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What Are the Best Forex Brokers in USA?

In order to trade currency, you will need to trust one of the best forex brokers to successfully dive into the world of forex (FX) trading. After all, the forex market has a lot of benefits to traders, and having an account with a trusted brokerage will provide you with the tools needed to understand trading currencies. 

When you are searching for the best forex broker for your personal investment journey, consider one with tools that will help give insight to your investment options. A customizable dashboard to track currency, real-time data, and low costs should all be features you consider.

Read on to find answers to all your forex questions — like what is forex trading, how does forex trading work, and to find our top 8 picks of the best forex brokers! 

Table of Contents

What Is Forex Trading?

Forex trading is how investors trade currency. They buy one currency while simultaneously selling another. This is done on the Forex (FX) market. Essentially you are converting one currency into a different currency. 

Each currency is listed as a three-letter code. This code represents two things. The first two letters signify the region. The last letter signifies the currency itself. For example, the United States dollar is represented as USD and the Japanese yen is represented by JPY. 

The goal of forex trading is to invest in one currency in hopes that it will increase in value compared to the currency that is being sold. However, if you have ever traveled abroad and needed to convert one currency for another — you completed a forex transaction! 

How Does Forex Trading Work?

Forex trading does not take place on a centralized exchange (like the stock market). Instead, it is run by a global network of organizations and banks with transactions spreading across four trading center time zones — New York, London, Tokyo, and Sidney. Because there is not a centralized location, trading forex can occur 24 hours a day. 

Rates of forex prices are expressed as the value of one currency in comparison to the other. For example, you might come across the rate of a euro-dollar quote to be: EUR/USD = 1.17.

What this means is that the currency to the left (EUR) signifies the base currency. The currency to the right (USD) signifies the quote currency. One (1) unit of the “base” currency is equal to 1.17 of the “quote” currency in our example. 

What to Consider With a Forex Broker

There are multiple online forex brokers that are vying for your business. But this overwhelming amount of forex brokers does not mean they are all created equal. Instead, before jumping into forex trading, research each forex broker.

You’ll want to ensure that they have the skills, reputation, and tools needed to help you make the best investment decisions. 


Reputation should be one of the top features you look for in your forex broker. In the United States, forex brokers are regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Some countries outside of the United States also regulate forex brokers.

This includes Switzerland, France, Austria, Canada, Germany, and the United Kingdoms. When selecting the best forex broker, their reputation should also go hand in hand with being regulated by the CFTC and NFA. While it is not required that all forex brokers are regulated, you should be wary of firms that are not. 

But reputation does not end with regulatory compliance. Take a little time to research the companies themselves. See what other investors are saying. Are they happy with their experience? If not, heed their warnings and continue your search elsewhere. 

Leverage on Margin Accounts

Some forex brokers offer investors access to have leverage on margin accounts. Leverage is when the trader borrows money for an investment to increase their purchasing power. Many of the best forex brokers offer leverage up to 50:1 leverage.

What this means is that a trader with a $1,000 account size can hold a position valued at $50,000. While this might seem appealing, especially if you are in a winning position, you can see your profits grow rapidly. However, it is important to use caution because this also magnifies any losses. 

Spreads and Brokerage Fees

Let’s be honest — a broker is not helping you out of the goodness of their heart. Instead, they are turning a profit. How they turn that profit is through spreads and brokerage fees. The difference between the bid and the ask of a forex pair is called the spread. Brokers will often take commission on a certain percentage of the spread.

Additionally, brokers might take fees. Before you begin investing, take a look at the brokerage fees and spreads. Understanding how much your brokerage charges for each of these will be a great gauge on if you should move forward, or find a forex broker that has a more reasonable fee/spread structure. 

Currency Pairs

There are numerous currencies that are available for investors to trade. However, the majority of them do not get attention. Only a few come with high liquidity of currency pairs — like EUR/USD and USD/JPY.

Some brokers may not offer all currency pairs. If there is a particular selection of forex pairs that interest you, make sure that the brokerage you select offers the pairs of interest. If not, you’ll be searching for another forex broker before you even begin.

7 Best Forex Brokers

Now that we’ve determined what to look for in the best forex brokers, it’s time to discover our top picks. These top forex brokers will help ensure that you get the most out of your forex trading experience. 


Best Overall


Forex.com provides traders with a safe, reputable platform to trade forex. It is regulated by the CFTC and the NFA, making it a top option for traders in the U.S. It offers traders valuable research and trading tools, having earned numerous awards for these features.

With competitive pricing for spreads, it is the top choice for experienced traders. Currently over 140,000 people trust this platform!

Account Minimum: $100 

Minimum Trade Size: $1,000

Spread:  0.2 – 1.0 pips


  • None for Standard account
  • $5 per 100,000 traded on Commission account
  • Variable for STP Pro account

Currency Pairs: Over 80

Fees:  Forex.com has three different account types with different pricing structures:

  • Standard
  • Commission
  • STP Pro

Standout Features

  • Three accounts to choose from
  • Award-winning platform


  • Four tier-1 jurisdictions
  • Extensive investment offerings including currency pairs and cryptocurrency
  • Advanced trading platform


  • Slow customer service response time
  • Tries to upsell clients to higher-cost services


Best For Experienced Traders

Since the beginning of retail forex, OANDA has been helping traders. Throughout time, it has continued to grow and built its reputation as a go-to forex broker. OANDA serves investors not only in the United States, but also in Canada, Australia, UK, and Singapore.

It is the most trusted name in the retail forex space. OANDA has two accounts for investors to choose from — standard and professional

Account Minimum: 

Standard: No minimum balance

Professional: $20,000

Minimum Trade Size: No minimum trade size

Spread: The amount of the spread varies depending upon factors including major international and political events, and opening/closing markets. 

