Best forex brokers for US in 2023.
Here is our overall score sheet for these top brokers, including the minimum deposit you need to make:
Key features of the top forex brokers in the US in 2023 Broker FX Commissions per lot Minimum deposit Time to activate account Credit/debit card deposit Forex.com No commission is charged $100 1-3 days Yes TD Ameritrade No commission is charged $0 1-3 days No IG No commission is charged $0 1-3 days Yes Interactive Brokers Trade value less than $1 billion: 0.2 bps * trade value; min. $2 $0 1-3 days No Oanda No commission is charged $0 1-3 days Yes.
Table of contents.
> 1. Intro and winners.
> 2. Fee comparison of the best US forex brokers.
> 3. Non-trading fees at the best US online forex brokers.
> 4. Currency pair selection offered by the top online US forex brokers.
> 5. Is forex trading legal in the US?
> 6. Forex.com.
> 7. TD Ameritrade.
> 9. Interactive Brokers.
> 11. Forex broker fees in the US.
Top 5 brokers.
73% of retail CFD accounts lose money.
TD Ameritrade.
79% of retail CFD accounts lose money.
Interactive Brokers.
78.3% of retail CFD accounts lose money.
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Best forex brokers Fee comparison of the best US forex brokers.
See the spreads charged by these online brokers for the most popular currency pairs.
Forex.com TD Ameritrade IG Interactive Brokers Oanda EURUSD spread 1.3 1.3 0.6 0.1 0.9 GBPUSD spread 1.1 1.5 1.5 0.3 1.2 AUDUSD spread 1.3 1.6 0.6 0.1 1.4 EURCHF spread 2.8 2.5 3.0 0.4 1.5 EURGBP spread 1.6 2.0 1.5 0.2 1.2.
Best forex brokers Non-trading fees at the best US online forex brokers.
Forex.com TD Ameritrade IG Interactive Brokers Oanda Account fee No No No No No Inactivity fee Yes No Yes No Yes Withdrawal fee $0 $0 $0 $0 $0.
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Best forex brokers Currency pair selection offered by the top online US forex brokers.
Forex.com TD Ameritrade IG Interactive Brokers Oanda Currency pairs (#) 91 140 205 105 70.
Best forex brokers Is forex trading legal in the US?
No information about the broker’s details on the website Questionable or difficult to understand parts in the Terms and Conditions The broker has no license or it is difficult to find out of it has one There are no reviews or many negative reviews Few methods of contacting customer support, slow response The broker’s representatives are obtrusive, frequently write and call, asking you to deposit money to your account.
The Commodity Futures Trading Commission (CFTC), a US government agency registers and regulates forex brokers. A broker must meet certain financial standards and meet specific disclosure requirements to be registered. Brokers are also regulated by the National Futures Association (NFA), another independent, self-regulatory organization that sets minimum standards for brokers.
Capital requirements are a key element of the US regulatory environment for brokers. The NFA requires US registered brokers to maintain a minimum capital of at least USD 20 million. They are also restricted by a maximum leverage of 50:1 on most major currencies.
However, keep in mind that the forex market is highly vulnerable to financial market volatility triggered by economic turbulence. You can check NFA’s website, to see if your broker is registered there.
If you want to know more, here is our detailed article on forex scams.
If you are a novice trader and want to learn about trading strategies, we put together some trading ideas for you, check them out. A good trading strategy can be key to online trading but also make sure you practice with a demo account at an online forex broker.
If you don't know how currency trading works, take a look at our forex education articles.