3 Best NFA Forex Brokers in 2021

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US-based traders should always make sure that their broker is a member of the National Futures Association (NFA). It will provide an additional layer of security against potential fraud. We have intensively researched the tight field of US NFA regulated brokers offering Forex to identify the best NFA Forex brokers below.

Top NFA Brokers

1
IG Markets
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Top US Forex broker
Over 17,000 tradeable assets
2
Forex.com
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
NFA regulated broker
In-house research and excellent educational center
3
Nadex
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The only regulated binary options broker in the US
Short-term trades available from 5 minutes to one week

IG Markets, No withdrawal fee.
Forex.com, Excellent trading conditions + NFA regulation.
Nadex, One of the only US Binary exchanges regulated by the CFTC .

IG Markets

5.0/5 in this category
In Summary
No withdrawal fee

IG is a global giant in the world of retail brokers and its presence is unrivaled. That means IG can bring resources to you as a US trader that is unparalleled in the industry. To give you an idea of IG’s scope, here are some quick facts: IG serves over 239,000 clients worldwide, has access to over 17,000 markets, and has been in operation since 1974 (over 45 years). In a world where US Forex brokers come and go every year, maintaining a consistent presence decade after decade demonstrates a deep commitment to the industry. Having such a large presence, (for example, IG executed 86 million trades through its own trading platform alone in 2019) means IG can invest in leading technology for its execution and trading platforms that is reliable and quick. It also means IG can invest in resources such as its learning academy and highly trained customer support.

You can trade Forex through IG with a Direct Market Access account. The Direct Market Access account has a variable commission but with improved liquidity and pricing.

As a US trader, IG offers you their own award-winning web-based platform and mobile trading apps for iOS and Android devices. The average execution time for trades on their own platform is a lightning-quick 0.014 seconds. IG also offers US Forex traders a range of third-party Forex trading platforms including the popular MetaTrader (MT4), Progressive web app, ProRealTime, and L2 Dealer (which offers Direct Market Access). IF you choose the MT4 platform through IG, you will have access to a suite of IG’s own custom MT4 add-ons as well as the standard indicators.

Unique Features

Headquarters

United Kingdom

Regulation

FCA

Year Founded

1974

Type of Broker

Market Maker

Minimum Deposit

$250

Maximum Leverage

N/A

Type of Platform

MetaTrader 4, Proprietary platform

For those that want signals directly from their US Forex broker, IG has teamed up with Autochartist and PIA First to provide traders with technical and fundamental signals.

IG is also considered one of the best US Forex brokers for beginners because it has a comprehensive online trading academy with on-demand videos and live webinars to give you the knowledge you need to succeed.

IG’s customer service gives expert support 24 hours-a-day, six days a week.

In summary, as a US trader, if you want the best overall US Forex broker with great platforms, execution, and customer service, IG would be a choice that is hard to beat.

 

IG Markets Pros & Cons

Advantages

  • Broad asset selection for Forex traders

  • Quality choice of trading platforms, including MT4

  • Autochartist signals integrated with the proprietary web-based platform

  • Superb educational tools for beginner traders

Disadvantages

  • Limited deposit and withdrawal methods

  • Higher minimum deposit requirement, but within a reasonable demand

Forex.com

5.0/5 in this category
In Summary
Excellent trading conditions + NFA regulation

If you are looking for the best US Forex broker, a true global market leader like Forex.com should be on your list. They have been connecting traders to the world’s most popular financial markets for over 15 years.

Unique Features

Headquarters

United States

Regulation

CFTC, FCA, NFA, FSA, ASIC, IIROC, CIMA

Year Founded

2001

Type of Broker

35,38

Minimum Deposit

$100

Maximum Leverage

1:30-1:500

Type of Platform

MetaTrader 4, Proprietary platform

As a US trader, you can be comfortable knowing that Forex.com meets all necessary regulations that are required of Forex brokers accepting US clients. Forex.com takes the protection of customer funds very seriously by holding deposits with top-tier banks and having trust letters in place to ensure client money remains segregated from the assets of the bank. That means as a US trader, your money is ring-fenced from the operations of Forex.com and the banks that hold deposits. As of the time of writing this review, Forex.com caries capital in excess of its regulatory requirement. Forex.com is owned by StoneX Group, a publicly traded company on the NASDAQ exchange, meaning it must meet the highest standards of corporate governance, financial reporting, and disclosure. This makes Forex.com is one of the most financially stable US Forex brokers that you could choose for your trading. 

Forex.com is committed to execution quality and transparency. In January 2011, it became the first Forex broker in the world to introduce a Trade Execution Scorecard on their website. Over 99% of their trades are executed in less than 1 second, and their average execution speed is 0.05 seconds. In fact, 99.99% of their trades are successfully executed.

