Forex Brokers Accepting US Clients.
Forex Brokers Accepting US Clients should be regulated by the NFA or CFTC. These brokers allow spot trading when forex trading with leverage up to 1:50. We look at the best brokers one can choose from.
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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Forex Brokers For US Clients.
Not all forex brokers accept US clients, below list the best options.
OANDA - US Best Overall US Forex Broker IG - Has Top Trading Tools And Platforms Forex.com - Best Broker For Metatrader 4 TD Ameritrade - Great For Beginners eToro - Best Social Trading Platform Trading.com - Best Metatrader 5 Broker Nadex - Great For Trading Forex Options.
Our Rating.
Forex specialist in USA.
Choice of trading platforms.
Guaranteed stop loss orders.
Social trading CFD Platform.
Regulations and Licenses.
NFA or CFTC (USA)
Brokerage.
EUR/USD Standard Spread.
Commissions (USD Base)
Minimum Deposit.
Swap Free Account.
No Inactivity Fees.
Funding Methods.
No Funding Fees.
Markets and Instruments.
Currency Pairs.
Cryptocurrency CFDs*
Index CFDs.
Share CFDs.
Commodities CFD.
Stockbroking.
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.
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
TradingView.
Proprietary Platform.
Automated Trading.
Social + Copy Trading.
MetaTrader 4 only.
Standard Stop Loss.
Guaranteed Stop Loss.
Demo Account.
Overall.
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 > 7.17 ASIC, FCA CYSEC - - - 120ms $10 - 24 (Spot)
Two types of Forex brokers accept US Clients are regulated and unregulated. As a US resident, you are well advised to choose a broker regulated by the National Futures Association (NFA) and/or the Commodity Futures Trading Commission (CFTC). Using a broker regulated by the NFA/CFTC ensures your broker can legally offer FX trading services in the US and that the broker is reputable. As a responsible comparison website, we only recommend regulated brokers – here are the best brokers that accept US clients.
OANDA Is the Best Overall US Forex Broker.
With over 25 years of history, multiple industry awards for stellar customer support and an excellent trading environment suitable for novices and experienced traders alike, OANDA earns our top spot amongst international forex brokers accepting US clients.
Key Strengths Of OANDA:
Low spreads and competitive trading costs Wide variety of assets to trade 24/7 customer support by traders, for traders.
OANDA Trading Accounts & Products.
American forex traders have the option of two account types with OANDA, each geared toward specific trading styles and skill levels.
Beginner traders and those who play the markets casually may prefer the convenience of OANDA’s spread Only Pricing account, while those with more experience may appreciate the commission-based structure of the Core Pricing account.
Spread Only Pricing. Variable spreads start at 0.6 pips, and traders pay no commission on round-turn trades of a standard lot. Core Pricing. Traders pay a commission of USD 10.00 per round-turn trade of a standard lot but enjoy tighter variable spreads that start as low as 0.1 pips.
Fully Automated Trading – No Requotes.
While OANDA is a market maker, the broker promises no manual intervention when it comes to spreads. Spreads are obtained from a deep pool of liquidity providers and any slippage that may occur are solely due to market movements during the order execution process. Orders will automatically be filled using the market order execution which means the best available price when OANDA servers receive the order. As OANDA uses market order execution rather than instant order execution there are no requotes.
OANDA Active Trader Rebate Programs.
For professional investors and traders comfortable working with significant sums of money, OANDA offers an attractive rebate program to reward high-volume trades.
Qualifying account holders can select between a reduction in commissions or a cash rebate ranging from USD 5.00 and USD 15.00 per million dollars traded.
OANDA Minimum Deposits and Funding Methods.
OANDA succeeds in making the process of opening and funding a live trading account cost-effective and straightforward.
This top forex broker does not require a minimum deposit to open an account and allows American customers to add money quickly and easily using a variety of methods. OANDA charges no fees to make a deposit and this can be done using a debit card, ACH pr deposit bank transfer.
OANDA limits American traders to forex only, but offers a comprehensive selection of pairs to trade.
The broker’s ten major currency pairs include EUR, GBP, USD, JPY, NZD, AUD and CHF. It also offers 58 minor, exotic and cross pairs for a total of 68 currency combinations for trading.
