Before any Forex broker can accept US forex traders as clients, they must become registered as a Retail Foreign Exchange Dealer (RFED) by the financial regulatory body, the Commodity Futures Trading Commission (CFTC).
They must also be regulated by the National Futures Association (NFA) as a Futures Commission Merchant (FCM).
1. Oanda – Best overall Forex broker in the USA
OANDA is a well-known and respected name in the financial industry. It has a good regulatory record, and it supports third-party tools, which adds value to the overall service.
Oandaprovides varying sign-up bonuses and promotions, it is worth checking their website for available promotions.
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Pros and Cons
User-friendly trading platform
High withdrawal fees
Low trading fees
Low minimum deposit
Information
Regulation
FCA, NFA, CFTC
Minimum deposit from
Average spread from
Commissions from
$0.01 USD per trade
Deposit/Withdrawal Fees
Maximum Leverage
Various promotions
Customer Support
2. IG – Best USA Regulated Forex Broker with super low spreads
IG is a global leader in online trading and now recognized as the world’s top CFD provider thanks to its extensive product catalogue, affordable fees, long-standing business operations, and strong industry reputation.
Excellent customer support
Demo account is only available to use for 30 days
Advanced suite of technical indicators
Secure and well-regulated trading environment
FCA, FSCA, CFTC, NFA
No minimum deposit
£3.00 - £8.00 per trade for all types of assets
None offered
3. Forex.com– Best for Beginners US Traders
Beginner traders in the United States can take advantage of Forex.com’s adaptive, configurable, and user-friendly trading platform.
New traders willreceive a sign-up bonus of up to 20%of their initial deposit, with the bonus able to reach a maximum of $5000.
High stock CFDs
Free deposit and withdrawal
KNF, FCA, CySEC, IFSC, CFTC, NFA
1 pip on commission-free accounts/0.1 pip on STP accounts
0.08% of trade value with $8 minimum
$30 on withdrawals of less than $50
Sign-up bonus of 20% on $100 USD
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4. TD Ameritrade– Locally operated USA Forex broker
With TD Ameritrade, commissions are zero, instructional programming is top-notch, and the broker has a user-friendly mobile app that can accommodate the demands of a novice investor as well as an accomplished day trader who wants to open positions in many asset classes.
Comprehensive selection of trading instruments
Long withdrawal times
Wide variety of trading platforms
SEC, FINRA, CFTC, NFA
$0.65 per contract for options
15% margin
None currently
5. ATC Brokers – Top US Forex Broker with premium client support
ATC Brokers provides traders with the well-known MT4 trading platform, as well as more than a dozen currency pairs and CFDs.
ATC Broker’s MT4 Pro plugin is custom-built to distinguish its service from other MT4 providers, and its customer service is superior to that offered by other brokers.
MT4 Pro provides advanced trading features
No Islamic Accounts available
Tight spreads available
$10 per standard contract
Frequently Asked Questions
1. How do I verify a broker is regulated by the CFTC?
You can go to the CFTC’s official website to check for a broker’s official regulation
2. Is forex trading legal in the USA?
Yes, Forex trading is legal in the USA under the regulation of the CFTC and the NFA
3. Does the National Futures Association (NFA) regulate the USA forex trading industry?
Yes, the NFA regulates all retail foreign exchange dealers in the USA
