Forex market is strictly regulated in the United States and traders wishing to participate in it must follow due diligence in choosing the best forex broker in USA.

The Forex market is one of the most liquid markets around the world. As such, its daily trading volume is enormous. The market is normally open for trading 24 hours a day and as long as traders find good forex brokers, they can always benefit from this market.

Any forex broker offering services to USA citizens must be ready to comply with the stringent restrictions set in place by the government. The brokers must be registered with the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). These two bodies define the regulatory framework that ensures there is honesty and transparency among the different participants in the Forex market.

Furthermore, the Security Exchange Commission (SEC) regulations do not allow brokers to provide CFD (contract for difference) instruments for US residents. This makes it hard for forex brokers since most of them offer forex and CFDs.

Some of the restrictions that the National Futures Association (NFA) has put in place in the USA are:

Limited leverage – Through the Dodd-Frank Act that was introduced in 2010 the maximum leverage for Forex in the USA is 50:1, and 20:1 for Options. There are brokers with higher leverages since they have subsidiaries in other countries. However, when issuing services to US clients, the brokers only allow maximum leverage of 50:1.

No hedging – Hedging is not allowed in the US.

First In First Out (FIFO) Rule – when a trader opens more than one position, the positions are closed in the order they were opened.

First In First Out (FIFO) Rule – when a trader opens more than one position, the positions are closed in the order they were opened. Office of Foreign Assets and Control (OFAC) restrictions – the OFAC regulates who should be allowed to trade with a certain broker.

Credit cards are also not accepted as a payment option when it comes to making deposits and withdrawals.

How to find the best forex broker in USA

Finding the best forex broker in USA can be quite a challenge. However, we have organized a list of the best forex brokers following an exquisite criterion that includes:

Regulation – Due to the strict regulations that are there in the USA, a trader should ensure that the broker they choose is regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), which are the two regulatory authorities mandated with ensuring that the forex market is well regulated.

To confirm whether a broker is regulated, the broker should indicate its regulation status at the bottom of its “homepage” OR “ABOUT US” and also indicate the license numbers.

Besides, when the worst comes to the worst, the regulatory authorities are your last options in tackling serious grievances that you may have with the broker.

To confirm whether a broker is regulated, the broker should indicate its regulation status at the bottom of its “homepage” OR “ABOUT US” and also indicate the license numbers. Besides, when the worst comes to the worst, the regulatory authorities are your last options in tackling serious grievances that you may have with the broker. Reputation – You should also look at what other people say about the specific broker. Look at the reviews to find if there are any dispute cases and if any, whether the disputes were settled and how they were settled.

The reputation of a forex broker acts as a great reflection on how they treat their clients.

The reputation of a forex broker acts as a great reflection on how they treat their clients. Trading Platforms – There several trading platforms provided by different forex brokers. You should ensure that the broker of your choice has an easy to use trading platform and that the platform meets your trading needs.

For example, if you have plans of doing automated trading, you should ensure that the broker’s platform allows automated trading. If you would like to use technical analysis, the broker’s platform should allow the use of technical indicators.

For example, if you have plans of doing automated trading, you should ensure that the broker’s platform allows automated trading. If you would like to use technical analysis, the broker’s platform should allow the use of technical indicators. Payment methods available for Deposits and Withdrawals – This is a critical aspect to look at. You should carefully examine the deposit and withdrawal options that the broker provides to ensure that the broker has an option that you can easily utilize.

Besides, you should also research on the deposit and withdraw fees and the amount of time it takes for withdrawals to be processed.

Besides, you should also research on the deposit and withdraw fees and the amount of time it takes for withdrawals to be processed. Trading Conditions/Fees – This mainly include spreads, commissions, and swaps. You should research the spreads, commissions, and swaps the broker has for various trading assets.

Some brokers offer fixed spreads while others have variable spreads. In either case the tighter the spreads the cheaper it is to trade. However, you should also examine whether the broker charges commissions on the trades in addition to the spreads.

Some broker charges commissions only without spreads while others charge commissions and spreads.

Some brokers offer fixed spreads while others have variable spreads. In either case the tighter the spreads the cheaper it is to trade. However, you should also examine whether the broker charges commissions on the trades in addition to the spreads. Some broker charges commissions only without spreads while others charge commissions and spreads. Market Coverage – To find out the market coverage of any individual forex broker, you should look at the broker’s trading portfolio. You certainly don’t want to register with a broker that doesn’t offer the trading assets that you were looking forward to trade.