OANDA Trading Platforms.
Americans trading forex with OANDA have a clear choice between two good options when it comes to trading platforms: MetaTrader 4 or the broker’s own in-house web, mobile and desktop interface.
Powered by TradingView, OANDA’s proprietary platforms have all the tools a trader might want, including performance analytics, personalized watchlists and advanced charting options. Technical traders accustomed to MetaTrader and cTrader might find themselves pleasantly surprised at how powerful OANDA’s offerings really are.
For those who prefer the Meta family of trading platforms and tools, OANDA allows MetaTrader 4 users to access additional tools, including advanced indicators, mini charts, alert trading, EAs, alert trading and one-cancels-the-other orders, keyboard trading and tick trading via MetaTrader Premium.
For automated trading, OANDA offers US traders a private API, OANDA v20 REST, which allows for automated trades via the OANDA Trade platforms.
OANDA: Our Verdict.
With a solid selection of currency pairs available to trade, powerful trading tools and competitive trading costs, OANDA covers all the bases for a quality trading experience, regardless of experience level, budget or preferred strategy.
Straightforward funding with no hidden costs and high-quality customer support round out the profile and earn this broker our highest endorsement.
Our Rating.
The overall rating is based on review by our experts.
Spreads.
Leverage.
Trading Platform.
Risk Management.
Range of Markets.
Customer Service.
IG Has Top Trading Tools and Platforms.
IG Markets US, which is part of global financial services provider IG Group established in 1974. While IG US has been offering financial trading services in the US since 2007, they expanded their services to include over 80 forex trading pairs for trading in 2022.
We consider IG one of the best Forex brokers for US traders based on:
Trading costs Order execution Platform offering and features Customer support service.
IG Trading Accounts & Products.
Since IG Markets US operates a market maker model, its Forex trading spreads tend to be a bit wider compared to ECN and STP brokerages. Unlike an ECN or STP account, there are no commission costs you need to pay in addition to the spread.
Order Execution.
IG US technology delivers speed and reliability to clients. As a result, US Forex traders can enjoy average order execution speeds of 0.014 seconds on IG US web-based platform and 99%+ server uptime on MetaTrader 4, allowing for optimal conditions for expert advisors to operate in.
IG US also caters to client security and uses 256-bit SSL encryption, ensuring top-level security of online financial transactions.
IG Markets US traders offer competitive pricing on more than 80 major, minor and exotic currency pairs. Leverage can be up to 50:1 however most pairs will be 30:1 or 20:1.
IG Trading Platforms.
The Forex brokerage offers a mix of in-house and third-party trading platforms in an attempt to suit the preferences of a wider range of traders.
IG Proprietary Trading Platform.
IG offers 3 versions of their signature platform built from the ground up for the needs of clients. These versions are web-based, as a mobile app and as a tablet app.
The web-based IG (U.S.) platform requires no download which means you can use it on any interface that allows access to a web browser. Through this platform, you can access the usual charts you will find with most trading platforms however there are a few notable features. Firstly, because they are built with HTML5, they not only run fast but can be split into up to 4 timeframes and come with unlimited indicators.
One last feature to note is that it comes with basic risk management tools such as stop loss and take profits however guaranteed stop loss and trailing stop loss is not available. This is surprising because these tools are available through this platform in other international markets IG serves.
IG US also has its own proprietary mobile apps for Android and iOS devices, which have received multiple industry awards. The Android trading app offers real-time charts, 28 technical indicators and advanced dealing options such as partial fills and points through current. US clients will be able to set price alerts and receive trading signals via email, SMS or push notification.
MetaTrader 4 Platform.
With IG, US traders can also access the MetaTrader 4 software, the industry standard for Forex trading. The MT4 trading platform allows US traders to use free-of-charge 6 extra technical indicators and 12 additional trading tools and micro-lots trading for tighter risk management.
The Autochartist pattern-recognition tool and expert advisor development, optimization and backtesting in the MQL4 environment are also available for automated trading.
