Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

7 Best U.S. Forex Brokers 2023

US Forex Brokers

US Forex Brokers registered with CFTC and regulated by NFA accepting US Clients

Here you can find Forex brokers that allow US citizens to trade currencies online. All these brokers are operating under U.S. regulations: registered with CFTC and regulated by NFA. We have not included any of the offshore Forex brokers that provide services to the US clients, turning a blind eye to Dodd-Frank Wall Street Reform and Consumer Protection Act, while it prohibits it. According to this regulation, adopted in 2010, - only brokers, registered in the USA can provide trading services to Americans. We created a list of the best US-registered Forex brokerage companies accepting clients from the United States in 2023 who provide reliable services, excellent customer care services, and user-friendly trading platforms. 


  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
Company#LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
Live spread
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Deposit bonusAccount
1Forex.combest broker2001




3TD Ameritrade1975
5Saxo Bank199220
-10000 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
7Interactive Brokers1977


-10000 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-

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  • FOREX.com - Best USA Forex broker
  • eToro - Best copy-trading platform
  • IG - Best trading conditions, famous brand
  • TD Ameritrade - Best Forex platform
  • Saxo Bank - Trusted Forex bank
  • OANDA - Excellent desktop trading 
  • Interactive Brokers - The best choice for professional traders


Forex.com - “Financial strength you can depend on”

  • Forex.com Pros 

This broker has over 80 currencies to trade and  91 forex pairs that include major, minor, and exotic. Their minimum initial deposit is  $100 which is an advantage because it is lower than average. Regarding fees, there is no withdrawal fee, deposit fee, or account fee. Your deposit and withdrawal methods include electronic wallets, credit, and debit cards, and bank wire transfers. Their trading platforms are user-friendly and can be used on your web, mobile, or desktop. 

  • Forex.com Cons

This broker does not offer CFDs to US clients according to regulations, and cryptocurrencies can only be bought through CFD trading. They do not allow social or copy trading, some of the popular trading techniques. Opening an account can take from 1 to 3 business days before they verify your information. Forex.com charges and monthly inactivity fee if you do not log in to your account for a year. 


  • eToro Pros

eToro has over 2,000 assets and a demo account with $100,000 worth of paper trading. There are low trading fees, and low minimum deposits depending on the method. For example, bank wire transfers are zero cost while bank cards are $300. Withdrawals are free, and their minimum withdrawal is $30 which is lower than average. You can access social trading, a popular trading technique that is not always available. 

  • eToro Cons

There is only one account base currency which is USD. They accept 14 other currencies to deposit, but they have a conversion fee that can be calculated on their website. They charge an inactivity fee of $10 each month after 12 consecutive months of inactivity. There is a minimum initial deposit of $200 and a withdrawal fee of $5. If you trade on through their website you will not have many customizable tools, charts, workspace, etc.


  • IG Pros

With IG you can trade 80 forex pairs. IG offers great educational content such as information about risk management, trading tools, trading ideas, strategy, planning, a glossary, and more. They do not charge a deposit fee and you can credit your account using bank cards, transfers, and electronic wallets. There is no minimum deposit and you can open a demo account with $20,000 worth of virtual funds. 

  • IG Cons

IG has an inactivity fee for all clients who are inactive for two years. It costs a total of $12 per month after the inactive period. Account opening takes from 1 to 3 business days. They charge high forex fees with a standard charge of 0.5% for currency conversion. They charge fees for international deposits or those not made in USD. The overnight trading fee includes an admin fee when they calculate it.


  • Ameritrade Pros

TD Ameritrade has many account options for different needs and financial goals. The minimum deposit in this broker is 0. Deposits and withdrawals are fee-free and can be made using bank wire transfers. If you decide to trade on the web, you will enter a user-friendly interface with good security through a two-step login. You can download your platform to your tablet or phone to trade on the go. 

