6 Best US Forex Brokers for 2022 Comparison & Reviews

Trading.com offers the choice of their proprietary platform or MetaTrader 5. The proprietary web trader platform and mobile app are streamlined ensuring easy trading no matter where you are. The IG Academy presents a comprehensive suite of online resources, including live training sessions and tutorials, essential for mastering the fundamentals of forex trading. At Forex.com, traders can access the full suite of standard MetaTrader tools on MT4 and MT5, complemented by extra features. This includes nine in-built Expert Advisors for automated trading strategies alongside 15 unique indicators. This indicator, which comes without additional charges for traders who meet certain deposit and trading volume thresholds, offers insightful data on market sentiment.

Interactive Brokers  The best choice for professional traders

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About The Forex Brokers USA Review

In addition to ten major pairs, the broker offers 58 minor, exotic and cross pairs for a total of 68 currency combinations for trading. EUR, GBP, USD, JPY, NZD, AUD and CHF are among the major currency pairs available through OANDA. As an American forex best us forex brokers trader, you’ll find everything you need in OANDA’s selection of currency pairs. In terms of fees, Interactive Brokers charges a commission based on the volume traded. The commission starts at $0.005 per share and varies depending on the trading volume.

– Great Tight Spread Forex Broker US

Forex.com’s Active Trader Program is designed to support and reward high-volume traders. The program scales up the cash rebates as the monthly trading volume increases, potentially slashing trading costs by up to 15%. For traders who hit the threshold of $1 million in monthly trading volume, the program offers rebates that can amount to as much as $10. Forex.com is second on our list as it is a popular broker for those wanting an ECN-style account type in the United States.

Read our reviews of popular forex brokers.

The range of futures markets available on Plus500 is extensive, allowing traders to explore sectors such as forex, cryptocurrencies, agriculture, metals, interest rates, energy and equity index futures. Smart Portfolios on eToro provide a curated investment experience, bundling assets and markets according to a strategic theme. They’re ideal for investors seeking a diversified portfolio who lack the time or interest for serious day trading. EToro stands at the forefront of copy trading, offering a dynamic platform that empowers users to follow and copy the trades of seasoned investors.

Top Trading Markets

The U.S. Dollar (USD) is the most traded currency in the largest financial market in the world – the global forex market. As forex trading has become increasingly popular in the United States, more online forex brokers have begun offering currency-related investment products. Different trading platforms cater to different trading styles and products. If you’re focusing on forex, for example, you’ll want a broker with an excellent MT4 offering. If, on the other hand, you want advanced charting and sophisticated technical analysis tools, look for a broker that offers cTrader. Oanda is great for beginners since it does not require a minimum deposit, allows traders to open trades with single currency units, and offers an unlimited demo account.

US regulators exist to make sure Forex brokers accepting US clients are properly monitored to act ethically and lawfully. The platform is available as downloadable software, a streamlined WebTrader platform and a mobile app optimized for iOS and Android devices. Options start at $0.15 to $0.65 per contract, futures as low as $0.25 per contract and mutual funds transactions at a maximum of $14.95. For those seeking efficiency in identifying trading opportunities, Trading Central is a valuable resource. Additionally, the program includes the services of a personal relationship manager, daily interest margin and waived wire transfer fees, all contributing to a more cost-effective and personalized trading experience. Opting for a regulated MT4 broker registered with authorities like CySEC ensures oversight and security of your funds.

  1. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
  2. Finally, compare your top two choices side by side to decide on a winner.
  3. The IBKRCampus offers university-grade content alongside a wide variety of resources and learning materials for beginner forex traders.
  4. I found it unusual that they only offered forex markets, so no commodities, futures, or options.
  5. Shane first starting working with The Tokenist in September of 2018 — and has happily stuck around ever since.

The higher leverage offered allows you to build a stronger portfolio much faster, and you’ll find that the platform works best for intraday, mid-day and small-volume traders. Trading.com is becoming the go-to choice if you’re seeking a straightforward yet effective trading platform. Tailored for modern traders, it has a user-friendly interface that streamlines trade executions, especially for if you prioritize simplicity over complex features. When compared to other jurisdictions, there are not many US Forex brokers with high leverage.

Another benefit for futures traders at Plus500 is trading fees consisting of tight spreads and a commission of $0.49 per micro contract and $0.89 per standard contract. A $10 auto-liquidation fee also exists if Plus500 must liquidate a contract. Trading.com offers a specialized forex trading account tailored to U.S. clients with over 70 currency pairs, no commission fees and a low minimum deposit.

