2024’s Best Forex Trading Platforms in the US: Expert Reviews & Analysis (2024)

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Our search for the best forex trading platform in the US considered both objective and subjective factors. Of course, we looked at trading costs, execution speeds and spreads, but we also evaluated educational resources, customer support and other aspects of the trading experience.

Based on our research, these are the best forex trading platforms in the US:

1. OANDA – Best Forex Trading Platform for US Traders
2. FOREX.com – Top US Forex Trading Platform with MT4
3. IG Group – Best Forex Trading Platform for Beginners
4. TD Ameritrade – Good Selection of Trading Products for US Traders
5. Interactive Brokers – Top US Forex Trading Platform with Low Fees
6. Nadex – Great US Trading Platform for FX Options
7. Trading.com – Best US Forex Trading Platform with MT5

For this roundup, we’ve focused on online brokers licensed by America’s two primary financial regulators: the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). While the CFTC regulates derivatives markets in the United States, ensuring transparency and fair play, the NFA oversees brokers, dealers and other market actors, including online brokers.

The rules and regulations set out by both agencies are among the strictest in the world, and brokers who fail to comply can face financial penalties and other sanctions. If you’re looking for peace of mind, trading with a CFTC or NFA-licensed broker can provide much-needed reassurance.

Note: Due to NFA and CFTC rules, the brokers below offer spot trading to US residents, not contracts for difference (CFD) trading.

OANDA – Best Forex Trading Platform For US Traders

US-based forex broker OANDA has led the way in developing trading technologies since 1996. A highly trusted and reputable broker, OANDA holds licenses from nine regulatory bodies worldwide, including the CFTC and NFA, the Canadian Investment Regulatory Organisation (CIRO), and the Australian Securities and Investment Commission (ASIC).

Trading Costs

OANDA’s single account option operates on a spread-only pricing model. That means you pay no additional commission costs on top of the spread when you open or close a position. More to the point, the broker’s spreads start from 0.6 pips, which is highly competitive.

In our independent testing, OANDA posted impressive results. To evaluate broker spreads, we opened live accounts and tracked high, low and average spreads for the major currency pairs over a 30-hour period. Across the five most popular currency pairs, OANDA had an average spread of just 0.7 pips, which is 74% lower than the industry average. The EUR/USD pair results also stood out, with OANDA offering 0.6 pips compared to the industry average of 1.24 pips.

For forex traders who trade high volumes, OANDA offers rebates through their EliteTrader Program. For every million you trade, you’ll receive a monthly cash rebate ranging from US $5.00 to US $17.00 per million deposited into your trading account.

Trading Tools and Markets

OANDA’s own platform, OANDATrade, scores high marks for its user-friendly interface and easy-to-use charting tools. We found that the mobile app, however, lacks some of the advanced features of the web and desktop versions. For those who prefer automated trading, the broker also offers a MetaTrader 4 trading account where you can use Expert Advisors to create trading bots. Should technical analysis and chart trading better suit your trading style TradingView is another excellent option.

OANDA offers 68 currency pairs in total, which is in line with the best brokers in the industry. US-based traders can also try their hand at cryptocurrencies, available through OANDA’s partnership with Paxos’ iBit exchange.

Our Verdict on OANDA

For beginners with some knowledge of forex trading, OANDA is an excellent choice due to its low spreads, competitive fees, and powerful suite of risk management tools, which protect capital while you develop your skillset.

FOREX.com – Top Broker With MT4

Another American-made success story, FOREX.com was founded in 2001 in Bedminster, New Jersey. Twenty years later, the brokerage operates around the world and holds licenses from the CFTC, NFA, CIRO, Cypress Securities and Exchange Commission (CySEC) and the UK’s Financial Conduct Authority (FCA).

Trading Costs

With FOREX.com, you can trade using a spread-only or a commission-based raw pricing account model.

In the case of the Standard and MetaTrader 4 accounts, you’ll pay only the spread, which starts at 1.2 pips for the EUD/USD currency pair. Based on our research, Forex.com offers competitive, if not exceptionally tight, spreads. The average across our key tested currency pairs (EUR/USD, USD/JPY, GBP/USD, AUD/USD and EUR/GBP): 1.66 pips.

