Trading forex in the United States is popular among local forex traders. But the main task when starting to trade forex is to find a reliable broker.
Our team of experts in the financial field has spent about 200 hours testing and researching different forex brokers and trading platforms in the U.S. to help you choose the best one. You can familiarise yourself with the results of our work below.
In This Guide
Here are the Best Forex Brokers & Platforms in the U.S.
- Best Forex Broker: Forex.com
- Cheapest Forex Trading Platform: Oanda
- Best Free Forex Broker: Forex.com
- Best Forex Trading Platform for Professionals: Interactive Brokers
- Best Forex Broker for Beginners: Oanda
- Most Popular Forex Trading Platform: Interactive Brokers
- Best Forex Broker for Windows: Forex.com
- Best Forex Broker for Mac OS: Oanda
Which is the Best Forex Broker in the U.S.?
Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.
Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✔ Poor selection of CFDs
✔ Long processing times for certain withdrawals
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✗ Poor selection of CFDs
✗ Long processing times for certain withdrawals
Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.
Forex.com is the largest retail forex website of the GAIN Capital company. The broker is considered one of the oldest in the forex market.
We consider Forex.com to be the best forex broker in the U.S. The broker offers MT4 and Advanced trading platforms, ensuring the convenience of your trading.
Forex.com offers more than 90+ currency pairs and gives access to trading on over 4,500 markets, including forex, equities, crypto, commodities, and indices. It allows you to change the market if you decide to trade in another asset class.
You should pay attention to the fact that contracts for difference (CFDs) are not available to U.S. residents due to strict U.S. trading regulations.
Which is the Cheapest Forex Trading Platform in the U.S.?
Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against.
✔ Their unparalleled global reach
✔ 5 different platforms
✔ High fees and commission
✔ A limited selection of assets in some jurisdictions
✔ Their unparalleled global reach
✔ 5 different platforms
✗ High fees and commission
✗ A limited selection of assets in some jurisdictions
Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)
Oanda is one of the leading forex brokers in the U.S. and around the world. The broker has a versatile and easy-to-use trading platform that is perfect for both beginners and experienced traders.
Oanda doesn’t have any hidden charges. The trading platform’s online currency tools are free to use, and as for commissions, you pay only per trade. Moreover, Oanda doesn’t require a minimum deposit amount.
You can trade 100+ instruments, including currency pairs, indices, bonds, metals, and commodities, using Oanda. All this makes Oanda the cheapest forex trading platform in the U.S.
Which is the Best Free Forex Broker in the U.S.?
Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.
Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✔ Poor selection of CFDs
✔ Long processing times for certain withdrawals
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✗ Poor selection of CFDs
✗ Long processing times for certain withdrawals
Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.
Forex.com is the best forex broker in the U.S (it is also rated as the best in this article). It has powerful trading tools, winning trading platforms, tight spreads, and more, making it a favorite among traders.
Forex.com’s demo account is a core element in getting free access to all the platform’s features. It’s a great opportunity to familiarise yourself with the platform, find out how it works, and meet all the trading platform’s pros and cons. It’s risk-free, as you can only trade with virtual funds.
The best thing about the demo account is that you get educated for free and can start practising here and now.
On the other hand, you will not make a profit since there is no opportunity to trade on a demo account with real funds.
Which is the Best Forex Trading Platform for Professionals in the U.S.?
✔ One of the biggest online brokers in North America
✔ Top-shelf trading software for all customers
✔ Long processing time for withdrawls
✔ High commission for small positions
✔ One of the biggest online brokers in North America
✔ Top-shelf trading software for all customers
✗ Long processing time for withdrawls
✗ High commission for small positions
Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC
Interactive Brokers’ (IBKR) trading platform is excellent for professional and experienced forex traders. Moreover, IBKR is one of the largest online brokers in the United States.
This platform is suitable for professionals because it offers an impressive range of financial instruments, including stocks, options, futures, currencies, and bonds. Moreover, Interactive Brokers provide traders with a wide variety of tools and research resources that give traders the important information for efficient trading.
Unfortunately, IBKR has rather high fees compared to other brokers.
Which is the Best Forex Broker for Beginners in the U.S.?
Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against.
✔ Their unparalleled global reach
✔ 5 different platforms
✔ High fees and commission
✔ A limited selection of assets in some jurisdictions
✔ Their unparalleled global reach
✔ 5 different platforms
✗ High fees and commission
✗ A limited selection of assets in some jurisdictions
Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)
We’ve highlighted Oanda as the best forex broker for U.S. beginner traders, as Oanda has great educational materials to help newcomers.
The platform offers various educational materials, including books, webinars, courses, and videos. All the materials are up-to-date and provide traders with useful and important information.
