Regulators in the United States have extremely strict regulations on forex trading. This guide compares the fees, leverage, benefits, and drawbacks of the top US forex-regulated brokers.
Are you a beginner, an experienced trader, or somewhere in between? What are your risk tolerance and budget? Are you looking for long-term investments or short-term trades?
The most important features include regulated brokers forex, low fees, a wide selection of currency pairs, advanced trading tools, exceptional customer service, and comprehensive educational resources. Let us take a deeper look with the help of top forex brokers regulated in the USA
Regulated forex brokers in the USA
In the competitive forex market, it’s crucial to see regulated US forex brokers as key allies. Before choosing a broker, prioritize researching their platform functionality, customer service, account features, range of currency pairs, and compliance with regulations.
Brokers in the USA are required to have a minimum of $20 million in regulatory capital and must register with the CFTC and NFA. This strict regulation is why the US is considered a reliable hub for forex trading regulation.
The top US-regulated forex brokers as of 2024
- Forex.com – Great selection of currency pairs, competitive spreads on forex, a variety of technical research instruments.
- Oanda – Excellent trading platforms, excellent resources for research, and quick and simple account creation.
- IG – Excellent online trading platform, excellent teaching resources, and excellent options for deposits and withdrawals.
- Interactive Brokers provides high interest rates on cash balances and charges low trading fees. They offer a wide range of products and a variety of outstanding research tools.
- TD Ameritrade – Excellent desktop trading platform, great customer support.
USA-regulated forex brokers
Choosing the best FX broker is a complex process that involves considerations like trading costs and regulatory considerations. Find out below the important factors to think about when choosing the top Forex brokers in the United States.
| Broker Feature | INTERACTIVE BROKERS | OANDA | FOREX | IG | AMERITRADE |
|---|---|---|---|---|---|
| Year | 1977 | 1996 | 2001 | 1974 | 1975 |
| Account Type | Individual, Joint, Trust, IRA. Non-Professional Advisor. Family Office.Advisor.Advisor Client (including Non-Professional Advisor and Family Office) Broker Client. Employee Track. | Standard and Elite Trader | Spread-Only Account, RAW Pricing Account, MT5 Account, MT4 Account, Corporate Account, IRA Account, Demo Account | Personal or Individual account, Creator account, Business account | Standard Brokerage Accounts · Specialty Accounts · Retirement Accounts |
| Regulation | SEC, SPIC and CFTC | NFA | NFA / CFTC | NFA / CFTC | SEC and CFTC. |
| Trading Platforms | IBKR Trader Workstation, IBKR Desktop, IBKR Mobile, IBKR Global Trader, IBKR Client Portal, IBKR API | MT4, Web, Mobile, Desktop Trading Platform, Trading View | Mobile App, Web Trader, MetaTrader 5, MT5 Mobile, MT5 Web Trading, MT5 Expert Advisors, MT5 VPS Hosting, MetaTrader 4 | MT4 Web Trader Mobile trading platform | Compare Platforms · Thinkorswim · Investing Platforms · Mobile Trading Apps |
| Deposit Methods | Wire transfer, check, direct bank transfer (ACH) | Debit card (backed by MasterCard, Visa, or Discover), wire transfer and ACH bank transfer | Credit card, debit card, Skrill and Neteller e-wallets, and wire transfer. | Bank transfer, Credit/debit cards, PayPal | Wire Transfer |
| Withdrawal Methods | Wire, ACH – US ACH transfer | Bank wire transfer. | Bank Transfer, Debit Card, Wire | Bank wires, Credit/debit cards | Bank Transfer |
| Withdrawal Fees | $0 | $0 | $0 | $0 | $0 |
| Inactive Fees | $0 | $10- one year of inactivity | A fee of $15 -after 12 months of inactivity | Yes $/£12/€14 per month after 2 years of inactivity | $0 |
| Account Fees | $0 | $0 | $0 | $0 | $0 |
| No.Of Currency Pair | 100+ Currency Pair On 24 Currencies | 68 major and minor Currency pair | can trade over 80 Currency pair | 80+ Currency pair | over 70 + Currency pair |
| Customer Service | 8 pm ET to 3:50 am ET Sunday to Friday | 5 pm Sunday to 5 pm Friday (New York time). | 24 hours a day from 10 am Sunday to 5 pm Friday. | 24 hours a day, Mon-Fri | 24/7 |