The Raw Pricing and MetaTrader 5 accounts offer tighter spreads – as low as 0.0 pips in some cases. These spreads can vary, however, and you’ll also pay a commission of US $7.00 per lot to open or close a position. That’s a significant premium over other top-tier brokers, the most expensive of which tend to cap commissions at US $3.00 per side.

Opening a FOREX.com trading account also requires a minimum deposit of US $100. That’s an unusual characteristic for top US forex brokers. That said, you won’t pay processing fees to fund your account or withdraw money.

Trading Tools and Markets

FOREX.com offers a wide selection of trading platforms suitable for both beginner and experienced traders. Whether your trading style calls for advanced charting, technical analysis or automation tools, FOREX.com has the combination of tools and pricing you need to implement your strategy.

The broker’s own trading platform is a solid choice for traders who favor technical analysis. It offers a wealth of charting features, including more than 80 indicators, over ten chart types, and 50 drawing tools. For even more sophisticated charting, you have the option to connect your trading account to TradingView.

We also appreciated the option to build out a FOREX.com trading platform account with extra tools to support specific trading goals. NinjaTrader makes it simple to automate your forex trading by attaching orders and rules directly to indicators, while Capitalise.ai allows you to automate your trading with no-code algorithms.

Other tools include the Performance Analytics add-on, which provides real-time, unbiased feedback on your trading and helps you develop a plan to meet your goals. For social and copy traders, Smart Signals can help you find trading opportunities across 36 major global markets.

If you’re a die-hard fan of the MetaQuotes family of platforms, Forex.com also offers MetaTrader 4 and MetaTrader 5 trading accounts. Choosing one of these account types will, however, limit your access to some of the trading tools.

In addition to over 80 currency pairs, US-based account holders can trade real stocks, futures and futures options with FOREX.com.

Our Verdict on FOREX.com

For forex enthusiasts who appreciate the MetaTrader 4 trading platform, FOREX.com has a lot of appeal. With an extensive selection of currency pairs to trade and an impressive collection of global licenses, it’s a sensible choice for those who intend to focus on currency trading.

IG Group – Best Forex Broker In USA For Beginners

Founded in London in 1974, IG Group has expanded to become one of the premier online brokers worldwide. Considered one of the best brokerages overall, with an expansive range of trading products, an award-winning trading platform and superior educational tools, it’s an ideal choice for beginners.

IG Group holds licences from eight top-tier regulators, including the CFTC, ASIC, CIRO, CySEC, and the Monetary Authority of Singapore (MAS). However, due to state-level regulatory restrictions, Ohio residents cannot trade with IG Group.

Trading Costs

IG Group’s spread-only pricing model makes calculating your trading costs straightforward for beginners. For new traders, navigating variable spreads can prove sufficiently complicated without the added factor of commissions. That said, IG Group’s variable spreads could be tighter. At 1.38 pips, our tested average across major currency pairs beat the industry average of 1.52 pips – but not by much. The EUR/USD starts at 0.8 pips and averages 1.2 pips.

On the other hand, IG Group offers the largest number of currency pairs to trade, and many individual pairs post more competitive spreads. The EUR/USD pair averages 0.8 pips, for example.

For more experienced traders interested in trading on margin to expand the size of their positions, IG Group provides attractive leverage ratios: 50:1 for major currency pairs and 20:1 for minor pairs. Margin requirements are tiered, with some currency pairs requiring a larger percentage than others depending on your position size.

You won’t need to make a minimum deposit to begin trading with IG Group. However, the broker does charge overnight and swap fees.

Trading Tools and Markets

Advanced and novice traders agree that IG provides a best-in-class trading experience across its web and mobile trading platforms. Developed based on the broker’s decades of experience, these award-winning in-house platforms offer advanced charting and powerful technical tools but in a clean, easy-to-navigate environment suitable for new traders.

IG Group’s trading platform also sets new traders up for success with a drag-and-drop customizable layout. This feature is trickier to master than you might think, and we like that IG Group understands which elements most traders really need to see in a layout and narrows the customization accordingly.

That said, experienced traders will also find much to like about IG Group’s technical and market analysis tools. A streaming Reuters newsfeed integrates directly with the trading platform. Autochartist provides unbiased and timely analysis, one-click trading from charts, price alerts that notify traders of forex price movements, and over 100 indicators integrated with ProRealTime.

