CFTC-REGISTERED AND NFA-REGULATED US FOREX BROKERS ACCEPTING US CLIENTS
Forex brokers that allow US citizens to exchange currencies online can be found here. All of these brokers are subject to US regulations, having been registered with the CFTC and regulated by the NFA. We have not included any offshore Forex brokers that provide services to US clients while violating the Dodd-Frank Wall Street Reform and Consumer Protection Act. Only brokers registered in the United States can provide trading services to Americans, according to this 2010 regulation.
We compiled a list of the 7 best US-registered Forex brokerage firms accepting US clients in 2022 that offer dependable services, outstanding customer support, and user-friendly trading platforms.
- FOREX.com – Best USA Forex broker
- eToro – Best copy-trading platform
- IG – Best trading conditions, famous brand
- TD Ameritrade – Best Forex platform
- Saxo Bank – Trusted Forex bank
- OANDA – Excellent desktop trading
- Interactive Brokers – Best choice for professional traders
FOREX.COM – “FINANCIAL STRENGTH YOU CAN DEPEND ON”
This broker offers over 80 currencies and 91 currency pairings, including major, minor, and exotic currencies. Their minimum initial deposit is $100, which is lower than the industry average. There are no costs associated with withdrawals, deposits, or accounts. Electronic wallets, credit and debit cards, and bank wire transfers are all acceptable deposit and withdrawal methods. Their trading systems are simple to use and may be accessed by web, mobile, or desktop.
According to laws, this broker does not provide CFDs to US clients, therefore cryptocurrencies can only be purchased through CFD trading. They do not permit social or copy trading, two popular trading approaches. Opening an account can take 1 to 3 business days before they validate your details. If you do not log in to your account for a year, Forex.com imposes a monthly inactivity fee.
ETORO – “TRADE WITH CONFIDENCE”
Pros of eToro
eToro has over 2,000 assets and a demo account with $100,000 in paper trading available. Depending on the technique, there are minimal trading costs and low minimum deposits. Bank wire transactions, for example, are free, whereas bank cards cost $300. Withdrawals are free, and the minimum withdrawal amount is $30, which is lower than the industry norm. You can use social trading, a popular trading strategy that is not always available.
Cons of eToro
There is just one account base currency: USD. They accept deposits in 14 additional currencies, although there is a conversion fee that may be computed on their website. After 12 straight months of inactivity, they levy a $10 monthly inactivity fee. There is a $200 minimum initial deposit and a $5 withdrawal fee. If you trade on their website, you won’t have many configurable tools, charts, workspace, and so on.
IG – “INVEST IN YOUR SUCCESS.”
You can trade 80 FX pairs with IG. IG provides excellent educational resources such as risk management, trading tools, trading ideas, strategy, planning, a glossary, and more. There is no deposit fee, and you can fund your account with bank cards, transfers, or an electronic wallet. There is no deposit required, and you can start a demo account with $20,000 in virtual funds.
Disadvantages of IG
For all clients who have been inactive for two years, IG charges an inactivity fee. After the inactive time, it costs a total of $12 per month. Account opening takes between one and three business days. They impose exorbitant forex fees, with a normal conversion rate of 0.5%. They charge fees for overseas deposits or those made in currencies other than USD. When they calculate the overnight trading fee, they incorporate an admin fee.
AMERITRADE – “SMART INVESTORS, MADE SMARTER WITH EVERY TRADE”
TD Ameritrade offers a variety of account types to meet a variety of needs and financial objectives. This broker’s minimum deposit is 0. Fee-free deposits and withdrawals are available via bank wire transfers. If you choose to trade via the internet, you will enter a user-friendly interface with high security via a two-step login. You may trade on the go by downloading your platform on your tablet or phone.
There aren’t many ways to deposit or withdraw money. If you wish to transfer money, you cannot use a credit card, debit card, or electronic wallet. For many traders, the fact that TD Ameritrade exclusively allows trading on US markets can be a drawback. They also nearly exclusively serve clientele from the United States. Although you can contact them via phone, email, fax, or in person, this broker now provides live chat as part of their customer service.
SAXO BANK – “CONNECT TO GLOBAL CAPITAL MARKETS”
Pros of Saxo Bank
Saxo Bank offers over 40,000 instruments and 182 FX spot pairs. Your account will be validated in less than three business days, and you will be able to begin trading. They feature a demo account where you can trade using real-time quotes and $100,000 in paper money for 20 days. There are 26 base currencies accepted, and deposits can be made with a credit card, debit card, or bank wire transfer.
Saxo Bank Cons
The minimum deposit for Saxo Bank is $10,000, which is above average. You will be charged a $100 inactivity fee after six months of inactivity. Their fees for trading bonds, futures, and options are greater than those of other brokers. There is no electronic wallet option for depositing or withdrawing funds. Although Saxo Bank provides good basic research, you will be charged if you require historical data or other fundamental information.
OANDA – “WE’RE CHANGING THE WORLD OF CURRENCY”
Pros of OANDA
OANDA offers 38 forex pairs, including major, minor, and exotic pairings. On several of the biggest pairs, their lowest spreads start at 0.9 pips. If you need to trade while on the go, you can download their platform on your phone, tablet, or desktop. Credit card, debit card, bank wire transfer, and payments are accepted as deposit options. They provide a demo account and have no minimum initial deposit or withdrawal fees throughout your first month.
Cons of OANDA
They do not provide clients with any assets other than forex and CFDs. Despite the fact that they specialize in CFDs, they do not offer lower than usual CFD fees. The price for crediting your account by bank transfer or PayPal is hefty, with transfers costing $20. PayPal will charge a service fee as well as a percentage of the amount you deposit. Finally, if you download your trading platform on your phone, it will not provide security features such as face ID or touch login.
INTERACTIVE BROKERS – “TAKE YOUR INVESTING TO THE NEXT LEVEL”
Benefits of Using Interactive Brokers
There is no minimum deposit required, and there are no withdrawal or account fees. Checks, bank wire transfers, and online bill payment checks are all accepted in a variety of currencies, including USD, EUR, JPY, GBP, AUD, CHF, CAD, and others. They are present in over 33 countries and provide 23 currencies for commerce. You can open a demo account with real-time quotes and paper money of $1,000,000 USD.
The Drawbacks of Interactive Brokers
Those who do not trade for an extended period of time are charged an inactivity fee by interactive brokers. They also have a larger forex fee than the average. Credit cards, debit cards, and electronic wallets are not accepted for deposits or withdrawals. When you open an account, you must wait 1 to 3 business days for it to be validated. Their web platform does not provide a large range of workspace or tool alternatives.