Intro and winners
Top 5 forex brokers in the United States in 2023
- Forex.com is the best forex broker in the United States in 2023 - Low forex financing rates. Free withdrawal in most cases. Great variety of research tools.
- TD Ameritrade - Superb desktop trading platform. Great customer support.
- IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
- Interactive Brokers - Low trading fees. Wide range of products. Many great research tools.
- Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
How did we pick the best forex brokers in the US in 2023?
- We checked whether the broker is overseen by a trusted regulator
- Compared fees (including spreads, withdrawal fee, commission)
- Compared the number of currency pairs
- Used real money to test all trading platforms for user-friendliness and functionality
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology. This includes collecting more than 500 data points for each broker.
Here is our overall score sheet for these top brokers, including the minimum deposit you need to make:
| Broker | FX Commissions per lot | Minimum deposit | Time to activate account | Credit/debit card deposit |
|---|---|---|---|---|
| Forex.com | No commission is charged | $100 | 1-3 days | Yes |
| TD Ameritrade | No commission is charged | $0 | 1-3 days | No |
| IG | No commission is charged | $0 | 1-3 days | Yes |
| Interactive Brokers | Trade value less than $1 billion: 0.2 bps * trade value; min. $2 | $0 | 1-3 days | No |
| Oanda | No commission is charged | $0 | 1-3 days | Yes |
Best forex brokers
Fee comparison of the best US forex brokers
See the spreads charged by these online brokers for the most popular currency pairs.
| Forex.com | TD Ameritrade | IG | Interactive Brokers | Oanda | |
|---|---|---|---|---|---|
| EURUSD spread | 1.3 | 1.3 | 0.6 | 0.1 | 0.9 |
| GBPUSD spread | 1.1 | 1.5 | 1.5 | 0.3 | 1.2 |
| AUDUSD spread | 1.3 | 1.6 | 0.6 | 0.1 | 1.4 |
| EURCHF spread | 2.8 | 2.5 | 3.0 | 0.4 | 1.5 |
| EURGBP spread | 1.6 | 2.0 | 1.5 | 0.2 | 1.2 |
Best forex brokers
Non-trading fees at the best US online forex brokers
| 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 |
Your broker toplist will be selected based on your answers.
Best forex brokers
Currency pair selection offered by the top online US forex brokers
| Forex.com | TD Ameritrade | IG | Interactive Brokers | Oanda | |
|---|---|---|---|---|---|
| Currency pairs (#) | 91 | 140 | 205 | 105 | 70 |
Best forex brokers
Is forex trading legal in the US?
Forex trading is fully legal in the US. The US foreign exchange market is highly regulated, any fraudulent activity conducted by a broker will result in the immediate revoking of its license and a high fine. We only recommend regulated, safe, reliable brokers, so each of these top picks is a good choice to start trading.But if you are worried about scams, here are a few useful tips on what to look out for:
- No information about the broker’s details on the website
- Questionable or difficult to understand parts in the Terms and Conditions
- The broker has no license or it is difficult to find out of it has one
- There are no reviews or many negative reviews
- Few methods of contacting customer support, slow response
- The broker’s representatives are obtrusive, frequently write and call, asking you to deposit money to your account
The Commodity Futures Trading Commission (CFTC), a US government agency registers and regulates forex brokers. A broker must meet certain financial standards and meet specific disclosure requirements to be registered. Brokers are also regulated by the National Futures Association (NFA), another independent, self-regulatory organization that sets minimum standards for brokers.
Capital requirements are a key element of the US regulatory environment for brokers. The NFA requires US registered brokers to maintain a minimum capital of at least USD 20 million. They are also restricted by a maximum leverage of 50:1 on most major currencies.
However, keep in mind that the forex market is highly vulnerable to financial market volatility triggered by economic turbulence. You can check NFA’s website, to see if your broker is registered there.
If you want to know more, here is our detailed article on forex scams.
If you are a novice trader and want to learn about trading strategies, we put together some trading ideas for you, check them out. A good trading strategy can be key to online trading but also make sure you practice with a demo account at an online forex broker.
If you don't know how currency trading works, take a look at our forex education articles.
#1 Best forex broker
Forex.com
Recommended for forex traders looking for low fees and great research tools
| IG snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of IG services, check out our review for 2023 |
#2 Best forex broker
TD Ameritrade
Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
| TD Ameritrade snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 4.8 stars |
| Deposit methods | Bank transfer |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of TD Ameritrade services, check out our review for 2023 |
#3 Best forex broker
IG
Recommended for traders of any experience level looking for an easy-to-use trading platform
| Oanda snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Oanda services, check out our review for 2023 |
#4 Best forex broker
Interactive Brokers
Recommended for traders looking for broad market access and a professional trading environment
| Forex.com snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 4.3 stars |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Forex.com services, check out our review for 2023 |
#5 Best forex broker
Oanda
Recommended for forex traders who value a user-friendly platform and great research tools
| Interactive Brokers snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.5 stars |
| Deposit methods | Bank transfer |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Interactive Brokers services, check out our review for 2023 |
Best forex brokers
Forex broker fees in the US
To better understand what you are paying for when it comes to forex trading, here is a run-down on what forex brokers can charge, including commissions, spreads and financing fees.
When it comes to commissions, there are two different fee structures forex brokers normally use:
- 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 forex market.
- 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.
Still unsure? Use our broker finder tool to pick the best broker for you.
Best forex brokers
FAQ
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.
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:
Comments