You can also trade forex with IG Group on MetaTrader 4 which has expert advisors to automate trading; however, you won’t have access to the full complement of currency pairs.

With over 84 currency pairs to trade, IG Group surpasses other brokers on this list. Only FOREX.com comes close, with 80 pairs. That said, forex is the only market available to American account holders with IG Group – no stocks, options or other trading products.

We recommend IG Group over other brokers for new traders owing to the strength of its educational offering. In addition to a stand-alone app offering exclusively educational content, the broker also maintains a comprehensive library of resources and training materials. From in-depth articles to webinars with professional traders to video platform walk-throughs, the broker goes the extra mile to ensure traders of all levels have the tools they need to level up.

Our Verdict on IG Group

A well-known and established forex trading institution, IG Group offers a broad range of forex pairs to trade and excellent educational resources for new traders. It’s an ideal option for those who want to grow their skills and knowledge as they trade.

TD Ameritrade – Good Broker With a Wide Selection of Trading Products

Part of the venerable Charles Schwab family of financial services companies, TD Ameritrade offers American traders with traditional portfolios an opportunity to expand into forex trading and stock trading. Catering primarily to US citizens, this broker is licensed by the CFTC.

As of 2024, TD Ameritrade will be fully absorbed by Charles Schwab. Existing customers will retain their existing TD Ameritrade accounts; however, new traders will open accounts with Schwab.

Trading Costs

True to its reputation as a serious broker for newer and intermediate retail investors focused on more than day trading, TD Ameritrade offers a single account type with spread-only pricing. (Note that we’re referring here to trading accounts – Schwab and TD Ameritrade also advertise tailored investment accounts on their pages, but these are for long-term financial planning purposes, such as retirement.)

Spreads with TD Ameritrade start at 1.0 pips, which is lower than the industry average across the five major pairs of 1.52, but not hugely exciting.

This broker also stands out for its unique approach to risk management. Once daily, TD Ameritrade assesses the risk of all open positions and proactively closes those that fail to meet a certain risk threshold. We found it a bit Big Brother-ish, but we can see the appeal for a more conservative trader.

Unless you intend to trade with leverage, you won’t need to make a minimum deposit to begin trading. That said, if you do want to trade on margin, expect to pony up at least US $2,000.

If you’re not ready to begin trading live, TD Ameritrade offers a unique version of a demo account. Instead of opening a separate trading account, you’ll use the paperMoney virtual trading environment to experiment with the thinkorswim platform and practice your trading strategies in a live market simulation.

Trading Tools and Markets

Similar to its approach to trading accounts, TD Ameritrade offers a single platform for trading forex: thinkorswim. Fortunately, it’s a flexible, scalable platform equally suited to new forex traders and those with more experience.

We particularly appreciate the depth of market views and advanced charting. Thinkorswim provides more than 400 technical studies and 20 drawing tools – on par with other top-shelf trading platforms. For algorithmic trading, there’s the option to code your own automations in thinkScript, though we would’ve liked to see a no-code app or tool as well.

One area where TD Ameritrade stands out is the selection of available asset classes. In addition to the forex market, you can trade shares, exchange-traded funds (ETFs), options, and futures.

The selection of 70 currency pairs includes all of the major, minor and exotic pairs we expect from a top forex broker.

Our Verdict on TD Ameritrade

A solid, if unremarkable, forex broker, TD Ameritrade has long relied on its reputation as a more diverse, well-rounded financial institution to attract those interested in more than day trading. With its absorption by Schwab well underway, we’re curious to see how the broker’s approach to day trading evolves.

Interactive Brokers – Top Broker For Low Trading Fees

Better known as IBKR, this Greenwich, Connecticut-based broker has been around since 1978. With a sophisticated pricing structure designed to benefit experienced traders and a powerful proprietary trading platform, it’s not a broker for the faint of heart. In addition to a license from the CFTC, IBKR is regulated abroad by the FCA, CIRO, ASIC and MAS.

Trading Costs

IBKR has long been known for its professional-grade trading conditions and powerful in-house trading platform. The IBKR Lite trading account can claim the same competitive pricing, albeit with some additional complexities.

