These are the best US forex brokers that could provide top solution when experienced traders and beginners need security of funds as well as reliable execution.
The United States has become the cornerstone of the forex industry for dozens of years. The country is known for its rigorous forex regulation, as well as its online trading innovations. A favorable financial market environment and tight competition have enabled US forex brokers to invent many sophisticated tools to attract traders and investors alike.
Experienced traders from around the world know that when you need a forex broker that provides security of funds and reliable execution, then US forex brokers might be your best option. But which US forex brokers are the best for you?
7 best US forex brokers are highly recommended for you:
- Interactive Brokers
- TD Ameritrade
- ATC Brokers
- Ally Invest
Here is a brief look at those top 7 US forex brokers.
1. Forex.com (Gain Capital)
Forex.com is owned by GAIN Capital Holdings, Inc, an online trading operator that has been listed in NYSE since 2010. Gain Capital is known as the largest forex broker in the world, providing services for clients from over 140 countries worldwide through Forex.com, City Index, and other well-known brokerage brands.
Forex.com has developed its own proprietary platform called FOREXTrader PRO which could be operated through desktop, web, and mobile applications. They also provide MetaTrader with dedicated support and integrated trading tools exclusive to Forex.com clients. You could trade over 80 currency pairs at FOREX.com with spread as low as 0.1 pip. See Forex.com review to learn more about their offerings.
OANDA is founded in 1995. It started as a currency rate information provider, then grew into one of the most trusted global forex brokers with multiple licenses under its belt. OANDA is not only regulated by the US-based CFTC, but also by other tier-1 jurisdictions including UK and Japan.
OANDA provides dual trading platform. Its clients could choose between its exclusive trading suite, fxTrade, and MetaTrader. OANDA applied a little higher spread than Forex.com at around 1 pip. However, they facilitate trading at extremely low 0.001 nano lot which is not available in other leading US forex brokers. See OANDA review to learn more about their offerings.
3. Interactive Brokers
Interactive Brokers offers online trading in multiple markets. Its clients could choose between forex trading, stock trading, as well as mutual funds, ETFs, futures, options, and bonds. Needless to say, Interactive Brokers is the one broker you should choose when you want to arrange a full-fledged US portfolio without going into complicated registration procedures with various brokerage companies.
Interactive Brokers recently developed IBKR Lite to enable traders to open an account with USD0 minimum deposit requirement, free commission, and low spread. However, they have inactivity fees that might bite any traders with low balances. Its website is also quite unfriendly for beginners. See Interactive Brokers review to learn more about their offerings.
4. TD Ameritrade
TD Ameritrade offers a variety of markets as well, including forex, stocks, futures, options, ETF, mutual funds, fixed-income assets, and cryptocurrency. This is one of the best US forex brokers for beginners due to its huge collection of educational content and easy-to-use research tools.
You could open an account with TD Ameritrade with any amount of initial funds you wish. The company does not require a specific amount of initial cash deposit. But TD Ameritrade charges USD6.95 fee per trade and average spread around 1 pip. It is quite expensive compared to other companies in this list.
This brand is actually also owned by TD Ameritrade. It provides online trading with cheaper fees (free commission for forex trading), as well as more user-friendly trading platform and websites. Clients could access more than 100 currency pairs along with other assets that are also offered by TD Ameritrade with minimum deposit of USD25,000.
6. ATC Brokers
ATC Brokers is established in 2005 and still comparatively less well-known outside the US. It is founded in 2005 under "STP Execution" label. During this time, there were no high-profile scandals, data manipulations, or other problems with this broker.
Reliability is also confirmed by licenses issued by US and UK regulators, which have strict requirements and issue documents only to worthy financial companies. The existence of permits for financial activities from NFA, CFTC, and FCA is a positive factor. In general, this broker is not universal, but very good in its niche.
Clients could open a standard account with a minimum deposit of USD5000 and enjoy average pips of 0.6. Due to the high minimum initial deposit requirement, ATC Brokers might not be a good choice for beginners. Furthermore, ATC Brokers still has a lot to do to improve its educational content. See ATC Brokers review to learn more about their offerings.
7. Ally Invest
Ally Invest specifically caters to beginners. Clients could choose between self-directed trading and managed portfolios (robo advisor). Hands-on traders could open an account with any amount of funds and take advantage of the free-commission policy. Otherwise, investors could open a managed portfolio with USD100. Ally Invest is also famous for its no-nonsense option trading services, so experienced traders could take advantage of this too. See Ally Invest review to learn more about their offerings.
So, which one of the top 10 US forex brokers would you choose? Before registering yourself, contact them first to make sure that they could accept clients from your country. Due to the strict law enforcement by Uncle Sam, US forex brokers might not be able to provide services for residents of specific countries.
Jun 10 2022
TD Ameritrade is the broker, TOS is the platform, and TD actually requires a minimum of $2000 deposit to start trading forex. I opened an account with them for forex this year. However, compared to Tradingview, their platform TOS is much less efficient. Tradingview, which I have linked my OANDA account, is much better, quite advanced tools and efficient and very dynamic.