When it comes to online forex trading in the United States, there are numerous well-qualified brokerages to choose from. But not all forex brokers are created equal, and each one offers something unique to its clients. In order to find the best forex broker in the USA, we have compiled a list of the most important features to look for. These include things like customer service, commission and fees, platform functionality, and mobile trading. We have also taken into account other factors like ease of use, research tools, and other features.
Top Forex Brokers in the USA 2024
How to Choose Forex Broker in the USA?
When looking for forex brokers in the USA, there are a few things you need to take into account. Not all brokers are created equal. There are different types of brokerages, and each offers its own set of advantages and disadvantages. Before choosing a forex broker we should consider the following aspects.
Regulations: The first thing to consider is the regulations of the broker . In the USA, forex brokers must be registered with the National Futures Association (NFA), CFTA and SEC. And the broker must comply with certain regulations. These regulations are designed to protect investors from fraud and to ensure that the brokerages offer fair and transparent trading conditions.
Types of Account: The second thing to consider is the type of account that you want to open. Every broker offers different types of accounts. Find the one that suits your trading needs.
Spreads: The third thing to consider is the spreads offered by the brokerages. Spreads are the difference between the bid and ask price of a currency pair. The smaller the spread, the less you will have to pay in commissions.
Trading Platforms: Fourth thing to consider is trading platforms . Some brokerages offer their own proprietary trading platforms, while others use third-party platforms. It is important to find a platform that is easy to use and that offers all the features that you need.
Fees and Commissions: Fifth thing to consider is fees and commission . Some brokerages charge commission on each trade, while others charge a monthly fee. It is important to find a brokerage that charges reasonable fees and commissions.
Customer Support: Finally, you should also consider the customer service and support offered by the brokerage. This is important because you will want to be able to get help when you need it, and you will want to be able to talk to someone who is knowledgeable about the forex market.
Alternative Forex Brokers for USA
Who are Forex Brokers regulatory authorities in the USA?
The main regulatory authority for forex brokers in the USA is the National Futures Association (NFA), The Commodity Futures Trading Commission (CFTA) and Securities and Exchange Commission (SEC).
The NFA is a self-regulatory organization that sets rules and provides regulations for futures and options trading. All forex brokers in the USA must be registered with the NFA and must comply with its rules and regulations.
The Commodity Futures Trading Commission (CFTC) is another regulatory body that oversees futures and options trading. The CFTC is a government agency that provides regulations for commodity futures and options trading. All forex brokers in the USA must also be registered with the CFTC.
The Securities and Exchange Commission (SEC) is the main regulatory body for the securities industry in the USA. The SEC is a government agency that provides regulations for the securities industry. All forex brokers in the USA must also be registered with the SEC.
Forex brokers in the USA must comply with strict regulations set by the NFA, CFTC and SEC. This provides investors with protection from fraud and ensures that brokerages offer fair and transparent trading conditions.
Best Forex Broker in the USA
Based on our findings, Forex.com is the best overall broker, Ally Invest is the best for beginners, Interactive Brokers is the best for professionals.
- Forex.com
- Interactive Brokers
- Ally Invest
Forex.com
Forex.com is one of the most popular online brokers for forex and CFD trading, offering powerful trading platforms and a wide range of tradable instruments in the USA. The company is headquartered in the United States and regulated by the US Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM), and by the National Futures Association (NFA).
image credit: Forex.com
Forex.com is a division of GAIN Capital, which has been in business since 1999 and is listed on the New York Stock Exchange. GAIN Capital is a global leader in online trading, providing retail and institutional investors with access to a wide range of markets, including forex, CFDs, and futures.
Forex.com Trading Platforms
Forex.com offers trading platforms for both desktop and mobile devices, as well as a web-based platform. The company's flagship platform is their Proprietary Platform and MetaTrader 4 (MT4). Both Proprietary Platform and MT4 are available for desktop, web, and mobile, and offers a wide range of features and tools for forex traders of all levels of experience.
