Choosing the right forex broker is a difficult decision much of the time. However, as a US resident, the situation becomes more complicated. Due to regulatory restrictions, some brokers do not offer their services to those in the US. The good news is that there are still some quality brokers that do.
In this review, we will discuss 7 of the best forex brokers for US traders. We will provide all the key information about each one, alongside important criteria. In the end, it will be much easier to make an informed trading decision.
TL;DR
- Forex.com US offers ease of use alongside many trading platforms. However, it offers higher spreads than some competitors.
- Oanda has high quality research tools, a user-friendly platform, and good regulation. Yet, its spreads are also quite high.
- TastyFX offers competitive spreads and fast execution speeds. The web browser platform is complex to navigate.
- Charles Schwab offers comprehensive charting tools and educational content. However, forex trading is unavailable on the web platform.
- Interactive Brokers offers advanced trading features and competitive feeds. Its desktop platform is complicated to use.
- Trading.com has mobile trading options and competitive spreads. However, it has limited advanced features.
- Plus500 offers a streamlined trading experience. It has limited advanced features that are unavailable to US residents.
Comparison Table
| Broker | Best Known For | Key Features | Pros | Cons |
| Forex.com US | Ease of Use | Proprietary platform, MT4, educational content, mobile trading options | Low account minimums, advanced charting capabilities, regulated in highly regulated jurisdictions | Average spreads higher than some competitors, ceased business in Hong Kong |
| OANDA | Research Offering | Regulatory track record, research tools, MT4 and MT5 platforms | Strong regulatory track record, comprehensive research tools, user-friendly platforms | Higher spreads than some competitors, limited cryptocurrency offering |
| TastyFX | Overall Best Forex Broker for US Traders | Competitive spreads, advanced trading tools, web and mobile platforms | Publicly traded and regulated globally, comprehensive research tools, fast execution | Web platform requires manual resizing, Forex Direct only available to professional traders within the EU |
| Charles Schwab | Multi-Asset Offering | Thinkorswim platform, access to international exchanges, charting tools | Comprehensive educational content, competitive spreads, established financial institution | Forex features not available on the standard web platform, no trading signals |
| Interactive Brokers | Professional Traders | Global markets, competitive fees, advanced trading tools | Regulated in major jurisdictions, comprehensive platform, publicly traded | Only for institutional clients in the US, desktop platform complex for beginners, monthly minimum activity charges |
| Trading.com | Simplified Trading Platform | User-friendly interface, competitive spreads, mobile trading options | Attractive design, easy navigation, $100 promotional credit for new accounts | Limited features for advanced traders, only supports 1 trading platform |
| Plus500 | Mobile Trading | Streamlined trading experience, desktop and mobile platforms | User-friendly, great for beginners and advanced traders, low commissions | Limited advanced features, not available to US traders |
Criteria Breakdown Summary
To properly assess each forex broker, we rated each broker against a set of criteria. These include regulatory compliance, trading platforms, ease of use, fees and spreads, and customer support. These criteria allow us to pinpoint the best forex brokers for US traders based on key aspects.
FOREX.com US
Best Known For: Ease of Use
Forex.com’s US version is a well-known broker that is known for its user-friendly interface in particular. Additionally, this broker has a large number of educational resources available for all trader ability levels. It has low minimum deposits, ideal for keeping trading fees low. With advanced charting capabilities alongside educational offerings, it’s a good choice for both advanced and beginner traders. Of course, it is also one of the forex brokers accepting US clients.
Forex.com is a well-regulated broker available to US residents.
Features
Forex.com offers several trading platforms, including industry-standard MetaTrader 4. Moreover, its proprietary trading platform has many features and tools. As mentioned, this broker offers many educational features, including tutorials, webinars, eBooks, and a large FAQ section.
Overall, this broker offers an easy-to-use experience with an intuitive design. It’s easy to navigate and even complete beginners won’t struggle to use it. As one of the best forex brokers, Forex.com also offers low account minimums of just $100 and several account types.
Pros
Low account minimums
Advanced charting capabilities
Regulated in highly regulated jurisdictions
Cons
Average spreads higher than some competitors
Ceased business in Hong Kong
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Ease of Use: 5/5
Fees and Spreads: 4/5
Customer Support: 4.5/5
Community Reviews and Expert Recommendations
Many users rate Forex.com highly because of how easy the site is to use. Beginners in particular appreciate the educational resources, while advanced traders enjoy the charting capabilities.
“Responses were swift. Agent was polite and helpful in addressing all questions and concerns.” – Christian Grissom via Trustpilot
“I have had a live account with Forex.com for about three months. All is well so far. I’ll be increasing funds after my trading strategy proves successful. Good to know that this broker is US regulated. The challenge is making a profitable strategy with the account constraints required under US regulation.” – Sid Stanton via Trustpilot
Industry experts appreciate this broker’s regulatory status (ASIC, FCA, CySEC) and the educational offerings available for all traders. Due to this, they rate it as one of the best forex brokers in the US. For a more in-depth breakdown, see our forex.com review.