Commission: OANDA has two commission structures: spread-only pricing and core pricing + commission trading. 

Currency Pairs: 70


  • Inactivity fee
  • Deposits and withdrawals fees
  • Debit card/ACH fees
  • Bank wire transfer fee
  • Holding fees

Standout Features

  • Around since the 1990s
  • Most historical data 
  • Clear pricing outlined on website


  • Two different account options to choose from
  • Two commission structures to choose from
  • No account minimum required


  • No educational resources
  • Trending news/research is limited
  • Slow support time


Best For Fee Structure

IG is a UK based broker that provides forex trading for investors around the world. It operates in over 16 countries spanning 5 continents.

It is an award-winning forex broker that is serving over 175,000 clients worldwide. 

Account Minimum: $250

Minimum Trade Size: 0.01 lots

Spread: IG’s spread is variable depending upon outside factors. 

Commission: Standard commission charge is 0.5%

Currency Pairs: 80


  • Overnight funding fees
  • Currency conversion charges
  • Inactivity fee

Standout Features:

  • Education and research
  • Advanced trading platform


  • Regulated by FCA (UK), CFTC (US), and NFA (US)
  • Extensive offerings
  • Low spread for popular forex pairs


  • High inactivity fee
  • Clients in U.S. can only trade forex

TD Ameritrade FX

Best For No-Commission Trading

TD Ameritrade FX

Since 1975, this brokerage has been providing investors with a trusted, stable platform for their investment. TD Ameritrade recently announced that they are removing all trading commissions, focusing only on spread alone for their keep. 

As a highly-regarded industry leader, TD Ameritrade FX is a great brokerage to help you add forex trading to your portfolio. 

Account Minimum: There are no account minimums

Minimum Trade Size: There is no minimum trade size

Spread: The average spread is 1.065 pips

Commission: No 

Currency Pairs: 73

Fees: No

Standout Features

  • Appealing no-fee structure
  • 50:1 leverage – the maximum allowed in the U.S.


  • Trusted platform since 1975
  • Quality tools and mobile features
  • Low-cost 


  • Only available to U.S. traders
  • No copy trading option

CMC Markets

Best For All Investment Experience Levels

CMC Markets has regulations in four tier-1 jurisdictions and two tier-2 jurisdictions — making it a low-risk broker for your forex investments. As a leader in low-cost trading, CMC Markets offers its users access to its Next Generation platform.

This platform is filled with advanced tools, comprehensive research, and delivers an excellent mobile app that is geared towards the ideal user experience. This platform is ideal for beginners as well as active traders.

Account Minimum: There are no account minimums

Minimum Trade Size: The minimum trade size varies depending upon the instrument. See CMC Markets’ website for further details.

Spread: As low as 0.7 pips

Commission: Commission is calculated based on a percentage of the order. For US shares, the commission is $0.02 per share with a minimum commission of $10. 

Currency Pairs: Over 300


  • Dormant account inactivity charge

Standout Features

  • Massive selection of tradable instruments
  • Next Generation platform


  • Low-cost trading
  • Stop loss orders available
  • Real-time news


  • No copy trading option
  • Lacking security features

City Index

Best For Global Traders

City Index is a FX broker that was founded in 1983 in the U.K. It has a long track record of success. And it is regulated by the FCA and is compliant with the European Securities and Markets Authority (ESMA).

As a global broker, their platform is available in six languages — English, Spanish, Chinese, Polish, Arabic, and German. The platform is filled with proprietary trading tools and research. 

Account Minimum: $100

Minimum Trade Size: 50p per point

Spread: Average spread of 0.69 pips

Commission: No

Currency Pairs: 65


  • Inactivity fee
  • Overnight financing charges

Standout Features

  • 1-click trading
  • Advanced trade tracking


  • 24/5 customer service support via phone, email, or chat
  • No withdrawal fees
  • Advanced Web app with customizable workspace


  • No social trading data
  • No volume discount

Saxo Bank

Best For Research

If you are a trader that can afford the $10,000 minimum investment, even for the entry level account, you’ll be more than impressed with the amazing research tools in the Saxo Bank platform. This exclusive trading platform is low-risk with six tier-1 jurisdictions.

With three account types to choose from, Saxo Bank will provide you with extensive research to improve your trading experience. 

Account Minimum: 

Classic Account: $10,000

Platinum Account: $200,000

VIP Account: $1,000,000

Minimum Trade Size: The minimum trade size is dependent upon the currency pair you select.

Spread: The average spread is 0.8 pips, but VIP traders can see pricing as low as 0.4 pips

Commission: Commission fees are built into the spread

Currency Pairs: 182


  • Non-trading fees
  • Inactivity fee

Standout Features

  • Impressive platform for large account balance traders
  • Client experience is second to none


  • Top web platform
  • Trusted customer service
  • Impeccable research and trading tools


  • High minimum deposit

Finding the Best Forex Broker for Your Personal Investment Portfolio

As you can see there are many forex broker options for investors of all skill levels. What might be ideal for your friend or coworker might not be ideal for you. Each forex broker has their benefits that appeal to each investor type. Finding the one that suits you best is a personal selection.

But if you need guidance, you are not alone. Your financial advisor can help assist you with understanding the ins and outs of forex trading and helping you find the best forex broker to trust with your portfolio. 

Frequently Asked Questions

Do I need a broker for Forex?

Yes you will need a forex broker for any forex trading.

Are Forex brokers free?

Forex brokers are not free. They charge a spread and/or a commission on each forex trade.

Why do Forex traders need brokers?

Forex brokers provide traders with the network needed to purchase, hold, and trade currency pairs. Traders do not have the ability to trade foreign currencies without a broker. 

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