Best Forex Brokers in the USA

Following our in-depth review and ranking process, here are the best forex brokers in the USA;

  1. Forex.com
  2. IG
  3. Interactive Brokers

1. Forex.com

Forex.com

Forex.com is a highly reputable online broker across the globe and a part of StoneX Group Inc. (NASDAQ: SNEX), a publicly-traded company that meets the highest standards of corporate governance, financial reporting and disclosure. Forex.com offers forex trading and CFDs across a variety of asset classes including, indices, metals, commodities, stocks and cryptocurrencies, with over 4,500+ instruments to trade.

Forex.com offers top-notch trading solutions, suitable for retail, commercial and institutional clients, as well as provides support for all trading styles and strategies (such as hedging, scalping and EAs, etc). In addition, it offers a number of great trading services including; low-cost trading, top tier liquidity, superior trade executions, industry-standard trading platforms, professional guidance and support, transparent fee structure, an active trader program for reduced trading cost, and much more.

Forex.com Overview

BrokerForex.com
Regulation NFA (US), CFTC (US), FCA (United Kingdom),  FSA (Japan), IIROC (Canada), ASIC (Australia)
Forex Pairs80
Trading PlatformsForex.com Webtrader, Metatrader 4, Forex.com Mobile App
Minimum Deposit$100
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:50
Account CurrenciesUSD, EUR, CAD, JPY, CHF, AUD, GBP
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Paypal, Skrill, Neteller.

Pros

  • Strong regulatory framework.
  • Over 20 years of indusry experience.
  • Beginner friendly.
  • Top tier liquidity.
  • Low latency and superior order execution.
  • Supports all trading styles and strategies.
  • Negative balance protection.
  • Clients funds are segregated.
  • Over 80 currency pairs, including major, minor and exotic currency pairs.
  • Transparent fee structure with no hidden charges.
  • Low forex trading fee.
  • No deposit or withdrawal fee.
  • Offers Active Trader Program which helps reduce trading cost by up to 15%.
  • Quality education and market research offering.
  • Sophisticated trading tools and platforms (proprietary and third-party trading platforms).
  • Great customer support service.

Cons

  • Inactivity fee of $15 (or 15 base currency equivalent) charged per month if there is no trading activity or no open positions for a period of 12 months or more.

2. IG

IG

IG is a highly reputable global online broker established by IG Group plc; a publicly-traded company listed on the London Stock Exchange. IG offers CFD trading across a wide variety of asset classes including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rate, sectors and ETFs with over 17,000+ instruments available to trade.

IG offers an exceptional brokerage service, with trading solutions suitable for retail and institutional clients (such as hedge funds, family offices, private investment vehicles, asset managers, brokers, banks and introducing brokers). Also, traders can get access to an extensive list of great brokerage services including deep liquidity, superior trade execution, volume-based rebates, industry-standard trading platforms (proprietary & third-party), competitive spreads, expert customer support service, and much more.

IG Overview

BrokerIG
Regulation CFTC (U.S.), FCA (U.K.), ASIC (Australia), FCA (United Kingdom), FINMA (Switzerland), FMA (New Zealand), MAS (Singapore), FSA (Japan), FSCA (South Africa), DFSA (UAE), BMA (International)
Forex Pairs81
Trading PlatformsProRealTime, L2 Dealer, MetaTrader 4
Minimum Deposit$300 (or currency equivalent)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:50
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal

Pros

  • Strong regulatory framework.
  • Listed on the stock exchange.
  • 45+ years of industry experience.
  • Established in 15 Countries worldwide.
  • 313,000+ clients worldwide.
  • Deep liquidity.
  • Negative balance protection.
  • Volume-based rebates.
  • No minimum deposit for bank transfer
  • Industry-standard trading platforms (proprietary and third-party) available for mobile and desktop devices (with EA compatibility).
  • Forex spreads from 0.6 pips on major currency pairs.
  • Excellent eductional offering for beginner, intermediate and advanced traders.
  • Outstanding research offering.
  • Great customer support team.

Cons

  • Inactivity fee charged (after 2 years of inactivity).
  • No support for copy trading and social trading.
  • High financing rate.
  • Limited product portfolio in some countries.
  • No Support for social trading and copy trading.

3. Interactive Brokers

InteractiveBrokers

Interactive Brokers (also known as IBKR) is a global leading online broker, owned and operated by Interactive Brokers Group; a publicly-traded company, listed on the NASDAQ index. IBKR offers a wide array of trading instruments and investment products all from a single integrated trading account, including forex (spot currencies), stocks, fractional shares, bonds, mutual funds, hedge funds, ETFs, options, futures, cryptocurrencies and metals.

IBKR provides trading solutions suitable for retail and institutional clients (including registered investment advisors, prop traders, hedge funds, money managers, family offices, introducing brokers, compliance officers, small businesses, fund administrators, hedge fund managers allocators, and hedge managers educators).

Also, it offers two brokerage plans, which are the IBKR Lite and IBKR Pro. While the IBKR Lite plan serves less active traders with a simplified trading experience via Client Portal, IBKR Mobile and Trader Workstation, the IBKR Pro plan is designed to serve active traders and sophisticated investors with a more advanced trading experience, via a full suite of premier trading technology.

In addition, all clients can enjoy the broker’s extensive list of great trading services, some of which include deep liquidity, superior order execution, low trading fee, low financing rate, quality educational materials suitable for beginners, intermediate & level advanced traders, sophisticated multi-functional trading platforms, an extensive list of powerful trading & research tools and much more.

Interactive Brokers Overview

BrokerInteractive Brokers
Regulation CFTC (United States), IIROC (Canada), FCA (United Kingdom), CSSF (Luxembourg), Central Bank of Ireland (Ireland), Central Bank Hungary (Europe), ASIC (Australia), HKFS (Hong Kong), KLFB (Japan) and Mas (Singapore).
Forex Pairs115
Trading PlatformsTrader Workstation, IBKR Mobile, IBKR APIs
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:50
Account CurrenciesUSD, AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ISL, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD, ZAR, SEK, CHF and TRY.
Payment MethodsBank Wire Transfer, US Automated Clearing House (ACH), Check, Online Bill Payment, BPay, Direct Deposit, Canadian Bill Payment, Canadian Electronic Fund Transfer (ETF), Direct Rollover (Trustee-To-Trustee, Late Rollover, Employee/ Employer SEP Contribution, Recharacterization, Roth IRA conversion).

Pros

  • Strong regulatory framework.
  • Over 40+ years of experience in the industry.
  • Listed on the stock exchange.
  • Wide range of product offering.
  • Large selction of investment products.
  • Professional grade proprietary trading platforms for desktop and mobile devices.
  • Superior order executiion.
  • Provides support for expert advisors.
  • Top tier liquidity and no requotes.
  • Negative balance protection.
  • Ultra-low spreads and commssions.
  • Secure deposit and withdrawal methods.
  • Offers over 23 account base currencies.
  • Offers volume tiered pricing structure (tiers are based on the combined monthly trade value of the underlying asset).
  • Accepts U.S clients.
  • Wide range of quality educational materials suitable for beginners, intermediate and advanced traders (including videos, courses and webinars).
  • Wide range of vital trading services.

Cons

  • Can be overwhelming for beginners.
  • Not suitable for low volume traders.
  • Offers no thrird-party trading platform.
  • Demo account available only after the regular trading account has been approved and funded.
  • Card payments and electronic payments not available.
  • The customer support service can be improved.