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7 Best Regulated Forex Brokers in US for 2024

David Cox Last Updated: November 11, 2024
Disclosure This content is for educational purposes only. Forex trading involves significant risk and may not be suitable for all investors. Ensure you understand the risks involved and adhere to local regulations before trading. Take a look at our detailed review methodology on how we curated a list of metrics to evaluate platforms featured on CryptoNewsZ. We may utilize affiliate links within our content and receive a commission.

We all know the US is the biggest Forex market in the world. Recently, we have seen that the US forex market is experiencing phenomenal growth, attracting a wave of new and experienced traders. According to the Bank for International Settlements report, the daily trading volume in this market now exceeds $7 trillion (as of April 2022). Selection of the right broker becomes a strategic decision due to many considerations such as trading costs, regulations, and other factors. By highlighting the 7 best US forex brokers for 2024, this article helps you cut through the clutter and make an informed choice.

Table of Content

Key Takeaways

  • List of 7 Best US Forex Brokers
  • US Forex Broker Regulations
  • Methodology to Choose the Best US Forex Broker
best us forex broker

List of Top 7 Forex Brokers in USA for 2024

Forex trading requires a reputable online broker. Contract for difference (CFD) traders and forex investors may have different platforms, trading tools, and research needs. Therefore, knowing the investment style can help choose the best forex brokers that accept US clients. Here we have curated a list of top 7 forex brokers in USA, you can choose the best among them based on their fees, platforms, trading styles and start your trading journey soon. Here is the list of the top US online brokers for forex trading in 2024:-

IG US FOREX.com Plus500
Interactive Brokers Ally Invest OANDA
eToro

IG US – Best for Trading CFDs & Forex

IG US

4.6 / 5
12345

Account Opening Charges

Free

Currency Pairs

80+

Introduction
For traders located in the United States who want to access the forex markets, IG US is a highly regarded option among all US forex brokers. Based in London, the massive player in the forex market offers its customers extremely competitive spreads and quick execution. It is notable for the active trader pricing offered through its Forex Direct accounts.

You can check our IG review to explore the various leveraged products, trading signals, & other services that IG offers to its retail trader.

Why We Choose It?
According to the CryptoNewZ, IG is a standout option as it offers a trading platform with easy-to-use interfaces, strong trade management tools, various order choices, a helpful community, and extensive educational materials. Whether you’re new to trading or seasoned in the field, IG equips you with the resources and assistance to thrive in the evolving realm of forex trading. Moreover, IG US LLC is best regulated forex brokers in USA with the Commodities like Futures Trade Commission (CFTC) and the National Futures Association (NFA). IG also has a 40-years track record and operates in five continents. This makes it a dependable option for CFD brokers that operate internationally. 
Key Features
  • IG Desktop Platform lets you choose between two types: CFDs/Spread betting and Options.
  • The CFDs/spread betting interface is very intuitive with vivid design updates and increased functionality.
  • The main trade zone includes powerful search tools, live prices, active trades, interactive charts, trade tickets, watch lists, and customizable alerts.
  • The Trade Management part helps you keep an eye on things you like, your trades, and your trade past.
  • IG provides trade tickets with two components: “Deal” for market execution and “Order to Open” for pending orders.
Pros & Cons

Pros

  • IG US has a reliable customer service, which enables traders to resolve questions quickly and effectively.
  • Due to a solid footprint across many countries, IG US Forex Broker enjoys market expertise and depth.
  • The platform gives regular market updates and trade insights, enabling traders to remain updated with market movements and happenings.
  • IG US offers numerous risk management instruments that allow traders to protect their investments efficiently.
  • IG mobile application is properly created to allow the traders to have a flawless trading experience on the move with all the core features accessible.

Cons

  • Some traders may find there are minimum deposit requirements to open an account.
  • IG US may charge inactivity fees when you don’t use the account within a certain period.
  • The platform does not offer a wide range of cryptocurrencies which may not be suitable for the traders who are focused on the crypto.
  • IG US does not provide direct stock trading. Unlike other competitors, this is a disadvantage for traders who would like to diversify into equities.