Moreover, Oanda allows you to trade with virtual funds and to familiarise yourself with the trading platform with its demo account. It’s the best option for beginners, as they can try trading and not be afraid of losing money.
Which is the Most Popular Forex Trading Platform in the U.S.?
✔ One of the biggest online brokers in North America
✔ Top-shelf trading software for all customers
✔ Long processing time for withdrawls
✔ High commission for small positions
✔ One of the biggest online brokers in North America
✔ Top-shelf trading software for all customers
✗ Long processing time for withdrawls
✗ High commission for small positions
Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC
Interactive Brokers is the best forex broker for international trading and the most popular forex trading platform in the U.S.
The broker has been operating for more than 43 years on the trading market and has 24 offices in 14 countries. IBKR develops its trading platforms every year, staying up-to-date. Moreover, Interactive Brokers has nearly 1 million active customers.
The platform has its powerful smart order router and a wide variety of offerings, worldwide, and across asset classes. This flexibility is one of the main qualities that make Interactive Brokers in demand among many traders.
Which is the Best Forex Broker for Windows in the U.S.?
Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.
Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✔ Poor selection of CFDs
✔ Long processing times for certain withdrawals
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✗ Poor selection of CFDs
✗ Long processing times for certain withdrawals
Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.
Forex.com is considered the best web trading platform for Windows in the U.S., due to its access to the MT4 platform. As far as we know, MetaTrader is the preferred trading platform for most Windows users who trade.
Forex.com has a user-friendly platform with a transparent and clear design. There are a lot of different instruments and helpful chart tools for comfortable trading. Besides, the forex broker offers competitive spreads, making it very popular among U.S. residents.
Although Forex.com’s website is intuitive, it has several pages with incorrect or incomplete information.
Which is the Best Forex Broker for Mac OS in the U.S.?
Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against.
✔ Their unparalleled global reach
✔ 5 different platforms
✔ High fees and commission
✔ A limited selection of assets in some jurisdictions
✔ Their unparalleled global reach
✔ 5 different platforms
✗ High fees and commission
✗ A limited selection of assets in some jurisdictions
Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)
After hours of researching, we’ve concluded that Oanda has the best forex trading platform for Mac OS in the U.S. They have the fxTrade and fxTrade Practice that are very popular among Mac OS users.
The platform allows trading directly from charts, offering 10+ chart layout types, which suit different trading styles, and more than 50+ drawing tools. Oanda has 5 trading platforms. It means that you can stay with this reliable broker even after changing your operating system to another one.
Take into account that the broker has quite high fees and commissions. The minimum commission is $0.01 USD per trade.
Trading Guide for Forex Traders in the U.S.
Trading requires safety in every country. To ensure safe trading in the U.S., you should pay attention to the strict U.S. trading regulations.
The main thing that you need to pay attention to when trading forex in the U.S. is whether the broker is licensed and how reliable the organisation is that regulates it.
There are several main regulatory bodies in the U.S:
- Commodity Futures Trading Commission (CFTC). This organisation issues brokerage licenses.
- The National Futures Association (NFA) acts as an extension of the CFTC and oversees forex brokers’ strict compliance with financial standards.
- Securities and Exchange Commission (SEC). This agency of the U.S. government is the primary oversight and regulatory agency for the U.S. securities market. They protect investors and the national banking system.
- Financial Industry Regulatory Agency (FINRA). It is a privately held American organisation that regulates member brokerage firms and exchange markets.
It is essential to deeply analyse U.S. trading laws and choose a licensed forex broker to start trading in the U.S. successfully.
How to Choose the Best Forex Broker
It’s not an easy task to find a suitable and reliable forex broker in the U.S., but there are several factors you need to pay attention to:
- Broker regulation
The biggest mistake a novice trader can make is to choose an unlicensed broker. U.S. trading laws are stringent, so you need to consider regulated brokers only. All the trading platforms we recommend are licensed and strictly regulated by the main U.S. regulatory bodies.
- What are you trading?
The amount of assets and securities a broker has is very important when choosing the right broker. Our trading guide includes the best forex brokers in the U.S., but many of them also have other markets you can choose for trading.
- Self-development
There is no need to use a broker that can’t offer you up-to-date educational materials to study the market and develop your trading skills. There are a lot of brokers that allow you to get this information in a way that is comfortable for you, for example, by taking part in courses, looking through webinars or reading books.
These are the main tips for choosing the best forex trading platforms in the U.S. You can also read our list above, which is based on extensive testing and research. We hope it will help you to decide.
FAQs
Is forex trading legal in the U.S.?
Forex trading is entirely legal in the U.S. You can easily trade currency online. The main thing to consider is choosing a reliable forex broker, which is regulated by one of the main regulatory bodies.
Where can I trade forex in the U.S.?
