May 8, 2024

Best Forex Broker

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Using an unregulated forex broker in the United States can be very risky. Luckily, you have a few legal options to explore. Read on to find out more.

Which forex broker is best in the USA?
Here are best 5 forex brokers in the USA:
  1. IG for Low Spreads
  2. OANDA for Transparent Pricing
  3. for Automated Trading
  4. Thinkorswim for Experienced Traders
  5. Interactive Brokers for Professionals

Despite strict regulations, there's a reason why forex trading remains popular. It is the most liquid financial market. Plus, it's open 23 hours a day for 5.5 days a week.

Forex is the perfect market for risk-takers. But which broker can be trusted? Which forex broker can help you reach your trading goals?

In this list, find out which forex brokers have the best trading tools, lowest fees, and authorization to operate in the US.

Have you had a negative experience with an unregulated Forex broker?

Best Forex Brokers

Traders who plan to actively day trade forex typically need $2,500 or more since forex is leveraged.

If you still want to trade forex despite the margin required, read on.

Leverage for forex trading is set at a maximum of 1:50 in the United States

IG: Best For Low Spreads

PricingSpread-only ($0 commission)
Number of Currency Pairs80+
SpreadStarts at 0.8 pips[1]
Inactivity Fee$12 monthly after 24 months of inactivity[2]
Withdrawal Time24 hours for bank wire; 3-5 working days for card or ACH[3]

IG is an award-winning forex broker and is great for those looking for low spreads. Its spread starts at only 0.8 pips on major pairs like EUR/USD, one of the lowest in the industry for retail traders.

In the Market Data section, there are tools you can use to study currency pairs and aid you in your trading decisions. You can see current chart patterns, price correlations, and client sentiment.

IG's trading platform is easy to use. There are free technical packages such as RSI, Moving Average, and Fibonacci. It also features third-party signals if you want to simply copy a trade.

For those who want a more professional platform, ProRealTime enables you to completely customize your charting. However, for those who trade less than 4 standard contracts a month, there is a fee of $40.[4]

As of May 2024, it has an average speed of 0.018 sec between order ticket and execution.[5]

  • Relatively low spread
  • Established broker
  • Inactivity fee
  • ProRealTime locked behind paywall

OANDA: Best For Transparent Pricing

PricingSpread-only ($0 commission); Elite Trader
Number of Currency Pairs68
SpreadStarts at 1.4 pips[6]
Inactivity Fee$10 monthly after 12 months of inactivity[7]
Withdrawal Time1-2 business days for bank wire; 3-5 business days for debit card[8]

OANDA is a forex broker you can trust with its transparent pricing. On their website, you can easily check the latest spread they charge for the 68 currency pairs they offer.[9]

It has partnered with third-party platforms to elevate your forex trading experience. Some of these include:

  • Technical Analysis (powered by Autochartist)
    Scan and analyze charts easily with automatic chart pattern recognition. Receive alerts for specified patterns, correlating signals, and potential trading opportunities.

  • TradingView Charts
    Get access to the thousands of built-in and community indicators from one of the most popular technical analysis platforms.

OANDA also has its Economic Overlay, where you can check important economic announcements and events within its platform. With the Dow Jones FX Select, you get real-time breaking news, expert trend analysis, and in-depth policy commentary.

If you have an unused margin over $10,000, you can earn interest when you meet the terms.[10] Your money earns even if it's not invested.

High-volume traders may also benefit from the Elite Trader program. Eligible traders can enjoy discounts, cash rebates, expert market analyst insights, etc.

  • Interest on unused margin
  • TradingView integration
  • AutoChartist integration
  • Inactivity fee
  • High admin fees
  • Limited currency pairs

Visit this page for the historical spreads charged by OANDA. Best For Automated Trading

PricingSpread-only ($0 commission); RAW Spread (tight spreads + low commission)
Number of Currency Pairs80+
SpreadStarts at 1.2 pips (Spread-only); as low as 0.0 pips (RAW pricing)[11]
Inactivity Fee$15 monthly after 12 months of inactivity[12]
Withdrawal Time48 hours (bank transfer); 48 business hours (debit); 2 business days (wire)[13] is the only forex broker in the United States that features an easy automation tool for non-programmers. You can easily automate your trades through

Capitalise is a user-friendly auto-trading strategy builder. You can backtest, simulate, and set alerts. Automation is very easy since it's done in plain English.

