A brokerage must offer you a wide variety of currency pairs to trade with, low spreads, and minimal fees in order to be regarded as one of the top forex brokers in the USA.
These top brokers will support the greatest trading platform software and give you trade analysis and execution capabilities because you will need them to make those trades.
Strong customer service channels and all the educational materials you require to improve as a trader will assist this.
However, how can you choose the ideal broker prospect for you when you have compiled a short list of them? You may make your decision and reduce your options with the aid of this list of the best brokers for traders residing in the United States.
The top eight brokers for American traders, as of 2025, are as follows:
| Broker | Main Advantage |
|---|---|
| OANDA | Top overall |
| FOREX.com | Low spreads |
| tastyfx | Good beginner experience |
| Interactive Brokers | Low commissions |
| Schwab | Strong customer support |
| eToro | Social and copy trading |
| Trading.com | Wide selection of pairs |
| Plus500 | Good for futures trading |
These brokers are appropriate for U.S. traders because they are all regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). The only exception is eToro, which is governed in the United States by the Financial Industry Regulatory Authority (FINRA) and the Securities Exchange Commission (SEC).
1. OANDA: Overall, the best US forex broker
A deserving winner for this list, OANDA was named "Broker of the Year" by TradingView.
OANDA's wide selection of currency pairs and cheap commission-free spreads, which lower your trading expenses, are two factors contributing to its high rating. Other factors that contribute to OANDA's dominance include its support for popular trading platforms, including MetaTrader 4, its own OANDA Trade platform, and, of course, TradingView.
Numerous forex pairs
Of all the firms on this list, OANDA offers you the most trading options with 68 distinct forex pairs. Since certain pairs are more volatile than others, having a large selection of pairs not only increases your alternatives but also enables portfolio diversification.
All of the majors (often known as the most frequently traded currency pairs), minor and exotic pairs, and cross pairs are included in these 68 pairs.
Start by concentrating on the most popular currency pairings if you are a novice trader. You can expand your trading by investigating additional markets as you get more experience.
OANDA offers you access to Bitcoin instruments through its partnership with Paxos, in addition to Forex. Even though Paxos and OANDA are two different businesses, you can trade well-known currency pairs like Bitcoin, Ethereum, and Litecoin by using OANDA software to access the Paxos iBit exchange.
Tight spreads with no fees
In any analysis of a forex broker, tight or low spreads are crucial. Finding a broker with tight spreads makes sense because these spreads will account for the majority of your trading expenses.
In fact, OANDA performs admirably here. Analyst Ross Collins of CompareForexBrokers discovered that OANDA's Standard Account produced spreads that were 25% lower than the industry average while evaluating the most traded forex pairs.
The average spreads were frequently even tighter. For example, the AUD/USD pair typically has an industry spread of 1.5 pips. The average is only 1.3 pips with the OANDA Standard Account, which represents a decrease of almost 26.7%.
Naturally, this is an average spread rather than a minimum. The AUD/USD pair has a spread as low as 1.1 pips. In contrast, the EUR/USD has an average of 1.5 pip and a minimum of 1.4 pip. OANDA adjusts these numbers based on the size of your transaction; typically, the spread is narrower for smaller orders.
Similar to Raw style accounts, OANDA also provides Core Spreads + Commission pricing in the US. For instance, the cost is $5/100K units, and the minimum spread on EUR/USD is 0.4 (average 0.5). Compared to Forex.com, OANDA's closest rival, which charges $7/100K USD volume, these commissions are lower.
According to the broker's team, they source their spreads directly from the banks in order to obtain lower spreads. To put it another way, neither the broker nor anyone else at OANDA has the authority to change the pricing of your trades.
OANDA's automated technology, which they developed themselves, is the reason why no one there can alter your trade pricing.
Platforms and tools for trading
MetaTrader 4 (MT4), OANDA Trade, and TradingView are some of the platforms that OANDA offers you.
Every platform has advantages and disadvantages, and your trading style and approach will determine which one is best for you.
