Best forex brokers for US in 2024

Our experts regularly check fees, commissions, trading platforms and the overall service quality at each broker included in the top list. Select in the interactive table below the features and info that interest you the most.

Popularity of the best forex brokers in the United States

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Spreads are the most important cost item for a forex trader. We collected the latest spreads charged by these online brokers for the most popular currency pairs.

Forex (foreign exchange) trading in the United States is a highly popular form of financial trading, attracting an ever increasing number of retail traders and investors. Forex trading is subject to strict regulatory oversight by US authorities, designed to ensure market integrity and protect traders and investors.

The main regulatory bodies are the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The CFTC oversees the forex market, treating forex derivatives as commodities. The CFTC's primary objective is to ensure the integrity of the markets, protect traders and investors from fraud and manipulation, and maintain fair trading practices.

The NFA is a self-regulatory organization overseeing the activities of forex brokers, commodity pool operators, and commodity trading advisors. The NFA also provides investor education and resources to help traders make informed decisions in the forex market.

Forex traders in the US are encouraged to trade with brokers that are registered with the CFTC and are NFA members. These brokers are required to meet stringent standards, including financial stability, transparency, and adherence to anti-fraud and customer protection measures.

Forex trading limitations in the US

US authorities introduced leverage limits for forex instruments to mitigate risks associated with leverage. As forex trading involves using leverage - borrowing money from your broker to increase your buying power - the inherent risks are huge.

Under current regulations, major currency pairs are subject to a maximum leverage of 50:1. Major currencies are the U.S. dollar, the British pound, the Swiss franc, the Canadian dollar, the Japanese yen, the euro, the Australian dollar, the New Zealand dollar, the Swedish krona, the Norwegian krone, and the Danish krone. The leverage limit for non-major currency pairs is 20:1.

For short forex options, the transaction value amount plus the option premium received should be maintained as a security deposit. For long forex options, the entire option premium is required as security.

The First-In-First-Out (FIFO) rule requires that if a trader has multiple open positions on the same currency pair, the position that was opened first must be closed first. This rule can impact trading strategies that involve multiple positions on the same pair.

US regulations encourage the use of non-dealing desk execution, whereby client orders are routed to the interbank forex market without the broker acting as a counterparty. This is intended to ensure fairness and transparency.

Under the Pattern Day Trading rule, if you engage in day trading activities (buying and selling the forex pair on the same day), you may be subject to the pattern day trading rule, which requires a minimum account balance of $25,000.

Keep in mind that forex trading gains and losses are subject to taxation in the US, so you should keep detailed records of your trading activities for tax purposes.

And now, let's see the top US forex brokers in detail, starting with the winner, Forex.com.

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

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69-77% of retail CFD accounts lose money

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

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75% of retail CFD accounts lose money

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

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75% of retail CFD accounts lose money

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

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

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• We checked whether the broker is regulated by a trusted regulator,
• Compared fees (including spreads, withdrawal fee, commission),
• Compared the number of currency pairs,
• Checked order routing and research,
• Opened an account and tested the platform (charting, features, usability, customer service).

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Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.

Is forex available in the US?

Forex trading is fully legal in the US. The Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) are responsible for regulating forex trading in the country. Generally speaking, forex trading and forex brokers in the US are heavily regulated. US registered brokers are required to have a minimum capital of $20 million and the maximum leverage they can apply on most major currencies is 50:1.

Is forex trading tax-free in the US?

Forex trading is taxed in the US and the Internal Revenue Service (IRS) treats the various types of forex transactions differently. Spot forex trades are treated as ordinary losses and gains by the IRS according to IRC Section 988 contracts. If you trade spot forex, the IRS will categorize you as a 988 trader and you can report all your forex losses as "ordinary losses." If you trade forex futures or options, you will be taxed at 20% on 60% of your gains or losses, and a 37% tax rate will be applied to the remaining 40% of the amount.

What forex fees do I need to pay in the US?

Forex brokers licensed to operate in the US charge various fees, with the most important being: commissions, spreads and financing costs. At some forex broker, all trading fees are included in the spread except the financing rate. Basically, the broker is giving you a wider spread than it gets from the forex market. Other brokers will use lower spreads but charge a commission for each trade.

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

Other fees that brokers may charge include the withdrawal fee, the inactivity fee, and the account fee.

How to choose the best forex broker in the US?

The best forex broker should aligns with your trading goals and preferences while ensuring a secure and safe trading environment. These are some of the most important criteria a broker should meet:

• The broker is overseen by a top-tier regulator and/or is registered with the US Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
• It offers a dependable and swift execution of trade orders
• It has competitive prices
• It provides a secure and protected trading experience
• It guarantees high-tech and state of the art trading platforms.

Carefully consider these factors and conduct thorough research before joining a brokerage.

How can I legally trade forex in the US?

If you want to trade forex legally in the US, choose a licensed forex broker and make sure you pay any taxes that may be due. For a forex broker to be allowed to operate in the US, they must be registered with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Most brokers will indicate on their website what kind of regulation they are under and what licenses they possess. Make sure you choose one that is fully regulated in order to avoid scams.

Want to understand forex trading in more detail?

Check out these articles written by our broker and trading experts:

• Forex trading explained
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• Is forex trading legit? How to spot a scam
• How to trade forex - a practical example