Another great feature is the algorithm-based signal provider called SMART Signals. Here, you can find potential trade ideas on whether to buy or sell. It also automatically sets the stop loss and takes profit levels for you. also has a tool that helps you manage your trading psychology. Through Performance Analytics, you can monitor your discipline and analyze your trading behavior and habits, which can reduce your mistakes.

It has two pricing models. First, a spread-only account is ideal for traders who want a traditional currency trading experience. Then, there is a RAW Spread account that is for traders who are seeking ultra-tight spreads with fixed commissions.

  • Variable pricing
  • Automated programs
  • Trading discipline tool
  • Inactivity fees
  • Long withdrawal times
  • Higher spread than other brokers

Thinkorswim: Best For Experienced Traders

PricingSpread-only ($0 commission)[14]
Number of Currency Pairs70+
SpreadAround 1.9 pips for EUR/USD*
Inactivity Fee$0
Withdrawal TimeSame-day for internal bank transfer and external wire transfer; 1-2 business days for external bank transfer[15]

*Disclaimer: The forex spread is not disclosed on the TD Ameritrade or Schwab website so we downloaded the TOS desktop platform and manually derived the spread by deducting the ask from the bid price. The 1.9 pips spread does not reflect all pairs, but it is from the real TOS EUR/USD closing price last 01/26/2024.

thinkorswim® (TOS) is one of the most famous platforms used by traders. It's more commonly used for stocks, but it also features forex trading. This is perfect for traders looking to trade various assets in a single platform.

Although not published on their website, the spread is around 1.9 pips for EUR/USD, as checked in the TOS platform.

It has a comprehensive list of studies that you can use like candlestick recognition studies.

At thinkorswim, you also get access to economic data and real-time news that can be filtered according to the currency pair. You can also set custom alerts so you don't miss any trading opportunities.

It takes a while to get used to the platform, but you can create a guest pass account to access the platform for free and simulate trades. This way, you can check if this is a good match for you.

  • Simple pricing
  • No inactivity fees
  • Comprehensive collection of studies
  • Has a steep learning curve to navigate

Interactive Brokers: Best For Professionals

PricingTight spread + low commission
Number of Currency Pairs100+
SpreadStarts at 0.10 pip[16]
Inactivity Fee$0
Withdrawal TimeSame-day processing if before cut-off[17]

Interactive Brokers (IBKR) is better suited for professional forex traders. It has the most pairs offered, low commissions despite the large amount traded, and flawless execution.

Spreads are as narrow as 0.10 pip and commissions only range from 0.08 to 0.20 basis points (bps), with no hidden spreads or markups.[16] You can convert a million dollars and the fee is only $20.

There are ways to trade forex: currency conversion or leveraged forex trading. However, for leveraged trading, only those with over $10 million in assets are eligible.[18]

The minimum order size for spot USD FX trades is $25,000.[19] For orders that exceed the standard maximum, IBKR has a large-size order facility that will still execute your orders.

Its FXTrader provides you with an optimized trading interface and tools built for the currency markets. It includes real-time streaming quotes, up and down indicators, trading volumes, pending trades, executions, positions, and average price plus P&L.

  • Low commissions
  • Good trade execution
  • Requires high capital
  • High minimum trade amount

What is Forex Trading?

Forex trading, or foreign exchange trading, involves buying and selling currencies for profit. The major currency pairs traded are the following:

  • EUR/USD (Fiber)
  • GBP/USD (Cable)
  • USD/JPY (Gopher)
  • USD/CHF (Swissie)
  • USD/CAD (Loonie)
  • AUD/USD (Aussie)

You can either scalp, day trade, or swing trade currency pairs. It doesn't matter if the exchange rate appreciates or depreciates, at forex, you can profit both ways.

With that being said, you can also lose money even on an uptrend.

Did You Know: The forex market is the largest financial market in the world with over $7.5 trillion volume per day.[20]

How experienced are you with Forex trading?

Is Forex Trading Allowed in the USA?

Yes, forex trading is allowed in the United States, but it has stricter regulations than its global counterparts.

First, the maximum leverage for US retail forex traders is limited to 1:50 as part of the rules set by the Dodd-Frank Act.[21] In some European forex brokers, leverage can be as high as 1:1000.