| Engagement | 5.5 million average visitors per month | 6.2 million average visitors per month | 1.6 million average visitors per month | 7.8 million average visitors per month | |
| Asset Classes | FuturesStocksBondsMutual fundsOptionsCryptocurrenciesHedge funds | Forex (currencies), stock indices, commodities, CFD shares (US, German, Spanish, British, Belgium, Netherlands, Nordics and Poland), CFD cryptocurrencies, ETFs. | Forex, Equities, Commodities, Indices, Bonds, ETFs, Industry Sectors, Cryptocurrencies, Gold & Silver (Unleveraged In the US), and Futures (Through An Affiliate). | Forex Trading (Spot or CFDs), Forex Pairs 97, U.S. Stock Trading (Non-CFD), Int’l Stock Trading (Non-CFD), Cryptocurrency (Derivative) | ETFsForexMutual fundsOptionsStocksBondsFuturesIRASPlans |
1.Forex.Com
Forex.com – Great selection of currency pairs, Competitive spreads on forex, and A variety of technical research instruments.
Forex.com, a leading force in the global market, serves traders in the United States and ensures compliance with all essential regulations applicable to top forex brokers operating with American clients.
As part of the StoneX Group, a publicly traded company on NASDAQ, Forex.com adheres to the most stringent standards in corporate governance, financial reporting, and disclosure.
With a host of cutting-edge features and integrated trading tools designed for serious traders, Forex.com takes great pride in its in-house developed advanced trading platform.
The main advantages of it are its advanced trading platforms and software. These features guarantee fast execution and transparent performance. Additionally, they also comply with regulations.
Features of Forex.com
- Improved charts in TradingView
- Centre for privacy preferences
- TradingView active trader program
- An advanced trading platform is used by the mobile app
- Alerts regarding prices
- The narrow spreads
- Exchange using charts
 Pros |  Cons |
|---|---|
| Reduced minimum amount needed for a deposit | There are withdrawal costs |
| The accessibility of Islamic accounts | – |
| Strong standing in the sector | – |
| Multiple account options are available | – |
2.Interactive Brokers
Interactive Brokers offers several benefits. These include high interest rates on cash, low trading fees, a wide range of products, and top-quality research tools.
Interactive Brokers is a well-funded non-bank broker for traders and investors in the US. It has many assets, including access to 135 forex markets in 33 countries and coverage of 23 currencies.
Its extensive range of services and products meets a variety of needs, including algorithmic portfolio management, retirement planning, and individual accounts. Interactive Brokers, known for leading the industry, are renowned for their affordable trading fees.
Modern trading tools and platforms are used by interactive brokers, a company at the forefront of technology. Algorithmic trading is the focus of their flagship product, the IB trader workstation.
The Robo portfolio unit, interactive advisors, gives traders access to portfolios with as little as $100. Additionally, the investors’ marketplace provides over 2,000 services across five categories, and their probability lab assists traders with options.
Features of Interactive Brokers
- Global analyst at IBKR
- Platforms for trading
- Shares in fractions
- Worldwide forex markets
- Simulated trading
- Stock yield enhancement program
- Advanced trading options
- No middlemen
- Sophisticated options instruments
- Make additional money
- Features of international trading for fundamentals explorer
- Low rates of margin
- Making an investment offer
- At international brokers and on-demand education
- Types of orders and algorithms
- Resources for research and education on paper trading
| Pros | Cons |
|---|---|
| Wide range of features | Overwhelming amount of information |
| Many educational services | No mention of bonuses or promotions |
| Competitive trading fees | – |
| Advanced trading platforms | – |
| Accessible robo portfolios | – |
| Extensive investors marketplace | – |
| Supports options traders | – |
3.Oanda Forex Broker
Oanda – Excellent trading platforms, excellent resources for research, and quick and simple account creation.
