, a feature unique to NinjaTrader that identifies opportunities in real-time.

The platform does provide all the tools you need to build automations – and unlike MetaTrader 4, does not require EAs. Traders familiar with C# can write their own automation script for custom indicators using NinjaScript, while those with less technical savvy have access to a point-and-click, no-code option. Trading Accounts and Products. offers US forex traders a choice of two trading account types: Standard and MetaTrader 4. Both accounts carry no commission costs but also have limited trading platform options. Specifically, US clients will need to choose between the proprietary trading platform, MetaTrader 4 and NinjaTrader.

US forex traders will want to consider the costs and fees associated with each account type before proceeding. Commission and STP Pro accounts carry commission costs for each standard lot of 100 thousand that apply when you open or close a position. While the USD$5.00 fee isn’t significant – USD$10.00 round turn per standard lot – it can add up for high-volume traders.

It’s a similar story for the STP Pro account, with the brokerage charging a volume-based commission based on lot size. That said, commission costs decrease the more you trade, in keeping with an account designed for professional traders. Be prepared, however, this specialist account requires a minimum deposit of USD$25 thousand and runs only the homegrown trading platforms and trading view. (That means no MetaTrader 4 or TradingView.) Our Verdict.

A straightforward trading environment, low commissions and a variety of platforms to suit every trading style make a great broker for intermediate and advanced US forex traders looking for powerful analytics at an accessible price point.

TD Ameritrade Has Cutting-edge Trading Tools.

This uniquely American broker benefits from over 40 years of experience. Today, TD Ameritrade is one of the largest broker-dealer firms in the US, managing over 11 million trading accounts holding more than USD 1 trillion in assets and processing 500,000 orders on a daily basis.

Key Strengths:

Top-tier market research and analysis tools Excellent customer service Low trading fees, including free stocks and ETFs.

TD Ameritrade Trading Platforms.

Available Formats: web platform, mobile app, desktop.

Acquired by TD Ameritrade and the Charles Schwab Group in 2009, thinkorswim – and its powerful INVESTools suite of solutions – now come standard with a TD Ameritrade investment account – and only a TD Ameritrade investment account. Similar to MetaTrader 4 with many of the same features, thinkorswim edges out the popular third-party platform with its addition of some attractive features, such as depth of market views.

For those looking for an upgrade on the MetaTrader 4 trading experience, thinkorswim’s powerful trading tools may outweigh the limited choice in brokers. Because when it comes to home-grown trading and analytics solutions, thinkorswim has the charts, calculators and EAs to support just about any trading strategy.

Beginners looking to hone their online trading skills can trade virtually using the paperMoney simulator to practice, while more advanced forex traders using a rolling covered call option strategy can automate the management of covered calls using the Strategy Roller tool. Meanwhile, algorithmic traders have access to over 400 technical studies on which to base an automated trading strategy via thinkScript. Scalpers benefit from advanced charting, as well as speedy execution thanks to the trading platform’s ECN-style execution system.

Given the number and power of in-house tools thinkorswim offers US-based traders, the absence of third-party integrations or social trading doesn’t feel like much of a loss.

TD Ameritrade Accounts and Products.

TD Ameritrade’s main strength lies in its range of trading products. As account holders with a full-service brokerage, TD Ameritrade’s US clients can trade 70 forex pairs, 13 stock indices, over 300 ETFs and 37,000 mutual funds.

For those interested in exploring derivatives and other products, TD Ameritrade’s offerings include cryptocurrency, futures and futures options, options and over-the-counter global stock trading.

TD Ameritrade: Our Verdict.

An ideal broker for US-based traders hoping to manage a comprehensive portfolio, TD Ameritrade offers access to a wide range of trading products and markets.

IBKR Mobile Is Top for Trading On the Go.

Contrary to its reputation as a ‘discount’ broker, IBKR offers US account holders a full suite of trading tools. Low trading costs, in this case, don’t translate into a low-quality trading environment. The broker offers a reasonable portfolio of tradable assets, together with standard analysis, charting and market research tools.

Key Strengths:

Large selection of assets to trade Strong market research and educational tools Low trading costs.

IBKR Trading Platforms.

Available Formats: web platform, mobile app, tablet.

Interactive Brokers, more often known as IBKR, wins out over other platforms for on-the-go trading with a mobile app designed to make trading from a smartphone or tablet as accessible as a web app or desktop. Though perhaps better known to US-based forex traders for its stock and exchange-traded funds (ETFs) offerings, the IBKR Mobile platform also allows US clients to trade options, futures and other non-forex products across over 135 financial markets.

Unlike some mobile app editions of popular trading platforms, IBKR Mobile has the handheld user experience built-in from the ground up. The clean, mobile-optimized interface doesn’t skimp on information, however, nor technical analysis and charting tools.

SmartRouting ™ scans markets to find the best ECN or market center to route orders to. Block Trading Desk helps money managers who need to execute large orders at the best prices. Impact Dashboard helps you identify which stocks are best for Environmental, social and governance (ESG) trading.