Unlike other single-account brokers, which tend to offer only spread-only pricing, the IBKR Lite account uses a commission-based model. That means you benefit from tighter spreads – as low as 0.1 pips for some currency pairs – as well as a unique commission structure.

Rather than a flat fee per side of your round-turn trade, IBKR Lite uses a tiered commission structure. How much you pay depends on your monthly trading volume. Less than US $1 billion, and you’ll pay 0.20 basis points of the trade value.

Trading Tools and Markets

For experienced traders looking for advanced functionality, IBKR’s proprietary platform, Trader WorkStation, doesn’t disappoint. Built to mimic professional-grade trading terminals, it’s powerful, highly customizable and more than a little intimidating.

If you prefer to get straight to trading rather than spend time configuring the ideal layout, IBKR TraderWork Station (TWS) offers multiple pre-configured default views. These include views tailored specifically for forex, highlighting popular spot forex pairs and other products like futures. The platform also allows for one-click trading.

For charting, TraderWork Station features over 90 indicators and multiple drawing tools. Timeframes range from seconds to months, and you can also trade directly from charts.

The IBKR mobile trading app also scores high marks for bringing powerful tools to the mobile environment. Of all the brokers we reviewed for this roundup, IBKR Mobile came closest to mimicking the experience of trading on a desktop or web app.

IBKR doesn’t disappoint when it comes to its selection of markets. In addition to forex, you can trade options, futures, bonds and cryptocurrency.

Our Verdict on Interactive Brokers

With advanced tools powerful enough to satisfy even the most sophisticated traders, Interactive Brokers also offers enticingly low trading costs. Particularly for volume traders, who often suffer from flat fees, IBKR’s sliding scale makes mid-sized positions more affordable.

Nadex – Great FX Broker For Options Trading

Formerly known as the North American Derivatives Exchange, Chigago-based NADEX has been around since 2004. This specialized exchange is the best and safest way for American traders to experiment with short-term forex binary options, knock-outs, and call spreads, which is why we’ve included it in our roundup.

NADEX was acquired by Crypto.com in March 2022 and holds a license from the CFTC.

Trading Costs

NADEX offers three types of options contracts for American forex traders: call spreads, knockouts, and binary options. The underlying pricing for each contract type is based on COMEX and NYMEX futures and will, therefore, fluctuate with the financial markets.

NADEX uses a simple and easy-to-understand trading fee structure for its contracts, regardless of type. To open or exit a contract, you’ll pay a trading fee of US $1 and a settlement fee of US $1 upon expiration. If it’s a binary option expiration contract, however, and you’re out of the money upon expiration, NADEX won’t charge a penalty.

NADEX does cap position sizes for all three contract types: 2,500 for binary options, 250 for call spreads, and 100 for knockouts. Minimum tick values also vary, ranging from US $1 for call spreads and knockouts to $0.25 for binary options.

NADEX doesn’t require a minimum deposit to begin trading, which helps keep trading costs low. However, you will need to consider its funding requirements. Unlike other players in the online trading space, NADEX does not allow you to fund your account with credit cards. The broker accepts only cash-backed funding methods.

Trading Tools and Markets

As you might expect based on its focus, the NADEX trading platform and environment cater to options contracts. If you’re used to advanced charting and complex layouts as part of your trading experience, NADEX may take some getting used to.

Available in both web-based and mobile trading app formats, NADEX offers a clean, efficient trading environment that gets the job done. You’ll have access to some charting, but nothing like what you’d get with MT5 or some of the proprietary trading platforms offered by top forex brokers.

When it comes to financial markets, NADEX provides access to forex, indices, commodities and cryptocurrency, including Bitcoin (BTC).

Our Verdict on Nadex

An unorthodox choice for a ‘best-of’ list of forex trading platforms, we’re highlighting NADEX for its unique product offering. The only CFTC-licensed exchange to focus exclusively on forex options contracts, it’s worth a look for those interested in alternative ways to play the FX market.

Trading.com – Best MT5 Broker

A newcomer to the retail investing scene, New York-based Trading.com was founded just three years ago in 2021. Regulated by the CFTC and the FCA, it stands out for its commitment to innovative trading tools and platforms, such as MetaTrader 5.

