The United States bags a vast number of the worlds largest financial markets. For Example, the United States has by far the largest share of the world stock markets, amounting to over half the total value of global. The Forex market has been particularly active since the 1970s and in the USA, like in the rest of the world, and it has gained popularity over the past 40 years. The US forex market is one of the largest and most liquid markets in the world. According to the Bank for International Settlements, the US dollar is involved in 88% of all forex transactions globally. The US session is particularly active, accounting for 19% of daily forex transactions on average.
If brokers want to attract US forex traders as their clients, they must become registered as Retail Foreign Exchange Dealers (RFED), and more importantly, gain authorization from the National Futures Association (NFA) and as a member of CFTC. The principal regulator of the stock market in the U.S.is the Securities and Exchange Commission (SEC), established in 1934 by the Securities Exchange Act, which oversees the securities exchanges and securities firms as well as some self-organization such as the Financial Industry Regulatory Authority (FINRA). The National Futures Association (NFA) is an independent, self-regulatory organization for the U.S. Futures and Derivatives markets.
Here we make this dedicated and unbiased broker ranking list for your reference, with the purpose of helping you achieve your financial goals in the forex world.
10 Best Forex Brokers in the United States
Both ASIC & CYSEC Regulated Financial Provider offers You Excellent Security.
24/7 Professional and Multilingual Customer Support Easy to Reach.
A Stringently Regulated Broker, Reliable and Safe to Trade With.
Quick & Easy to Start Real Trading by Funding As Low As 5 USD.
A Multi-regulated Broker for you to Start Real Trading with a $1 Initial Deposit.
Incredibly Unlimited Leverage Offering for Asia, Rare Among Brokers.
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Best Forex Brokers in US Video
Comparison of the Best Forex Brokers in US
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10 Best Forex Brokers in the United States Overall
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | INTERACTIVE BROKERS AUSTRALIA PTY LTD | Market Making(MM) | 453554 |
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FCA | Interactive Brokers (UK) Ltd | Market Making(MM) | 208159 |
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FSA | インタラクティブ・ブローカーズ証券株式会社 | Retail Forex License | 関東財務局長（金商）第187号 |
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SFC | Interactive Brokers Hong Kong Limited 盈透證券香港有限公司 | Dealing in futures contracts & Leveraged foreign exchange trading | ADI249 |
Interactive Brokers is a reputable brokerage firm based in the United States. Established in 1978 by Thomas Peterffy, it has expanded its reach to become a prominent player in the online brokerage industry. It provides a diverse array of financial products and trading platforms to cater to the needs of individual and institutional investors worldwide. Interactive Brokers is renowned for its cutting-edge technology and highly competitive pricing, which has made it a favoured option among traders and investors across the globe.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | INTERNATIONAL CAPITAL MARKETS PTY. LTD. | Market Making(MM) | 335692 |
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CYSEC | IC Markets (EU) Ltd | Market Making(MM) | 362/18 |
IC Markets operates as an online forex and CFD broker, based in Australia. The company was established in 2007 and has its main office in Sydney, Australia. It is renowned for its diverse selection of trading instruments and competitive spreads, serving both individual and institutional traders worldwide. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and is well-known for its transparent and high-speed trading environment.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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FCA | Exness (UK) Ltd | Market Making(MM) | 730729a |
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CYSEC | Exness (Cy) Ltd | Market Making(MM) | 178/12 |
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FSCA | EXNESS ZA (PTY) LTD | Retail Forex License | 51024 |
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FSA | Exness (SC) Ltd | Retail Forex License | SD025 |
Exness is an online forex and CFD broker that was established in 2008. Registered in Cyprus, this company has expanded its reach to become a well-known brokerage firm, providing trading services to clients around the world. Exness is renowned for its intuitive trading platforms and extensive selection of financial instruments, which have made it a favoured option for traders in the foreign exchange and financial markets.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | EIGHTCAP PTY LTD | Market Making(MM) | 391441 |
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FCA | Eightcap Group Ltd | Straight Through Processing(STP) | 921296 |
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SCB | Eightcap Global Limited | Retail Forex License | SIA-F220 |
Eightcap is an online brokerage firm that was established in 2009. Headquartered in Melbourne, Australia, this company offers access to a wide range of financial markets, such as forex, stocks, indices, commodities, and cryptocurrencies. The company provides trading services to clients globally, with a particular emphasis on retail traders and investors.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | FIRST PRUDENTIAL MARKETS PTY LTD | Market Making(MM) | 286354 |
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CYSEC | First Prudential Markets Ltd | Straight Through Processing(STP) | 371/18 |
