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Best US Forex Brokers 2023
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 U.S. traders in finding the best forex broker for their style of trading.
We break down the best U.S. 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 U.S. 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 U.S. 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 2022, with over 50,000 words of research and 5,000+ data points spanning 30 firms.
Best US Forex Brokers 2023
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).
Currency trading with thinkorswim
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
Best for ease of use
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 proprietary trading platform, Forex.com also offers MetaTrader4 (MT4) to customers, making it an ideal choice for investors of all experience levels.
Best for professionals
Professional currency traders should consider Interactive Brokers. Interactive Brokers is well-known in the U.S. 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 (assets of over $10 MM or $5 MM if trades are hedging). 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.
- Read IG forex review
Runner-Up: TD Ameritrade
- 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 U.S. 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).
- Read TD Ameritrade forex review
Podium Finisher: Forex.com
- 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 U.K., and bitcoin futures in the U.S.
- 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.
- Read Forex.com forex review
Professional Forex: Interactive Brokers
Professional currency traders should consider Interactive Brokers. Interactive Brokers is well-known in the U.S. 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.
- 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 Interactive Brokers forex review
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.
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