Oanda succeeds by introducing the well-known MT4 trading platform to the US forex market. It provides integrated copy trading services as well as extensive support for algorithmic trading solutions. Oanda takes MT4 to the next level by offering a 28-plugin MT4 Premium Upgrade and integrating Auto Chartist.
Furthermore, it links social traders to the vibrant TradingView community, where over 50 million traders engage in discussions and exchange trading ideas. Oanda facilitates API trading for discerning algorithmic traders.
In the meantime, manual traders find the web-based Oanda Trade platform easy to use. The platform offers over 70 currency pairs, and active traders have the opportunity to benefit from a rebate program that can reduce their trading fees by up to 34%.
Features of Oanda
- Accepts US clients
- Directed by the NFA and FCA
- Visually fair platforms
- Superior quality of research services
- Offers manual traders an easy-to-use web-based Oanda trade platform
- Provides more than 70 currency pairs to choose from when trading forex
| Pros | Cons |
|---|---|
| Extensive MT4 upgrade package and exceptional tools | Limited asset selection excluding equities |
| Reputable broker with over 25 years of experience | – |
| Competitive pricing structure | – |
| Quality market commentary on the OANDA blog MarketPulse | – |
4.IG Markets Forex Broker
IG has been a big player in retail brokering for 45 years, serving 239,000 clients in 17,000 forex markets since 1974. Its continued existence in the constantly shifting field of US-regulated forex brokers is an indication of serious dedication.
IG provides a well-reviewed web platform and mobile trading apps for iOS and Android to traders in the United States. It has a helpful online trading academy with webinars and videos to help beginners learn about trading.
Features of IG
- For more than 45 years, IG has served over 239,000 clients in 17,000 markets.
- Regulated by one Tier-4 jurisdiction, two Tier-2 jurisdictions, and eight Tier-1 jurisdictions.
- Provides iOS and Android mobile apps, in addition to its award-winning web-based trading platform.
- Live webinars and on-demand videos are available at this all-inclusive online trading academy.
- Forex traders are served by a broad range of asset options.
- Users can access the well-known MetaTrader 4 trading platform.
- IG achieved a Best in Class ranking (top 7) in several categories: Offering Investments (with over 19,000 tradable instruments), Commissions and Fees, Education, Mobile Trading, and Professional Trading. Additionally, they placed second in Platforms and Tools and secured first place in Research.
- Following IG’s $1 billion acquisition of Tastytrade, U.S. clients gained the ability to trade options and listed derivatives, such as futures.
| Pros | Cons |
|---|---|
| Wide range of assets available for Forex traders | Restricted options for deposit and withdrawal |
| Excellent selection of trading instruments, including MT4 | Elevated minimum deposit requirement, yet fair |
| Autochartist signals incorporated within the in-house platform |
5.TD Ameritrade
TD Ameritrade – Excellent desktop trading platform, great customer support.
This review currently represents our viewpoint on TD Ameritrade as a stand-alone brokerage.
TD Ameritrade offers commission-free trades, outstanding trading platforms, exceptional forex market research, advanced educational resources for beginners, and reliable customer support.
With such a comprehensive and impressive suite of services, TD Ameritrade is well-placed to be ranked among the top brokers overall in 2023. It has earned Best in Class recognition in several categories, including options trading and being beginner-friendly.
Features of TD Ameritrade
- Charles Schwab Corp. completed the acquisition in 2020, and a full merger is planned for 2023.
- The well-known trading platform Thinkorswim caters to both novice and experienced traders.
- Offers commission-free trading of stocks and exchange-traded funds.
- Offers comprehensive research tools to help investors make wise choices.
- Top-notch educational materials from the industry are suitable for both new and seasoned investors.