Features of MetaTrader 4
MetaTrader 4 has nine time-frames, 23 analytical objects, and 30 technical indicators. To get a little more customization out of the platform, you can also use EAs to modify your indicators. Although some rival systems offer a greater number of these tools, MT4's more limited selection ensures that the emphasis is on the tools you will most likely employ.
According to Justin Grossbard of CompareForexBrokers, "MT4 eliminates the clutter that extra bells and whistles can occasionally cause, even though some platforms have more indicators. This, in my perspective, increases MT4's trading efficiency.
One of MT4's best features, according to Justin, is its Expert Advisors, or EAs.
"When I trade personally, I frequently employ EAs," Grossbard added.
"Bots that can automate your trades are what these features are. You can build your own personalized bot using the MetaQuotes scripting language. Or, like me, you may download an EA from the Marketplace or purchase one for free. "There ought to be enough here to accommodate the majority of trading styles," he argues.
With the MT4 Premium Upgrade, OANDA also provides you with 28 technical analysis tools and even more EAs. This is yet another advantageous feature of the broker that contributes to maintaining its top ranking.
Additionally, there is the OANDA-only MT4 Orderbook Indicator. By allowing you to view all open orders and positions throughout the OANDA order book and incorporate this information into your own charts, this indicator aids in your understanding of market mood.
Most clients get a 20-minute delay in the indicator, whereas Elite Trader program clients experience a 5-minute wait.
Trade in OANDA
You may access over 65 technical indicators and drawing tools through the broker's platform, OANDA Trade, which incorporates Advanced Charts by TradingView.
The Economic Overlay and Autochartist's automated chart pattern detection are two examples of tools that help you keep up with the most recent market changes and forecast those that are still to come.
Dow Jones FX Select is another integration that offers a real-time flow of news and updates.
OANDA Trade is a solid platform choice all around. Trade has enough strong features to be a credible rival, even though many traders will prefer to stick with what they know, like MetaTrader 4.
TradingView
TradingView can also be used to carry out deals. As a result of OANDA's collaboration with TradingView, you can use TradingView's sophisticated charts in OANDA Trade or only the TradingView platform.
Due in large part to its abundance of indicators and analysis tools, TradingView is among the greatest platforms for more experienced traders. The platform has more than 110 intelligent drawing tools and more than 400 indications.
You can construct your own indicators using TradingView's scripting language, Pine Script. It looks like utilizing Pine Script in testing will be challenging if you do not know how to code. However, these indications can be made with just a few lines of code if you have programming skills.
Compared to some other trade feature programming protocols, which call for lengthier and more intricate code sets, this is far better.
Management of accounts
Because OANDA does not require a minimum deposit, you can begin trading with any amount of money, which will help you stay within your means and trade sensibly.
You can choose to use wire transfers, ACH transfers, Visa, or Mastercard for this deposit. These withdrawal options are also available.
Program of loyalty for traders with high volume
A discount program offered by OANDA for high-volume traders is known as the "Elite Trader Program." There are five tiers in this program, and the lowest tier requires a monthly trading volume of $10 million.
You receive a $5.00 rebate for every million traded in this lowest tier, which increases to $7.00 in the second tier, $10.00, $15.00, and $17.00 in the final tier. According to OANDA, the $17.00 rebate can, on average, reduce your expenses by 34%.
This program has additional advantages. These consist of:
- Free VPS that provides round-the-clock trading access and protection against possible disruptions
- Reduced prices for third-party products, like the previously stated TradingView capabilities
- When your unused margin surpasses $10,000, you will get regular interest payments on it.
- Extra information and trading opportunities for professional traders
- Personalized assistance from a committed relationship manager, improving the quality of client service
Not everyone will be a good fit for Elite Trader. However, the extra benefits and cost savings can be alluring if you are eligible for one of the program's tiers.
OANDA's ultimate decision
Overall, OANDA is the top broker for traders in the United States. OANDA's tight spreads, which are continuously below the industry average, are a great differentiator.
Some traders will benefit from the tiered loyalty program, but many forex traders will be content with the broker's basic services alone. Your trading technique and market approach will determine which category you fall into.