Price
Forex.com offers low spreads at 0.0 pips for major forex pairs. There is a commission of $7 per $100K traded. This broker does not charge monthly fees for its accounts.
OANDA US
Best Known For: Research Offerings
Oanda is a reputable broker, regulated by the FCA in the UK, ASIC in Australia, and CIRO in Canada. It is available to US residents and is one of the best brokers for US traders thanks to its range of features.
It is particularly known for its range of research tools, ideal for traders who want to analyze potential trades.
Oanda is a reputable and popular forex trader.
Features
Alongside Oanda’s strong regulation, it also offers a range of account types and platforms for different needs. In particular, it offers MetaTrader 4 & 5. As mentioned, this broker has strong research tools, ideal for advanced traders. However, these tools are easy to use for newer users too, allowing for skill development. Overall, traders who want to make informed trading decisions will enjoy this broker.
Pros
Strong regulatory track record
Comprehensive research tools
User-friendly platforms
Cons
Higher spreads than some competitors
Limited cryptocurrency offering
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Ease of Use: 4.5/5
Fees and Spreads: 4/5
Customer Support: 4.5/5
Community Reviews and Expert Recommendations
Most users rate Oanda quite highly, especially in terms of customer service. Many also talk about how the platforms are very easy to use and have many tools. As a strongly regulated forex broker, this also gives peace of mind to many users.
“There were some technical issues earlier on in my trading journey with Oanda. However, they made it up with fantastic customer service. Shanice has been very professional and patient with my queries and requests.” – Ray Lim via Trustpilot
“Serious, professional, ready to support you, great spreads. One of the best options if you’re looking for a long-term broker.” – Ernesto Guarino via Trustpilot
Industry experts also rate this regulated forex broker due to its research tools and strong regulation. For more information and a detailed review of this broker, see our Oanda review.
Price
Competitive spreads and commission-based pricing.
TastyFX (Formerly IG Group)
Best Known For: Overall Best Forex Broker for US Traders
Formerly known as the IG Group, TastyFX has a very strong reputation as one of the best forex brokers around. This broker offers competitive spreads and several account types. In addition it has an excellent platform suite available for both web and mobile users.
TastyFX is an excellent choice for both advanced and beginner traders in the US and further afield.
TastyFX was formerly known as IG Group.
Features
TastyFX has a range of features that suit all levels of trading. MetaTrader 4 is one available platform, alongside a web platform, and an app. There is a demo account available for beginners who want to practice without risk, alongside many educational resources. The biggest plus point is tight spreads and low minimum deposits. This broker doesn’t charge monthly fees for its services.
Advanced traders will enjoy the many advanced trading tools on offer, and analytical features. Overall, this is one of the best forex brokers for both the US.
Pros
Publicly traded and regulated globally
Comprehensive research tools
Fast execution
Cons
Web platform requires manual resizing
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Ease of Use: 4.5/5
Fees and Spreads: 4.5/5
Customer Support: 4.5/5
Community Reviews and Expert Recommendations
Many users rate TastyFX in particular for its fast execution times and many research tools. The platform is quite simple to use, which is something many users mention, along with competitive trading costs. The quality of customer service is also highlighted in many positive reviews as both TastyFX and its former name, IG Group.
“After a decade with IG I still have no complaints… just a good range of markets, reasonable spreads, and very attentive support. If the broker is right for you, the rest falls into place. Naturally CFDs are riskier than ordinary shares and that’s our opportunity since all gain derives from risk.” – Max Neugebauer via Trustpilot
“Verified my account by sending a copy of the bank statement showing IG payment. Very easy to do and IG couldn’t be more helpful. Withdrawal works fine and I have no hesitation in recommending, excellent service!” – Captain D via Trustpilot
Out of the several US forex brokers available, industry experts rate TastyFX, formerly IG Group. Its strong regulation and range of features are stand-out elements for experts.
Price
Competitive spreads, commission-based pricing.
Charles Schwab
Best Known For: Multi-Asset Offering
Charles Schwab is a popular and highly regarded broker that accepts US residents. It has a large number of tradable instruments available, and several platforms. With an easy-to-use interface, this broker offers low fees. Additionally, the number of assets makes it easy to diversify portfolios to reduce risk.
Charles Schwab offers a range of tradable instruments and platforms of US residents.
Features
A key feature of the Charles Schwab US broker is the unique Thinkorswim platform. This gives access to a number of international exchanges with their own charting and analysis tools. Additionally, there are many educational resources available, including eBooks, webinars, and tutorials for all ability levels.
Overall, it’s easy to develop technical skills with this broker while enjoying a positive trading experience.