FP Markets, an Australian forex and CFD broker, was established in 2005. Based in Sydney, FP Markets is regulated by the Australian Securities and Investments Commision (ASIC) and holds an Australian Financial Services Licence. Throughout its extensive history of more than 15 years, FP Markets has established itself as a trusted name in the industry, known for its highly competitive pricing, lightning-fast execution speeds, and top-notch trading platforms such as MetaTrader 4, MetaTrader 5, and Iress. FP Markets provides a wide range of trading options, including forex trading on over 60 currency pairs and CFDs across various assets such as indices, commodities, shares, and cryptocurrencies. Traders have the option to select between raw spread accounts that offer access to deep liquidity or ECN accounts that provide tight variable spreads. FP Markets welcomes clients from around the world and is renowned for its round-the-clock customer support in multiple languages.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | STONEX FINANCIAL PTY LTD | Market Making(MM) | 345646 |
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FCA | Gain Capital UK Limited | Market Making(MM) | 113942 |
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FSA | GAIN Capital Japan Co., Ltd | Retail Forex License | 関東財務局長（金商）第291号 |
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NFA | GAIN CAPITAL GROUP LLC | Market Making(MM) | 0339826 |
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IIROC | GAIN Capital - FOREX.com Canada Ltd. | Market Making(MM) | Unreleased |
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CIMA | GAIN Global Markets, Inc | Market Making(MM) | 25033 |
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MAS | STONEX FINANCIAL PTE. LTD. | Retail Forex License | Unreleased |
FOREX.com is a reputable online forex and CFD broker based in the United States. Established in 2001, it has built a strong reputation in the industry. This broker offers a diverse selection of trading instruments, such as forex, commodities, and indices, to meet the needs of both individual and institutional traders. One of the standout features of this platform is its user-friendly and versatile trading interface. Traders can choose between the popular MetaTrader 4 (MT4) platform or the proprietary web-based platform. Both options offer a robust and intuitive experience for executing trades and managing portfolios.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | AVA CAPITAL MARKETS AUSTRALIA PTY LTD | Market Making(MM) | 406684 |
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FSA | Ava Trade Japan K.K | Retail Forex License | 関東財務局長（金商）第1662号 |
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FFAJ | AVA TRADE JAPAN K.K. | Retail Forex License | 1574 |
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CBI | AVA Trade EU Limited | Retail Forex License | C53877 |
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FSCA | AVA CAPITAL MARKETS (PTY) LTD | Retail Forex License | 45984 |
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FCA | AVA Trade EU Limited | European Authorized Representative (EEA) | 504072 |
AvaTrade is an international forex and CFD brokerage that was founded in 2006 in Dublin, Ireland. Regulated by the Central Bank of Ireland and licensed by financial regulators across Europe, Japan, South Africa, and Australia, AvaTrade provides retail traders, institutions, and fund managers access to trading instruments spanning forex, cryptocurrencies, bonds, commodities, indices, stocks, and ETFs. AvaTrade stands out for its comprehensive educational resources, multilingual customer support, and array of trading platforms including the popular MetaTrader 4 and AvaTradeGO. Traders can choose between floating or fixed spreads and leverage up to 1:400. AvaTrade also offers automated trading through Expert Advisors on the MetaTrader 4 platform. With its focus on trust, innovation, and empowering traders, AvaTrade has grown rapidly over the past 15+ years to serve over 200,000 accounts globally.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | PEPPERSTONE GROUP LIMITED | Market Making(MM) | 414530 |
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CYSEC | Pepperstone EU Limited | Market Making(MM) | 388/20 |
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FCA | Pepperstone Limited | Straight Through Processing(STP) | 684312 |
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SCB | Pepperstone Markets Limited | Retail Forex License | SIA-F217 |
Pepperstone, an online forex and CFD broker, was established in 2010 in Australia. The company is based in Melbourne, Australia, and has become a favoured option for traders around the globe. It provides access to a wide range of financial markets and trading instruments through its easy-to-use trading platforms. Pepperstone is renowned for its competitive pricing, tight spreads, and unwavering dedication to delivering a dependable trading environment for its clients.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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CYSEC | Forextime Ltd | Market Making(MM) | 185/12 |
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FCA | Exinity UK Ltd | Straight Through Processing(STP) | 777911 |
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FSC | EXINITY LIMITED | Retail Forex License | C113012295 |
FXTM is a reputable global online brokerage that operates under the regulation of multiple jurisdictions worldwide, such as the UK, Cyprus, South Africa, and Mauritius. Established in 2011 in Limassol, Cyprus, FXTM has experienced significant growth and currently caters to over 2 million accounts in over 180 countries. FXTM offers a wide range of tradable instruments, giving retail traders, institutions, and introducers access to over 250 options. These include forex, stocks, indices, commodities, cryptocurrencies, and ETFs. Take advantage of leverage up to 1:1000, enjoy competitive spreads, and experience fast execution on the popular MetaTrader 4 and MetaTrader 5 platforms. FXTM is known for its dedication to educating traders, providing customer support in multiple languages, and offering a wide range of trading resources to empower traders with the confidence to trade. FXTM has established itself as a reputable global broker in just ten years of operation, thanks to its transparent pricing, tight spreads, and advanced trading tools.