FOREX.com – Best for Active Foreign Exchange Traders

FOREX.com

4.6 / 5
12345

Account Opening Charges

$100

Currency Pairs

80+

Sign Up Now

Introduction
FOREX.com, a proprietary trading platform that has been in operation since 2001, is one of the biggest CFDs and largest online forex brokers in USA; it operates in association with more than 300 international financial markets and has over 5,500+ global stocks. This platform helps investors, including US residents across the globe, by providing several highly advanced chart trading tools that can be updated in real-time scanning. FOREX.com provides a trading platform that is easy to navigate and offers competitive pricing and a diverse selection of trading instruments. The CFTC regulates it, and the NFA ranks among the top regulated forex brokers in USA. With EUR/USD spreads reaching incredibly low levels and a commission of $5 per $100k, it makes the mark.

However, check the Forex.com review for more details on the top Forex trading platform, its supported financial regulatory body, and more.

Why We Choose It?
Forex.com stands out as one of our top choices among traders, thanks to its market accessibility, state-of-the-art trading tools, and reputable status. By offering a selection of currency pairs, indices, commodities and CFDs, Forex.com caters to traders at every skill level. With user trading platforms, in-depth research resources and attentive customer service, Forex.com guarantees a trading journey that enables traders to make the most out of the international market prospects.
Key Features
  • Offers diverse stock CFDs.
  • Offers US, EU, and UK stock CFDs with tight spreads of 1 point.
  • Allows speculation on well-known brands and emerging IPOs with active community chat rooms.
  • Offers long and short positions on 5,500+ CFDs across forex, stocks, indices, commodities, and cryptocurrencies.
  • Exclusive Web Trader platform with over 80 technical indicators and 20 millisecond execution speeds.
Pros & Cons

Pros

  • Over 20 years of experience and regulatory oversight.
  • In-house Web Trader with over 80 technical indicators for market analysis.
  • Offers supplementary tools like Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • Offers industry-leading forex pricing starting from 0.0 pips and competitive cashback rebates of up to 15% for serious day traders.
  • Offers educational resources including tutorials, webinars, and a YouTube channel.

Cons

  • Product portfolio limited to forex and CFDs.
  • Limited funding options compared to leading alternatives.
  • No negative balance protection for US clients.
  • Demo accounts time-limited to 90 days, limiting effective testing of day trading strategies.

Plus500 – Most Reliable Platform for Online Trading

Plus500

4.8 / 5
12345

Account Opening Charges

Free

Currency Pairs

60+

Sign Up Now

Introduction
Plus500 is a renowned online trading platform known for prioritizing user data and fund security. As per the Plus500 review, this platform strictly adheres to regulatory requirements by segregating funds into separate bank accounts and ensuring robust protection for user information. One of the US-regulated forex brokers, Plus500, offers a publicly traded CFD platform with a client base in 32 languages, including English, German, Italian, Spanish, French, and more. It boasts a user base of more than 26 million in 50 different countries. Founded in 2008, the company is included in the FTSE 250 Index and is overseen by global regulatory authorities, with 40% of trades conducted on mobile devices like smartphones and tablets.

Check our Plus500 review for more information about this platform’s commission structure, low costs, and leverages. 

Why We Choose It?
Plus500 is one of our top choices because of its easy-to-use trading platform, competitive pricing, and wide variety of assets. With CFDs available for stocks, forex, commodities, and other options, Plus500 accommodates all trading styles as it is regulated by a broker in the USA. Its simple interface, market updates, and risk management tools make it a favored choice for traders looking for effective trading experiences supported by dependable customer service.
Key Features
  • Provides forex trading via CFDs with tight spreads on more than 60 currency pairs.
  • Provides various shares in US, UK, and European markets.
  • Provides investment options in ESG and cannabis industries.
  • Offers over 30 indices with leverage of up to 1:20.
  • Offers CFDs on currencies, stocks, indices, and commodities without charging commissions.
  • Enables trading on both increasing and decreasing prices of well-known cryptocurrencies.
Pros & Cons

Pros

  • Specifically designed for CFD trading with a simple user interface.
  • Provides trading without charging commissions in a variety of markets.
  • Improves short-term trading products by utilizing VIX options with increased volatility.
  • Enables strategic trading in both long and short positions by using leverage.
  • Offers customer support around the clock through email, live chat, and WhatsApp.