Pros
Comprehensive educational content
Competitive spreads
Established financial institution
Cons
Forex features not available on the standard web platform
No trading signals
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Ease of Use: 4/5
Fees and Spreads: 4.5/5
Customer Support: 4.5/5
Community Reviews and Expert Recommendations
User reviews for Charles Schwab are somewhat of a mixed bag, however on the whole, there are some positive remarks. Many users rate the trading platforms in particular, while the number of educational resources are often commented upon.
Many industry experts also believe that this is one of the best US forex brokers. The number of assets is particularly mentioned along with strong regulation. The FCA, FINRA, CFTC, and MAS regulate this broker.
Price
Charles Schwab offers competitive pricing with tight spreads and no commissions depending upon account type.
Interactive Brokers
Best Known For: Professional Traders
Interactive Brokers is especially popular among professional traders. It has a range of global markets available, advanced trading tools, and competitive fees. However, it doesn’t negate beginner traders entirely.
Overall, it is a good choice for those who want a versatile trading platform with several analytical tools.
Interactive Brokers has a strong reputation with many top quality features.
Features
Interactive Brokers is a good choice for intermediate and advanced traders in particular thanks to its advanced features. It allows access to many global markets and also offers discounts for high-volume traders. Overall, its fees are generally competitive.
Cryptocurrency traders will enjoy this broker as it offers several digital currency pairs. It supports Bitcoin future trading in particular. This is one of the forex brokers for US residents that is mostly suited to professional traders.
Pros
Regulated in major jurisdictions
Comprehensive platform
Publicly traded
Cons
Only for institutional clients in the US
Desktop platform complex for beginners
Monthly minimum activity charges
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Ease of Use: 3.5/5
Fees and Spreads: 4.5/5
Customer Support: 4/5
Community Reviews and Expert Recommendations
Many users of this broker enjoy its comprehensive platform, although beginner traders do feel it is a little complex for basic needs. Many highlight the large range of global markets alongside the trading and analytical tools on offer. Customer service is also mentioned several times as being good quality.
“The investment platform and the various clients such as mobile apps keep getting better from week to week so it’s good to see that it seems there is massive investment in technology happening. Keep up the great work” – Daniel via Trustpilot
“The best broker for advanced users. If you are looking for auto/algo trading experience, there is nothing better than IB’s API.” – Alex via Trustpilot
Industry experts agree that this broker is a good choice for advanced traders. They also point to the advanced trading tools on offer, and solid regulation.
Price
Interactive Brokers offer low commissions and tight spreads, with no monthly subscription charges.
Trading.com
Best Known For: Simplified Trading Platform
Trading.com is one of the best forex brokers in the US and offers a simplified trading experience. With a sleek, modern, yet simple design, their platform offers competitive spreads and a range of markets. This broker is a good option for all trading abilities. Its range of accounts means there is a suitable choice for everyone.
Trading.com offers an easy-to-use platform for all trading ability levels.
Features
With a simple and clean interface, this broker emphasizes a simplified trading experience. It also has an ultra-low account which allows access to over 1000 markets with one log-in. It offers negative balance protection and has strong regulation. Its execution speeds are fast and the mobile app allows for fast, easy trading on-the-go.
While Trading.com is a great choice for those who want a simple experience, it does lack advanced trading tools. Therefore, it will not be the best first for experienced traders who prefer more advanced features.
Pros
Attractive design
Easy navigation
$100 promotional credit for new accounts
Cons
Limited features for advanced traders
Only supports 1 trading platform
Criteria Evaluation
Regulatory Compliance: 4.5/5
Trading Platforms: 4.5/5
Ease of Use: 4.5/5
Fees and Spreads: 4.5/5
Customer Support: 4/5
Community Reviews and Expert Recommendations
Trading.com has mixed reviews from users. Most enjoy the simplified platform and ease-of-use. However, some advanced traders believe it is too simple and doesn’t have enough advanced features. The range of account types is something many users appreciate, along with fast execution speeds.
“I’ve been trading on this platform for 6 months now. I took the opportunity to start a new account and after verification I received the $100 credit. Using this credit and enrolling in their “paper competition” I took first place a couple months ago. Trading.com upheld their advertisement and credited my real account with $6000, as advertised. It is unbelievable!” – Don via Trustpilot
“Trading.com is one of the best entry platforms for traders. The only one I’ve seen that has given an incentive to compete in a competition, to encourage, building confidence in traders. Which is really important. When trading.com adds more tools to their platform, (i.e. trailing stops) I think they will be the top generators of all time.” – Savvy via Trustpilot
Industry experts believe Trading.com is one of the best forex brokers for beginners. Though they agree it may not have enough features for advanced traders. Industry experts also mention the quality regulation and account range as positive points.