It is important to note that with the advancement of technology, the role of the modern broker has also expanded to offering Forex information to traders. While some Forex brokers in the US offer trading platforms without offering relevant trading news, contemporary brokers offer a plethora of services including news and even trading tips. OANDA is the most trusted forex broker licensed by the NFA to accept American clients. We also appreciate its excellent in-house trading platform, selection of currency pairs to trade and competitive trading costs. 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.

If you trade with MT4, you’ll need to select the Standard or MetaTrader 4 account type when getting started with FOREX.com. Variable spreads start at 1.2 pips for both and include commission in the spread, which makes it easier to calculate trading costs. In terms of fees, TD Ameritrade charges a commission of $0.10 per 1,000 units of currency traded, with a minimum commission of $1.00.

Saxo offers 20 high-quality video courses and dozens of articles dedicated to financial markets education. Additionally, Saxo’s market research content is so comprehensive and informative that I consider it a highly valuable educational resource. On the MT4 account offered by Forex.com, you can trade over 80 forex pairs with very low spreads. At Interactive Brokers you can find raw forex spreads from 0 pips, with additional commissions charged per lot up to $4 (per lot traded) based on the trading volume. While using OANDA Trade, their primary trading platform, we’ve noticed its reliance on TradingView for comprehensive charting and technical analysis. Nevertheless, it offers a seamless trading experience across web, mobile, and tablet interfaces.

Some types of hedging were banned for Forex trading by the CFTC in 2009 along with the FIFO rule. Strict rules and regulations imposed by the CFTC and NFA make accepting American clients difficult and unnecessarily onerous for many CFD brokers. Others don’t accept American clients because it’s illegal for Americans to trade CFDs, regardless of country of residence. While the broker provides adequate educational materials, it has room for improvement, and account funding and withdrawal methods are somewhat restricted. Customer support operates 24/5, which we hope to see expand to 24/7 as Trading.com matures. With a total of seven licenses from regulators in Tier-1 jurisdictions, OANDA rightfully earned a perfect trust score based on our methodology.

Although there is no hard line that defines when the Forex market opens for US traders as it runs 24 hours a day, five days a week, it is widely agreed that the US opening time for Forex is at 8 a.m. The first couple of hours of the US open is typically the most liquid during any 24-hour Forex period because London and other European centers are still operating at that time. Secondly, it ensures that your broker cannot unfairly take advantage of you and must offer you a fair market, and the trading conditions which their advertising promises. Some Forex brokers in the USA will offer their clients a choice of different types of accounts. Here is a checklist you can employ for yourself, to use when evaluating the best Forex brokers for US traders.

The platform is highly customizable and available across multiple interfaces, including desktop, web and mobile apps. Saxo Bank has operated in the United Kingdom since 2006 through its subsidiary Saxo Capital Markets U.K. Ltd (SCML) and, like many forex brokers, it doesn’t accept U.S. traders. With a wide range of forex brokers comes a wide variety of features, specialties, and forex trading platforms. To help you find the best forex broker for what you’re looking for, we’ve listed our top picks for some of the most sought-after features in the forex industry.

Most importantly for traders in the USA, OANDA Corporation is licensed by the National Futures Association and registered with the Commodities Futures Trading Commission. However, if you’re looking for a No Dealing Desk alternative, the best one is Forex.com with its DMA account. For those in the US, it’s worth noting that margin trading isn’t available. Innovative features such as the platform’s Option Spread templates were user-friendly, allowing us to assess various strategies by simply dragging and dropping tiles.

The forex markets are open 24 hours a day, five days a week (check out my market hours guide for more details). FXCC was founded in 2010 and provides brokerage services for forex and CFD traders with more than 70 currency pairs. The broker supports the popular MetaTrader 4 trading platform with multiple terminal https://www.trading-market.org/ capabilities and a multi-account manager. You can also access the FXCC MT4 platforms on Android and iOS smartphones and tablets. FXCC employs an electronic communications network/straight-through processing (ECN/STP) model, so you get tight forex dealing spreads from top Interbank liquidity providers.

At OANDA, US residents can fund their live accounts via debit card (MasterCard, Visa or Discover), bank transfer, check (USD) and automated clearing house (ACH). On the other hand, withdrawing funds can only be done via debit card and bank wire transfer. We strongly recommend US residents choose a broker regulated by the CFTC and NFA, which all the providers on this page meet. 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).