Cons

  • The absence of social trading hinders trade replication.
  • Limited research and analysis tools compared to competitors.
  • The absence of Algo trading and scalping deters day traders.
  • Lack of support for MetaTrader or cTrader charting tools.

Interactive Brokers – Best for Institutional Investors

Interactive Brokers

4.4 / 5
12345

Account Opening Charges

Free

Currency Pairs

100+

Introduction

Interactive Brokers is one of the US-regulated forex brokers, providing investment services and access to 150 markets. The company has over 40 years of experience and adheres to strict regulations set by the CIRO, SEC, FCA, and SFC. IBKR Lite is a commission-free option for US-listed stocks and ETFs they provide. Further, the IBKR Mobile app allows for easy portfolio management, real-time quotes, and chart viewing, which can be accessed anytime. The mix of attributes makes Interactive Brokers a top pick for new market traders.

Apart from this, one must check our Interactive Brokers review of this platform & learn more about its various services, supported powerful tools, how it benefits algorithmic traders, other assets like bitcoin futures and more.

Why We Choose It?
Interactive Brokers stands out as our choice due to its wide variety of offerings and competitive prices. With access to trading tools and affordable fees, Interactive Brokers serves both individual and professional traders. Its adaptable interface, research materials, and solid regulatory structure position it as a favored choice for traders looking for trading options and making exceptional market entries.
Key Features
  • Offers over 100 major, minor, and exotic forex pairs.
  • Offers institutional-grade spreads and 20 complex order types.
  • Provides access to equity products from 24 countries.
  • Offers direct investment in stocks or speculative trading through CFDs, futures, and over 13,000 ETFs.
  • The TWS platform offers more than 100 order types and high-quality market data.
  • Supports cryptocurrency trading with Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Pros & Cons

Pros

  • Top-tier authorities offer trust and regulation.
  • TWS platform for intermediate and advanced traders offers 100+ order types and real-time market data.
  • The new IBKR Desktop platform includes Option Lattice and Screeners with MultiSort.
  • Toggle AI subscribers receive commission reimbursements and free or paid third-party research subscriptions.
  • Tens of thousands of stocks from 100+ market centers in 24 countries for unmatched global stock access.

Cons

  • Inconsistent research tools and bad user interface of ‘Account Management’ on page across trading platforms.
  • Slow customer service.

Ally Invest – Best for All Forex Traders

Ally Invest

4.7 / 5
12345

Account Opening Charges

Free

Currency Pairs

80+

Introduction
Ally Invest, a known Forex brokerage firm, offers a trading platform, competitive pricing, and a variety of trading options. It is overseen by the SEC and NFA, which adds to its credibility among traders in the United States. Ally Invest is a forex broker in USA with a platform, competitive rates, and diverse trading choices. It caters to traders in the US without requiring a deposit and provides account types suitable for everyone. However, its lack of resources and higher fees for non-US residents might discourage some traders.

However, if you want to explore more detail about the Ally Invest review platform and its features, account opening process & more as it’s an ideal choice platform for everyone & we have it covered.

Why We Choose It?
Ally Invest stands out as an option for us due to its easy-to-use platform, affordable fees, and wide range of investment choices. Offering commission trading for stocks, ETFs, and options, Ally Invest appeals to traders at all levels of experience. Its user-friendly trading tools, educational materials, and helpful customer service make it a favored choice for individuals looking for an investment journey.
Key Features
  • Easy-to-use trading platform (Ally Invest Forex).
  • Regulated by multiple authorities.
  • No minimum deposit is needed for US residents.
  • Free trading on stocks, ETFs, and options is provided by Ally Invest, making it a convenient choice for cost-effective traders.
  • The platform offers several account types to suit different trading styles and investment objectives.
  • It offers advanced trading tools and features that allow traders to carry out deep analysis and execute trades promptly.
Pros & Cons

Pros

  • Suitable for traders at any skill level.
  • Low trading expenses.
  • Wide selection of trading instruments.
  • Multiple account options are accessible.

Cons

  • Limited educational materials.
  • Increased fees for non-US residents.