The platform’s Option Spread templates allow traders to compare the risk and rewards of different strategies by dragging and dropping tiles on the screen. The interactive Order Entry Wheel uses a similar drag-and-drop interface to allow futures traders to easily open positions for a variety of instruments.

For those concerned about the security risks associated with trading primarily via smartphone or tablet, IBKR mobile provides multiple layers of security, including two-factor identification and Face ID to protect your stored personal data, transaction records and credit card information.

Other IBKR Trading Platforms.

Several other trading platforms are available in addition to the IBKR mobile platform.

Trader Workstation is Interactive Brokers most powerful trading platform which makes sense since this is the only platform you can download onto your (Windows) desktop. Research is available in the form of.

The Fundamentals Explorer is a useful research tool that provides an overview of critical financial information and ratios, essential company facts, relevant historical data and analysts’ forecasts BookTrader allows you to create, modify and transmit your orders within the book price ladder using a single instrument. FXTrader is an order management tool that aggregates quotes from 14 major interbank dealers.

A wealth of tools for trading options and portfolio management tools are also available.

IBKR Client portal is a lite version of Trader Workstation but for web browsers.

GlobalTrader and Impact allow trading of stocks from 90 markets across the globe using your mobile. It is also suitable for crypto and funds trading. The impact is much the same but has an emphasis on sustainable stocks.

IBKR Accounts and Products.

IBKR stands out from other online forex brokers in a few ways that may make it more attractive to forex beginners and other, less experienced investors. The brokerage doesn’t allow trading on margin, which means retail traders have no access to leverage.

Rather than a Standard account, IBKR instead offers retail traders an account known as IBKR Lite, which operates on a commission basis. The more you trade in a given month, the less you’ll pay for each standard lot in the following month.

IBKR Lite account holders may find the broker’s forex options limited, with only 25 currencies. The broker does, however, have over 100 currency pairs available for cross-pairing, as well as a wide range of bonds, stocks, options and futures.

IBKR: Our Verdict.

Experienced traders able to take advantage of IBKR’s volume pricing will enjoy the cost savings, as well as the broker’s sophisticated proprietary mobile trading app.

eToro Is Great for Social Trading.

Known for its “game-ified” approach to trading, eToro offers new traders excellent educational support as they learn the ropes. It’s also an excellent brokerage for those who prefer to trade casually, or who prefer to focus exclusively on cryptocurrency.

Key Strengths:

Innovative, game-ified approach to investing Excellent selection of cryptocurrencies, stocks and ETFs Supports social and copy trading.

eToro Trading Platforms.

Available Formats: web platform, mobile app, tablet.

As one might expect from the broker best known for going all-in on social trading and copy trading, eToro’s proprietary platform emphasizes ease of use for forex traders of all experience levels. eToro doesn’t yet offer forex trading to US customers – Americans opening accounts with the brokerage are limited to trading cryptocurrency and bitcoin, but its trading platform that offers a number of unique features worth exploring.

Unlike more traditional forex brokers, eToro didn’t bother with a desktop version of its trading platform, perhaps surmising that its average customer wouldn’t bother with something so clunky as a monitor and a PC tower. Instead, eToro is all-in on web and mobile-optimized trading experiences that cater to the ‘social’ aspect of social and copy trading.

A wall-style feed of comments, tips and suggestions from eToro’s ‘community’ of investors takes pride of place in the platform interface, giving US clients insight into how successful eToro retail investors and professional traders around the world perceive the forex market in real-time.

The broker has also invested heavily in developing a sentient data collection tool to monitor top traders on the platform and synthesize their behaviors into a broadly applicable trading strategy. According to eToro, the highly-specific nature of the data collected allows it to provide beginner and intermediate traders with more accurate, useful sentient data.

Being a specialist in social trading, of particular interest is CopyTrader and SmartTrader. CopyTrader allows you to find, follow and copy other traders in the eToro network. Smart Trader is like copy trading with indices, with this feature trading baskets are created based on popular themes.

More experienced traders may find the platform lacking, however. In addition to the limited range of products eToro offers US account holders – only cryptocurrency, ETFs and stocks – the trading platform also lacks a desktop format or third-party integrations for more powerful platforms. US clients of eToro accustomed to using MetaTrader 4 or MetaTrader 5 will be disappointed, in particular.

eToro Accounts and Products.

Unlike other brokers on this list, eToro doesn’t offer Forex, Instead, the brokers offer cryptos, stocks and ETFs. Some 42 cryptoassets are available for which eToro charges 1% each way. Stocks and ETFs however are commission free.

To open an account, you will need $10 however to use SmartPortfolios, a minimum deposit of $2000 is required.

Note that margin trading isn’t permitted for traders based in the US, however, account holders can opt to fund their accounts with crypto wallets.

eToro: Our Verdict.