In addition to its own proprietary platform, Forex.com also offers the popular third-party trading platform Tradingview. Tradingview is a flexible and customizable trading platform that is gaining popularity among forex traders.
Forex.com Products
Forex.com offers a wide range of tradable instruments, including major and minor currency pairs, precious metals, Futures and Futures options.
Forex.com Cost
Forex.com's spreads are variable and depend on the instrument being traded as well as market conditions. The company does not charge commission on forex trades, but does charge a small commission on Commission accounts. They have inactivity fees if the account is inactive for more than 12 months. The inactivity fee of $15 would be changed per month.
Forex.com offers a variety of account types to suit the needs of different traders. They have a standard account, commission account, MetaTrader 4 account and STP Pro account.
Forex.com Customer Support
Forex.com offers customer support 24 hours a day, 5 days a week through its online chat, phone, and email. The company's website is available in several languages, including English, Spanish, French, Italian, German, Russian, and Chinese.
Forex.com Pros and Cons
Pros
√ Wide range of tradable instruments
√ Powerful trading platforms
√ No commission on forex trades
√ Swap-free accounts available
Cons
- Variable spreads
- Small commission on CFD trades
- Not available in all countries
Read also: Best Stock Broker in the USA 2024
Alternative Forex Brokers For USA
Interactive Brokers
Interactive Brokers is a direct access electronic broker that route orders to market destinations around the globe. They offer trading in stocks, options, futures, foreign exchange (Forex), and bonds on over 100 markets worldwide from a single IB Universal account. Interactive Brokers Group (IBG LLC) is the parent company of several subsidiaries that provide technology-based financial services to a global client base.
image credit: Interactive Brokers
Interactive Brokers Group was founded in 1978 by Thomas Peterffy, who is the Chairman and CEO. The company is headquartered in Greenwich, Connecticut and has offices in North America, Europe, Asia, Australia, South America, and the Middle East. As of 2019, Interactive Brokers had 973 employees.
The company was founded as a market maker in 1978 and remains one of the largest options market makers in the U.S. They are a proprietary trading firm that provides direct access to stock, options, futures, forex, and bonds markets around the globe from a single IB Universal account
The principal authorities under which interactive brokers are regulated are:
Commodity Futures Trading Commission (CFTC) in the USA.
The Investment Industry Regulatory Organization of Canada (IIROC).
The Securities Futures Commission (SFC).
Japanese Financial Services Authority (JFSA).
Financial Conduct Authority (FCA).
And the Monetary Authority of Singapore (MAS).
Interactive Brokers Products
Interactive Brokers offers trading in stocks, options, Forex, futures, and bonds on over 100 markets worldwide from a single IB Universal account. The company also provides clearing, settlement, and custody services for exchange-traded and over the counter derivatives instruments.
Also Read: Best Social Trading Platforms in the USA
Interactive Brokers Trading Platforms
Interactive Brokers offers two electronic trading platforms: TWS and IBKR Pro.
TWS is Interactive Brokers' flagship platform. It is a desktop application that provides direct access to stocks, options, futures, forex, and bonds markets around the globe from a single IB Universal account. TWS also offers an extensive range of features, including real-time quotes, charts and news.
IBKR Pro is an institutional platform that provides direct access to stocks, options, futures, forex, and bonds markets around the globe. IBKR Pro is designed for professional traders and investors who require advanced trading tools and features.
Interactive Brokers Costs
Foreign exchange (FX) trading is available on the IB Universal account and TWS platform. Interactive Brokers offer competitive FX commissions and spreads. Commissions are charged per side, per lot, and are based on the currency traded.
The minimum commission for FX trades is $2.00 per side, per lot. There Is no maximum commission.
Spreads on major FX pairs are as low as 0.2 pips.
Deposits to Interactive Brokers accounts can be made via bank wire transfer, check, or ACH. The minimum deposit amount is $10,000. There is no maximum deposit amount.
Withdrawals from Interactive Brokers accounts can be made via bank wire transfer or check. The minimum withdrawal amount is $100. There is no maximum withdrawal amount.
