US Forex Brokers
Brokers are companies that provide access to financial markets for retail traders and investors. They are intermediates between their customers and the interbank market. US Forex brokers give access to Forex US traders. They are regulated by the SEC, CFTC, and other official bodies. US companies are considered to be the most reliable ones.
List of Forex Brokers
To be successful in Forex trading it is not enough to have a good strategy and properly manage funds. If you have chosen the right broker, your chances to become a good trader are higher. This list will help you to find out more about the top US Forex Brokers.
This award-winning company offers tight spreads and low fees. According to the information on their official website, Forex.com is the choice of more than 500,000 traders around the world. In the United States, they are regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).
Traders who choose Forex.com can benefit from the following trading platforms:
- Web Terminal (based on TradingView charts).
- Metatrader 5.
- Mobile trading (TradingView charts).
All those platforms give plenty of opportunities including deep technical analysis features, various types of orders, graphic tools to monitor price patterns, etc.
Apart from trading itself, customers can learn more about the basics of financial markets or hone their skills if they have any previous trading experience. Forex.com trading Academy is a place where you can find various articles and video tutorials. If you are not sure you know everything about Metatrader or a web-based trading platform, a special video guide will help you.
And last but not least. This US Forex Broker provides traders with various types of market research. There are daily price forecasts, trading ideas, and a news section with the latest events that may have a significant price impact.
This US Forex Broker is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the NFA. They have average spreads (from 1.5 pips) and a wide range of financial assets to trade (currency pairs, commodities, indices, metals, bonds). No minimum deposit is required meaning you can start with any amount you want.
Oanda’s customers can benefit from a wide range of platforms that include a web-trading terminal, desktop MT 4 platform as well as a mobile app for Android and iOS-based devices. Beginner traders can start with a demo version of most platforms to familiarize themselves with trading terminals and their features. The demo account can also be used to master strategies.
This US Forex Broker offers a broad range of educational materials including articles about trading and webinars. You will learn about the basics of FX trading, tools, and strategies that you can use to improve your results as well as money management. Depending on your current level of skills you can find something interesting and useful there.
When it comes to analytics, here you can find the latest news about the most important market events. Oanda Labs provides traders with many interesting tools such as:
- Volatility graph. You can see what currencies have the biggest volatility currently or over various periods in the past.
- Correlation table. This tool will help you to understand which assets have the highest level of correlation currently.
- Candlestick patterns. By using this tool, you will be aware of the latest candlestick patterns that have appeared on the charts.
- Currency strength heatmap. Shows how strong a particular currency is.
- Official economic figures. This tool is useful for those who use fundamental analysis in their trading strategies.
This company offers a broad range of financial assets to trade. You can choose from a plethora of CFDs including stocks, indices, and even cryptocurrencies. IG offers weekend trading allowing you to open positions anytime. If you have a busy schedule during the week, IG will give you this unique opportunity to place orders on Saturdays and Sundays.
When it comes to trading platforms, IG offers its own innovative web terminal with a broad range of features including technical indicators, graphic tools, various types of charts, trading signals, and many customization tools.
Apart from this proprietary trading platform, you can benefit from the MT 4 trading terminal. This is a classic application where you can place orders and conduct deep market analysis by using built-in indicators or third-party research tools.
The “Learn to trade” section provides you with the basics of trading as well as some advanced topics such as trading strategies, tools, planning. There you can also find the latest news and events that may influence the assets’ prices. Additionally to this, there is IG Academy where you can master your trading skills by picking any available course.
This is a global social trading platform that allows you not only to trade on your own but also to provide signals or to subscribe to successful traders and follow them. This brokerage firm combines trading and passive investment features.
eToro offers a proprietary trading platform with all you need for trading including market research tools, latest news and events, and so on. The range of assets you can trade there is impressive. Apart from traditional financial tools like currencies, stocks, indices, commodities, traders can buy and sell various cryptos.
If you are not sure you can trade successfully on your own or you want to diversify your portfolio, eToro will help you with this. This trading social network allows you to subscribe to any signal providers and follow them. The website provides you with detailed statistics on each trader allowing you to make a reasonable choice.