| Regulated Country | Regulated Authority | Regulated Entity | License Type | License Number |
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ASIC | TRADEMAX AUSTRALIA LIMITED | Market Making(MM) | 436416 |
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FMA | TRADEMAX GLOBAL MARKETS (NZ) LIMITED | Market Making(MM) | 569807 |
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VFSC | Trademax Global Limited | Retail Forex License | 40356 |
TMGM (TradeMax Group) is a renowned global online forex and CFD broker established in 2017. The company is based in the Republic of Vanuatu, a small island nation in the South Pacific, and it provides trading services to clients all around the globe. TMGM offers a diverse selection of financial instruments, such as forex, commodities, indices, and cryptocurrencies, accessible through its user-friendly online trading platform. TMGM strives to provide a contemporary and intuitive trading experience for investors in the financial markets.
How to Choose A Forex Broker?
Picking a broker that's user-friendly, budget-friendly, high-leverage, and tech-savvy might seem easy. However, sorting out the genuine ones is where the real challenge lies. Key signs of a reliable broker are:
Regulation:Look for brokers regulated by authorities like ASIC (Australia), FCA (UK), or CFTC/NFA (US) for trust and safety.
Trading Platforms: Opt for platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader, known for their robust tools.
Minimum Deposit:Choose brokers with reasonable minimum deposit requirements - for example, just $50 to start.
Ease of Withdrawal:Ensure easy and fee-free fund withdrawals.
Spreads and Commission: Seek competitive spreads, like 0.1 pips on major currency pairs, to protect your profits.
Customer Support:Accessible, multilingual support should be available 24/5.
Quick Customer Support:Swift responses to your queries ensure a smooth trading experience.
Execution Speed:Efficient order execution is critical. Look for brokers with fast and reliable trade execution, minimizing slippage and ensuring your orders are filled at the desired prices.
Demo Accounts:Having access to a demo account for practice trading without risking real money is valuable for beginners to get a feel for the platform and trading strategies.
Negative Balance Protection:Ensure that the broker offers negative balance protection, preventing you from losing more than your initial investment.
User Reviews:Read user reviews and seek feedback from other traders to gain insights into their experiences with the broker.
What are Best Forex Trading Platforms?
A potent trading platform, such as MT4 or MT5, is pivotal for forex trading, equipping traders with advanced tools and features that empower them to analyze markets, execute trades, and manage risk efficiently. These platforms are the essential backbone, providing the edge needed for success in the forex market.
MetaTrader 4 (MT4):
Popular retail forex platform developed by MetaQuotes.
Utilized worldwide, offering advanced charting, backtesting, EAs, and custom indicators.
Suited for beginners and professionals alike.
MetaTrader 5 (MT5):
MT4's successor designed for multi-asset trading, including forex, stocks, and futures.
Enhanced charting, more timeframes, added indicators, and algorithmic trading.
Maintains MT4's user-friendly interface while incorporating advanced features.
cTrader:
Emerging institutional-grade trading platform by Spotware Systems.
Geared towards expert traders, featuring robust charting, strategy backtesting, and automation.
NinjaTrader:
Focused on futures, also supports spot forex.
Popular among active traders and brokers, known for advanced order management and customizable charts and indicators.
TradingView is a web-based platform for charting and trading, featuring advanced charting tools for global markets and the ability to trade directly from charts through integration with select forex brokers.
How to Check Forex Regulation?
If you want to investigate regulation information (including regulatory license and regulation status) on a specific firm, individual, or pool, directly go to regulatory register websites. Here we take NFA as an example, firstly, you should visit NFA Background Affiliation Status Information Center (BASIC). The following page comes:
Next, let us type the “Forex.com” (the famous forex broker in the United States even in the world) in the search bar, here comes the result: Forex.com is indeed an NFA-regulated broker. You can also input NFA ID to investigate if this broker is regulated or not.
If a forex broker fails to display its detailed regulatory license number, it is probably an illegal forex broker that traders should stay away from. Nowadays, many forex brokers love to clone and pretend to be regulated, therefore, traders should first come to regulatory authorities websites to check if its regulatory number is true when choosing forex brokers.