Interactive Brokers Customer Support
Interactive Brokers offers customer service 24 hours a day, 5 days a week. Customer service representatives are available by phone, email, and live chat.
Read Full Review of Interactive Brokers
Interactive Brokers Pros and Cons
Pros
√ Regulated by the SEC and CFTC
√ Member Of SIPC
√ UK subsidiary is authorised and regulated by the FCA
√ Competitive FX commissions and spreads
√ Extensive range of features and tools
Cons
- Commissions are charged per side, per lot
- Minimum deposit is $10,000
- Only offers electronic trading platforms
If you want to trade forex with Interactive Brokers, you can use the link below:
Ally Invest
The Ally Invest Forex LLC is an American online financial services provider controlled by Gain Capital. The company offers self-directed and managed investment products and services, as well as a Forex.
image credit: Ally Invest
Ally Invest Forex is a registered member of the National Futures Association (NFA) which is the industry wide, self-regulatory organization for the U.S. derivatives industry.
Ally Invest Forex Products
Ally Invest offers their clients a variety of tradable currency pairs ranging from major and minor pairs to exotic currencies. Their competitive trading conditions include tight spreads, no commissions, and leverage of up to 50:1 on major currencies. Ally Invest also provides self directed trading, ETF, Bonds, Mutual funds and Margin account.
Ally Invest is perfect for investors who want to trade on a simple, user-friendly platform and receive competitive rates with no hidden fees. Try a free demo account now to practice trading forex.
Ally Invest Forex trading platforms
Ally Invest offers their clients two platforms to trade forex: MetaTrader 4 (MT4) and Ally Invest Forex Web Trading.
MetaTrader 4 is a popular third-party trading platform that offers a user-friendly interface, sophisticated analysis tools, and customisable indicators. Ally Invest Forex does not take responsibility for MT4 availability or functionality.
The Ally Invest Forex Web Trading platform is convenient for investors who want to trade on the go. Simply log in to your account from any web browser and start trading forex.
Both platforms offer a demo account so you can practice trading forex before committing real capital.
Ally Invest Costs
They don't charge commissions on forex trades. Instead, they make money from the spread, which is the difference between the bid and ask prices.
The spread is variable and depends on market conditions, but their average spread on major currency pairs is less than 1 pip.
Ally Invest also offers leverage of up to 50:1 on major currency pairs, which means you can control $50 in the market for every $1 of actual capital.
Ally Invest Forex products
Ally Invest offers a variety of forex products and services, including spot forex, currency pairs, and CFDs.
Spot forex is a traditional FX transaction where you buy one currency and sell another currency at the same time. For example, you might buy Euros with US dollars (EUR/USD).
You can trade forex online 24 hours a day, 5 days a week.
Ally Invest Customer Support
We are committed to offering our clients superior customer service. Our knowledgeable and friendly customer support team is available 24/5 to answer any questions you might have about trading forex.
You can reach us by phone, email, or live chat. We also offer a robust FAQ section and glossary of terms to help you get started trading forex.
Read Full Review of Ally Invest
Ally Invest Pros and Cons
Pros
√ No commissions on forex trades
√ User-friendly platforms
√ Competitive spreads
√ Leverage of up to 50:1
√ 24/5 customer support
Cons
- Limited forex products and services
- Does not offer MetaTrader 5 platform
If you want to trade forex with Ally Invest, you can use the link below:
Conclusion
Forex trading is a popular activity all over the world, and the Forex market is one of the most liquid markets in the world. Forex trading offers many advantages, including 24-hour trading, high leverage, and low transaction costs.
However, Forex trading also carries a high level of risk and is not suitable for all investors. When choosing a Forex broker, it is important to select a reputable broker that is regulated by a reputable regulatory body such as the US Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) or NFA. In addition, it is important to select a broker that offers a robust trading platform and competitive spreads. The above three Forex brokers are all regulated by the SEC or CFTC or NFA and offer competitively priced Forex trading platforms. Choose one that meets your trading requirements.
Top Forex Brokers in the USA 2024
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