Company Background and History – This is usually a critical aspect. It gives you a lot of information on the company behind the broker; when it was founded, where it was founded, any rebranding, and any subsidiaries of the company. Besides, it shows the headquarters and also lists the location of any other offices around the world.

Account Opening / Registration – Opening and registering accounts with forex brokers is at times a length process. Different brokers have different requirements. For instance, some brokers will require you to upload some documents to verify your information.

Mobile Trading Apps – If you have a tight schedule that doesn’t allow you to sit in front of your computer all day, it is always a great feeling if you can be able to track the performance of your trades from anywhere around the world through your mobile device without needing to sit in front of your personal computer. You should, therefore, look for a broker that allows mobile trading.

Customer Support – This is important especially when you have an issue that you want the broker to address to. Different brokers have different modes through which clients can contact the customer support. These modes include live chats, emails, voice calls, and FAQS.

Demo account – A demo account is a great asset when it comes to practicing how to trade and also in testing new trading strategies and expert advisers. Therefore, it is great if you find a broker that allows clients to open demo accounts.

Best Forex Brokers in USA

IG: world-leading online forex trading platform

IG is a forex broker based in the United Kingdom. It is a subsidiary of the IG Group Holdings Plc which listed on the London Stock Exchange, was founded in 1974. It is regulated by several top tier authorities including the Financial Conduct Authority (FCA), the Federal Financial Supervisory Authority (BaFin).

Offers & promotions at IG

Welcome Bonus

The process of registering for an account with IG takes about 3 days. There is currently no welcome bonus at IG.

Demo account

IG broker offers a demo account for its clients. There are no conditions for opening a demo account and new clients can opt to open the demo account without having to first deposit funds into their live trading accounts.

Platform Review

Initial Minimum Deposit

Bank deposits have no set minimum. However, credit/debit cards and PayPal require a minimum deposit of about $300.

Trading portfolio for US clients

Although IG offers CFDs, Options, and Forex, US citizens registering with the broker are only allowed to hold forex trading accounts.

Trading Platforms

IG broker is well known for its mobile and day trading platform in UK. However, it doesn’t have a desktop trading platform.

Mobile App

Traders registering with IG can choose to use IG’s mobile trading platform or MetaTrader 4 mobile trading platform. These two are available for both iOS and Android mobile devices.

Trading accounts

IG forex broker offers a single trading account for all its clients. However, the products that are included for trading on the trading account are determined by the location (country) of the client.

Deposit / Withdrawals Options

IG allows the use of Credit cards (Visa, and Mastercard), Debit cards (Maestro, Visa, Electron, MasterCard), and bank transfers when making deposits and withdrawals.

Customer Service

IG offers customer support through email, live chat, and phone.

Forex.com: a global forex trading specialist offering tight spreads

Forex.com is the trading name of GAIN Global Markets Inc., which is a member of the GAIN Capital Holdings, Inc. group of companies that has its headquarters in Bedminster, NJ 07921, USA

The GAIN Global Markets Inc is registered to operate in many other countries including the Cayman Islands and the United Kingdom under the name GAIN Capital UK Ltd.

Offers & promotions at Forex.com

Demo account

Forex.com offers its clients a demo account where beginners can practice trading. professionals can also use the demo account to test their trading strategies.

Welcome Bonus

As of 1st October 2019, Forex.com is offering a 20% first deposit bonus to its new clients. The maximum amount of bonus that a client can receive is $5000 while the minimum amount of bonus is $250 since the minimum amount of deposit that a trader can make to qualify for the minimum bonus amount is $1250.

Platform Review

Initial Minimum Deposit

The minimum amount of money that a new client can deposit into the Forex.com trading account is 100 of the selected base currency. If the base currency is USD, the minimum amount is $100.

However, to qualify for the welcome bonus, you have to deposit amounts above $1250.

Trading portfolio for US clients

Forex.com trading portfolio includes Forex Indices, Shares, Commodities, Gold and metals, Cryptocurrencies, and oil.

The most-traded forex markets at Forex.com are EUR/USD, USD/JPY, GBP/USD, AUD/USD, and Bitcoin ($), among 80+ currency pairs.

Trading Platforms

Forex.com has a variety of trading platforms that include the MetaTrader 5 (MT5), MetaTrader Web, MetaTrader Mobile, MetaTrader Apps, VPS Hosting, and the MetaTrader 4 (MT4).

Mobile App

Forex.Com allows mobile forex trading. Clients can download the MetaTrader mobile app to track trades using their mobile devices.