Let us also not forget that US Forex traders can test out different strategies and become familiar with IG US platform features and tools in a risk-free environment with a free demo account. Equipped with $10,000 in virtual funds, IG’s demo account also grants access to the 18 additional MT4 technical indicators and trading tools as well as other charting options offered on a live trading account.
IG: Our Verdict.
IG ranks as the best overall US forex broker because it accommodates the needs of all types of forex traders. Beginner traders can find easy access to the forex market; while more experienced traders can access exclusive trading tools. Read the full IG review by clicking the button below.
Forex.com Is the Best Broker for MetaTrader 4.
A solid all-around broker, Forex.com has resources and tools suitable for both beginners and experienced traders, as well as low trading costs.
Key Strengths:
Powerful trading environment based on MetaTrader 4 Sophisticated technical trading tools Great variety of currency pairs.
Forex.com Trading Accounts & Products.
Forex.com offers US traders different pricing models based on account type:
Standard account with spreads as low as 1.0 pips for EUR/USD. Commission account with EUR/USD spreads as low as 0.2 pips plus USD$5 in commission per standard lot traded (USD$10 round-turn commission). STP Pro account with EUR/USD spreads as low as 0.1 pips plus USD$6 in commission per standard lot traded (USD$12 round-turn commission).
The brokerage does not charge standard account holders a commission for forex trading, since it is entirely compensated by the bid-ask spread. However, if US clients hold an active position overnight the broker will charge them a swap rate.
Forex.com requires a minimum deposit of USD$100 to open a Standard Account, while the maximum leverage allowed for retail clients is limited to 1:50 (under CFTC rules).
US citizens can trade more than 80 major, minor and exotic currency pairs. Gold, Silver and Futures are also available. To trade, you can choose between the following platforms Forex.com’s proprietary web trader, NinjaTrader and the popular MetaTrader 4.
Forex.com Trading Platforms.
In addition to the platform’s own mobile, web and desktop trading interfaces, traders have the option to trade via MetaTrader 4 or NinjaTrader.
US account holders who opt to trade using Forex.com’s in-house platform can take advantage of its price improvement technology. The broker’s trading platforms ensure ultra-fast execution of trade orders, with the average execution speed being 0.05 seconds.
99.83% of all orders are filled in less than a second according to Forex.com’s execution statistics, while 51.32% of all limit orders were filled at a better price than the one requested (positive slippage).
Finally, 100% of limit orders are filled at the requested or at a better price, according to the Forex brokerage.
Tight pricing and reliable order execution constitute the perfect trading conditions for scalping strategies.
Forex.com: Our Verdict.
Overall, Forex.com offers ultra-tight spreads starting from 0.1 pips (STP Pro account) on over 80 currency pairs. Beginner traders and professional traders alike can take advantage of variable spreads either on the commission-free account or on the broker’s ECN accounts.
TD Ameritrade Is Great for Beginners.
TD Ameritrade ranks as the best Forex broker for novice traders in the USA based on its intuitive, easy-to-use trading tools and simplified trading environment.
Key Strengths:
Industry-leading educational materials; A mobile trading app designed particularly for beginners. Access to thinkorswim trading platforms on desktop, web trader, and mobile app.
TD Ameritrade Trading Accounts & Products.
TD Ameritrade clients will need to open a standard account to trade forex and other instruments.
This standard account model uses a dealing desk for trade execution. Spreads start at 1.0 pips, but US traders pay no commission, regardless of the size of the trade.
Regardless of which account you choose you can trade a very diverse range of products whether this be spot or actual. Some 70 forex pairs, TD Ameritrade’s US-based customers can spot-trade stocks, ETFs, cryptocurrencies, precious metals, indices and commodities.
TD Ameritrade Minimum Deposit.
To deposit money into a TD Ameritrade standard account, clients have at their disposal four standard methods:
Electronic Bank Deposit (ACH) – minimum deposit of $50 Wire Transfer – no minimum deposit policy Check – no minimum deposit and clients need to send the check via mail Account Transfer from Another Firm.
On the downside, debit cards and credit cards are not supported as funding methods. Additional digital wallets like Skrill, NETELLER or PayPal are not supported by TD Ameritrade. There are no deposit fees and most withdrawals are free except for wire transfers which have a USD$25 fee.
