8 Best US Regulated Forex Brokers in 2024 (2024)

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8 Best US Regulated Forex Brokers in 2024 (1)

US forex traders should only use a broker that meets legal compliance requirements. These are set by the Commodity Futures Trading Commission or CFTC and the National Futures Association or NFA.

Our research and analysis found that these are the best forex brokers for US traders:

OANDA- Best US Forex broker overall
Forex.com- Lowest spread Forex broker
IG- Best Forex broker for beginner traders
Interactive real estate agents- Best broker commission rates
TD America- Best customer support in the US
eToro- Best social and copy trading platform
Trading.com- Good selection of currency pairs
Plus 500- Best broker for future trading

1. OANDA – Best US Forex Broker Overall

OANDAsecures the top spot as the leading US regulated forex broker by offering spreads that are consistently lower than the industry average. When we combined this with their range of elite trading platforms, tools and extensive loyalty program for big traders, we had to put them at the forefront.

Small spreads with provisions

During our comprehensive analysis of the top 40 forex brokers in the world, we found that OANDA standard account spreads are typically 18.5% lower than the industry average.

While the typical sector spread for AUD/USD is 1.54 pips, OANDA's minimum spread is just 1.1 pips, reducing costs by over 28%.

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Across all major currency pairs, OANDA consistently maintains lower spreads, often more than half the typical industry cost.

Forex broker	USD/JPY	GBP/USD	AUD/USD	USD/CAD	EUR/GBP	EUR/JPY
OANDA minimum spread	1.3	1.5	1.1	1.5	1.2	1.5
Average spread within the sector	1,44	1,57	1,54	1,82	1,66	1,95

Loyalty program for wholesalers

OANDA's Elite Trader program is aimed at the dedicated trader, with five tiers starting at a monthly volume of 10 million. High volume traders are eligible for rebates of $5 to $17 per million traded, which can reduce trading costs by as much as 34%.

The program rewards participants with additional benefits, including:

Free VPS for better performance
Unlimited bank transfers without fees
Direct access to a relationship manager for customized support
Free advanced charting tools like TradingView
Earn interest on unused margins where your trading account balance exceeds €10,000

Trading instruments and platforms

OANDA offers traders two platform options: MetaTrader 4 (MT4) and OANDA Trade. Each platform offers a distinct range of features to support your trading activities, regardless of your preferred strategy.

MetaTrader 4 features

MetaTrader 4 is a platform preferred by forex traders worldwide, offering extensive charting capabilities and a vast selection of built-in technical indicators. With access to nine time frames and more than 50 pre-installed indicators, traders can accurately analyze market trends and movements. The platform's user-friendly interface allows you to trade directly from the charts, streamlining the process.

Justin Grossbard outCompare Forex Brokerstouts the core benefits of the MT4 platform, focusing on its automation capabilities.

“The standout feature of MetaTrader 4 is undoubtedly the Expert Advisors (EAs). This is why MT4 remains my go-to platform,” he says.

“Imagine having a tireless ally throughout your trading journey, one who executes trades and refines your strategies through careful backtesting. EAs are the ally who provide a relentless pursuit of efficiency and precision, turning complex data into clear, actionable decisions."

OANDA clients looking for a more advanced trading setup can opt for the MT4 Premium Upgrade, which includes 28 additional technical analysis tools to refine and automate trading tactics.

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In addition, the MT4 Orderbook Indicator, exclusive to OANDA, offers a 20-minute delay for all clients and a five-minute delay for elite traders to view the open orders and positions of all OANDA clients and integrate them directly into their MT4 charts . This indicator, which comes with no additional fees for traders who meet certain deposit and trading volume limits, provides insightful data on market sentiment.

OANDA Trade and TradingView

OANDA Trade, the broker's proprietary platform, is expanded with a TradingView suite with more than 65 technical indicators and extensive charting tools for comprehensive analysis.

The easy-to-use platform streamlines your trading with Autochartist's automatic chart pattern recognition, leaving you well-equipped for technical analysis. It also keeps you connected to the pulse of the global financial world thanks to the financial overlay that provides real-time financial updates on the platform.

OANDA Trade also offers the option to integrate specialized third-party tools. For those looking to fine-tune their strategies, Motivewave's advanced backtesting features are invaluable, while Dow Jones FX Select provides a constant stream of news and expert analysis to guide your trading decisions.

Financial markets

OANDA offers a range of over 68 forex pairs, including major, minor and exotic currencies. If you are interested in spot cryptocurrency trading, OANDA has partnered with Paxos to enable account holders to trade major cryptocurrencies such as Bitcoin, Ethereum and Litecoin on Paxos' itBitexchange via the OANDA app.

