(Pocket-lint) – Before any Forex broker can accept US forex traders as clients, they must become registered as a Retail Foreign Exchange Dealer (RFED) by the financial regulatory body, the Commodity Futures Trading Commission.CFTC).
They must also be regulated by the National Futures Association (NFA) as a Futures Commission Merchant (FCM).
1. Oanda – Best overall Forex broker in the USA
Overview
OANDA is a well-known and respected name in the financial industry. It has a good regulatory record, and it supports third-party tools, which adds value to the overall service.
Oanda provides varying sign-up bonuses and promotions, it is worth checking their website for available promotions.
Pros and Cons
|
Pros |
Cons |
|
User-friendly trading platform |
High withdrawal fees |
|
Low trading fees |
|
|
Low minimum deposit |
Features
|
Feature |
Information |
|
Regulation |
FCA, NFA, CFTC |
|
Minimum deposit from |
None |
|
Average spread from |
1.6 pips |
|
Commissions from |
$ 0.01 USD per trade |
|
Deposit / Withdrawal Fees |
$ 1000 Sign Up Bonus |
|
Maximum Leverage |
1:50 |
|
Bonuses |
Various promotions |
|
Customer Support |
24/5 |
2. IG – Best USA Regulated Forex Broker with super low spreads
Overview
IG is a global leader in online trading and now recognized as the world’s top CFD provider thanks to its extensive product catalog, affordable fees, long-standing business operations, and strong industry reputation.
Pros and Cons
|
Pros |
Cons |
|
Excellent customer support |
Demo account is only available for use for 30 days |
|
Advanced suite of technical indicators |
|
|
Secure and well-regulated trading environment |
Features
|
Feature |
Information |
|
Regulation |
FCA, FSCA, CFTC, NFA |
|
Minimum deposit from |
No minimum deposit |
|
Average spread from |
0.8 pips |
|
Commissions from |
£ 3.00 – £ 8.00 per trade for all types of assets |
|
Deposit / Withdrawal Fees |
None |
|
Maximum Leverage |
1:50 |
|
Bonuses |
None offered |
|
Customer Support |
24/6 |
3. Forex.com – Best for Beginners US Traders
Overview
Beginner traders in the United States can take advantage of Forex.com’s adaptive, configurable, and user-friendly trading platform.
New traders will receive a sign-up bonus of up to 20% of their initial deposit, with the bonus able to reach a maximum of $ 5000.
Pros and Cons
|
Pros |
Cons |
|
Low trading fees |
High stock CFDs |
|
Free deposit and withdrawal |
Features
|
Feature |
Information |
|
Regulation |
KNF, FCA, CySEC, IFSC, CFTC, NFA |
|
Minimum deposit from |
$ 100 |
|
Average spread from |
1 pip on commission-free accounts / 0.1 pip on STP accounts |
|
Commissions from |
0.08% of trade value with $ 8 minimum |
|
Deposit / Withdrawal Fees |
$ 30 on withdrawals of less than 50 |
|
Maximum Leverage |
1:50 |
|
Bonuses |
Sign-up bonus of 20% on 100 USD |
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4. TD Ameritrade– Locally operated USA Forex broker
Overview
With TD Ameritrade, commissions are zero, instructional programming is top-notch, and the broker has a user-friendly mobile app that can accommodate the demands of a novice investor as well as an accomplished day trader who wants to open positions in many asset classes. .
Pros and Cons
|
Pros |
Cons |
|
Comprehensive selection of trading instruments |
Long withdrawal times |
|
Wide variety of trading platforms |
Features
|
Feature |
Information |
|
Regulation |
SEC, FINRA, CFTC, NFA |
|
Minimum deposit from |
None |
|
Average spread from |
1.2 pips |
|
Commissions from |
$ 0.65 per contract for options |
|
Deposit / Withdrawal Fees |
Yes |
|
Maximum Leverage |
15% margin |
|
Bonuses |
None currently |
|
Customer Support |
24/5 |
5. ATC Brokers – Top US Forex Broker with premium client support
Overview
ATC Brokers provides traders with the well-known MT4 trading platform, as well as more than a dozen currency pairs and CFDs.
ATC Broker’s MT4 Pro plugin is custom-built to distinguish its service from other MT4 providers, and its customer service is superior to that offered by other brokers.
Pros and Cons
|
Pros |
Cons |
|
MT4 Pro provides advanced trading features |
No Islamic Accounts available |
|
Tight spreads available |
Features
|
Feature |
Information |
|
Regulation |
CFTC, NFA |
|
Minimum deposit from |
$ 2000 |
|
Average spread from |
0.03 |
|
Commissions from |
$ 10 per standard contract |
|
Deposit / Withdrawal Fees |
Yes |
|
Maximum Leverage |
1:50 |
|
Bonuses |
None currently |
|
Customer Support |
24/5 |
Frequently Asked Questions
1. How do I verify a broker is regulated by the CFTC?
You can go to the CFTC’s official website to check for a broker’s official regulation
2. Is forex trading legal in the USA?
Yes, Forex trading is legal in the USA under the regulation of the CFTC and the NFA
3. Does the National Futures Association (NFA) regulate the USA forex trading industry?
Yes, the NFA regulates all retail foreign exchange dealers in the USA