OANDA – Best for Private Investors & Retailers

OANDA

4.5 / 5
12345

Account Opening Charges

Free

Currency Pairs

68+

Introduction
If you are dedicated to your forex trading, Oanda is a good choice. This broker has a strong reputation among Forex Brokers in the US and provides traders with various advanced platform features and research tools. If, as a trader, your decisions are based on algorithms for trading, Oanda’s API options are very impressive. While the fees for forex trading are usually reasonable, they may not always be the most competitive. You can choose from popular platforms, including MetaTrader, TradingView, and Oanda’s very own mobile app. Oanda offers competitive rates for forex and CFD trading with low fees. While withdrawal fees are generally low, there is a small inactivity fee.

Check our OANDA review for more information about this platform’s commission structure, low costs, and leverages.

Why We Choose It?
OANDA stands out as one of our eight choices because of its ease-of-use platform, competitive pricing and wide selection of currency pairs. Featuring charting features up to the minute market information and customizable trading interfaces, OANDA provides an extensive trading journey for both newbies and seasoned forex traders as it is one of the regulated forex brokers usa. The company’s dedication to transparency, structure and attentive customer service solidify its position as a reliable ally for traders, across the globe.
Key Features
  • They offer trading in forex, CFDs, and cryptocurrencies.
  • Their desktop platform is similar to their web platform, with user-friendly features but without price alerts.
  • The mobile app has a two-step login for added security.
  • There are no deposit or account fees.
  • Withdrawals to debit/credit cards are free, but bank transfer withdrawals are pricier than other competitors.
Pros & Cons

Pros

  • Excellent trading platforms.
  • Impressive research tools.
  • Quick and easy account setup.

Cons

  • Limited options for clients, with only FX and CFD available for most (stocks available only in the EU).
  • Customer support is not available around the clock.

eToro – Best for Forex & Cryptocurrency Traders

eToro

4.5 / 5
12345

Account Opening Charges

Free

Currency Pairs

80+

Sign Up Now

Introduction
eToro is a well-known cryptocurrency exchange and one of the best US Forex Brokers, where you can trade more than 30 different cryptocurrencies and stocks and a few exchange-traded funds (ETFs). The platform’s social aspects and vibrant community make it perfect for traders looking for a shared trading environment. However, some may find the high trading fees challenging, especially for short-term trading, even though the CFD fees are lower. Despite the fees, eToro stands out from other top forex brokers with its exceptional copy-trading feature.

Find more information about this broker in our detailed eToro review, including about their services, tight spreads, account opening process, and more.

Why We Choose It?
eToro is well-known for its social trading platform, where users can engage, exchange trading insights, and replicate investors’ strategies. Featuring a simplistic user design, a diverse selection of assets such as stocks, cryptocurrencies, and commodities, and functions like CopyTrading, eToro provides an accessible and interactive trading experience to traders at any expertise level, making it one of our top picks.
Key Features
  • It supports trading in 30+ cryptocurrencies, stocks, and ETFs.
  • Offers social features and active community for communal trading.
  • User-friendly apps and competitive fees make it ideal for beginners.
  • The superior copy-trading feature sets it apart.
  • CFD fees aren’t as competitive as other brokers.
  • Monthly fee: $10 after one year of inactivity, with a $5 withdrawal fee.
Pros & Cons

Pros

  • The fees for CFD trading are not as competitive as those of other brokers.
  • Trading stocks and ETFs is free of charge.
  • Top-tier financial authorities regulate the company, but it is not publicly listed on any stock exchange.
  • eToro does not require a minimum deposit from US residents, so it is open to all kinds of traders.
  • Despite being limited in some aspects, eToro offers crucial educational materials that help traders improve their knowledge and skills.
  • eToro is designed to serve traders at all levels with a wide range of investment options that include forex, stocks, ETFs, and options.

Cons

  • Limited Altcoins in U.S.
  • Equity holdings determine platform levels.
  • No phone number is available for calls.