Account management

One of the main benefits of trading with OANDA is that they have no minimum deposit requirement, meaning you can start trading with any amount that fits your budget. For deposits and withdrawals from your trading account, this broker supports a number of payment methods, including debit cards (Visa and Mastercard), ACH transfers, and bank transfers.

OANDAlast judgement

Offer spreads are significantly lower than the industry average
No pricing structure for commission fees for standard accounts
Tiered loyalty program with benefits such as free VPS, unlimited bank transfers and direct access to a relationship manager
Current welcome bonus offer up to $10,000 ending January 31, 2024

2. Forex.com - Forex broker with the lowest spread

Forex.comis number two on our list because it is a popular broker for those who want oneECN-style account type in the US The RAW account has ECN-like pricing with the potential for spreads to go as low as zero pips, plus a fixed commission.

In addition to tight spreads, US traders benefit from a wide range of trading products. You have access to forex, shares, precious metals and various derivatives such as futures and options. It is an attractive combination of extensive access to the financial market and competitive prices.

3. IG – best forex broker for novice traders

IGis an ideal choice for novice forex traders thanks to their commitment to providing an accessible and educational trading environment. From easy-to-use platforms to comprehensive learning resources, we found that IG tailors their services perfectly to ensure new traders can navigate the forex landscape with confidence and ease.

Education and resources

For beginners, IG's teaching materials are invaluable. IG Academy presents a comprehensive range of online resources, including live training sessions and tutorials, that are essential for mastering the fundamentals of forex trading.

The broker further enhances learning through interactive seminars and webinars that delve deeper into trading concepts. A glossary and educational materials are available that clarify trading terminology and simplify complex ideas. In addition, IG offers a free economic calendar and analytical tools that promote the practical application of theoretical knowledge.

To complement the broker's various educational resources, IG offers access to a demo account with $20,000 in virtual money for training purposes. This feature allows beginners to safely navigate the real currency market and gain trading experience without the high risk of losing real money.

Reputation

IG's reputation in the forex trading community is solid, evidenced by its 'great' rating on TrustPilot, backed by thousands of five-star reviews. This broker has built a strong presence in the forex industry and has been in business for over 45 years, serving over 313,000 clients worldwide.

The broker's commitment to innovation and user experience, especially in mobile commerce, has not gone unnoticed in the FinTech sector. They have received numerous awards for their brokerage services and technology. We asked industry expert Noam Korbl of SimilarForexBrokers.com to shed light on these results.

He commented: “IG's track record in the financial sector is remarkable, and they have been recognized many times this year for their brokerage excellence and technological advancements in the sector. In particular, their mobile trading app stands out, which has received several awards for its user-friendly interface and extensive features. This recognition is a testament to IG's continued commitment to delivering best-in-class trading experiences to their customers."

Forex trading platforms

IG targets beginner forex traders with two primary platform choices: their custom-built proprietary platform and MetaTrader 4 (MT4). The proprietary platform is particularly suitable for newcomers and offers a user-friendly interface that easily guides the new user in the trading process. This platform can be accessed on a variety of devices including web, tablet and mobile apps, ensuring compatibility with both Android and iOS systems.

For beginners who imagine themselves wanting to move to a more advanced trading platform, IG also offers MT4. This platform is known for its advanced features such as Expert Advisors (EAs) for automated trading and AutoChartist for advanced chart analysis. This makes MT4 a valuable option for traders as they progress in their forex trading journey.

IGlast judgement

Streamlined platforms for easy forex trading initiation
Extensive resources for learning and strategy development
Proven track record with accolades for user experience and technology

4. Interactive Brokers - Best Commission Rates for Brokers

Interactive real estate agents(IB), widely recognized for its commitment to low costs, is an attractive choice for traders who value cost efficiency combined with powerful trading tools.

Location trading costs

5. TD Ameritrade – Best Customer Support in the US

TD Americasets the gold standard in customer support for US retailers, offering an unparalleled service experience delivered by industry experts.

Following the acquisition of Charles Schwab, TD Ameritrade has further enhanced its features for all US customers. The partnership unlocked access to renowned trading platform 'thinkorswim', expanded the online broker's library of educational resources and increased the level of specialist support available to traders.

Customer service for US sellers

When it comes to support, TD Ameritrade offers industry-leading response times and expert assistance. As a US customer, you get access to a support desk full of former flooring dealers who understand the nuances of the market and are available 24 hours a day.

Whether it's a question about a transaction, a request for strategy optimization or guidance on platform features, the team is ready to help you with expert advice.