Another plus is the support for MetaTrader 4, even though the in-house OANDA Trade platform is also quite good. One of the easiest trading software programs available is OANDA's platform, which has a low learning curve for novices.
Some traders have brought to light that overnight fees are added to your trades, and that if your account is inactive for 12 months or more, there are inactivity penalties of $10 per month.
This is accurate, but it is also rather typical for the sector; most brokers will charge this without providing the comprehensive trading experience that OANDA offers.
2. The broker with the lowest spreads is FOREX.com
One of the most well-known forex brokers in the US is FOREX.com. Because of its RAW account, the broker's cheap spreads are its most notable characteristic.
You can access interbank trading rates with this RAW Account. This implies that, with a set commission price, you may be able to get spreads as low as 0 pip.
Trading with FOREX.com has additional advantages. A wide range of trading instruments will be available to you, including spot FX markets and futures markets on commodities, cryptocurrencies, equities, indices, currencies, and interest rates.
Spreads for RAW accounts
When you trade on Forex.com, you can choose between two different account types: the Standard Account and the RAW Account. With the Standard Account, you trade on somewhat wider spreads but do not pay a commission. The most intriguing choice in this case is the commission-based RAW Account.
Although some people may find paying a commission fee unappealing, it is actually one of the most economical ways to trade. To give you a considerably tighter spread, Forex.com charges a commission fee of $7 for every $100,000 you trade.
Through the RAW Account, FOREX.com was providing a 0.0 pip spread on the EUR/USD pair in January 2025. It should be noted that even if the RAW account has smaller spreads, the Standard Account, which has spreads starting at 1.2 pip, is probably more affordable when the $7 commission every $100,000 is taken into account.
Funding of the account
Your Forex.com account can be funded in a number of ways to accommodate various trader preferences. These consist of wire transfers, Mastercard, Visa, and bank transfers (ACH).
When opening an account, a minimum deposit is required. But at just $100, this is quite affordable. This minimum requirement is not a negative thing because you would need to deposit this much at the very least in order to begin opening trades.
Rebates for active traders
The Active Trader Program, offered by FOREX.com, is intended to assist and incentivize traders with significant trading volumes. Cash rebates are offered by the program, and they will rise in proportion to your monthly trading volume.
When the rebates are at their peak, they can cut your trading expenses by as much as 15%. Although the savings are not as significant as those offered by OANDA's Elite Trader program, they are still rather respectable.
If you are eligible for this program, you can also benefit from daily interest applied to unused margins, reimbursed wire transfer fees, and the services of a personal relationship manager.
Tools and platforms for trading
You can choose from a variety of trading platforms on FOREX.com. This contains the well-known MetaTrader 4 (MT4) and MetaTrader 5 (MT5) software, as well as its proprietary platform.
WebTrader and mobile applications for FOREX.com
The broker's platform will be accessible via an iOS or Android mobile app or directly through your web browser.
By integrating TradingView's tools into its program, FOREX.com has followed OANDA's lead with this platform. This includes 14 periods, 50 drawing tools, more than 80 technical indicators, and a variety of chart formats.
It is a huge plus that this is accessible via an intuitive and user-friendly interface.
The MetaTrader 4 and 5 versions
In addition to the broker's platform, MetaTrader 4 and MetaTrader 5 are also available. With automated trading bots like Expert Advisors, they are top-notch trading platforms.
You can use a variety of additional tools and services when you use these platforms via FOREX.com. This is a powerful complement to an already strong toolkit that contains 15 distinct indicators and nine built-in Expert Advisors.
TradingView
Another great interface for trading through the Forex.com brokerage is TradingView. More than 100,000 public indicators, Volume Profile indicators, Candlestick pattern identification, and more than 400 built-in indicators and methods are available here.
If you have any coding knowledge and want to implement a more complex strategy, you can create own indicators using the platform's Pine Script coding language.
Before utilizing your developed indicator or strategy on live trades, you may try it out using robust back- and forward-testing features.
Extra equipment
When you trade on FOREX.com, you have access to helpful tools. While SMART trading signals provide you with real-time ideas while you create your approach, Trading Central is one of the top sources of technical analysis in the U.S. market.