Trading Accounts

Forex.com has three types of accounts; namely:

Standard Account

Commission Account – Not available on MetaTrader.

Direct Market Access (DMA) Account – Not available on MetaTrader and the recommended balance is $25,000, and a minimum trade size of 100.

Deposit / Withdrawals Options

The available deposit/withdrawal options include Bank wire, credit and debit cards, Paypal, Skrill, and Neteller.

Customer Service

Forex.com offers customer support through live chat, call, email, and FAQ.

TD Ameritrade: USA-based forex broker with $0 commissions

The TD Ameritrade is a trademark that is mutually owned by Toronto-Dominion Bank and the TD Ameritrade IP Company, Inc. it was established in 1978 and it is based in the USA.

TD Ameritrade is regulated by the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) and thus one of the best forex broker in USA.

The broker is also listed on the New York Stock Exchange and since it is linked to the Toronto-Dominion Bank, it also has a banking history.

Offers & promotions at TD Ameritrade

Demo account

TD Ameritrade has a demo account. However, a trader will have register for a live trading account to qualify for the demo paper-trading platform.

In addition to their demo trading account, traders can book a 30 minutes walk through with one of their assistance to understand the features of the thinkorswim trading platform.

Welcome Bonus

TD Ameritrade currently offers no welcome bonuses.

Platform Review

Initial Minimum Deposit

A client will have to make a minimum deposit of $50.

Trading portfolio for US clients

US clients can choose to trade Forex, ETF, Fund, Bond, Options, Futures, and Stock.

Trading Platforms

TD Ameritrade has three trading platforms. These are the Web Platform, the thinkorswim (which is a desktop trading platform), and the Mobile Trading app.

Mobile App

TD Ameritrade clients can trade using their mobile devices through a variety of mobile device optimized apps. The apps are optimized for all available mobile devices including the Apple Watch.

Trading Accounts

TD Ameritrade offers a wide selection of trading account, which include:

Common accounts Joint/Minor Accounts Retirement accounts Education Savings accounts Business/Trust accounts Managed Portfolios Other Accounts

Deposit / Withdrawals Options

Available options for deposits and withdrawals include Electronic Bank Transfers (ACH), Wire Transfer, Check Deposit, External Securities Transfer, and Physical Stock Certificate Deposit.

Customer Service

To contact customer care services, clients at TD Ameritrade can use live chat, telephone, or email.

Interactive brokers: a US-based discount broker

Interactive brokers is one of the trade names of Interactive Brokers LLC. It was established in 1978. Other trade names of Interactive Brokers LLC include PortfolioAnalyst, IBSM, Interactive Analytics, IB Options AnalyticsSM, IB SmartRoutingSM, One World, One AccountSM InteractiveBrokers.com, and IB Trader WorkstationSM.

The interactive broker is regulated and registered with the US Securities and Exchange Commission (SEC) and the UK’s Financial Conduct Authority (FCA) among other regulatory authorities around the world.

Offers & promotions at Interactive brokers

Demo account

Interactive brokers has a free trial account that new clients can use to learn about their trading platforms.

Welcome Bonus

Interactive brokers are currently not offering any welcome bonuses.

Platform Review

Initial Minimum Deposit

If you choose that you want to trade on margin, you will have to deposit a minimum of $2000. Otherwise, there is no set minimum amount.

Trading portfolio for US clients

Interactive broker trading portfolio includes Forex, ETF, CFD, Stock, Fund, Bond, Options, Futures, Crypto, Warrants, Structured Products, Indices, and Metals.

Trading Platforms

Interactive brokers has web, desktop, and mobile trading platforms. TWS is their desktop platform. IBKR Mobile is its mobile trading platform, and the IBKR WebTrader is their web trading platform.

Mobile App

IBKR Mobile trading platform is available for both Ios and Android devices.

Trading Accounts

Interactive brokers have a variety of trading accounts that clients can choose from. These accounts are grouped into Individual Accounts, Joint Accounts, Individual retirement account (IRA), UTMA/ UGMA Accounts for clients who are minors, Trust Accounts, Friends and Family Advisor, and Institutional Accounts.

Deposit / Withdrawals Options

Interactive brokers deposit and withdrawal options that are available to US clients include direct debit card deposits, ACH (Automated Clearing House), online bill payment, Check, Trustee-to-Trustee (for IRA accounts only) and Direct Rollover (for IRA accounts only).

Customer Service

Their customer care team can be contacted through live chat, phone, and Email.