Before trading forex in the U.S., you need to choose the right online U.S. forex broker first. Trading with a trusted broker is crucial for convenient forex trading. All you need is to determine your needs and choose the right trading platform according to them.
Is forex tax-free in the U.S.?
Tax regulations depend on the country you live in and the broker in question. U.S. traders who trade using a U.S. brokerage must pay taxes. But foreigners who are not residents or citizens of the United States do not have to pay any taxes on foreign currency profits.
How much do forex traders make a day?
Your earnings will depend solely on you. A forex trader can usually earn between five to fifteen percent per month, generally having even a decent win rate and risk/reward ratio. Of course, you need an excellent strategy to make money.
Can you trade forex in the U.S.?
How difficult is forex?
If your goal is to make money quickly, then forex trading will most likely seem difficult to you. To start trading forex, you need to begin educating yourself, spending hours analysing the market and understanding how trading works. This may take from 6 months to a year, or more.
Is forex a good investment in the U.S.?
The forex market is highly profitable, as it allows you to increase your initial investment overnight. Besides, when trading forex, you can earn even when your currency falls. But don’t forget that up to 80% of retail traders lose money when trading.
Is forex safer than stocks?
Forex trading has more leverage and is less regulated than stock trading. This makes forex trading highly profitable, but at the same time, riskier for traders.
Conclusion
Our team of experts worked hard to create this list of best forex brokers and trading platforms in the U.S. It is worth mentioning that all the brokers we recommend are safe and strictly regulated. We hope this article is useful for any trader looking for a reliable forex broker in the United States.
Note: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to answer you as soon as possible.
Trading Platforms, Brokers & Apps That We Tested:
- Markets.com
- 24Option
- IQ Option
- BDSwiss
- HotForex
- Trade.com
- Libertex
- Plus500
- XTB
- InstaForex
- IG Markets
- GKFX
- LionsFX
- Valutrades
- XM
- IronFX
- Blackwellglobal
- FPMarkets
- AmanaCapital
- Admiralmarkets
- Alvexo
- Bizintra
- Pepperstone
- Windsorbrokers
- FXPro
- ForexTime
- HYCM
- FXGrow
- TeleTrade
- Trader.online
- Marketscube
- Finmaxbo
- FXCC
- Oanda
- Forex.com
- LCG
- CMC Markets
- FXCM
- iForex
- IFC Markets
- Aaatrade
Is Trading Allowed In My Country?
Europe:
- Albania
- Bosnia & Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Kosovo
- Latvia
- Lithuania
- Macedonia
- Malta
- Moldova
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- Serbia
- Slovenia
- Spain
- Sweden
- Switzerland
- Turkey
- Ukraine
- United Kingdom
Excluded: Belgium
North America
- Belize
- Canada
- Costa Rica
- Cuba
- Guatemala
- Honduras
- Jamaica
- Mexico
- Nicaragua
- Panama
- Puerto Rico
- The Bahamas
Excluded: United States
South America
- Argentina
- Bolivia
- Chile
- Colombia
- Dominican Republic
- Ecuador
- Guyana
- Paraguay
- Peru
- Suriname
- Uruguay
- Venezuela
Excluded: Brazil
Africa
- Algeria
- Angola
- Benin
- Botswana
- Burkina Faso
- Burundi
- Cameroon
- Central African Republic
- Chad
- Democratic Republic of Congo
- Egypt
- Eritrea
- Ethiopia
- Gabon
- Ghana
- Guinea
- Guinea-Bissau
- Kenya
- Lesotho
- Liberia
- Libya
- Madagascar
- Malawi
- Mali
- Mauritania
- Morocco
- Mozambique
- Namibia
- Niger
- Nigeria
- Republic of the Congo
- Rwanda
- Sierra Leone
- Somalia
- South Africa
- South Sudan
- Sudan
- Swaziland
- Tanzania
- The Ivory Coast
- Togo
- Tunisia
- Tunisia
- Uganda
- Western Sahara
- Zambia
- Zimbabwe
Middle East
- Georgia
- Armenia
- Azerbaijan
- Iran
- Iraq
- Syria
- Lebanon
- Cyprus
- Israel
- Jordan
- Saudi Arabia
- Kuwait
- Bahrain
- Qatar
- United Arab Emirates
- Oman
- Yemen
Asia
- Afghanistan
- Bangladesh
- Cambodia
- China
- China
- India
- Indonesia
- Japan
- Kazakstan
- Kirgizistan
- Laos
- Malaysia
- Mongolia
- Myanmar
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Thailand
- Turkmenistan
- Uzbekistan
- Vietnam
Excluded: Hong Kong
Oceania:
- Australia
- New Zealand
Our Author:
Adam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years.
Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team.
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