  • Ameritrade Cons

There are not many deposit or withdrawal methods. You can’t use a credit card, debit card, or electronic wallet if you want to transfer money. A disadvantage for many traders can be that TD Ameritrade only offers trades on US markets. They also almost only receive US clients. Although you can call, email, fax or visit them physically, this broker does now offer live chat as part of their customer support.


  • Saxo Bank Pros

With Saxo Bank, you can access over 40,000 instruments and 182 FX spot pairs. In less than three business days your account will be verified and you can start trading. They have a demo account where you can trade for 20 days with real-time quotes and $100,000 worth of paper money. There are 26 base currencies accepted which can be deposited with a credit card, debit card, or bank wire transfer. 

  • Saxo Banks Cons

Saxo Bank has a minimum deposit of $10,000 which is above average. After six consecutive months, you will be charged $100 as an inactivity fee. If you trade bonds, futures, or options, their fees are higher than other brokers. If you want to deposit or withdraw there is no electronic wallet method available. Saxo Bank offers good basic research, but if you need historical data or other fundamental information it will be charged.

OANDA - “We’re changing the world of currency”

  • OANDA Pros

OANDA 38 forex pairs that are major, minor, and exotic. Their lowest spreads start at 0.9 pips on some of the major pairs. Their platform can be downloaded to your phone, tablet, or desktop if you need to trade on the go. Their deposit methods include credit cards, debit cards, bank wire transfers, and payments. They offer a demo account and they do not have a minimum initial deposit or withdrawal fees during your first month. 

  • OANDA Cons

They do not offer clients other assets other than forex and CFDs. Even though they specialize in CFDs they do not offer lower-than-average CFD fees. If you want to credit your account using bank transfer or PayPal the fee is high, charging $20 for transfers. PayPal will charge a service fee and a percentage of the amount you deposit. Lastly, if you download your trading platform to your phone they do not offer security like face ID or touch login. 


  • Interactive Brokers Pros

This broker does not ask for a minimum deposit, nor does it charge withdrawal fees or account fees. You can deposit using checks, bank wire transfers, and online bill payment checks in many currencies such as USD, EUR, JPY, GBP, AUD, CHF, CAD, and more. They are present in over 33 countries and you can trade 23 currencies. You can open a demo account with real-time quotes with paper money worth 1,000,000 USD. 

  • Interactive Brokers Cons

Interactive brokers charge an inactivity fee to those who do not trade for a certain period. They also have a higher forex fee than average. Deposit and withdrawal methods do not include credit cards, debit cards, or electronic wallets. When you open an account you must wait from 1 to 3 business days for it to be verified. Their online platform does not offer a wide variety of workspace or tool options.

Forex in the United States of America

As an investor, it is important to be acquainted with the Federal Reserve System (Fed). The Fed was created in 1913 by the U.S. Congress. Before then, there was no strong regulatory body that implemented monetary policy and the markets are very unstable.

After the crash of the stock market in 1929, Congress passed the 1933 Securities Act and Securities Exchange Act in 1934. These 2 laws were deliberately designed to restore the traders' confidence. In 1944, Bretton Woods formulated another legal framework to regulate the financial markets which were designed to prevent the recurrence of global depression. However, one of the challenges faced by Bretton Woods was the dollar's inability to maintain its convertibility. For many years, USA Forex brokers were not controlled by any authority. For some, it was a representation of true freedom while for other traders it was a blend of both ugly and good.

Since the introduction of the Farm Bill and subsequently, the Dodd-Frank Wallstreet Reform Act (2010), a lot has changed in the FX sector. Today, FX brokerage companies based in the US or those dealing with US traders are part of and are regulated by the independent NFA and the CFTC. A notable change brought about by the Farm Bill was that Forex brokers needed to meet certain capital requirements of at least $20 million. As a result, many small and relatively new retail brokers who failed to meet this capital requirement disappeared.