OANDA: a 23-year-old globally recognized forex and CFD broker

OANDA is a trading name of OANDA Corporation which has its headquarters in NEW York, US. It was founded in 1995.

Other trade names of the OANDA Corporation are fxTrade, and all OANDA’s fx family of trademarks.

The OANDA is registered with the NFA in the USA.

Offers & promotions at OANDA

Demo account

OANDA provides a Demo trading account for use by new and professional traders. The new traders can use the demo account to learn about the broker’s trading platform while the experienced traders can use the demo account to test their new trading strategies.

Welcome Bonus

OANDA is currently not offering any welcome bonus.

Platform Review

Initial Minimum Deposit

There is no minimum balance or deposit required for US clients to open or maintain an OANDA account. However, to upgrade any of the accounts into a premium account, you will need a minimum balance of $20000.

Trading portfolio for US clients

OANDA’s trading portfolio only includes forex.

Trading Platforms

OANDA’s trading platforms include the OANDA Trade web-based trading platform, the OANDA Trade desktop trading platform, the OANDA Trade mobile and tablet app, and the MetaTrader 4 desktop trading platform.

Mobile App

OANDA clients can trade on the go using the OANDA Trade mobile and tablet app on their mobile devices.

Trading Accounts

The available trading accounts available at OANDA for US clients include the personal account, IRA account, Joint account, Business entity account, and Eligible Contract Participant (ECP) account.

Besides, a trader can choose to upgrade any of these accounts into a premium account.

Deposit / Withdrawals Options

The available deposit and withdrawal options at OANDA include Debit cards, bank wire transfer, Automated Clearing House (ACH), and checks (USD accounts only).

Customer Service

OANDA’s customer service includes FAQs and clients can also contact support through email. It does not have live chat or phone call options.

NADEX: a US-based retail-focused online binary options exchange

NADEX is a subsidiary of the IG Group Limited. It was founded in 2004 and its headquarters are in Illinois, United States.

It is a Commodity Futures Trading Commission (CFTC) regulated forex and binary options broker.

Offers & promotions at NADEX

Demo account

NADEX has a demo account. New clients can opt to open a demo account before registering for a live trading account.

Welcome Bonus

NADEX does not currently offer welcome bonuses.

Platform Review

Initial Minimum Deposit

The required initial minimum deposit is $250.

Trading portfolio for US clients

NADEX trading portfolio includes currency pair, commodities, crypto, and equities.

Trading Platforms

NADEX trading platforms are the Nadex for Desktop and the NadexGO for Mobile.

Mobile App

NADEX clients can trade on the go using NadexGO™ for Mobile which a mobile trading app optimized for both Android and iOS mobile devices.

Trading Accounts

NADEX trading accounts include the Individual accounts and the Business accounts for trusts, LLCs, corporations, and partnerships.

Deposit / Withdrawals Options

The available deposit and withdrawal options at NADEX are Automated Clearing House (ACH), Credit Card, and Wire Transfer.

Customer Service

NADEX customer care desk can be contacted through a toll-free line (via call), or via email. There are also FAQs available for common questions.

It, however, doesn’t have a live chat option.

ATC BROKERS: a leading US-based STP Broker

ATC BROKERS was established in 2005. It is a member of the National Futures Association (NFA) and it is registered by the Financial Conduct Authority (FCA) in the UK.

In the US it is registered as an introducing broker.

Offers & promotions at ATC brokers

Demo account

ATC BROKERS has a demo account.

Welcome Bonus

ATC BROKER is currently offering no welcome bonus.

Platform Review

Initial Minimum Deposit

The minimum initial deposit required for a trader to start trading at ATC BROKERS is $3000.

Trading portfolio for US clients

ATC BROKERS trading portfolio include forex (currency pairs), metal and CFDs

Trading Platforms

ATC Brokers is a MetaTrader 4 only broker. The MetaTrader 4 platform can be accessed through the web or downloaded to a desktop.

Mobile App

Clients can trade on the go using the MetaTrader 4 terminal designated for Android and iOS mobile devices.

Trading Accounts

Clients can open an individual, joint, or corporate trading account.

Deposit / Withdrawals Options

The only available deposit and withdrawal option is a bank wire.

Customer Service

Clients can contact the customer support team through phone calls, email, and live chat.

Alley Invest: US-based commission-free forex, stock, and ETF broker

Alley Invest is the trade name of Ally Invest Forex LLC, which is registered to offer Forex products and services across the US. Alley Invest Forex LLC is a member of NFA. It normally acts as an introducing broker to the GAIN Capital Group, LLC.

