Best US Forex Brokers
The foreign exchange market is more active than any other financial market in the world, with over $5 trillion swapping hands every day. This guide is focused on assisting US traders in finding the best forex broker for their style of trading.
We break down the best us forex brokers for commissions & spreads, trading platforms, execution, and overall quality. All of the top forex brokers we cover are regulated and licensed in the US by the National Futures Association (NFA) and meet a strict set of criteria, ensuring protection from forex scams.
For a more in-depth comparison of top US brokers, or if you are trading outside of the US, visit our sister site ForexBrokers.com. Our annual FX Broker Review covers the top brokers for 2020, with over 50,000 words of research and 5,000+ data points spanning 30 firms.
Best US Forex Brokers 2020
- IG - Best Overall
- TD Ameritrade - Currency trading with thinkorswim
- Forex.com - Best for ease of use
- Interactive Brokers - Best for professionals
As an early pioneer in offering contracts for difference (CFDs) and spread betting, IG was founded in 1974 and has grown to be a global leader in the online trading industry. IG is a London-based public company listed on the London Stock Exchange’s FTSE 250 (LON: IGG). Read full review
- Total Forex Pairs Offered: 91
- Likes: Comprehensive research tools and real-time exchange data; Broad range of markets, currency pairs, and multi asset CFDs (including cryptocurrencies); Licensed in major regulatory jurisdictions; Competitive commission-based pricing and spreads on forex.
- Dislikes: Web platform trading windows must be resized manually to keep the layout organized; Forex Direct only available to professional traders within EU.
- Bottom Line: Forex and CFD traders looking to trade a large number of instruments across multiple asset classes, including exchange-traded securities on international exchanges, will find IG offers an extensive range of tradable products on its platforms.
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TD Ameritrade's desktop trading platform, thinkorswim, offers an impressive combination of both design and functionality. The platform has virtually anything you could want, including live CNBC tv, trade alerts, real-time scanning, and practically every technical indicator under the sun for charting. Read full review
- Total Forex Pairs Offered: 75
- Likes: Powerful desktop charting that syncs with mobile; Wide array of premium research and trading tools through thinkorswim platform; Futures and options trading on forex and bitcoin futures.
- Dislikes: Forex only available to US residents; No web-based platform offered for forex; Platform complexity may deter beginners.
- Bottom Line: For US-based investors and traders, TD Ameritrade’s thinkorswim platform is a sophisticated multi-asset desktop experience optimized for securities trading, including off-exchange spot forex and exchange-traded options and futures (including Bitcoin).
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Forex.com (Gain Capital) is known for providing forex traders a well-rounded offering. Like TD Ameritrade and Interactive Brokers, it is also publicly traded and offers fx traders a large variety of trading tools. Beyond offering its own propertiary trading platform, Forex.com also offers MetaTrader4 (MT4) to customers, making it an ideal choice for investors of all experience levels. Read full review
- Total Forex Pairs Offered: 84
- Likes: Licensed in highly regulated jurisdictions; Advanced charting capabilities in both desktop and web platforms; Platforms feature numerous channels of research content and trading ideas; Offers Cryptocurrency CFDs in the UK, and Bitcoin Futures in the US.
- Dislikes: MT5 not yet rolled out; Ceased business of regulated activities in Hong Kong.
- Bottom Line: FOREX.com has plenty of options for Forex and CFD traders across its regulated offerings globally. With full-feature platforms, diverse trading tools, and comprehensive research, FOREX.com caters to traders of all experience levels.
- Open an Account
Professional currency traders should consider Interactive Brokers. Interactive Brokers is well-known in the US stock and options industry as an active trading broker. IMPORTANT: To trade forex with Interactive Brokers in the United States, you must be classified as an ECP, "An Eligible Contract Participant is generally an individual or organization with assets of over $10 MM (or $5 MM if trades are hedging)." Read full review
- Total Forex Pairs Offered:115
- Likes: Regulated in major jurisdictions and publicly traded; Extensive range of global markets and asset classes; Bitcoin futures trading supported; Competitive fees and discounts for high-volume traders.
- Dislikes: Retail spot forex only offered to non-U.S. clients; Desktop platform too complex for inexperienced traders; Web platform lacks forex charts; Monthly minimum activity charges.
- Bottom Line: Professional traders and highly experienced investors looking for a complete multi-asset forex broker will find Interactive Brokers offers a comprehensive platform with competitive fees across multiple global financial markets.
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Compare US Forex Brokers at ForexBrokers.com
Compare IG vs TD Ameritrade vs Forex.com vs Interactive Brokers side by side and view an industry-leading comparison based on over 100 different data points.