Price
Trading.com offers spreads as low as 0.0 pips and low commissions. It does not charge monthly fees.
Plus500
Best Known For: Mobile Trading
Mobile trading is an important aspect for many traders, especially those who want to trade wherever they are, at any time. Plus 500 is a good choice for that. It offers a streamlined experience with a user-friendly platform. Commissions are low, and it is a good choice for both beginners and advanced US forex traders.
Plus500 is easily accessible, making it a good choice for traders to trade wherever they are.
Features
Plus500 is an easy-to-use platform that is especially suited to mobile traders. The app is available on iOS and Android and features a range of innovative tools. In addition, commissions are low, which is ideal for keeping trading costs down as much as possible.
Many tradable instruments are available and several analytical features for careful decision making. While it does lack a huge range of features, it offers a simple mobile experience that many traders favor. As such, it’s a good choice of forex broker for many different needs.
Pros
User-friendly
Great for beginners and advanced traders
Low commissions
Cons
Limited advanced features
Criteria Evaluation
Regulatory Compliance: 4.5/5
Trading Platforms: 4.5/5
Ease of Use: 4.5/5
Fees and Spreads: 4/5
Customer Support: 4/5
Community Reviews and Expert Recommendations
Many users enjoy the user-friendly mobile platform this broker provides, along with its low commissions. Beginner traders in particular find this broker easy to use, however advanced traders feel it could have more detailed features.
“Great service, one of the best nowadays. Customer support is amazing, special thanks to customer support agent Emo for helping me verify my account.” – Kiko via Trustpilot
“I trust Plus500 100/100. Trading with Plus500 since 2020 and I feel this is the best platform for trading. I recommend Plus500 for anyone, no matter if you are experienced or not.” – Rendage Perera via Trustpilot
Industry experts rate Plus500 as one of the regulated forex brokers in the US and enjoy its easy-to-use interface.
Price
Plus500 offers competitive pricing. EUR/USD spreads are as low as 0.0 and no monthly fees are charged.
Notable Mention
Finding a broker accepting US residents can be difficult. While we have rated the above seven brokers in particular, eToro deserves a notable mention.
eToro
eToro is a very popular broker that accepts US residents. It is known in particular for its social trading features and easy-to-use interface. This broker features several different account types and platforms. Moreover, copy trading allows users to emulate successful trades for future profits.
However, it’s important to note that this broker doesn’t allow forex trading for US traders, but it does allow cryptocurrency. You can learn more in our eToro review.
FAQ
What is the best forex broker for US traders?
There are several forex brokers that allow US residents. It’s important to assess specific needs and trading style before making a choice. However, TasyFX is often recommended as one of the best forex brokers for US traders. This is due to its competitive spreads, advanced trading tools, and user-friendly platforms.
How do I choose the right forex broker?
Choosing a forex broker is a personal situation that will be different for everyone. It’s important to focus on factors such as regulatory compliance, trading platforms, fees, customer support, and ease of use. Also consider personal trading styles and goals.
TopBrokers offers a range of resources to help make this decision. Our article on the highest leverage forex brokers may be particularly useful.
Are there any forex brokers accepting US clients?
While many forex brokers do not accept US residents due to regulatory restrictions, there are some that do. The top choices include Forex.com, TastyFX, and OANDA, to name a few.
What are the advantages of using a regulated forex broker?
Focusing on regulation is a vital aspect of choosing a forex broker. Forex regulators provide protection in case of any issues. Additionally, when a broker is regulated by a high-tier body, it must adhere to strict guidelines and offer transparency in its trading efforts. This all adds up to extra protection and reduces the risk of fraud and loss of funds, giving peace of mind.
How important is customer support in choosing a forex broker?
Another aspect to consider when choosing a forex broker is customer support. Reliable and efficient support ensures that issues are resolved quickly and gives extra confidence in the broker’s operations.
All brokers have different customer support channels and availability. Checking this is important before making a final decision. It’s also a good idea to read user reviews to understand the quality of available support.
Final Thoughts
Making a decision on the right forex broker is a time-consuming process but it’s necessary to ensure a smooth trading journey. It’s important to consider many elements, including regulatory compliance, trading platforms, customer support, fees, and whether they allow 24 hour forex trading. However, US residents also need to carefully assess whether or not the broker accepts traders from this region.
Beginner traders also have different needs compared to advanced traders. Understanding personal trading goals and preferences is also a vital piece of the puzzle.
The seven forex brokers we have reviewed all have their pros and cons. Taking the time to weigh them against personal needs allows for a smoother trading experience. Additionally, remember that some brokers only allow specific trading instruments for US residents. This is another aspect to consider before signing up for an account.
TopBrokers offers a range of detailed reviews and comparisons to help make this decision easier, including the best brokers for forex. Alongside this, we offer many resources to help develop trading skills, including how to read forex charts and momentum trader strategies.
