Best forex brokers for beginners in the United States in 2022

Forex.com
4.4
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73% of retail CFD accounts lose money
TD Ameritrade
4.7
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IG
4.4
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73% of retail CFD accounts lose money
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To help you find the best forex brokers for beginners in the United States in 2022, we first looked at 100 online brokers; then we checked and compared their fees, currency pair selection, charting tools and educational materials.

Our top 5 picks for the best forex brokers for beginners in the United States in 2022:

  1. Forex.com is the winner, the best forex broker for beginners in the United States in 2022. Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  2. TD Ameritrade takes second place. Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
  3. IG rounds out the top three. First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  4. Interactive Brokers is ranked fourth. Low trading fees. Wide range of products. Many great research tools.
  5. Oanda just made it on the list, taking the number five spot. Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
Best forex brokers for beginners in 2022 for American citizens
Broker Info Minimum deposit Forex fee score
#1 Forex.com Global CFD and forex broker $100 4.6 stars
#2 TD Ameritrade US-based stockbroker $0 4.2 stars
#3 IG Global CFD and forex broker $0 1.8 stars
#4 Interactive Brokers International broker providing all asset classes $0 3.3 stars
#5 Oanda US forex broker $0 3.9 stars

What makes a top forex broker for beginners?

  • First of all, fair forex fees.
  • A lot of currency pairs.
  • A great platform with advanced charting.
  • Educational tools to guide you through the basics of trading.


If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.

And now, let's see the top forex brokers for beginners in 2022 for American citizens one by one, starting with the winner, Forex.com.

Forex.com Logo

#1 Best forex brokers for beginners
Forex.com

4.4

Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for low fees and great research tools

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73% of retail CFD accounts lose money

#1 Forex.com
Fees

Forex.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex.com trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
EURUSD benchmark fee $5.9 $6.8 $16.1 $10.4 $7.9
GBPUSD benchmark fee $3.6 $4.9 $9.4 $8.3 $6.2
AUDUSD benchmark fee $5.6 $7.1 $11.4 $7.9 $8.0
EURCHF benchmark fee $5.8 $7.2 $9.6 $7.5 $5.9
EURGBP benchmark fee $7.1 $8.7 $17.8 $10.7 $9.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Forex.com non-trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Account fee No No No No No
Inactivity fee Yes No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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73% of retail CFD accounts lose money

#1 Forex.com
Markets and products

Forex.com gives access to 91 currency pairs.
Forex.com currency pairs
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Currency pairs (#) 91 75 205 105 69

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73% of retail CFD accounts lose money

TD Ameritrade Logo

#2 Best forex brokers for beginners
TD Ameritrade

4.7

If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade.

Founded in 1975, TD is one of the biggest US-based stockbrokers and is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).

This online broker is considered safe as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is overseen by top-tier regulators.

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

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#2 TD Ameritrade
Fees

TD Ameritrade has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

TD Ameritrade trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
EURUSD benchmark fee $5.9 $6.8 $16.1 $10.4 $7.9
GBPUSD benchmark fee $3.6 $4.9 $9.4 $8.3 $6.2
AUDUSD benchmark fee $5.6 $7.1 $11.4 $7.9 $8.0
EURCHF benchmark fee $5.8 $7.2 $9.6 $7.5 $5.9
EURGBP benchmark fee $7.1 $8.7 $17.8 $10.7 $9.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

TD Ameritrade non-trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Account fee No No No No No
Inactivity fee Yes No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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#2 TD Ameritrade
Markets and products

TD Ameritrade gives access to 75 currency pairs.
TD Ameritrade currency pairs
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Currency pairs (#) 91 75 205 105 69

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IG Logo

#3 Best forex brokers for beginners
IG

4.4

IG, established in the UK in 1974, is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK's Financial Conduct Authority (FCA) and Germany's Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for traders of any experience level looking for an easy-to-use trading platform

