3 Best Forex Brokers in USA (2024) - Regulated Trading Brokers

Finding the best forex broker in the USA can be overwhelming. We’ll simplify your search with our clear criteria to help you choose the perfect fit.

Is forex trading legal in the United States?

Yes, forex trading is legal in the US, but heavily regulated by the Commodity Futures Trading Commission (CFTC) and NFA. Choose a licensed broker for compliance.

Quick Insights

The CFTC is a federal regulatory agency that was established by Congress in 1974 with jurisdiction over the commodity futures (derivatives) markets.

The NFA was created in 1982 to regulate the US derivatives industry. This was done through legislation that also set up registered futures associations. The NFA acts as a self-regulatory organization for the industry.

With a well-regulated environment, US forex traders can participate in this global market with confidence.

To navigate this market effectively, selecting a reputable and regulated forex broker is important.

Key considerations for trading in the US

Forex trading involves risk. Educate yourself thoroughly before investing real money.

Educate yourself on forex trading.
Choose a regulated by the National Futures Association NFA /CFTC.
Start with a demo account to practice.
Understand your account balance, leverage, and risk management.
Develop a trading strategy.

3 Top Forex brokers

Are you looking for the best forex brokers USA, Are you ready to trade forex in the US?

Forex Broker comparison - US focus – 2024

Choosing the right forex broker depends on your experience level, trading style, and budget. Here’s a quick recap to help you decide!

Feature	Cobra Trading	IG Broker	Interactive Brokers (IBKR)
Established year	2003	1974	1973
Regulation	NFA, FINRA, SIPC	Varies (FCA, CFTC & NFA for US)	SEC, FINRA, CFTC (US Focus)
Account Types	Individual, Joint, IRA, Corporate, etc.	Leveraged (Spread Betting, CFDs), Non-Leveraged (Share Dealing)	Individual, Joint, Retirement, Institutional, etc.
Minimum Deposit	$25,000+	No minimum (varies by deposit method)	$0
Trading Style	Active Day Trading	Beginner to Advanced	Active to Institutional Investors
Assets Available	Stocks, Options	Forex, Stocks, CFDs (Limited Options & Futures), ETFs, Commodities	Stocks, ETFs, Options, Futures, Bonds, Mutual Funds, Crypto
Commissions & Fees	Tiered commissions, exchange fees, software fees, inactivity fees	Variable spreads, CFD commissions, currency conversion fee, inactivity fee	Fixed/Tiered commissions (IBKR Pro), commission-free US stocks & ETFs (IBKR Lite), margin interest
Margin	Available	Available (leverage varies by instrument & regulator)	Available
Demo Account	Yes (2 weeks)	Yes (unlimited)	Yes ($1 million virtual currency)
Customer Support	Email, Phone, Live Chat	Phone, Email (24/5)	Email, Chat, and Phone (24/7 in various regions)

Cobra trading review

Cobra Trading caters to experienced and active traders, offering direct market access, multiple platforms, and a focus on short selling. However, high minimum deposits may deter beginners or those with limited capital.

Feature	Cobra Trading
Established year	2003
Regulation	NFA, FINRA, SIPC.
Trading Platforms	DAS Trader Pro, Sterling Trader Pro, Cobra Trader Pro.
Minimum Deposit	Standard Accounts: $25,000 Pattern Day Trader (PDT) Accounts: $27,000 (US Residents) $30,000 (International)
Assets Available	Stocks, Options
Account Types	Individual Joint (JTWROS) IRA (Traditional & Roth) Corporate LLC Trust Partnership Miscellaneous
Fees & Commissions	Equity Commissions: Tiered ($0.0015 - $0.003 per share) Option Commissions: Tiered ($0.30 - $0.50 per contract) Exchange fees: $0.05 to $0.55 per contract Software fees: $100 to $150 per month (waived for high-volume traders) Market data: Starts at $18/month (Basic) Routing fees: Varies (rebates for adding liquidity, charges for removing) Inactivity fee: $15/quarter ACAT transfer (outgoing): $95 Annual IRA fee: $35 Locate fees: 1 and 5 cents per share (may be negotiable) Margin interest: 8%
Education & Research	Limited resources are available on the Cobra Trading website. May need to rely on external sources.
Customer Support	Email - same-day response Phone - toll-free, Mon-Fri 7 - 4:30 CST Live Chat - business hours
Demo Account	Yes - 2 weeks

IG Broker review

IG is a well-established and regulated broker offering a wide range of investment products and services. It caters to both beginner and experienced traders with user-friendly platforms, educational resources, and competitive fees.

