Compare 6 best forex brokers, platforms & apps in USA for 2023

Invezz experts reviewed 57+ of the top forex brokers in the US to find the best service. Read on to compare the results.
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Updated: Feb 2, 2023
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Our expert panel tested each leading Amerian forex broker 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 big question: what’s the best forex trading app in the US for Amerian users? 

Read our verdict and compare the USA’s best forex brokers below.

Best forex brokers in the US 2023

Our experts rank eToro as the best forex broker in the US.

The list below shows three of the best Amerian forex brokers. These are the top performing Amerian forex trading platforms in terms of their security, service, and support.

1
Min. Deposit
$ 10
Promotion
User Score
10
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, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
-
Promotion
User Score
9.8
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Start Trading
Payment Methods:
Bank Wire, Check, Credit Card
Full Regulations:
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.

Top 6 online forex brokers US, reviewed

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

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

Visit eToro Read Review

2. Oanda. Best for trading with live market data

oanda logo

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

Visit Read Review

3. Capitality. Best for trading like a pro

capitality logo

...

No. assets

...

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

How we chose the best forex brokers in the US

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 the US and offer top-tier protection to their clients.
  • Low minimum deposit requirements. Accessible trading platforms with low minimum deposits scored higher in our rankings.
  • Mobile app availability. Our experts gave preference to the fx brokers in the US with the best forex trading apps.
  • Number of currency pairs available to trade. Platforms that allow you to trade major, minor, and exotic currency pairs offer the most comprehensive service.
  • 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 and 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 broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.

More about forex trading platforms in the US

Which currency pairs can I trade in the US?

Forex pairs are divided into three categories and what you can trade depends on the broker. Some stick to the most popular currencies – the majors and minors – while the best Amerian forex trading platforms offer a comprehensive selection that includes the exotics. Here’s a quick guide to what the terms mean.

  • Major pairs. The US Dollar paired with the most highly traded currencies make up the major pairs. Major pairs include: USD/EUR, USD/GBP, USD/JPY, USD/CHF, USD/AUD, USD/NZD, and USD/CAD
  • Minor pairs. The minor pairs include at least one of the Euro, British Pound, or Japanese Yen, but do not include the US Dollar. 
  • Exotic pairs. Exotic pairs include a major currency ‘crossed’ with a developing currency. There are many exotic pairs but they include things like: GBP/HUF, EUR/MXN, and JPY/ZAR.

What forex markets are available in the US?

There are a couple of different ways to trade the forex market and what’s on offer depends on your broker. One option is to trade the ‘spot’ market, another is to use futures contracts to predict future price movements. Here is some more detail on both options.

  • Spot forex. Trading the spot market means to buy and sell currencies instantaneously at the live market rate. This is the most common way to trade for most people.
  • Forex futures. Futures contracts are an agreement to buy or sell a currency at a fixed price at a set date in the future. Futures require more understanding of the economic factors that impact prices over time. For that reason, they’re generally only used by people with experience of currency trading.

Is MT4 available in the US?

Yes, MetaTrader 4 is legal in the US. When you use MetaTrader software, you have to sign into a brokerage account and any live trade you place goes through a forex trading platform. As long as you can connect to a legal Amerian broker, you can use MT4 or MT5. 

What’s the minimum forex trade size in the US?

The industry standard is 0.01 ‘lots’, which is equivalent to 1,000 units of the currency you want to trade. This is known as a ‘micro lot’. A ‘lot’ equals 100,000 units of the currency you want to trade.

How to start trading forex in the US

  1. Sign up to a Amerian forex trading platform. Use the list of top-ranked brokers at the top of the page to help you.
  2. Create an account and deposit money. Sign up by providing your personal details and a form of photo ID. Transfer funds to the account through a bank transfer, credit or debit card payment, or another payment method, like PayPal.
  3. Search for a currency pair and place your trade. Find the pair by typing the currency code – such as USD for the US Dollar – and choosing it from the list of results. Enter the details and click ‘buy’ to make the trade.

FAQs

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Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.