Top US Forex Brokers
Do you live outside the USA? If so, the brokers listed below may not be regulated in your country. For our list of best internationally regulated brokers, see our global brokers list.
If you’re a US citizen trying to choose between different US Forex brokers, you’ve probably realized that your options are more limited than those available to international traders. US Forex brokers must be regulated by the NFA or CFTC, and are subject to stringent restrictions which are designed to protect US traders. NFA regulated brokers must limit their leverage to 50:1 and conform to rigorous record-keeping and reporting requirements.
Nevertheless, there are a handful of NFA regulated Forex brokers in the USA that offer reliable service and user-friendly platforms (there are also several US-based Forex brokers that operate within the country's borders without the necessary regulation). We’ve tested the trading platforms, customer service and ease of use of the top US Forex brokers and recorded our findings to help you choose the NFA regulated broker.
If you're looking for a Forex broker outside of the United States, check out our Forex brokers reviews list to find the broker that's appropriate for you.
MetaTrader 4, Proprietary platform
CFTC, FCA, NFA, FSA, ASIC, IIROC, SFC, CIMA, MAS
How to choose a US forex broker?
Choosing your U.S. Forex broker doesn’t have to be hard. Firstly, there are not very many U.S.-regulated Forex brokers to choose from, so that makes the task easier and quicker. Secondly, they are regulated by the same regulator, so there are not any regulatory differentials to consider. Thirdly, as CFDs cannot be offered for trading in the U.S., Forex brokers offer Forex only. This means that the key point to watch are going to be in cost of trading matters, such as spreads, commissions, and overnight swap rates, which can be investigated relatively easily.
One notable feature of U.S. based Forex brokers is that there tends to be an unusually large difference between them in the choice of trading platforms which are offered. This is mostly because the MetaTrader 4 platform, the go-to Forex trading platform worldwide even after all these years, does not suit certain U.S. regulations (mostly FIFO) concerning hedging. Therefore, U.S. Forex brokers offer a wider choice of customized trading platforms and MetaTrader 5, so making sure you are comfortable or can become comfortable with the platforms offered takes on greater importance. Several Forex brokers globally offer a wide range of different account types, but again, this is less of an issue in the U.S. because the variables are more restricted. The maximum leverage permitted under U.S. regulations is capped at 50 to 1, and choice of assets is essentially restricted to Forex pairs. This means that the main difference in account types offered tends to be between ECN (Electronic Communications Network) and market-maker execution types. However, the market-maker model is by far the more commonly offered.
Finally, while U.S. regulation is relatively tight in global terms, that does not mean that you do not have to do some due diligence. One or two big names in the U.S. market have been fined for misconduct in recent years, and your deposit is not protected by any deposit insurance in the U.S. Despite that, the U.S. Forex industry is seen as relatively safe in global terms.