Comparison of Best Forex Brokers in USA

Forex Brokers MT4 MT5 Average Spread EUR/USD Withdrawal Charges Review
IG US Yes No 0.86 $0

Visit
FOREX.com Yes Yes 1.4 $0

Visit
Plus500 No No 1.2 $0

Visit
Interactive Brokers No No 1.10 $10 Bank Wire/Transfer | $4 Checks | $1 BACS/GIRO/ACH/EFT/SEPA

Visit
Ally Invest No No 1 $30 Wire Transfer

Visit
OANDA Yes Yes 0.7 $0 on credit/debit card (bank wire transfer will incur a fee)

Visit
eToro No No 1.0 $5

Visit

Laws and Regulations for Best US Forex Brokers

US Forex brokers must follow strict rules set by the CFTC and collaborate with the NFA to oversee trading activities. The CFTC supervises off-exchange trading in forex and commodities, ensuring adherence to regulations on supervision, ethics, and anti-fraud measures. Traders with less than $10 million assets and not considered ECPs must comply with these rules. ECPs, such as larger entities with assets exceeding $10 million, have special permissions for certain forex trades unavailable to regular trading customers. Non-counterparties involved in forex trading in the US are also subject to these regulations. Best regulated forex broker in USA adheres to stringent regulations to ensure the safety and security of investors.

Major currencies have a 50:1 leverage limit, while minor currencies have 20:1. Short and long forex options also require security deposits. Traders cannot hedge their forex trades as the FIFO rule prohibits them from holding multiple positions in the same forex asset. These regulations promote transparency and stability in the forex market for all.

Our Methodology

This thorough analysis of the 7 best us forex brokers is, based on certain determinants such as:

  • Basic And Advanced Trading Features: These brokers provide a wide array of tools for traders at all levels, making it easy to access and use different trading strategies.
  • Security Measures: Top brokers prioritize the safety of their clients’ funds and personal data, using strong encryption and regulatory practices to build trust.
  • Platform Usability: The brokers offer user-friendly trading platforms for both desktop and mobile devices, ensuring a smooth trading experience.
  • Fees Structure: It’s crucial to look for brokers with competitive spreads, reasonable commissions, and minimal hidden charges. This helps to ensure that trading costs are clear and cost-effective for clients.
  • Ease of Deposit And Withdrawal: It is important to choose a broker that offers convenient and efficient processes for depositing and withdrawing funds. This includes supporting various payment methods, minimizing transaction delays, and improving client satisfaction and convenience.

Learn more about our approach to reviewing forex trading platforms. Explore our methodology!

Conclusion

Picking the best US Forex broker is important as it plays a significant role in shaping one’s trading journey, financial stability, and overall performance in the Forex market. A trustworthy broker offers trading platforms, competitive pricing, secure transactions, and essential support services. Given the intricacies of trading, opting for a broker can help mitigate risks, enhance trading efficiency, and ultimately contribute to financial prosperity. Therefore, traders seeking a companion on their adventure should conduct thorough research and thoughtful deliberation before finalizing any decisions.

FAQs

Do forex traders pay tax in USA?

Yes, forex traders have to pay taxes on the profits they make.

Which is the best forex broker in the USA?

The best USA forex broker is determined by factors such as costs, platform, and account types. Before trading, consider the above features to decide which one is a perfect fit for you.

Which Forex Broker Charges the Lowest Fees in US?

Finding the forex broker with the lowest costs can be challenging, as it depends on different trading styles and volumes. A few brokers with competitive costs include Interactive Brokers, and FXTM. Compare charge structures to find the right fit for you!

Which is the most trusted forex broker in the US for beginners?

Finding a trusted forex broker for beginners totally depends on your requirements. ⁤⁤Some well-known US brokers are IG and Forex.com, which are the best and can be trusted by beginners because they offer regulated platforms, educational resources, and user-friendly features to help you get started.⁤

Which Is the Lowest Spread Forex Broker in USA?

Identifying the lowest spread might be difficult due to varying market conditions and account types. Some US brokers, like Interactive Brokers and FXTM, are well known for offering competitive spreads. But before making any decision, make sure to compare spreads across different brokers.

Which Forex Brokers Accept US or Non-US Clients?

Forex regulations differ for US and non-US clients. US traders should look for CFTC-registered brokers. For non-US clients, options vary by location. Research regulations in your region before choosing a broker.

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