US Forex Brokers Regulations: Getting onto the Basics

Why are Forex regulations important? The foreign exchange market industry has rapidly grown in the past decade with the number of traders equally soaring. Moreover, the number of brokers has also increased leading to increased cases of fraud and scams.  Potential malpractices and frauds are common in countries with little to no regulations.

Check the US-registered Forex brokers' regulators:

  • Commodities Futures Trading Commission (CFTC)

The CFTC is a regulatory authority tasked with overseeing the regulation of all future markets including Forex. It operates under the Commodities Exchange Act framework. Non-bank USA Forex brokers working for retail traders are also regulated by this agency.

  • National Future Association (NFA)

The NFA is a non-profit and independent organization based in Chicago that does not operate on taxpayer money. This makes it difficult for the organization to have a conflict of interest. It also has the power to issue fines and can suspend the transactions of a broker. Moreover, it offers conflict resolution services that arbitrate disagreements between traders and their members. Non-bank FX brokers handling retail clients must be NFA members.

  • Office of the Comptroller of the Currency

The OCC is a bureau of the Department of the Treasury. It has rules that regulate futures for both local and international banks as stipulated in the Commodities Exchange Act. So how do all these organizations fit together? The OCC set of rules is the most current but was made parallel with the CFTC rules.

  • Set of NFA Rules for USA Forex Brokers

First, all brokers are required to promote the integrity of the financial and FX markets by practicing transparent market practices. NFA allows fair competition among brokerage firms but all promotional and advertising materials should give information that will not mislead traders.

All NFA members should also have at least $20 million as operating capital. This is higher than many regulatory agencies across the globe. Higher operating capital ensures superior traders' liquidity and prevents any major financial pressures.

In addition, NFA-regulated brokers are required to issue financial statements every week. These financial statements give a clear picture of client account balances, cash flow amounts, and broker's expenditures. Besides that, the brokers also submit annual audit reports which are later published on the regulatory agency's official website.

USA Forex brokers should also employ competent and experienced staff.

What Happens if USA Forex Brokers Violate the Regulation?

The National Futures Association has put in place a process that handles brokers' frauds and financial indiscretions. It looks for the alleged brokerage firm and takes the trader's complaints seriously. The organization is renowned for issuing heavy penalties as well as sanctions against brokers caught manipulating clients.

Why choosing a regulated USA Forex broker doesn't mean you have Enough Protection

A significant number of Forex brokers have a history of violating US FX regulations. In most cases, Forex brokers have deliberately violated these regulations where the violations with the aim of making more money. Other USA Forex brokers have never been sanctioned by the NFA over the many years they have dealt with retail Forex clients.  Although they may operate an honest business. This is not always the case. Several companies have been flagged for engaging in deceptive or even abusive execution acts to the detriment of the Forex client.

What kind of Forex broker do you want? Continue reading this article to find examples of the best Forex brokers in the USA. 

Becoming a client of the best Forex broker in the USA

Forex trading USA

Forex trading may be a tedious and overwhelming undertaking but at the same time, it can be very rewarding. Its rewards may include an opportunity to make good money while also acquiring useful social networks with other traders. Having a good understanding of what it takes to become a Forex broker will enable you to trade independently.

Understand the Forex market

Read as many web posts and books as possible. It will help you understand trading styles, mechanisms, players, and how Forex works.  You will also be knowledgeable with regards to both technical and fundamental analysis as well as getting to know the macroeconomic factors at play in currency trading. You will also learn how to check order conventions, pricing, and other basics that you may require when assisting investors to decide on the best transactions.

Understand the role of USA Forex brokers in the contemporary trading environment

Get to understand what it means to be a Forex trader. Understand the trading rules, operating hours for popular trading markets, and even the role of your Forex broker. Alternatively, you can search for online Forex forums and credible review sites.

It is important to note that with the advancement of technology, the role of the modern broker has also expanded to offering Forex information to traders. While some brokers offer trading platforms without offering relevant trading news, contemporary brokers offer a plethora of services including news and even trading tips. A competent broker should ensure that the clients' trading software platforms are always functional, orders are processed efficiently and the company's pricing algorithms have an appropriate bid spread.