Customer support methods

TD Ameritrade customer support is available 24/7 through various channels. You can get in touch via live chat, contact support teams on social media platforms such as Facebook and Twitter, send a fax or call.

Catering to a diverse customer base, TD Ameritrade also offers multilingual customer support, including services in Spanish and Mandarin. For those who prefer personal contact, you can visit one of TD Ameritrade's 175 branches throughout the United States during business hours.

Trading accounts

TD Ameritrade's trading account requires no minimum deposit, making it easy to add or withdraw funds without any additional fees. Variable spreads start at 1.0 pip – in line with the industry average – and you pay no commission.

A limit? TD Ameritrade only supports one base currency: US dollars.

"Thinkorswim" platform

The trading platform suite "Thinkorswim" stands out for its advanced tools and technical analysis functions. It is intended for serious traders who need elite resources to conduct in-depth research and test trading strategies.

The platform is available as downloadable software, a streamlined WebTrader platform, and a mobile app optimized for iOS and Android devices. You can even shop from your Apple Watch if you feel like it.

TD Americalast judgement

Acclaimed 'thinkorswim' trading platform for in-depth research and testing of strategies
24/7 customer support with industry-leading response times

6. eToro - the best social and copy trading platform

eTorois at the forefront of copy trading, offering a dynamic platform that allows users to track and copy the trades of experienced investors.

Copy trading

At the heart of eToro's innovative platform is the CopyTrader system, which allows users to easily mirror the trading activities of selected traders. Users can filter through and copy traders based on risk level, asset class and other criteria, customizing their copy trading experience.

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For successful traders, eToro's popular investor program offers the chance to earn additional income. As your strategy gains popularity and you gain more followers, you can earn regular payments and rank bonuses. An extra benefit? These payments are real funds that can be withdrawn at any time.

ETF and stock investment

eToro is also an excellent platform for people looking to build a long-term investment portfolio with ETFs and stocks. The platform has 2,083 stocks and 269 ETFs spread across various sectors, such as indices, dividends, bonds and commodities.

Smart portfolios on eToro provide a curated investment experience that brings together assets and markets according to a strategic theme. They are ideal for investors looking for a diversified portfolio and who don't have the time or interest in serious day trading.

Cryptocurrencies

For those interested in the crypto market, eToro has over 24 cryptocurrencies, from dominant players like Bitcoin and Ethereum to more obscure altcoins. This variety caters to different risk appetites and investment strategies, allowing users to diversify within the crypto space.

eTorolast judgement

Leader in copy trading with the innovative CopyTrader system
Popular investor program to make money for people with followers

7. Trading.com - good selection of currency pairs

Trading.comoffers a specialized forex trading account tailored for US clients with over 70 currency pairs, no commission fees and a low minimum deposit. This online broker may be the best choice if you only want to trade forex.

Currency trading

The T1 account is the online broker's answer for dedicated forex traders. The account type gives you access to over 70 currency pairs with a standard account structure and no commission fees. The account also uses US dollars as its base currency and has low minimum deposit requirements starting at $50.

Justin Grossbard from CompareForexBrokers.com explained the leverage options available for different forex pairs.

“Leverage is available in the US and varies depending on the major, minor or exotic currency pair you are trading. For example, if your trading strategy involves a major currency pair such as EUR/USD, Trading.com offers a maximum leverage of 50%. :1 .If you trade an exotic currency pair like USD/TRY, your leverage is limited to 4:1.”

The trading platform

Trading.com offers the choice of their own platform or MetaTrader 5. The proprietary web trading platform and mobile app are streamlined, making it easy to trade wherever you are.

If you prefer a more advanced trading environment, MetaTrader 5 offers a number of advanced charting and research tools. The addition of a research portal, news feed, daily updates and a financial calendar means you have all the tools you need to develop complex forex trading strategies.

Trading.comlast judgement

There are over 70 currency pairs available to trade with no commission fees
A proprietary platform and MetaTrader 5 are offered, aimed at different levels of trading experience

8. Plus500 - best broker for futures trading

Plus 500stands out in the futures trading landscape, offering an accessible entry point for beginners with an easy-to-use interface and a comprehensive suite of micro and mini contracts.

Futures Markets

The range of futures markets available on Plus500 has been expanded, allowing traders to explore sectors such as forex, cryptocurrencies, agriculture, metals, interest rates, energy and stock index futures.

Plus500's minimum day trading margins are designed to be low and attractive, allowing traders to manage their investments efficiently. For example, trading micro Bitcoin futures only requires a margin of $100, making it an accessible option for those looking to enter the crypto market.

Plus 500last judgement

User-friendly interface, ideal for futures trading beginners
Offers a comprehensive range of micro and mini contracts for futures trading

What are the best forex brokers in the US?

