Compare top 6 best forex brokers in the United States for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in the US to trade forex for beginners.
By:  & 
Updated: Dec 11, 2023
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Our expert panel tested all the best forex brokers in the United States and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.

The panel set out to answer the question: what’s the best forex trading app in the United States for American users? 

Read our verdict below to compare the best forex trading platforms in the USA.

What is the best forex broker in the USA?

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Our experts ranks eToro as the best forex broker in the United States.

The list below shows the three best forex brokers. These are the top forex broker apps in the United States for their security, service, and support.

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1
Min. Deposit
£ 8
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

2
Min. Deposit
£ 70
Best offer
User Score
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill
Full Regulations:
ASIC, FCA, FSA, MAS, CySEC #250/14

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3
Min. Deposit
£ 0
Best offer
User Score
8.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Debit Card, Credit Card
Full Regulations:

Top 6 online forex brokers US, reviewed

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1. eToro. Best for beginners, copy-trading & demo-account

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0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

2. Plus500. Best for international CFD trading*

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From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

More about the best US forex brokers

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With retail forex trading becoming increasingly popular in recent years, many first time traders want to know how to get started and what to expect from the top US forex brokers. Here we cover some common questions about forex brokers and trading forex in the United States.

How is forex trading regulated in the United States?

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The main regulatory authority overseeing the forex broker industry in the US is the Commodity Futures Trading Commission (CFTC)

Along with the National Futures Association (NFA), the Commodity Futures Trading Commission (CFTC) regulates off-exchange retail foreign exchange transactions.

The CFTC and NFA impose strict standards on forex brokers concerning holding client funds in segregated accounts, trade execution, record keeping, reporting and minimum capital requirements. Brokers must comply to remain registered for accepting US clients.

Although the forex market carries risks like any financial market, working with a properly regulated forex broker can help minimize risks. Choosing from the best forex brokers in the USA means working with a broker that adheres to strict standards enforced by the NFA and CFTC concerning holding client funds, reporting, and trade execution.

Which currency pairs can I trade in the United States?

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US forex brokers offer access to major, minor and exotic currency pairs. Popular majors include EUR/USD, GBP/USD, USD/JPY and USD/CHF. Minors like EUR/GBP or USD/CAD are also widely traded. Exotics can include pairs like USD/PLN or USD/ZAR. The top forex brokers in the United States offer many trading pairs.

What are the costs of trading forex in the United States?

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Unlike other markets, no commissions are charged on forex trades. Costs come from the dealing spread between currency pair bid/ask prices. Some brokers charge overnight swap rates for holding positions and fees for account withdrawals or inactivity.

What is the maximum leverage available to US forex traders?

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The maximum leverage is capped at 1:50 by NFA rules. However, many online brokers in the USA set their maximum leverage around 1:50 for major pairs and 1:20 or 1:30 for minor pairs.

What forex markets are available in the United States?

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Along with the rolling spot forex market, US forex brokers provide access to regulated currency futures and options markets like the Chicago Mercantile Exchange (CME). Many also offer OTC forex options and currency swaps. US retail forex traders can access the major global foreign exchange market.

Is MT4 available in the United States?

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Yes. The popular third party MetaTrader 4 (MT4) trading platform is offered by many top US forex brokers. MT4 is one of the best trading platforms for currency trading and provides advanced charting tools, backtesting capabilities, EAs and custom indicators to trade the forex market.

What’s the minimum forex trade size in the United States?

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The minimum depends on the forex broker. Some allow forex trading from 0.01 micro lots (1,000 units of base currency). The standard forex trade size is one lot – 100,000 units. Many brokers now allow smaller contract sizes for smaller account sizes.

Can I trade other assets with a forex broker in the United States?

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You can, though it depends on the type of broker you choose. If you want to trade other assets, such as stocks or cryptocurrency, then the best option is to sign up with the best trading platforms in United States or the best crypto exchanges in United States.

What are reputable forex brokers in the United States?

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Some top regulated forex brokers in the US include OANDA, IG, FOREX.com, TD Ameritrade FX, E*TRADE FX, and Charles Schwab. These brokers adhere to local, state and national regulatory standards.

How to trade forex in the US

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Here is a step-by-step guide to trading forex with the best forex brokers in the USA.

  1. Research and compare top US forex brokers to find one that matches your style. Check regulations, fees, platforms, account types, leverage and assets offered.
  2. Open a trading account and make the minimum deposit. Most brokers offer demo accounts to practice first.
  3. Download the broker’s trading platform for your desktop computer or mobile devices. Popular platforms include MT4, MT5 and proprietary software.
  4. Analyze currency pairs using technical and fundamental analysis to identify trading opportunities. Review economic data, price trends and technical indicators.
  5. Execute forex trades by speculating on the rise and fall of currencies. Go long if the base currency is expected to rise, and short if expected to fall.
  6. Use risk management strategies like limiting leverage, utilizing stop losses and take profit levels. Never risk more than 2% of account capital per trade.
  7. Monitor open forex positions and markets using charts and live pricing. Adjust or close trades when targets are reached.
  8. Withdraw forex trading profits or re-invest them. Set aside funds to pay taxes on capital gains.

How we chose the best US forex brokers

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Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria which the panel used to rate each platform.

  • Regulation with a trusted financial institution. We only recommend forex brokers for beginners that are regulated in United States and offer top-tier protection to their clients.
  • Low minimum deposit requirements. An accessible forex trading platform in United States, with a low minimum deposit, scored higher in our rankings.
  • Mobile app availability. Our experts gave preference to the forex brokers in United States with the best forex trading apps.
  • Number of currency pairs available to trade. We expect United States forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
  • Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local regulators.
  • Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
  • Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
  • Compatibility with trading software. Any forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.

FAQs

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How can I open a demo account with a US online forex broker?
What financial instruments can I trade other than forex?
What are some key benefits of trading forex versus other markets?
How can I research and analyze forex markets?
What risks should I be aware of with forex trading?
Are there any entry requirements or restrictions on forex trading in the US?
Which forex brokers are legal in the USA?
Does OANDA accept US clients?
Does IG markets accept US clients?
Does TradeStation accept US clients?
What are the best forex brokers according to Reddit users?
Does Interactive Brokers accept forex traders in the USA?


Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.