We’ve chosen OANDA as the best of the US-regulated forex brokers due to its accessible trading platform, excellent reputation and competitive trading fees. We recommend Tastyfx as a top choice for US traders, thanks to its award-winning proprietary trading platform, competitive trading fees, fast order execution, and excellent customer support. Formerly known as IG Markets, Tastyfx continues to offer a robust trading experience with these standout features. The U.S.-regulated brokers in this roundup offer competitive spreads, reliable trading platforms, excellent customer support, and more to ensure a smooth trading experience for U.S. residents.

You’ll also want to ensure compatibility with your preferred deposit method, such as wire transfer, debit card or ACH transfer. The table below compares some of the key features that Forex that accept US clients offer. We recommend eToro for anyone interested in casual day trading or social and copy trading. With a gamified approach to investing and a business strategy devoted to making trading accessible, you’ll find an impressive selection of tools for social and copy trading. 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.

  • The filtering tools are useful here, as you can narrow down your search based on risk level, asset class and other criteria.
  • There are plenty of social trading features built into the software – although you won’t be able to copy trade directly, you will get plenty of trading ideas from community interactions.
  • TradingView platform is my top choice for technical analysis, thanks to its market screeners and 100+ indicators.
  • It is vital for traders to carefully check a broker’s policies, legal disclaimers, and local regulations to ensure they are in full compliance.
  • Customer service is available 24/7, which is more coverage than most brokers offer.
  • If you are in the USA, then you must choose a forex broker that is regulated by the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA).

Low trading fees

This combination of comprehensive asset classes, cutting-edge tools, and the security of a highly trusted institution makes Charles Schwab a standout choice for multi-asset traders. FOREX.com stands out amongst the lowest spread US forex brokers for the variety of trading products available in the US, with nine major currency pairs, plus gold and silver and index futures. Selecting a platform often depends on personal preference and trading strategies. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular for automated trading systems and a wide variety of technical indicators. Proprietary platforms such as those provided by FOREX.com or IG US might feature unique analytics or user-friendly interfaces. Thinkorswim by TD Ameritrade is also highly regarded for its professional-grade charting and analytics.

National Futures Association

While some competing platforms have more such tools, MT4’s simpler range means the focus is on the tools you are most likely to use. It is heavily regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). These regulatory bodies enforce strict rules to protect traders and ensure transparency in the market. Before signing up with a forex broker you should verify status, ownership, and its location.

Best for professionals – Interactive Brokers

  • Here, you receive a full chart breakdown, along with professional commentary – all of which is useful for day trading.
  • Experienced traders who can pass the initial tests will sometimes qualify for prop trading accounts.
  • But the most common account types you’ll see repeatedly are Standard Accounts, RAW Spread Accounts and Demo Accounts.
  • Furthermore, if you are a United States citizen, the regulation impacts your eligibility for non-U.S.
  • In turn, traders benefit from stringent standards designed to protect investor capital, foster transparency, and limit potentially fraudulent practices.

Nadex is the perfect example of an entity that fled the US in 2011 after the introduction of the Dodd-Frank Act. Furthermore, if you are a United States citizen, the regulation impacts your eligibility for non-U.S. Traders in the United Kingdom (UK) should pick a broker regulated by the Financial Conduct Authority (FCA). Traders in Europe can select any broker regulated by a European-based financial regulator such as the Cyprus Securities Exchange Commission (CySEC). Confirm that your preferred broker facilitates straightforward fund transfers in and out of your account.

Along with its proprietary trading platform, Forex.com has rolled out MetaTrader 5 for customers, allowing traders of all levels to maximize their full potential. However, keep in mind that you’ll need a separate account to use the MetaTrader platforms. Forex.com is my top pick if you want the tightest spreads, as its Raw account offers zero pip spreads plus commissions across its major pairs. The broker lets you trade more than 80 forex pairs and other instruments through its futures markets. These include crypto, commodities, and stock indices – a solid multi-asset experience. No, American citizens are not permitted to trade CFD products with offshore forex brokers.

Some, however, may not hold U.S.-specific regulatory credentials but could still offer their services to American traders under different conditions. We will discuss each broker’s background, regulatory standing, trading platforms, unique features, and key advantages. Furthermore, we have included a convenient comparison table and an in-depth FAQ section to help you make more informed decisions about your Forex trading endeavors in the United States. FX traders will gain access to 91 currency pairs and a good selection of trading tools.

A Guide to Trading CFDs with HYCM Broker

For example, the min spread on EUR/USD is 0.4 (average 0.5), and the commission is $5/100K units. These commissions are lower than OANDA’s nearest competitor, Forex.com, which charges $7/100K USD volume. While testing the most commonly traded forex pairs, analyst Ross Collins from CompareForexBrokers found that OANDA’s Standard Account came out with spreads 25% below the industry average. These 68 pairs include all of the majors (aka the most commonly traded currency pairs), minor and exotic pairs and cross pairs, too. By evaluating brokers against these criteria, traders can confidently select a reliable partner to navigate the Forex market. The combination of CFTC and NFA oversight ensures that the Forex market operates with integrity, offering a high level of protection for retail and institutional traders alike.

We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms. Steven Hatzakis is a well-known finance writer, with best us forex brokers 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016.

How Do You Verify A Broker Has a Licence To Offer Forex In The US?

FOREX.com is one of the most popular forex brokers in the United States. The broker’s most outstanding feature is its low spreads, thanks to its RAW account. The tight spreads – consistently lower than the industry average – are an excellent point of difference for OANDA.

Account funding

Interactive Broker’s commissions are the lowest I tested, starting from $2.00 per lot. And that’s before the volume-based discounts kick in, which can reduce the costs even more. You’ll pay $7.00 per lot traded, or $14 round-trade, which is quite a lot more than the industry average.

Some offshore brokers might still open accounts for U.S. residents, but doing so can be complicated. It is vital for traders to carefully check a broker’s policies, legal disclaimers, and local regulations to ensure they are in full compliance. Trading with a non-regulated broker may also mean reduced client protections in cases of disputes or broker insolvency. Regulation by agencies like the CFTC and NFA ensures that brokers follow strict standards aimed at protecting client funds, enforcing transparent pricing, and preventing fraudulent activities. These regulations mandate segregated client accounts, capital adequacy requirements, and fair dealing practices.

OANDA was the fastest thanks to its Market Maker model, clocking in at 84 ms for market orders and 86 ms for limit orders. This platform may be a good option for you if you want to analyze with a bit more depth and use a broader range of tools, although it is still not as popular as MT4 for forex. MetaTrader 5 (MT5) builds on MT4, with advanced indicators and enhanced charting tools.

You can trade the broker’s 3,500+ markets with 0% commission, including markets such as crypto and stocks. Like all the best brokers, Schwab offers 24/5 phone service for their Trade Desk, where you’ll find help with trading ideas or technical support. There’s also 24/7 support through live chat, but this won’t connect you to the Trade Desk.

One of the strongest features of Schwab is the thinkorswim trading platform. This software stands out due to a range of advanced trading and technical analysis tools, as well as useful research resources and testing features. Most reputable U.S. brokers provide a broad range of educational content, including articles, webinars, tutorials, and even interactive courses. TD Ameritrade, FOREX.com, IG US, and OANDA, for example, have comprehensive training materials aimed at novices and intermediate traders. Such resources are intended to build fundamental market knowledge and inform traders about risk management, chart analysis, and trading psychology.