Forex.com offers its own Advanced Trading Platform with sophisticated features and integrated trading tools designed for serious traders. The software platform can be used as a desktop application or accessed through a web browser, tablet, or smartphone.

Forex.com also offers MetaTrader 4 (MT4) to its traders along with a Virtual Private Server facility for MetaTrader “Expert Advisors”– these are automated software that can trade for you on your behalf according to preset rules and can even trade for you while your computer is switched off.

Forex.com has a live monthly webinar especially for the Non-Farm Payroll announcement – the biggest economic announcement in the Forex world. If you enjoy trading news announcements, this is the webinar to join!

Forex.com is best for regulatory compliance, trading platforms, and trading software that provides ultrafast execution speed and transparency of performance.

Forex.com  Pros & Cons

 

Advantages

  • Lower minimum deposit

  • Islamic account available

  • Good reputation

  • Choice of account types

Disadvantages

  • Withdrawal fee

Nadex

4.5/5 in this category
In Summary
One of the only US Binary exchanges regulated by the CFTC

Amongst our list of top US based Forex brokers, Nadex presents a truly unique offering. It is the premier US exchange for binary options, call spreads, and knockouts, offering a genuinely innovative way to participate in the markets.

If you have not traded these types of instruments before, let us begin with an example of a binary option trade to show how it is different from a regular Forex trade. With a binary options trade, each trade is based around a simple yes or no question: do you think the price will be above or below a certain level by a certain time. The maximum value of the option is $100, and the minimum value is $0. That means a binary option is much more like a sporting bet with specific outcomes.

With Nadex, there are multiple time frames in which you can trade. There are short-term intraday contracts, through to daily and even weekly durations. This provides a great deal of flexibility to satisfy any trading style. The one major limitation with Nadex is that only ten Forex pairs are available. A range of global equity indexes, for example, the S&P 500, and commodity products are also available to trade.

Nadex is regulated by the Commodity Futures Trading Commission (CFTC), and member funds are held in segregated accounts in major US banks. In fact, Nadex is one of the very few entities that is properly regulated to offer binary options trading to US traders. None of the other US Forex brokers in our list offers the choice of binary options. This level of regulation is critical because binary options brokers have been some of the worst offenders when it comes to dishonest practices.

Nadex allows you to test drive their services with a free demo account.

Nadex is best for trading binary options or other betting styles in a regulated and secure environment.

Nadex Pros & Cons

Advantages

  • Offers binary options, call spreads, and knockouts

  • Great reputation

Disadvantages

  • Only 10 Forex pairs available

  • Higher minimum deposit

NFA Regulated Forex Brokers

The National Future Association is not a government regulatory body but a self-regulatory organization (SRO) for derivatives in the US. Despite not being a regulator, membership is mandatory for many market participants and required for all market participants dealing in swaps. Therefore, all US-based Forex brokers should list membership with the NFA on their website. Member firms of the NFA pay membership and assessment fees, which is how the NFA funds operations. It counts more than 4,000 member firms and 55,000 associates, with its headquarters in Chicago, the US hub for commodities and futures trading, with a representative office in New York. Members must adhere to well-communicated standards, and the NFA ensures that US futures markets and the retail Forex market also operate under uniform standards. The aim is ensuring the safety, security, and transparency of the derivatives marketplace across the US for all market participants, from retail to professional.

NFA regulated Forex brokers, in theory, ensure fair market practices to all clients, but that does not guarantee the absence of fraud. It does reduce the likeliness of it, but the biggest ones in history occurred under the watch of the NFA, together with the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Despite such occasional shortcomings, US-based traders should always trade with one of the NFA-regulated Forex brokers, as there is significantly more upside in doing so than not.

NFA Broker Check

Traders can locate the existence of NFA membership on the bottom of the homepage of a broker and then conduct an NFA broker check. The NFA allows visitors to check the status of all members via its search tool BASIC. Entering the name of a firm or individual in question will return any available information from the NFA database. It also includes regulatory action from the NFA and CFTC with complete details. The NFA also provides the monthly updates Futures Commission Merchant (FCM) financial data reports, offering information about the required net capital and the adjusted net capital of member firms. The “File a Complaint” button allows traders to report malpractice or fraudulent activity to the NFA, which it then must investigate.

Retail Forex traders in the US have a limited choice of brokers, and it is illegal under US law for non-NFA regulated brokers outside the US (where the trading environment is more competitive) to open accounts for US persons. Note that it is not illegal to be the person opening the account in this case.

Trading with NFA Forex brokers will limit the risk of fraud and notably increase the security of their deposits. Therefore, all US traders should conduct an NFA broker check using BASIC before opening a trading account.

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.