Visit broker
73% of retail CFD accounts lose money

#3 IG
Fees

IG has high fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

IG trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
EURUSD benchmark fee $5.9 $6.8 $16.1 $10.4 $7.9
GBPUSD benchmark fee $3.6 $4.9 $9.4 $8.3 $6.2
AUDUSD benchmark fee $5.6 $7.1 $11.4 $7.9 $8.0
EURCHF benchmark fee $5.8 $7.2 $9.6 $7.5 $5.9
EURGBP benchmark fee $7.1 $8.7 $17.8 $10.7 $9.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

IG non-trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Account fee No No No No No
Inactivity fee Yes No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
73% of retail CFD accounts lose money

#3 IG
Markets and products

IG gives access to 205 currency pairs.
IG currency pairs
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Currency pairs (#) 91 75 205 105 69

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73% of retail CFD accounts lose money

Interactive Brokers Logo

#4 Best forex brokers for beginners
Interactive Brokers

4.9

Interactive Brokers review summary

 

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1978. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.

Recommended for traders looking for broad market access and a professional trading environment

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#4 Interactive Brokers
Fees

Interactive Brokers has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Interactive Brokers trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
EURUSD benchmark fee $5.9 $6.8 $16.1 $10.4 $7.9
GBPUSD benchmark fee $3.6 $4.9 $9.4 $8.3 $6.2
AUDUSD benchmark fee $5.6 $7.1 $11.4 $7.9 $8.0
EURCHF benchmark fee $5.8 $7.2 $9.6 $7.5 $5.9
EURGBP benchmark fee $7.1 $8.7 $17.8 $10.7 $9.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Interactive Brokers non-trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Account fee No No No No No
Inactivity fee Yes No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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#4 Interactive Brokers
Markets and products

Interactive Brokers gives access to 105 currency pairs.
Interactive Brokers currency pairs
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Currency pairs (#) 91 75 205 105 69

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Oanda Logo

#5 Best forex brokers for beginners
Oanda

4.6

Oanda is a US-based forex broker founded in 1996. It is a private company and therefore not listed on any stock exchange.

Oanda operates via several entities worldwide and is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK's Financial Conduct Authority (FCA).
 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The services offered by Oanda's various entities differ slightly. In this review, we mainly focus on the UK one.

Recommended for forex traders who value a user-friendly platform and great research tools

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74-89% of retail CFD accounts lose money

#5 Oanda
Fees

Oanda has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Oanda trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
EURUSD benchmark fee $5.9 $6.8 $16.1 $10.4 $7.9
GBPUSD benchmark fee $3.6 $4.9 $9.4 $8.3 $6.2
AUDUSD benchmark fee $5.6 $7.1 $11.4 $7.9 $8.0
EURCHF benchmark fee $5.8 $7.2 $9.6 $7.5 $5.9
EURGBP benchmark fee $7.1 $8.7 $17.8 $10.7 $9.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Oanda non-trading fees
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Account fee No No No No No
Inactivity fee Yes No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

#5 Oanda
Markets and products

Oanda gives access to 69 currency pairs.
Oanda currency pairs
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Currency pairs (#) 91 75 205 105 69

Visit broker More
74-89% of retail CFD accounts lose money

Best forex brokers for beginners
Forex broker fees

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

Best forex brokers for beginners
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers for beginners in 2022 for citizens in the United States:

Top forex brokers for beginners in 2022 for American citizens
Forex.com TD Ameritrade IG Interactive Brokers Oanda
Fees score 3.8 stars 4.2 stars 2.9 stars 4.5 stars 4.2 stars
Markets and products score 2.4 stars 3.7 stars 3.5 stars 5.0 stars 1.8 stars
Education score 5.0 stars 5.0 stars 5.0 stars 4.5 stars 4.8 stars
Charting quality High High High High High
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73% of retail CFD accounts lose money
Visit broker Visit broker
73% of retail CFD accounts lose money
Visit broker Visit broker
74-89% of retail CFD accounts lose money

Forex.com is our winner, the best forex broker for beginners for American citizens in 2022. Low forex fees. Great variety of currency pairs. Diverse technical research tools.

If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use our broker finder to pick the best broker for you.

Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Visit Forex.com
73% of retail CFD accounts lose money
Visit IG
73% of retail CFD accounts lose money
Visit Oanda
74-89% of retail CFD accounts lose money
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