Offers & promotions at Alley Invest

Demo account

Alley Invest offers a demo account which is normally designated as Practice Account.

Welcome Bonus

Alley Invest offers traders a welcome bonus of up to $3500 depending on the amount of cash deposited. Nevertheless, a trader must deposit over $10000 to qualify for the minimum amount of the bonus which is $50.

Platform Review

Initial Minimum Deposit

The minimum amount required to start trading on Alley Invest is through their managed portfolio is $100 while the Self-Directed Trading accounts have no set minimum deposit.

Trading portfolio for US clients

Alley Invest trading portfolio for US clients includes Forex, ETFs, Stocks, Bonds, and Mutual Funds.

Trading Platforms

Alley Invest clients can choose to use the web trading platform, which is also accessible using mobile devices. They can also choose to use the MetaTrader 4 trading platform.

Mobile App

Alley’s web trading platform is accessible using Android and iOS mobile devices.

Trading Accounts

At Alley Invest, traders can open two types of trading accounts. These are Self-directed trading accounts and managed portfolios.

The self-trading accounts are further divided into Individual/Joint Accounts, IRA Accounts, and Entity Accounts.

Deposit / Withdrawals Options

Clients can use checks, Automated Clearing House (ACH), and wire transfers to deposit and withdraw funds to and from their trading accounts respectively.

Customer Service

Ally Invest clients can contact the customer support team via phone, live chat, and email.

FX Trading Pro: a forex-only USA broker

FX Trading Pro is the tradename of FTP FINANCIAL LLC, which is a member of the National Futures Association (NFA) and registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker.

Offers & promotions at FX Trading pro

Demo account

Fx Trading Pro has a free demo account.

Welcome Bonus

Currently, Fx Trading Pro does not offer any welcome bonus.

Platform Review

Initial Minimum Deposit

To start trading in the standard trading account on Fx Trading Pro, traders/clients are required to make an initial deposit of at least $20.

Trading portfolio for US clients

Fx Trading pro is predominantly involved with forex trading. It has over 70+ forex pairs available to clients for trading.

Trading Platforms

Fx Trading Pro trading platforms include the MetaTrader 4 (for desktop), a web trader platform, and a mobile trader platform.

Mobile App

Fx Trading Pro mobile trader app is optimized for iOS and Android

Trading Accounts

Apart from the demo account, Fx Trading Pro has only one trading account; the standard account. The trading accounts are however held at OANDA.

Deposit / Withdrawals Options

Unfortunately, Fx Trading Pro only has one deposit and withdrawal option for US traders, which is bank transfer.

Customer Service

The available customer support methods at Fx Trading Pro include Email, Live chat, Phone and

Webform.

Paxforex: a Saint Vincent and the Grenadines accepting US traders

PaxForex is a subsidiary of Laino Group Limited, which is based in St.Vincent & the Grenadines. It is registered with the Financial Services Authority in St.Vincent & the Grenadines Registration under certificate number: 21973 IBC 2014 1825.

It is one of the few offshore forex brokers that allow US clients to hold trading accounts with them.

Offers & promotions at Paxforex

Demo account

PaxForex offers demo accounts for the cent, mini and standard accounts.

Welcome Bonus

New traders registering with PaxForex for the first time get a welcome bonus of up to 100%

Trading portfolio for US clients

US clients opening forex trading accounts with PaxForex broker can choose to trade Forex, Stocks, Spot Metals, and Cryptocurrencies.

Platform Review

Initial Minimum Deposit

The initial minimum deposit for the cent account is $10, $100 for the mini account, $2000 for the standard account, and $10,000 for the VIP account.

Trading Platforms

PaxForex uses MetaTrader 4 as its only forex trading platform.

Mobile App

PaxForex uses MetaTrader 4 Mobile terminal for mobile devices including smartphones and PDAs.

Trading Accounts

Clients/traders can choose to open a Cent, mini, standard, VIP, or Islamic account.

Deposit / Withdrawals Options

The available deposit and withdrawal options available at PaxForex include bank transfer, Visa MasterCard, Neteller, WebMoney, Perfect Money, Skrill, BTC, UPayCard, ETH wallets, and UPayCard, VLoad.

Traders will have to choose their deposit and withdrawal methods wisely since there are minimum deposit and withdrawal amounts for each of the methods.

Customer Service

To contact customer care at PaxForex, traders/clients can use a phone call, email, fax, or live chat.