However, keep in mind the lack of negative balance protection for US clients and leverage restrictions in some regions.

Feature	IG broker
Established year	1974
Regulation	FCA, ASIC, BaFin, FINMA, CFTC & NFA
Account Types	Leveraged (Spread Betting, CFDs), Non-Leveraged (Share Dealing, Stocks & Shares ISA, Smart Portfolio, Smart ISA Portfolio)
Demo Account	Yes (virtual currency, no time limit, amount may vary)
Minimum Deposit	No minimum for bank transfers, which varies by region for other methods (e.g., $300 for credit/debit cards and PayPal in the US)
Withdrawal & Deposit Methods	Wire Transfer Debit Card Credit Card PayPal, Visa MasterCard
Fees & Commissions	The flat platform fee is waivable Discounted fees for frequent traders Currency conversion fee 0.5% Inactivity fee - $12/month after 24 months of no trading activity Wire withdrawal fee ($15), Rebates for high-volume traders US
Leverage	Varies by instrument and regulator (1:20 to 1:30 common for major forex in most regions)
Assets & Instruments	Over 19,500 Forex, Stocks, CFDs, Options (Limited), Futures (Limited), ETFs, Commodities, Bonds
Customer Service	24/5 by phone and email

Interactive Brokers (IBKR) review

Ideal for active and institutional investors seeking a vast selection of investment options, low commissions (especially with IBKR Lite), and access to margin. The powerful TWS platform might be overwhelming for beginners.

Feature	Interactive broker
Company	Interactive Brokers
Founded	1973
Regulation	SEC, FINRA, FCA, NYSE, FINMA, CFTC, SFC, MAS, CBI, IIROC, JFSA, and MiFID.
Account Types	Individual Joint Retirement Custodial Trust Family Office Small Business Advisor Hedge Fund Mutual Fund Institutional
Minimum Deposit	$0
Investment Options	Stocks ETFs Options Futures Bonds Mutual Funds Cryptocurrencies
Trading Platforms	IBKR Trader Workstation (TWS) IBKR Desktop IBKR Global Trader IBKR Mobile IBKR Client Portal
Commissions	IBKR Pro: Fixed or tiered fees (e.g., $0.005 per share, tiered options fees). IBKR Lite: commission-free trades for US stocks & ETFs
Margin Rates	Lower than the industry average (e.g., up to 49% lower)
Demo Account	Yes, with virtual currency ($1,000,000)
Customer Service	Email, Chat, and Phone (24/7 in various regions)

Conclusion

Don’t let broker selection hold you back. Selecting the right forex broker sets the foundation for your trading success. Cobra Trading, IG, and Interactive Brokers are all strong contenders, with features tailored to various trading styles.

By prioritizing regulatory compliance, account features, and your individual preferences, you can confidently navigate the forex market. To learn more about these brokers and understand deposit requirements, visit our FAQ section. Happy trading!

Pro Tip

Begin your forex trading journey on the right foot by partnering with our trusted forex broker. Compare, choose, and conquer the markets with confidence. For more information on stocks, crypto, investing, banking, CFD, and more, follow us now!

Frequently Asked Questions

1. How do I choose a forex broker?

To ensure a safe and secure trading experience,

By following these steps, you’ll be well on your way to finding the perfect forex broker for your needs.

2. Interactive brokers, cobra trading and IG broker from this which broker does have the minimum deposit?

Cobra trading minimum deposit is $25,000+

3. Which broker does have the demo account with virtual currency?

Interactive brokers offer demo accounts with $1 million virtual currency.

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