Forex Brokers in USA

The USA stands as a dominating force in the global Forex market, yet it has put forward stringent regulations to limit non-US brokers from operating within its borders.

Forex Trading Platform in US

Forex Trading is legal in the US, so for a better experience, you must find the best broker for your needs – one with an outstanding Trading Platform tailored specifically to help new traders get up-to-speed quickly.

  • While trading and particularly currency trading is a popular activity among US clients there are also numerous USA regulations and laws towards trading that implement rules, which seem to be complicated and limit trading possibilities.
  • US traders are typically restricted to trading with elsewhere brokers rather than in the US, giving the option to trade either with US-regulated brokers or run to offshore firms, which we do not advise.
  • Forex Brokers and Platforms who run entities in the US and offer their services must be regulated and obtain CFTC and NFA licenses to be able to operate in the US. Read our NFA and CFTC articles.
US Trading ProsUS Trading Cons
Highly Regualted by NFA and CFTCOnly Few Brokers regulated in US
Good safety and Clients protectionMany offshore and scam Brokers attract US clients
Compensation Scheme and Negative Balance ProtectionLimitations on CFD Trading
US Brokers are highly reputable companiesHedging strategies and other are restricted
Opportunity to use different trading strategies

USA Forex Regulations

The US government stepped in to protect traders by introducing stringent regulations for Forex and CFD brokers, following the popular growth of online trading. This was done as a necessary measure to account for the ever-changing volatility associated with high-risk activities, therefore we advise US Traders before starting to learn well all guideliness.

The USA Forex industry is overseen by two main authorities, while all US Brokers must be registered with the NFA (National Futures Association) or CFTC (Commodity Futures Trading Commission).

Check NFA website: www.nfa.futures.org and CFTC Website: www.cftc.gov, we also recommend following them on Twitter to keep yourself updated – @CFTC and @NFA_News.

  • Trading Forex US supervising authorities regulate financial service providers or trading Brokers to ensure market integrity, with responsibilities to provide transparency and the highest level of client protection.
  • This also means, before any broker can operate in the US it must obtain RFED (Retail Foreign Exchange Dealer) registration and then be regulated further overseen by both authorities.
  • For now, none of the International brokers can accept US traders and most offshore brokers do not accept trading US clients too, since USA authorities sharply monitor world proposals and restrict companies from doing so. Even though, in case you are a US citizen and found an offshore broker to trade we advise you to stay away since they are highly risky to invest
  • Read more about US regulation through Wikipedia, also follow the Twitter account for prompt updates and changes @CFTC.

US CFTC website

Top 5 Best US Forex Brokers

The list below is consistent with the Top Forex Brokers based in the US selected by us according to the specified criteria and their Trust Scores, even though USA trading brokers are typically shortened in the US since the regulations limit companies and allows only US Based broker to accept US traders, yet below we made a reliable ranked list.

  • OANDA – Best Overall Broker in US 2022
  • Interactive Brokers – Lowest Spread Broker in US 2022
  • Forex.com – Best MT4 Broker in US 2022
  • IG – Best Broker for Beginners in US 2022
  • eToro – Best for US Crypto Trading 2022

Who are Forex Brokers accepting US clients?

Due to sharp US regulation toward trading, only US-regulated brokers can accept and open accounts for US residents. However, offshore brokers will try to allure with opportunities we hardly recommend avoiding these proposals due to the high risks.

Is forex tax-free in the USA?

No, Forex traders are subject to income tax in US since Forex Trading is considered a business, so the profits from forex trading are taxable.

List of Best Forex Brokers for US clients

These are the regulated brokers that are US-regulated Forex Brokers and companies accept USA Traders verified by us:

Broker Detail
OANDA US
Min. Deposit: No minimum deposit
Max. Leverage: 1:50
Trading Platforms: MT4, fxTrade Mobile, TradingView
Regulation: NFA, CFTC
1
OANDA US Review
Interactive Brokers (IB) Review Interactive Brokers
Min. Deposit: 100 US$
Max. Leverage: 1:40
Trading Platforms: TWS, IB WebTrader
Regulation: US SEC & CFTC, ASIC, FCA, IIROC, SFC, NSE, BSE, FSA
2
Interactive Brokers Review
Nadex_logo Nadex
Min. Deposit: $250
Max. Leverage: 1:40
Trading Platforms: Nadex Platfrom, NadexGO
Regulation: CFTC
3
Nadex Review
IG Markets review IG
Min. Deposit: $0
Max. Leverage: 1:30
Trading Platforms: MT4, IG Proprietary
Regulation: FCA, ASIC, BaFin, FINMA, NFA, MAS, DFSA, FSCA, JFSA, FMA, BMA
4
IG Review
etoro_review eToro
Min. Deposit: $50
Max. Leverage: 1:30
Trading Platforms: eToro Platform
Regulation: CySEC, FCA, ASIC, FSAS
5
eToro Review
OANDA vs Forex.com OANDA
Min. Deposit: no minimum deposit
Max. Leverage: 50:1
Trading Platforms: Oanda trade, MT4, MT5
Regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC, FFAJ
OANDA Review
City Index Broker review City Index
Min. Deposit: US$0
Max. Leverage: 1:30
Trading Platforms: Advantage Web, AT Pro, MT4
Regulation: FCA, NFA, CFTC, IIROC, ASIC, JFSA, MAS, CIMA
City Index Review
OANDA vs Forex.com review Forex.com
Min. Deposit: US$100
Max. Leverage: 1:40 | 1:50
Trading Platforms: MT4, MT5, FOREX.com Platforms
Regulation: FCA, IIROC, ASIC, CFTC, CySEC, JFSA, MAS, CIMA
Forex.com Review
Robinhood
Min. Deposit: US$0
Trading Platforms: Robinhood Platform
Regulation: SEC, FINRA
Robinhood Review
Sucden Financial logo Sucden Financial
Min. Deposit: 0 US$
Max. Leverage: 1:30
Trading Platforms: API Solutions, STAR, TT, CQG, Patsystems, smartTrade, Integral, Currenex
Regulation: FCA, NFA, SFC
Sucden Financial Review