TD Ameritrade Trading Platforms.
TD Ameritrade takes a similar approach to trading platforms as account types: pick one thing and do it well. The broker offers a single, powerful platform to customers: thinkorswim, which it acquired in 2009.
Fortunately for those accustomed to the tools and features of the MetaQuotes family of platforms, thinkorswim has everything an MT4 or MT5 trader could want and more. With thinkorswim, traders have access to Level 2 depth of market data, as well as over 400 studies and 20 drawing tools. Algorithmic traders can use thinkscript for automated trading, and social traders have access to sophisticated sentiment analysis.
TD Ameritrade Mobile App.
The brokerage has developed an intuitive, user-friendly mobile app with novice traders in mind. TD Ameritrade’s mobile app provides all the essentials traders need to manage their accounts while on the go. The app allows for:
Easy access to account history, orders, balances and positions; Price alert set up and management; Access to round-the-clock market news, analyst reports, daily updates and third-party research to help traders improve their skills; Access to e-documents – clients can view seven years of tax documents and ten years of statements in PDF format.
TD Ameritrade: Our Verdict.
Overall, TD Ameritrade is beginner-friendly because it offers abundant educational and research content to guide you into the world of online trading. Forex traders can access a total of 73 spot currency pairs with an all-inclusive spread and zero-commission trading.
eToro Has the Best Social Trading Platform.
eToro USA is one of the well-recognized, multi-regulated brokers across the world when it comes to forex trading. One of the largest social trading platforms globally, over 20 million customers trade with eToro. This broker also offers US residents the opportunity to trade 39 cryptocurrencies.
Key Strengths:
Innovative, game-ified approach to investing Excellent selection of cryptocurrencies Supports social and copy trading.
eToro Trading Accounts & Products.
eToro operates in a limited number of US states and offers only one account type to American customers: standard. Account holders will need to make a USD$10 minimum deposit to begin trading, however, accounts can be funded with a range of currencies, including crypto.
Because the broker acts as a market-maker, traders pay a ‘spread plus 1%’ fee per 100K standard lot on round-turn trades with a minimum spread of 1.0 pips. Users can trade stocks and ETFs at 0% commission, however, even for fractional shares.
US traders can access some of the most popular cryptocurrencies, like Bitcoin, Ethereum, Ripple, ADA, and Dogecoin. The broker currently allows trading in 39 cryptocurrencies, as well as ETFs and stocks.
Popular Investor Program.
US traders with a proven approach to financial markets and who will earn a second income may join the broker’s Popular Investor program. They have to meet several specific requirements, including:
Minimum equity of $100 Two full months of statistics on eToro’s platform A maximum risk score below 7 And a minimum of 1 open trade.
The program is structured into four different tiers – Cadet, Champion, Elite and Elite Pro, while each tier has certain requirements and offers certain benefits.
eToro Trading Platforms.
US clients seeking a copy trading solution will find eToro appealing. The broker’s proprietary platform allows users to identify top-performing traders, connect with them and directly replicate their trading activities.
eToro’s CopyTrader also enables users to pause or stop the copy, to add or to remove funds whenever they wish – without the need to pay any additional management fees or other hidden costs.
eToro: Our Verdict.
Overall, eToro is an excellent solution for buying and selling cryptocurrencies and a copy trading platform that allows customers to follow more experienced traders. The only downside to eToro is the limited number of cryptocurrencies offered – 17 digital coins. However, most forex brokers in the USA don’t offer cryptocurrencies.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
Trading.com Is the Best MetaTrader 5 Broker.
For automated traders and those with an interest in centralised exchanges, a broker like Trading.com stands out for its commitment to the MetaTrader 5 platform. The successor to MetaTrader 4 provides a similarly high-quality trading environment, with several innovative features.
Key Strengths:
Wide range of available instruments to trade Straightforward trading environment Round-the-clock, live customer support.
Trading.com Trading Accounts & Products.
US-based forex traders can open a T1 account with Trading.com after making a minimum deposit of USD$50 via wire or ACH transfer. Payment by credit or debit card are also options but will incur a fee.