Trading Costs

Trading.com’s T1 account uses a spread-only pricing model, which means no commissions and easy-to-calculate trading costs. However, it does act as a market maker, and spreads can widen significantly from the posted minimums.

Based on those posted minimums, however, Trading.com offers competitive pricing. The broker averaged a minimum spread of 1.30 pips for the five key currency pairs we tested with (EUR/USD, USD/JPY, GBP/USD, AUD/USD and EUR/GBP). That’s 15% lower than the industry average of 1.52 pips.

If you intend to trade with leverage, Trading.com offers the maximum allowed under CFTC regulations: 1:50 for major currency pairs and 1:33 for minor pairs.

Trading Tools and Markets

Trading.com does provide a proprietary trading platform, but the real appeal lies in its MetaTrader 5 offering. Considered by many to be an upgraded version of MetaTrader 4, MT5 expands on the success of its predecessor with access to exchange-traded assets and a faster, more nimble trading environment.

MetaTrader 5 can easily handle up to 100 charts with 21 time frames and offers 80 technical analysis tools. It’s also a superior algorithmic trading environment. MT5 traders have access to a carefully curated marketplace of custom-built and pre-built trading robots and can even code their own Expert Advisors tailored to specific trading strategies.

Trading.com has also configured its order processing system to use identical logic for market and pending orders. This means fewer restrictions on your trading without losing the benefits of a first-in-first-out system.

With Trading.com, you can trade a respectable 70 forex pairs—and that’s it. Like IG Group, the US arm of Trading.com limits itself exclusively to the foreign exchange markets.

Our Verdict on Trading.com

Less well-known than other regulated brokers offering services to American clients, Trading.com is a good choice for those committed to the next generation of trading tools, particularly the MetaTrader 5 trading platform.

FAQs

Your most frequently asked questions about trading forex in the United States.

Can US citizens trade forex?

Yes, US citizens can trade forex, provided they do so through a broker licensed by the NFA and that complies with CFTC regulations. Unlike traders from Europe and other jurisdictions, however, American traders cannot open accounts with offshore brokers. It is also worth noting that US traders cannot trade Forex as contracts for difference (CFDs).

Is trading forex legal in the USA?

Yes, forex trading is legal in the USA. Note, however, that this means the actual buying and selling of currency pairs – not contracts for difference (CFDs). The Commodities Futures Modernization Act of 2000 prohibits brokers in the US from offering OTC derivative products to retail investors.

Which is the best forex trading platform in the US?

The best forex trading platform in the US depends on your specific trading style, budget and experience level. MetaTrader 4 (MT4) is the best trading platform in the US you’ve want a good variety of indicators charts and wish code your own automation bots. If, on the other hand, you prefer to trade Forex and stocks, MetaTrader 5 (MT5) may prove a better fit. Other good platforms include OANDA Trade, TradingView and thinkorswim.

Do I pay tax on forex profits in the US?

Yes, you will pay taxes on your forex trading profits in the US. The Internal Revenue Service (IRS) considers forex profits as taxable income that you’re required to report and will assess a capital gains tax depending on the amount you’ve earned.

Can US citizens trade CFDs?

No, US citizens cannot trade CFDs. The Commodities Futures Modernization Act of 2000 makes it illegal for Americans, regardless of where they reside, to trade OTC derivatives.

Is trading forex safe?

Yes, trading forex with appropriatelyUS regulated forex brokers. While all day trading carries a high degree of inherent risk, opening an account with a reputable broker authorized to accept US clients can protect you from market manipulation, scams, fraud and other unethical practices. The CFTC also maintains strict capital requirements for brokers and ensures proper management of client funds.

What Is a low spread broker?

A low spread in forex is a small difference between the bid and ask price of a currency pair, measured in pips. Lower spreads generally mean lower trading costs, which is particularly important for short-term traders who open and close multiple trades in a single session.

When searching for the lowest spread forex broker in the USA, it’s essential to consider factors such as regulatory compliance, platform reliability, and overall trading costs. Some of the top low spread forex brokers in the USA include OANDA, Forex.com, IG Group, and Interactive Brokers. However, it’s crucial to choose a broker that is regulated by reputable agencies such as the NFA and CFTC to ensure a fair and secure trading environment.

OANDA Disclaimer

OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.

OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS

Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circ*mstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.