What Are Reputable Brokers in the United States?
Forex brokers must register with the Commodity Futures Trading Commission (CFTC) and theNational Futures Association (NFA)to legally operate in the US. These bodies enforce strict regulations around trading practices, capital reserves, reporting, and auditing.
Leading regulated US forex brokers include IG, Forex.com, Interactive Brokers, TD Ameritrade FX, and Saxo Bank. All of these brokers hold active CFTC and NFA registrations. Registered brokers must segregate client funds in separate accounts, uphold net capital requirements, and submit to regular reporting and auditing. This provides clients important protections.
Forex Trading Knowledge Questions and Answers
How liquid is the US forex market compared to other financial markets?
The US forex market is incredibly liquid, with a daily turnover exceeding $546 billion, surpassing the liquidity in US stocks and government bonds. The immense daily volume traded in the decentralized global forex market underscores its unparalleled liquidity compared to other financial markets. Over$6.6 trillionchanges hands daily in spot forex, and the US dollar is involved in 88% of trades.
In particular, the US forex market sees massive liquidity and robust trading activity during US trading hours. According to the Bank for International Settlements, daily forex trading hit $546 billion on average in the US in 2022.
In contrast, the average daily volume on the US stock exchanges combined reached $446.9 billion in 2021. Even the highly liquid US Treasury market sees an average daily volume of only around $500 billion.
This shows the extraordinary liquidity pool available to traders in the US forex market, driven by key factors:
International scope connecting currency traders globally
Market open 24 hours, 5.5 days per week
Major involvement of institutional traders and central banks
Rapid settlement and clearing of trades
Low transaction costs attracting high volumes
The continuous price discovery and constant flow of buy and sell orders in the forex market, centered on dollar-based major pairs like EUR/USD, make it the most liquid financial market in the world. This provides unique advantages to traders in responding to global macroeconomic events.
Do I Need a Forex Broker?
The forex market is the world's largest financial market, with no central exchange for traders to conduct their forex trading activities. Everything changes so fast in the forex markets as you can gain incredibly huge profits in a short time and then in heavy loss after.
For example, a trader who shorted the EUR/USD as the Greek debt crisis unfolded could have gained over 25% in profits in just a few months. However, an equally rapid reversal could wipe out those gains without proper risk management through a broker.
Another example, John, lacking sufficient capital for traditional bank accounts requiring $5,000 or more, opted for a regulated retail forex broker's mini account. This broker, offering 50:1 leverage and a $100 minimum deposit, granted access to an advanced online platform with robust tools.
Leveraging real-time market analysis and charting tools, John identified an opportunity to trade the USD/CAD pair following an oil price drop, correctly anticipating the Canadian dollar's weakening.
Over several months, John executed well-timed trades, capitalizing on larger positions made possible by the broker's leverage. This strategic approach turned his initial $500 deposit into over $5,000 in profits within his first year of forex trading.
As a forex investor, you may have personalized requirements related to account types, trading platforms, customer services. With the help of some forex experts, stable platforms, advanced resources and tools offered by reliable forex brokers, you can definitely reach your trading goals more easily in the forex world.
Forex Trading Anti-Fraud Guidelines
Forex trading frauds are the employment of trading strategies to defraud forex investors by convincing them that trading in the forex market would result in a large profit. Innocent traders are easily scammed by tricky brokers, so here are some anti-fraud guidelines for you to follow:
Firstly, check if your broker is strictly regulated in certain countries, overseen by some influential financial agencies. If not, please stay away from it.
Secondly, looking at reviews of the broker as well as discussion boards should be part of your research when selecting a broker.
Thirdly, be aware of the forex pyramid scheme, and avoid any platform or services that come with the hype of “get rich quick”.
Fourthly, be wary of the withdrawal time. Illegal brokers or scams usually reject traders withdrawal applications for no reason.
What are the Advantages of Forex Trading Compared to Other Investments?
Designated by Commodity Futures Trading Commission (CFTC) as a registered futures association. The mandate of NFA is to safeguard the integrity of the derivatives markets, protect investors and ensure that members fulfill their regulatory obligations. Extra care should be taken to verify the ownership, status, and location of each forex trading firm, website, or app before signing up for a trading account.
Regulations on offered leverage, required deposits, reporting requirements, and investor protections will vary by country. The foreign exchange is a fast-paced and exciting place that is more active as compared to any other financial market across the whole world.
Its where fortunes are made within a matter of seconds, and it's responsible for a staggering five trillion US dollars swapping hands daily. If you want to get started with foreign exchange (also known as Forex market) investing or trading in the US, then you need to find the best forex broker to work with and get away from these fraudsters.
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