Trading.com acts as a market-maker for customers. While this does ensure the execution of customer trades, it also means wider spreads. Variable spreads start at 0.7 pips, however, traders pay no commission on round-turn trades of standard lots.
Trading.com offers 71 pairs total, including all major, minor and exotics, as well as RUB pairs. Leverage extends 1:50 for major pairs and 1:33 for minor pairs – the maximum allowed under US regulations.
Trading.com Trading Platforms.
Trading.com is, hands down, the best broker for traders interested in exploring MT5. The newest version of the platform has many of the same features as MetaTrader 4, plus some new additions that make it an ideal platform for automated trading.
The platform has reported impressive execution speeds, and offers users access to some sophisticated charting tools. Users can pen up to 100 charts at a time with 21 timeframes and 80 technical analysis tools.
Trading.com: Our Verdict.
For technical traders using Expert Advisors, Trading.com is the natural choice. The broker offers only MetaTrader 5, which means access to thousands of bots and advanced trading tools.
NADEX Is Great for Trading Forex Options.
While not a brokerage, we’ve included NADEX in our roundup due to its status as the only fully-regulated forex options trading platform available to US residents. Tradable instruments include binary options, knockouts and call spreads, all of which are based on COMEX/NYMEX futures. Nadex holds a license from the NFA and the CFTC, which means the exchange holds trader funds in dedicated, secured accounts separate from its own money.
Key Strengths:
Dedicated to binary options and other exotic derivatives Fully regulated and CFTC-compliant Easy funding and low fees.
NADEX Trading Products.
Americans using NADEX have the choice to trade in binary options, call spreads and knockouts. Position limits start at 100 for knockouts and extend to 25 for Call Spreads and 2,500 for Binary options. Trading fees are set at $1 to enter or exit any contract before expiration, regardless of instrument, and $1 to settle a contract at the expiration of trading. If you’re out of the money when your binary option contract expires you’ll pay no settlement fee.
Traders accustomed to a balanced portfolio with a variety of instruments may find NADEX offering too limited. The exchange offers only 10 forex pairs, seven stock indices and three commodities.
NADEX allows customers to fund their accounts via debit card, paper check and ACH or wire transfers at no fee. Note that credit cards are not available, which means traders must have cash on hand to trade. Withdrawals are likewise inexpensive, as NADEX does not charge a fee unless customers opt for a wire transfer.
NADEX Trading Platforms.
With a proprietary trading platform adapted for mobile and desktop, NADEX allows customers to access markets at any time. The trading tools, particularly charts and technical indicators, may feel lightweight to professional traders. For a niche investment platform, however, they’re perfectly adequate.
NADEX does stand out for its risk management tools. Traders enjoy negative balance protection. The platform will automatically exit losing positions if the market turns against a trader, preventing catastrophic losses.
NADEX: Our Verdict.
For American traders interested in exotic derivatives, such as forex options, Nadex is the safest option available. The exchange offers a well-designed platform and competitive trading fees, as well as excellent risk management tools.
Disclaimer:
We only recommended brokers that are regulated. If you are in the USA, choose a broker regulated by National Futures Association (NFA) or Commodity Futures Trading Commission (CFTC). There are some other brokers that are regulated by these organizations that are not listed on this page including Interactive Brokers, who would also be a good choice if you are looking for a regulated broker to use.
Trading with a US-regulated broker means that there are certain trading strategies that you can’t use including hedging, but you might be able to use with brokers based outside the US. Traders outside the USA should select a broker with regulations for their country. Australian traders should pick a broker regulated by the Australian Securities and Investments Commission (ASIC).
Traders in the United Kingdom (UK) should pick a broker regulated by the Financial Conduct Authority (FCA). While traders in Europe can select any broker regulated by a European-based financial regulator such as the Cyprus Securities Exchange Commission (CySEC).
If you are in the US, you may be tempted to join a broker with offshore regulation such as the Financial Services Authority Seychelles (FSA), the Securities Commission of the Bahamas (SCB) or the International Financial Services Commission (IFSC) in Belize, this is not recommended since their consumer protection guarantees are not what one should expect from a broker.
Brokers (or subsidiaries) registered in St Vincent and the Grenadines are not regulated since this country has no regulator.
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.