EToro’s unique feature is the ability to social trade; clients can choose from 42 cryptos, over 2500 stocks and over 70,000 ETFs. At OANDA, US residents can fund their live accounts via debit card (MasterCard, Visa or Discover), bank transfer, check (USD) and automated clearing house (ACH). On the other hand, withdrawing funds can only be done via debit card and bank wire transfer. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Which Is The Best Platform To Trade Forex As A US Trader?

Americans have the option to trade forex futures, which involves standardized contracts on regulated exchanges. Forex futures allow traders to speculate on the future price of currency pairs through contracts without physically exchanging currencies. These contracts entail an obligation to buy or sell at a predetermined price and date.

1. The US Forex market for retail traders concentrates around the eastern time zone.
2. Pepperstone offers uncomplicated access to the markets, which allows clients to focus on the complicated task of successfully trading the markets.
3. Forex brokers in the U.S. are required to register as Futures Commission Merchants (FCMs) and Forex Dealer Members (FDMs) with the CFTC and NFA.
4. ForexBroker.com’s proprietary Trust Score ranks forex brokers based on their reliability and overall trust.
5. Other features, you’ll appreciate regardless of your level of trading experience include the broker’s tutorials and guides on how to develop a strategy and manage your risk.
6. The CFTC develops and enforces numerous complex rules and regulations, the most important of which regulate the assets US traders can purchase.

– The Best Broker That Has Accounts for All Trading Types

To ensure you have the richest possible trading experience with MT4, OANDA gives you access to their order book with the premium Open Order Indicator. I think this is an excellent tool because it shows where the highest concentration of OANDA clients’ orders are, giving you areas of liquidity to trade within. With over 110+ trading indicators and advanced drawing tools, it has everything you could possibly want to plot your trades. If you like analytical tools, https://www.trading-market.org/ you’ll find a lot to like with the charting functionality of TradingView third-party tools like AutoChartist and Technical Analysis. I like the AutoChartist tool because it scans the markets frequently to find trades for you automatically, then alerts you if a potential trade is upcoming based on chart formations. The heavily regulated environment in the USA due to the CFTC rules and strict requirements has narrowed the brokerage options in the US.

NFA Restrictions

Then you’ll want to build out your strategy for trading in the forex markets. For those seeking efficiency in identifying trading opportunities, Trading Central is a valuable resource. Additionally, the program includes the services of a personal relationship manager, daily interest margin and waived wire transfer fees, all contributing to a more cost-effective and personalized trading experience. One last feature to note is that it comes with basic risk management tools such as stop loss and take profits however guaranteed stop loss and trailing stop loss are not available.

Popular guides to forex trading tools and platforms

These are programmed algorithms that can execute your trades based on your strategies. We recommend Nadex for any American traders interested in exploring forex options. Strictly speaking, Nadex is an exchange, not a broker, which means it matches buyers and sellers directly rather than through a liquidity provider. This leads to lower trading costs – commissions are fixed at US $2.00 regardless of the size of your trade. Interactive Brokers provides an excellent service overall with an extensive range of trading products and an institutional-grade trading platform. They make an Ideal choice for experienced traders who trade one lot and above to get the best from the low fees.

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Perhaps better known for more traditional investments, TD Ameritrade also is one of the premium forex brokers accepting US clients. Owned by the Charles Schwab Corporation, the broker boasts access to market research and educational tools that many others struggle to rival. For automated trading, OANDA offers US traders a private API, OANDA v20 REST, which allows for automated trades via the OANDA Trade platforms. Forex trading can be complicated, but it’s certainly possible for beginning investors to diversify their portfolios by trading currencies and other forex assets. It would be wise to exercise caution and take the time to educate yourself on the assets in which you wish to trade.

We’ve evaluated dozens of forex brokers to determine whether you can trust them with your live trading funds – read more about Trust Score. To open a forex account in the US, you’ll need to be of legal age and a legal resident. You then need to select a good quality broker and complete the sign-up process.

This broker also boasts a wide array of investment opportunities and offers 105 forex pairs, 7,400 CFDs, US-traded Bitcoin futures, and much more. IBKS’s Trader Workstation is a bit difficult to use but does provide a full range of features – although we’ve chosen IBKR for its mobile app, it should be used as a supplement to their other platforms. TD-Ameritrade is the forex broker that offers the biggest amount of currency pairs with over 70 currency pairs on offer. They offer all of the major currency pairs as well as a good selection of minor and exotic pairs. While Trading.com might not serve up the most thrilling spreads or a toolkit as exhaustive as some leading US forex brokers, it’s the go-to for those who leverage Expert Advisors. The broker offers only MetaTrader 5, which means access to thousands of bots.

They are regulated by the CFTC and NFA so your protected trading on this platform. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime.

MetaTrader 4 (MT4) is often regarded as the best trading platform in the United States due to its comprehensive features, customization options, and widespread adoption by multiple brokers. ATC Brokers can improve by increasing training tools for new traders and offering a wider range of asset classes for trading. Additionally, improving customer service to be more responsive would benefit their clients. ATC Brokers is designed for experienced traders in the United States who want direct market access and can accommodate tactics such as scalping and high-frequency trading. They are well-recognized for delivering an ECN execution approach, allowing greater transparency and faster execution times.

This might cause you to worry that trading forex is prohibited in the United States but, fear not, it’s perfectly legal. Below is our curated list and review of the best forex brokers for traders living in the United States, with details and information about the country laws, the features, and the characteristics. One thing we recommend for all US forex traders, regardless of experience level, trading strategy, preferred product or even location? Trading only with a fully licensed and regulated broker authorised to engage in spot trading of forex by the Commodities Futures Trading Commission (CFTC) and the NFA.

In addition to 10 major currency pairs, including AUD, NZD, SGD and HKD, the broker offers an array of exotics, with a special emphasis on Asian and Scandinavian currencies. From our experience, IG’s proprietary platforms — web, mobile, or tablet — adjust fluidly based on one’s trading requirements and expertise. Those in the US using IG’s platforms have the advantage of 32 indicators, 20 drawing tools, and various market research tools.

Many brokers offer a single spread-only account type for US traders, where you pay only the spread with no commissions. Minimum spreads for brokers accepting US clients typically range from 0.5 pips to 1.0 pips. While not, strictly speaking, a brokerage, it occupies a unique space in the US market as the only licensed platform for forex options trading available to Americans.

This coupled with the ubiquitous MT4 (downloadable) platform and a functional mobile application, comprises LCG’s online consumer offerings. LCG provides access to a broad selection of CFDs and spread betting instruments across several different asset classes. Saxo offers the most tradeable CFDs in the industry, with a staggering 60,000+ tradeable symbols available. CFDs, or “contracts for difference,” enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. If you’d like to learn more about how CFDs work (and to see our picks for the best CFD trading platforms), check out our full-length guide to the Best CFD Brokers and Trading Platforms. Regardless of your trading budget, you’ll need to choose a dependable method for depositing and withdrawing funds for your forex account.

OANDA’s Elite Trader program caters to the dedicated trader, with five tiers starting at a monthly volume of 10 million. High-volume traders are eligible for rebates of $5 to $17 per million traded, which can cut trading costs by as much as 34%. U.S. forex traders should only use a broker who adheres to regulatory best us forex brokers compliance requirements. These are set by the Commodity Futures Trading Commission, or CFTC, and the National Futures Association, or NFA. Due to the Dodd-Frank Act, very few offshore forex brokers will accept US clients. American traders should only trade with NFA-licensed brokers regulated by the CFTC.