Perhaps the most intriguing feature here, though, is the support for Capitalise.ai. Although expert advisors are great automated trading bots, creating your own EA might be challenging. Even if you do not know how to code, Capitalise can help you construct your own algo-trading bots. All you have to do is enter your own rules and parameters, and the program will take care of the rest.
Final Decision on FOREX.com
Here, the RAW Account's modest spreads are what really catch our attention. You will be able to keep your trading expenses down because you can profit from spreads as little as zero pips.
Although it may not be as fantastic as OANDA's Elite program, the Active Trader Program is still a powerful program with cash rebates. Then there is the support for all the other tools, including MT4 and MT5. The broker does well overall as a result of all of this.
3. Tastyfx (formerly Instagram): An excellent starting point
Everything is extremely clearly set out and easy to find because the creators at Tastyfx created their trading methods and interfaces with novice traders in mind.
While trading still carries some danger of getting stranded, tastyfx has made an effort to lower that risk by providing customer support channels and training materials.
Although this suggests a positive experience for comparatively inexperienced traders, this broker is also appropriate for experienced traders due to its wide range of tradable markets.
Resources and Education
If you are a novice trader, tastyfx's Learn provides resources to help you learn how to trade forex. This includes more in-depth live training sessions, interactive webinars, and timeless articles and information.
Additionally, you can utilize the broker's free economic calendar, analytical tools, and demo account to practice.
Reputation
Every trader, regardless of experience level, requires a trustworthy broker. For this reason, when selecting a broker, trust and reputation are crucial. IG Markets, the parent firm of tastyfx, appears to have earned a respectable degree of user confidence.
The business has a 3.8 out of 5 rating on TrustPilot, placing it in the "Great" category. With more than 45 years of experience, the company is also among the oldest in the sector and consistently provides service to over 313,000 clients worldwide.
Numerous industrial organizations have likewise acknowledged and praised it. "I was particularly impressed that IG and tastyfx have won prizes for Top Mobile App, Top Education, and Top Trust Score at the ForexBrokers awards in 2024," said industry analyst Ross Collins of CompareForexBrokers.com regarding the accomplishments.
"I have had a positive trading experience using both the broker's mobile app and its supported MT4 app, so I can see why other industry bodies have recognized this," Collins says, adding that tastyfx is not necessarily his personal favorite broker.
Platforms for Forex Trading
When trading with the broker, you have a choice between MetaTrader 4 (MT4) and the platform that tastyfx uses.
Given that its interfaces are a little more user-friendly and intuitive than MT4's, the proprietary platform is most likely the greatest option for novice forex traders. It is available on a number of platforms, including as the web, tablets, and mobile apps, and it will work on both iOS and Android.
However, MT4 is more capable, and this is likely to be preferred by seasoned traders. You will have access to Autochartist for sophisticated chart analysis and MT4's Expert Advisors (EAs) for trading automation.
The final verdict of tastyfx
Because it provides a solid experience for both novice and seasoned traders, tastyfx enters the list. While a robust selection of markets and support for MT4 ensure that more seasoned users will not feel excluded, the educational features, demo account, and user-friendly interfaces make it ideal for beginners.
Both tastyfx and their parent company, IG, are well-regarded in the industry and have received numerous awards. This implies that the broker has a solid and trustworthy track record.
4. Interactive Brokers: Minimal fees
Interactive Brokers (IB) is ranked in the top half of this list because to their low fees and commission rates. Even while fees are not everything, it is nevertheless pleasant to find a broker with low commission rates, which IB offers along with other useful trading features.
Minimal trading costs
The fees you will incur when trading are divided into two primary parts. The spreads come first, followed by the commissions.
Since you may trade through top liquidity providers and get interbank quotes, IB's spreads appear to be reasonably priced for US clients.
Additionally, Interactive Brokers offers minimal commissions; in fact, this is a key component of their entire marketing strategy.
Interactive Brokers advertised these charges as 0.0002 times the transaction currency value on their Ideal account in January 2025. When you upgraded to the Ideal Pro account, this was cut in half, to just 0.0001 times the value of the transacted currency.