Ensure your broker has a professional certification

To become a Forex broker in the US you have to pass a Series 3 license (also referred to as National Commodity Futures Exam). Forex is regarded as one of the most uncertain categories of investments; as a result, a separate exam is set to test the eligibility of those who sell it.

The Series 3 examination has a testing duration of 150 minutes and consists of 2 parts. Part one has 85 questions and tests one's market knowledge. It also tests price limits, essential orders and accounts, calculations, margin requirements, and basic hedging. The second part, on the other hand, has 35 questions and it tests regulations. Some of the topics covered include CPO (commodity pool operator) or CTA (commodity trading advisor) regulations, different arbitration methods, and Commodity Exchange Act.

You should be knowledgeable and familiar with different regulations to pass. There are many detailed preparatory materials for this test online. To take the real test one has to pay $115 and be sponsored by a licensed Forex brokerage company. The multiple-choice exam is administered by the Financial Industry Regulatory Authority (FINRA) and can be taken any day at websites across the U.S. and internationally.  The passing mark is 70% on both parts of the test.

In some cases, some people may not be allowed to sit for the Series 3 test but may be permitted to take other tests. Therefore, it is important to check for proficiency requirements on the NFA official website. Also, exceptions may be allowed for some brokers depending on the firm's business.

Limitations and Comparison to other countries/scams

Forex trading regulations in the United States of America are not the same as those enforced in many parts of the globe. These laws are quite stringent and this explains why the US has few brokers licensed by the NFA.

Some of the US Forex regulations that are different from those in other nations include:

  1. Leverage

  2. Hedging

  3. Ability to authenticate the broker


Forex is what it is today because of leverage; it allows traders with small amounts of capital amount to trade with more funds hence magnifying the profit or even loss.  The regulatory agencies can, however, direct how much leverage is appropriate. The Dodd-Frank Act, 2010 regulations limited leverage to 50:1 on major currencies and 20:1 on minors. This was done to lessen the amount of risk taken by traders who don't understand the disadvantages of leverage.


A trader has three options when operating a losing trade and one of them is hedging which is placing the order in the reverse direction. It is a very effective strategy that reduces losses. However, the USA regulations do not allow hedging. Instead, your previous order will be closed irrespective of your profits or losses, if you place a new order on the identical currency pair.

Ability to authenticate the broker

Since most brokers operate online platforms, they can claim to be under a certain regulatory authority even when they are not. All NFA members have a distinct license code that investors can use to cross-check with the agency's database. All US-based brokers are also members of the CFTC. If the broker is not present in either database, the firm is not allowed to handle US retail traders.

NFA also offers an outstanding online resource with profound information on brokerage scams, banned companies, penalties, and not forgetting essential information about U.S financial markets.

Other regulations revolve around deposit security and storage of clients' funds.

Forex in USA FAQ

Is Forex for beginners?

Forex can be for both advanced and beginner traders. It will depend on the knowledge you have and how you handle your emotions under stressful situations. Even if you are a beginner forex trader, you can start trading currencies after completing a learning curve.

Which is the best Forex trading platform for US clients?

This will depend on your needs, personal funds, and goals. There will be different trading accounts, fees, commissions, and platforms you must choose between. The best forex trading platforms will always be regulated and will provide you with the best trading tools.

Is Forex banned in the US?

No, it is not. Forex is regulated in the US by the CFTC, the NFA, and the SEC to take care of the economy and public interest. 

Can I trade Forex as a US citizen?

Yes, Citizens of the United States can trade forex. However, your forex broker must be regulated by the U.S. financial authorities. 

Which are the best payment methods for Forex brokers?

If you want to deposit or withdraw it is important to see if they allow credit cards, debit cards, electronic wallets, bank wire transfers, or checks. 

Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.