Contract for differences (CFD) is one of the most popular ways to trade forex globally. However, this is also not allowed in the US as it is considered an over-the-counter product.


Not all forex brokers are the same. Here are some factors to consider when choosing your forex broker.

  • Pricing
    The two types of pricing used by forex brokers are spread-only and RAW Spread accounts. Spread-only accounts have zero commission as it's already included in the spread. RAW Spread accounts have a lower spread but will charge you a commission per trade.

  • Withdrawal Options
    Brokers have different processing times and methods for withdrawals. If you want a faster transaction, choose brokers with same-day processing on your preferred withdrawal method.

  • Ease of Use
    If you have to spend so much time navigating the platform every time you open and close a trade, consider another broker. Speed is crucial in trading and your broker shouldn't be too complex for you.

  • Execution Speed
    The forex market is extremely liquid, so bad executions are almost not a problem for brokers. However, some brokers execute trades better than others. You can check the website for their latest average execution speed.

  • Trading Tools
    Depending on the strategy you use, you might require specific trading tools from your broker. If there is a free trial, you can use this to get a feel of how trading on the platform is.

  • Compliance
    The US has stricter rules for forex brokers compared to other countries. All brokers on our list are properly registered with US regulators. But if you decide to choose a different broker, make sure to check their license.

What's your primary consideration when picking a Forex broker?


We understand that each forex trader would have a different preference for a broker depending on the pricing, speed, and trading tools offered. So we looked for platforms that could address the various needs of forex traders.

First of all, we made sure that all the forex brokers on our list were properly registered and regulated by the US. We also checked the reliability of each broker by checking how established they are in the industry.

We also checked various pricing methods offered by brokers to accommodate traders who would prefer having spread-only or RAW Spread accounts.

Lastly, we looked for brokers who can cater to all types of brokers from retail traders to professional traders by checking the minimum and maximum trade sizes allowed by the brokers.


Forex trading can be a great way to earn from the financial markets, especially for those who have a high-risk appetite. Choosing a broker to start forex trading would mainly depend on your priorities as a trader.

Do you prefer brokers with low spreads? With a short withdrawal processing time? With an alternative pricing model?

By first listing the factors you're looking for in a broker, it would be easier to choose among the five we have listed in this article.


  1. ^ IG. Low Spreads and Fast Execution from a Trusted Forex Broker, Retrieved 01/27/2024
  2. ^ IG. How do I manage my closed forex trading account?, Retrieved 01/27/2024
  3. ^ IG. Why haven't I received my funds?, Retrieved 02/21/2024
  4. ^ IG. How much does ProRealTime cost?, Retrieved 03/15/2024
  5. ^ IG. Execution scorecard, Retrieved 01/30/2024
  6. ^ OANDA. Our forex pricing, Retrieved 01/27/2024
  7. ^ OANDA. Inactivity fees, Retrieved 01/27/2024
  8. ^ OANDA. Withdrawals, Retrieved 02/21/2024
  9. ^ OANDA. Spreads and margins, Retrieved 01/30/2024
  10. ^ OANDA. Your money never sleeps, Retrieved 02/22/2024
  11. ^ Trading prices and execution, Retrieved 03/15/2024
  12. ^ Does charge inactivity fees?, Retrieved 03/15/2024
  13. ^ Withdrawals, Retrieved 02/21/2024
  14. ^ TD Ameritrade. Pricing: Forex Currency, Retrieved 03/15/2024
  15. ^ Schwab. How to transfer funds out of your account, Retrieved 02/21/2024
  16. ^ Interactive Brokers. Commissions Spot Currencies, Retrieved 03/15/2024
  17. ^ Interactive Brokers. Withdraw Funds, Retrieved 02/21/2024
  18. ^ Office of the Law Revision Counsel. 7 USC 1a: Definitions, Retrieved 03/15/2024
  19. ^ Interactive Brokers. Spot Currency Minimum/Maximum Order Sizes, Retrieved 03/15/2024
  20. ^ BIS. Triennial Survey shows global foreign exchange trading averaged $7.5 trillion a day in April 2022, Retrieved 03/15/2024
  21. ^ CFTC. Final Rule Regarding Retail Foreign Exchange Transactions , Retrieved 03/15/2024

Write to Stella Magay at Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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.


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 circumstances. 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.

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