Forex, the international foreign exchange market, facilitates currency exchange 24 hours a day, allowing trading between different currencies at agreed upon prices. When it comes to forex trading accounts, brokers typically offer different types to suit different trading needs and experience levels.

Before you get started, it helps to understand how Forex works and what the legal parameters are in the United States.

What forex account types do brokers offer?

All eight regulated forex brokers listed offer a demo account. No financing is required to open this type of account with the ability to trade virtual currencies in a risk-free environment. We recommend that anyone who is new to trading or planning to trade algorithmically, do a test run on a demo account before trading with real money.

When opening a live account, it is important to pay attention to the minimum deposit requirements. This can range from $10 (eToro) to $2,000 (TD Ameritrade). All brokers regulated by the Commodity Futures Trading Commission (CFTC) have negative balance protection, so you can't lose more than your investment. That said, if you are new to trading, you should consider choosing a broker with a lower minimum deposit.

The final account type factor to consider is currency market leverage options. Although maximum leverage in the US is set by the CFTC, there is still wide variation between brokers and accounts. Leverage increases a trader's exposure, but it also increases risk, so higher margins are only recommended for more experienced traders.

Are Forex Brokers and Forex Trading Legal in the US?

Yes, forex brokers are legal in the US, but they must be registered and regulated byCommodity Futures Trading Commission(CFTC) and are a member ofNational Future Association(NFA). This ensures compliance with strict financial standards and provides protection to traders. Always check a broker's legal status before trading to ensure you are protected under US law.

Regulators in Australia (ASIC), New Zealand (FMA), Europe (MiFID compliant authorities such as CySEC) and the United Kingdom (FCA) also enforce strict standards, although there are variations. For example, in New Zealand, traders have access to higher leverage. In Europe and the UK, recent regulations have tightened leverage and margin requirements, bringing them closer to US standards, especially post-Brexit for the UK.

Currency trading rules in countries such as Mexico, Colombia and Chile are less strict than in major financial jurisdictions. US residents should exercise caution and generally avoid brokers regulated solely in these regions due to frequent scams and potentially lower levels of dealer protection.

What are the best trading platforms for US forex traders?

When you choose oneonline trading platformUS forex traders should consider three key factors: the user interface and functionality, technical tools, such as indicators and charting tools, and accessibility, including mobile trading apps.

1. MetaTrader 4

MetaTrader 4 (MT4) is the most popular forex trading platform among retail investors worldwide. Its strength lies in its user-friendly interface and advanced mobile apps, which make trading accessible on the go. Furthermore, MT4 is widely recognized for its Expert Advisors (EAs), which enable traders to effectively automate their trading strategies.

2. MetaTrader 5

MetaTrader 5 (MT5) takes technical analysis one step further than its predecessor MT4 with its advanced indicators and improved charting tools. This platform is designed for traders who need more in-depth analysis and a wider range of technical tools to inform their trading decisions. MT5's advanced charting features make it a preferred choice for traders looking for detailed market analysis.

3. Trading view

TradingView stands out for its superior user interface and exceptional charting capabilities, making it a top choice for traders looking for tools comparable to those of professional traders. The intuitive design and advanced charting tools appeal to traders who prioritize ease of use and comprehensive market analysis. This platform is particularly beneficial for those who need detailed and accessible market insights to inform their trading strategies.

OANDA Disclaimer

OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member of the NFA (member ID: 0325821). CFDs are not available to US residents.

OANDA CORPORATION IS A MEMBER OF THE NFA AND IS SUBJECT TO NFA'S LEGISLATIVE SUPERVISION AND INVESTIGATIONS. HOWEVER, YOU SHOULD BE AWARE THAT THE NFA HAS NO REGULATORY AUTHORITY OVER THE UNDERLYING OR SUBSEQUENT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGE, THEIR OR MARKETS

Trading digital assets, including cryptocurrencies, is extremely risky and is only for people with a high risk tolerance and financial ability to bear losses. OANDA Corporation is not a party to digital asset transactions and does not hold digital assets on your behalf. All digital asset transactions take place on the Paxos Trust Company exchange. All digital asset positions are held exclusively at Paxos and held in an account in your name outside OANDA Corporation. Digital assets at Paxos are not protected by SIPC. Paxos is not a member of the NFA and is not subject to NFA supervision or investigations.

Leveraged trading in currency contracts or other OTC products on margin carries a high degree of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is suitable for you in light of your personal circ*mstances. You can lose more than you invest. The information on this website is of a general nature. We recommend that you seek independent financial advice and ensure you fully understand the risks before trading. Trading via an online platform involves additional risks.