The minimum commission for both of these accounts is $2.50, but even at bigger trading volumes, it will stay modest. Although the spreads are still competitive, they may not be the lowest in the market. However, with the correct strategy, you can ensure that your trades continue to be profitable.
IB charting tools
Through its Trader Workstation (TWS) section, IB offers trading tools that include sophisticated charting capabilities appropriate for more seasoned traders.
More than 150 financial markets are available for analysis, testing, and trading position purchases and sales in the TWS area. The desktop, web-based, and mobile versions of TWS will all be accessible to you.
Interactive Brokers' ultimate decision
If you are a U.S. trader, it seems that Interactive Brokers offers an excellent trading experience. This is mostly due to the extremely cheap commission rates and direct interbank pricing that the broker offers.
One of the platform's drawbacks is that it does not provide access to well-known third-party platforms like TradingView and MetaTrader. Trader Workstation guarantees that IB still merits a spot on our list in spite of this.
5. Schwab: Excellent customer service
The primary benefit of Schwab is its customer service, which is provided by a team of experts who are situated in the US, have a thorough understanding of the markets, and can respond to inquiries promptly and effectively.
Perhaps this is the primary benefit, but it is not the only one. A new moniker under the Charles Schwab Corporation umbrella replaced the broker's previous TD Ameritrade identity after it was recently taken over.
Although brokers frequently have issues as a result of such changes, Schwab has benefited from them, being able to offer new services and increase the support they offer.
Customer support for American traders
The specialists that work at the U.S. support desk have firsthand trading experience. If you have an urgent question, these support teams can also respond to you very quickly, which is undoubtedly advantageous.
Additionally, they are open 24/7 during the trading week, so you may get the assistance you require whenever the markets are open.
Methods of Customer Support
One of the most common ways to contact the broker for assistance is through live chat, but you can also call the dedicated phone support number.
There are numerous phone routes available to you through Schwab. In addition to a teletypewriter (TTY) service for the hard of hearing, there is a regular line for brokerage services.
Additionally, there are specialized lines for trading services and Intelligent Portfolios in addition to Spanish, Mandarin, and Cantonese Chinese.
Although it is not round-the-clock, you can also get in-person assistance by going to one of Schwab's locations.
Accounts for trading
When using the trading account, there is no minimum deposit required, and there are no costs associated with making deposits or withdrawals. Unless you are using broker-assisted trading, there are no commissions on the broker's spreads.
You will not have access to the finest spreads in the market, even though this commission-free option seems fantastic.
Schwab's common Account spreads average out at about 1.40, despite beginning at 1.0 pip, which is quite common for the industry. Brokers like as OANDA and Forex.com perform better than this, and it is slightly greater than the typical amount for a Standard Account.
Schwab does not offer the RAW Spread Account option.
Schwab only accepts the U.S. dollar as base currency, and bank transfers are the only way to make deposits. Many American traders might find this acceptable, but you might prefer a few more options.
The Thinkorswim platform
The Thinkorswim trading platform is one of Schwab's best features. A variety of sophisticated trading and technical analysis tools, along with practical research materials and testing capabilities, make this software unique.
Other platforms, such as TradingView or MetaTrader 4, offer additional functions. Even though you might favor these more well-known sites, Thinkorswim offers a somewhat competitive trading environment.
The iOS version can sync with your Apple Watch, and it is accessible as a desktop platform, mobile trading app, and web app.
Schwab's final decision
Schwab's inclusion on this list is due to their knowledgeable customer service, which is available around-the-clock during the trading week. This can be an excellent option for you if you appreciate support from the United States.
Another advantage for the broker is thinkorswim. Although it is regrettable that the broker does not support MetaTrader 4 or TradingView, the platform is a solid choice because of its thorough testing and market research features.
6. Social and copy trading on eToro
Because eToro is heavily reliant on copy and social trading, you will be observing the actions of top traders and imitating their market movements.
Trading copies
You can locate other traders to mirror and copy their transactions using the CopyTrader system. You can use the filtering options to refine your search by asset class, risk level, and other factors.