- Continually delivers top-notch investment content to enhance overall user experience.
| Pros | Cons |
|---|---|
| Whether novice or professional, it’s a suitable platform | Regardless of preference, TD Ameritrade accounts will transfer to Schwab unless closed or transferred elsewhere. |
| The wealth of third-party research | While client service is superior, other brokers may offer a more user-friendly design and writing. |
| Comprehensive educational content | TD Ameritrade does not offer fractional shares or cryptocurrency trading. |
Online forex trading brokers
The best regulated forex brokers for beginners:
- CMC Markets – Best web trading platform
- IG – Best for education, most trusted
- AvaTrade – Excellent educational resources
- EToro – Best copy trading platform
- Plus500 Futures broker – Overall winner for ease of use
- Capital.com – Innovative educational app
- XTB – Great research and education
Informed Trading
Once you’ve explored these top forex brokers, especially tailored for beginners, the next step is to stay continually informed. Discover more top forex brokers and receive daily updates on stocks, crypto, genuine broker reviews, and forex markets to maintain a competitive edge. Staying ahead in the rapidly changing financial landscape requires both the right broker and up-to-date market information.
Conclusion
You’re prepared to select the best-regulated forex broker in the USA now that you have more information about them. When you make your choice, take your personal needs and trading objectives into account. And never forget that before making any financial market decisions, it’s fundamental to conduct independent research.
Frequently Asked Questions
1. What is a regulated forex trading broker?
A regulated forex broker upholds ethical and fair business practices with clients by following the rules set by the regulatory authority. In the United States, a legitimate forex broker must register as a Retail Foreign Exchange Dealer (RFED) to demonstrate compliance with regulatory standards.
2. How much do I need to start?
The simple minimum needed to start trading forex is $100 for direct access. If you want more flexibility, though, you should have at least $500. This sum gives you enough purchasing power to trade a standard lot, which is 100,000 units of currency.
3. What is the safest way to trade forex?
- Do your homework.
- Find a reliable broker.
- Pay for a demo account.
- Charts should be kept tidy.
- Safeguard your trading account.
- When going live, start small.
- Use reasonable leverage.
- Maintain accurate records.
4. What happens if you use an unregulated broker?
If something goes wrong, you might not be able to get your money back at all. Unregulated brokers involved in practices such as price manipulation, unauthorized trade execution, or misappropriation of client funds pose a significant risk of financial fraud, potentially leading to substantial losses.
5. What is the difference between a forex broker and a forex trader?
- Traders use their own money to make transactions on the stock market.
- Brokers play a crucial role by facilitating the connection between traders and the stock market, a vital service for which they receive payment.
6. Are unregulated forex brokers legal?
It is important to realize that an FX broker does not automatically become illegitimate just because there is no regulation in place. The legality of unregulated foreign exchange brokers is dependent on the jurisdiction in which they operate. There are some jurisdictions where there may be no clear laws or regulations governing FX broker operations.
7. How do I know if my forex broker is regulated?
Verifying the Regulatory Status of a Broker
A unique ID number is given to each forex broker who has a license and authorization from its regulatory body.
Brokers who are subject to regulation must ensure that their website prominently displays their regulatory information. Their ID number is usually easy to find it’s usually at the bottom of each page.
8. How do I choose a forex broker?
5 Tips for Selecting a Forex Broker
- Regulatory Compliance
- Account Features
- Maximum Leverage and Margin
- Commissions and Spreads
- Initial Deposit
- Ease of Deposits and Withdrawals
- Customer Service
- Currency Pairs Offered
- Trading Platform
9. How is the trading critique tested?
Our Trading Critique undergoes rigorous testing procedures to ensure its accuracy and effectiveness in analyzing trades. We evaluate its performance using simulated trading scenarios, historical financial market data, and various market conditions.
10. Why should you trust us?
We guarantee the dependability of our Trading Critique through extensive testing, so you can put your trust in us. We value openness above all else and have a reputation for offering precise insights. Furthermore, user reviews and actual results support our credibility and show how dedicated we are to providing reliable trading analysis.