Those who are new to trading can start with eToro Academy. There you will find various topics on how to trade on financial markets or how to use a particular strategy. All guides are sorted according to the level of mastery. Even skilled traders will find something interesting there.ъ
This US Forex Broker needs no introduction. Interactive Brokers is famous in the United States and far beyond their borders. The company offers the lowest commissions and tight spreads.
When it comes to trading platforms, IBKR offers Trader Station and a client portal where traders can place orders and conduct basic market research. There are also mobile platforms for Android and iOS-based devices.
Beginner Forex traders can visit their Academy where they can find a plethora of guides on various topics including financial markets basics. Here you will learn more about trading strategies and money management.
Apart from education, Interactive Brokers is famous for its analysis section, which includes services such as Portfolio Analyst, Interactive Advisors, and others.
How to choose a good US Forex Broker
While there are plenty of Forex brokers around, not all of them can satisfy your needs. This is why it is crucial to find a company that will be reliable and will offer top-notch services at the same time. It is not an easy task but using the criteria we are going to describe below, you will succeed.
Regulated or unregulated brokers?
The first thing many traders take note of is the license. All reliable companies in the United States are regulated. Some of them are licensed by the local regulatory authorities like SEC, CFTC, or NFA. However, many brokers are regulated outside the United States.
While everything is simple in the first case, the latter is not so clear. When you choose a company with a foreign license, you need to keep in mind that your rights will also be protected. However, in case of any disputes, you will have to deal with a foreign jurisdiction. US regulators will be unable to protect you.
When dealing with unregulated companies, you are not protected at all. Some of those companies are good but in most cases, they end up the same way – most of them shut down when they think their business is not profitable anymore. This means they may close at any moment and you will be unable to cash out your profits and even your deposits.
This is the second important criteria you need to look at when choosing a brokerage company. Trading conditions may vary depending on a particular firm. Some brokers offer lower spreads and commissions, some have lower minimum deposit requirements.
If you are going to use high-frequency trading strategies, it is better to look for those companies with lower spread amounts. The math behind this is simple. You will open many trades during the day and each time you place orders and they are executed, you pay a commission to your broker. The lower this commission is, the more money you will put into your pocket if successful.
When it comes to minimum deposit, many US Forex brokers require $100 at least. This is an average amount and it is not enough for serious trading strategies. However, by depositing $100, you will be able to test the company and to understand whether it is a good choice or not.
The range of financial instruments also matters. If you want to use a couple of currency pairs, this parameter is not important for your at all. However, if your trading strategies allow you to buy various assets like currencies, cryptos, shares, etc, it is better to look for brokers with a broader range of financial instruments.
Most US Forex brokers offer their own proprietary trading terminals. They can be both web-based or desktop. What to look for when choosing a platform?
It should be functional. Modern trading platforms are designed for various purposes. The main idea is to place orders. However, you can also conduct market analysis using technical indicators or graphic tools. Some trading platforms allow you to use a robot and even to test your strategies.
If a company has a third-party trading terminal, you will have even more features to benefit from. Such platforms like Metatrader or Trade Station are designed for professional traders and they allow you to use any strategy at full pace.
US Forex brokers offer various additional services to their customers. If you are a beginner trader, you will definitely need some skills and knowledge to start. Most brokers provide traders with detailed guides on financial markets and trading basics.
Education and analytics
What are those guides? You will learn more about market analysis and trading strategies. Educational materials will teach you how to place orders and protect your market positions from bigger losses. And that’s not all. You will learn the basics of trading psychology, which is very important when dealing with financial markets.
Some companies offer advanced courses for skilled traders to hone their knowledge. Those guides contain advanced strategies and tips on trading.
As for market research, most US Forex brokers give their customers insight into the financial markets situation. You can benefit from daily reviews, fundamental research, trading signals, etc.
If a trader has no skills to trade, he can choose various social platforms to invest money. Those websites provide you with all the necessary information about managing traders. Your only task is to choose between thousands of offers.
There are dozens of other services that you can find when dealing with a particular brokerage firm. Some of them offer retirement plans, passive investment opportunities, low-risk assets, and others.
Now you are “armed” to find a good and reliable Forex broker in the United States. You can pay attention to the companies that we have described in this guide. Those FX brokers are trustworthy as most of them are regulated in the United States and have a very good reputation. However, if you want to make your own research, those criteria we have described here will help you to pick an appropriate brokerage firm.