The eToro Popular Investor Program allows you to make extra money if you are a profitable trader. If you meet eToro's requirements, you can earn 1.5% of the total capital used to copy your positions by becoming a trader that other people desire to imitate.
Investing in stocks and ETFs
In addition to being a retail foreign exchange dealer, eToro can assist you in constructing a long-term investment portfolio by providing equities and ETFs. The website provides 269 exchange-traded funds (ETFs) and 2,083 equities across a variety of industries, including commodities, bonds, dividends, and indices.
Smart Portfolios, which basically curate your portfolio for you, are another option. If you want to diversify but do not have the time to do it yourself, this can be quite helpful.
Cryptocurrencies
Additionally, there are over 24 cryptocurrencies available, including altcoins and Bitcoin and Ethereum. This is yet another chance to diversify your holdings, this time using the newest cryptocurrency assets.
Final eToro verdict
The CopyTrader system on eToro is the primary factor in the decision. eToro is a good option if you would rather replicate other people's trades than create your own plan.
Of course, if you would like, the platform also allows you to go your own route. You can profit from eToro's Popular Investor Program if your trades are profitable and others desire to imitate you.
7. Trading.com: An extensive assortment of pairs
The currency market is the primary target of Trading.com. With over 70 currency pairings, no commission costs, and a small minimum deposit, the broker offers U.S. clients a dedicated forex trading account.
Trading in currencies
The T1 Account uses U.S. dollars as the foundation currency, has a small minimum deposit of $50, and offers you commission-free access to over 70 currency pairs.
When using Trading.com, you will be trading with leverage, just like with all the brokers on this list.
The leverage choices accessible for different currency pairings are explained by Ross Collins, a Senior Analyst at Compare currency Brokers. Depending on whether you are trading a major, minor, or exotic currency pair, leverage might vary in the United States, according to Ross.
For example, Trading.com will provide a maximum leverage of 50:1 if your trading strategy comprises a big currency pair, such as EUR/USD. Your leverage will be restricted to 4:1 if you are trading an exotic currency pair, such as the USD/TRY," he adds.
Platforms for trading
You have the option of using MetaTrader 5 or Trading.com's customized platform. Some traders may find that the proprietary mobile app and web trading platform are a bit simplistic and lack some of the more sophisticated features available on the more well-known third-party platforms.
Of the two, MetaTrader 5 is unquestionably the superior choice. Along with options for mobile apps and web traders, you also get access to a number of advanced charting and research tools.
Trading.com's final judgment
The broker covers major, minor, and exotic forex instruments with 70 currency pairs. This ought to be sufficient to support a variety of FX strategies.
Although Trading.com's platform is not awful, the broker's position is strengthened by the fact that they also support MetaTrader 5. One of the greatest platforms for market analysis, position execution, and trade automation is this one.
8. Plus500: A good option for trading futures
If you are interested in futures trading, which may be a challenging trading strategy to enter, Plus500 is a great option. The Plus500 brokerage makes things easy by providing you with various user-friendly platforms.
You have access to micro and mini futures contracts. This is a fantastic feature because using these contracts will allow you to open a trade with a lesser margin.
Futures markets
Forex, cryptocurrency, agricultural, metals, interest rates, energy, and equity indexes are among the assets that can be used to trade futures contracts. Even if the focus of this list is forex, it is still beneficial to see a variety of asset classes offered.
The minimum day trading margins are one factor that frequently deters people from futures trading. However, these margins remain low with Plus500. You may easily access cryptocurrency futures because all it takes to open a mini Bitcoin future is $100 in margin.
Final Verdict for Plus500
In its capacity as a broker, Plus500 provides a kind and approachable introduction to trading futures. The tools are straightforward to use, and you may start without risking too much of your funds thanks to the micro and mini contracts.
Additionally, there is a wide variety of markets. This implies that if you are a more seasoned futures trader, Plus500 might also be a wise option.
Concluding remarks: Top forex brokers in US markets
Overall, OANDA is the top FX broker for retail traders in the United States. OANDA offers you some of the best features in a number of different categories together with well-rounded trading conditions.
