Top Forex Brokers In The USA (2021)

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The foreign exchange market is one that runs 24/7 basis, driven by news, geopolitical developments and the release of macro-economic data. In the United States, two entities are primarily responsible for regulating the FX market: The Commodity Futures Trading Commission and the National Futures Association. Existing rules make it mandatory for every FX broker to register with the former regulatory body mentioned above.  All the laws are enforced by both the NFA and CFTC on all U.S. based FX brokers along with any international broker that wants to serve customers in the country. 

Thus it is absolutely crucial for FX traders in the U.S. to choose a broker that complies with all existing directives and provide the service in a safe and transparent way. There are many brokers operating internationally but have been restricted from operating in the United States. That being said, the following are the top 10 Forex brokers offering their services in the U.S. 

ATC Brokers

Established in 2012 in London, ATC Brokers is a broker that offers both CFDs and forex pairs. It follows an STP model which provides instant execution to the top liquidity providers. It provides several payment methods such as Visa, Master Card, bank wire transfer and Union Pay.  Users have the option of opening either a corporate ECN account, a joint account or an individual account depending on their preferences.  The minimum initial deposit is fixed at $5000 or the currency equivalent for the user. 

Ally Invest

Ally Invest combines competitive pricing, an easy to use UI and helpful trading tools to provide a comprehensive forex platform. It provides a bit of everything for both novice and skilled traders. Beginners find it extremely useful as it does not have any minimum account requirements and provides numerous no-transaction fee mutual funds. Expert traders on the other hand appreciate its commission free trading model on U.S. securities and futures trading.  Ally Invest has a proprietary app dedicated to forex trading called Ally Forex, which allows customers to trade using their mobile devices. 

TD Ameritrade

TD Ameritrade is a U.S. only forex trading platform which also includes ETFs, options on forex futures and exchange traded forex futures as part of its fx offering. However, it does not offer copy trading and is not compatible with MetaTrader. It offers a total of 73 fx pairs. One of the advanced features it has is to automatically identify 80 common chart patterns.  Many traders prefer the vast collection of educational resources it provides, which includes 40 high quality articles covering technical analysis. 

Forex.com

Forex.com is one of the few brokers which offer Direct Market Access in the United States. It provides a sophisticated platform armed with 15 time frames, several advanced live charts and drawing tools and over a hundred technical indicators. The minimum deposit is fixed at 100 units of the base currency of the user. However, traders in the United States are subject to different deposit rules compared to European and UK traders. They charge an inactivity fee of $15 if there aren’t any positions opened for over a year. 

OANDA

Regulated by top tier international regulatory bodies such as the US Commodity Trading Futures Commission and the UK’s FCA, OANDA is an easy to use trading platform which provides powerful research tools as well. It offers over seventy currency pairs, and CFDs of major global indices. Their standard account does not require any minimum deposit , while their premium account has a minimum deposit of $20,000. 

Interactive Brokers

Interactive Brokers is best for both casual and advanced traders, with day traders finding the platform the most efficient. The company launched a new product, IBKR Lite, which lets users trade unlimited free trades of stocks. Among other tradable securities include stocks, fractional shares, mutual funds, ETFs, bonds, options, forex and even some metals.  It’s a very popular choice among casual traders because of its free trade offering. 

Selecting a forex broker if you are based in the United States can be tricky due to the narrower list of available options. However, you should always read the terms and conditions and check out the regulations for whatever services you are going for.