An excellent option for US forex traders new to day trading or specifically interested in crypto, eToro may disappoint more experienced traders or those hoping to build a diverse portfolio.

*Your capital is at risk ‘68% of retail CFD accounts lose money’

NADEX Is Best for Options Trading.

A specialised exchange rather than a brokerage, we’ve nevertheless included NADEX in our roundup of the best forex brokers for US traders due to its novel offering of trading products: binary options, call spreads and knock-outs.

NADEX is the first financial services platform of its kind to be licensed by the Commodities Futures Trading Commission and the National Futures Association, making it the safest way for US-based forex traders to explore options contracts.

Key Strengths:

Dedicated to binary options and other exotic derivatives Fully regulated and NFA/CFTC-compliant Easy funding and low fees.

NADEX Trading Platforms.

Available Formats: mobile app, desktop.

NADEX account holders can trade options and knockouts on either a mobile or desktop platforms for enhanced freedom and flexibility. Regardless of how and where they choose to trade, traders have access to identical features and tools,

NADEX Accounts and Products.

US-based traders can open three different types of options contracts with NADEX: knockouts, call spreads, and binary options. Pricing for the underlying instruments is based on COMEX and NYMEX futures.

Opening or exiting a contract carries a trading fee of USD$1.00, while settling a contract at expiration costs US$1. (In the case of a binary option expiration where the trader is out of the money, NADEX charges no fee.)

Positions are capped for each of the three contract types: 2,500 for binary options, 250 for call spreads and 100 for knockouts. Minimum tick values range from US$1 for call spreads and knockouts to US$.25 for binary options.

NADEX: Our Verdict.

Traders interested in exploring options and other derivatives can trade with confidence on NADEX, secure in the knowledge that this broker carries the necessary licenses from US regulators. is Best for MetaTrader 5.

Of all the US forex brokers we profiled, alone has gone all-in on MetaQuotes’ next-generation trading platform. And while this broker may lack some of the bells and whistles of other older, pricer brokerages, it’s hard to argue with tight spreads and low trading costs.

Key Strengths:

Wide range of available instruments to trade Straightforward trading environment Round-the-clock, live customer support. Trading Platforms.

Available Formats: web and mobile.

Like other newer brokers, has taken a mobile-first approach, meaning that account holders may find trading from a phone simpler and more intuitive than the brokerage’s web app.

A swipe and tap interface makes configuring your trading environment and opening positions less cumbersome than on other applications. Likewise, has made a simple but key innovation: charts in landscape mode. Flipping the phone to landscape mode instantly enlarges charts, which makes tap-to-trade even faster. and MetaTrader 5.

The successor to the world’s most popular trading platform, MT5 offers traders an environment fully optimised for algorithmic and stock trading. The platform has the capacity for 100 charts with 21-time frames, as well as 80 technical analysis tools. Users have access to a curated marketplace of custom-built and off-the-shelf trading robots, but can also code their own expert advisors specifically for use on the platform.

Note, however, that trading bots and EAs written for use with MT4 will not transfer to MT5 due to a difference in the programming language. Accounts and Products. offers US-based forex traders just one account type: the T1. While the broker does not charge a commission on trades, it does act as a market-maker. Spreads are slightly wider as a result and start at 0.7 pips. Leverage for major pairs tops out at 1:50 for major pairs and 1:33 for minor pairs in accordance with CFTC and NFA limits.

The broker offers an excellent selection of forex pairs; 71 in total, including all major currency pairs, minor currency pairs and exotics. makes opening an account simple and speedy for a hassle-free experience. New clients must make a minimum deposit of US$50, and can fund their accounts via credit card, wire transfer or ACH transfer. Our Verdict.

An excellent option for US forex traders looking for low trading costs, tights and a powerful platform to support technical trading strategies.

Choosing a US Forex Broker.

For most US forex traders, the choice of forex broker is likely to hinge on questions relating to the economics of your trading activity.

Does this brokerage offer a good spread on EUR/USD pairs? Can I trade with GBP as my base currency? How many forex pairs does the broker offer? Will I have to pay an inactivity fee if I take a break?

These questions matter, obviously. We spend hundreds of hours compiling information and writing broker reviews to help you answer them. But they don’t capture a key component of online forex trading: the trading experience.

Tight spreads of 0.0 pips, variety of account types, number of currency pairs and minimum deposit won’t matter, however, if you struggle to develop your trading strategy, analyze market movements, open and close positions or execute trades.


Trading forex, particularly on margin, is inherently high risk. New traders should consider exposure carefully to manage exposure and take full advantage of any educational tools offered by an online broker.

Likewise, as retail investing increases in popularity, unethical individuals may attempt to profit illegally by posing as legitimate trading platforms or investment advisors. Trading only through a licensed broker operating under the authority of the appropriate regulatory body in your jurisdiction can protect you from questionable behaviour and, in some cases, outright scams.

About the author: Justin Grossbard.

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.