With 68 currency instruments, it has one of the widest selections of forex pairs among the brokers on this list.
Because of its connection with TradingView, the proprietary platform is among the top on this list as well, combining sophisticated trading capabilities with an easy-to-use set of interfaces. Support for MetaTrader 4, remains the most widely used platform among forex traders, lends credence to this.
Nevertheless, choose a forex broker will always be a personal decision. It is advised that you review the entire list and take into account some of the alternative choices. Choosing a broker who best fits your needs and tastes is the first step to effective trading.
FAQs
Which kinds of Forex accounts are available from brokers?
Several different accounts may be available from the regulated forex brokers on this list. However, Standard Accounts, RAW Spread Accounts, and Demo Accounts are the most often encountered account categories.
A Standard Account does not incur a commission. Rather, the dispersion is broader. This spread generates revenue for the broker.
The spread is less when using a RAW account. Cost calculations may be a little more difficult with this kind of account because you will be required to pay a commission. However, RAW accounts are generally less expensive if you have the proper plan.
And lastly, the demo account. You can practice trading here without taking any chances. Utilizing your demo account is crucial for acclimating to the broker's features and tools. You can open one of the live accounts and start trading for real only after that.
Are forex trading and brokers permitted in the United States?
Yes, as long as the broker is appropriately authorized, trading forex in the US is entirely legal. All brokers are required to be regulated by the Commodity Futures Trading Commission (CFTC), which oversees the business.
Additionally, brokers must to be National Futures Association (NFA) members. Make sure the broker you select has been approved by both of these organizations. Every broker listed here possesses both accreditations.
The Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the United States oversee eToro. This is due to the fact that they provide cryptocurrency and stock trading instead of Forex trading.
Which trading platforms are the best for FX traders in the United States?
The most widely used forex trading platform globally among individual investors is MetaTrader 4 (MT4). The platform provides you with a robust mobile app and an extremely user-friendly UI.
The app is nevertheless helpful for trading while you are not at your desk, even though it lacks some of MT4's capabilities, such as personalized indicators.
Some of the greatest and most varied automated trading bots are MT4's Expert Advisors (EAs), which are highly powerful.
With its improved charting capabilities and sophisticated indicators, MetaTrader 5 (MT5) expands upon MT4.
Although it is still not as well-known as MT4 for forex, this platform can be a suitable choice for you if you want to use a wider variety of tools and conduct a bit more in-depth analysis.
You can either code your own or access EAs on MT5.
Another platform that leading forex brokers provide, especially for more experienced traders, is TradingView. In addition to a plethora of charting tools and a vast array of more than 100 indicators, you can also design your own using the Pine Script coding language.
Another excellent aspect of the platform is the trading community. Although you will not be able to directly copy trades, the software has a ton of social trading capabilities that will provide you plenty of trading ideas from community interactions.
Disclaimer from OANDA
OANDA Corporation is subject to CFTC/NFA regulation and is permitted to offer certain financial services. OANDA (Member ID: 0325821) is an NFA member firm. U.S. residents cannot access CFDs such as foreign currency contracts for difference.
NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS APPLY TO OANDA CORPORATION AS A MEMBER. It should be noted, meanwhile, that NFA lacks regulatory oversight authority over the underlying or spotted virtual currency transactions, products, or exchanges, customers, or markets.
Cryptocurrency trading is particularly dangerous and should only be done by people who can afford to lose money and have a high risk tolerance. OANDA Corporation does not hold digital assets on your behalf and is not a party to any transactions involving them. The Paxos Trust Company exchange is where all transactions involving digital assets take place. Any digital asset positions are stored in an account in your name that is not owned by OANDA Corporation and are exclusively under the custody of Paxos. SIPC does not provide protection for digital assets maintained with Paxos. Since Paxos is not a member, it is exempt from the regulatory control and inspections conducted by the NFA.
Leverage trading always raises your risk and can lead to rapid financial loss. We strongly suggest that you carefully assess if trading in any way, including leveraged trading, is the correct choice for you. Before you start trading, be sure you completely understand the risks and get independent financial advice.