The Four Best Forex Brokers In The United States (US)
Trade With Confidence With The Best Forex Brokers In The US
The needs of a forex trader in the United States are mostly similar to the needs of any other forex trader in most of the rest of the world. We all need low spreads, friendly commissions, fast trade executions, and excellent trading platforms, amongst many other things.
These needs are packaged in forex brokers. And that is why the choice of forex brokers is pivotal to any serious forex trader’s trading journey.
In the rest of this article, we’ll show you some of the four best forex brokers in the US.
The Best Forex Brokers In The United States (US)
As we delve into this list, it is essential to know that brokers aren’t necessarily your friends. They are businesses. And just like you and I, they want to profit from the market. As a result, some of them resort to unscrupulous techniques to extort their clients through hidden fees.
Unfortunately, it’s challenging for one retail trader to monitor a broker to ensure they’re doing the right thing. But this is why we have regulatory bodies. They ensure that there’s a level playing ground between brokers and traders.
The regulatory body in charge of this noble duty in the US is the Commodity Futures Trading Commission (CFTC). Therefore, in your best interest, you should only trade with a broker regulated by the CFTC or any other notable regulatory body in the US.
The first thing you’ll notice about TradersWay forex broker is how easy it is for clients to navigate their website, which is a big plus. It is a massive plus because clients can quickly locate the necessary information they need from the website without organizing a search party.
But enough about the website.
TradersWay may not be the most popular forex broker out there, but it’s by no means inferior to the popular ones. In fact, the service quality of TradersWay is similar to what other popular brokers may offer you.
TradersWay starts with a minimum deposit of $10, making it easy for traders to test the platform. And on its MT4 ECN account, the broker charges zero commission with an average spread of 1.5 pips on the EURUSD forex pair.
- A low minimum deposit
- Many trading accounts to choose from
- Tight spreads on their ECN account and low commission fees
- No negative balance protection
- Complex verification process – all documents must be in English
FXGlory does cover itself in a cloud of glory with this one. Literally! (Check it! They have some clouds on their website 😀).
FXGlory is one of those few brokers accepting clients from the United States. The Broker has been around since 2011. And in just over a decade of service, this broker has forged a good reputation.
With an average of 2 pips on the EURUSD, FXGlory doesn’t offer you the lowest spreads in the market. In fact, it’s pretty expensive, with withdrawal fees of as much as 9% on wire withdrawals.
However, it does redeem itself with exciting deposit deals, a $1 minimum deposit, and enough options to ease withdrawal and deposits.
Now, if we’re going, to be honest, FXGlory is not the flashiest forex broker out there. But if what you want is a broker to simply trade forex with little interference, FXGlory provides it.
- Very low minimum deposit
- Many deposit and withdrawal options
- Quite on the expensive side with withdrawal fees
Forex.com doesn’t offer much outside of forex. So, forex traders who want to dabble in stocks or CFDs may have to take their businesses elsewhere. But hey, the name is “Forex.com,” so there are no surprises there.
However, any trader who wants everything and anything a top forex broker offers will always find this broker useful, regardless of their trading preferences. For instance, Forex.com offers the most trading platforms of the brokers on this list. And besides its proprietary trading platform, this broker also offers TradingView, Ninjatrader, and automated trading.
We chose Forex.com broker as one of the best forex brokers in the United States because it achieves a balanced level of usefulness for all kinds of traders. A professional trader would find Forex.com as useful as a beginner would.
- com is a very versatile forex broker
- It offers many trading platforms
- Capable trading proprietary platform
First, the not-so-good news.
eToro does not offer forex to US clients. Traders only have access to crypto, stocks, and options.
Also, eToro’s copy trading feature, which it has become prevalent for, is available to US residents with some limitations. US residents can only copy the trades of other US traders. This is a real bummer because copy trading is perhaps the strongest forte for this broker.
So, why is it on this list? The answer to that brings us to the good news.
Despite the limited copy trading, eToro is still a top broker with high-quality services and customer service.
You’ll enjoy using eToro if you’re a beginner trader. eToro knows you’re more likely to start your trading journey with minimal amounts as you dip your toes into the waters of the financial markets. And so, the broker lowered its minimum deposit to only about $10.
To make things a lot easier for you, there are many seamless deposit options through which you can fund your account, including bank transfers, Paypal, Neteller, and Skrill.
- Its trading platform is easy to use.
- A low minimum deposit of $10.
- Helpful website for investors who prefer a more passive approach
- US clients can’t trade forex on eToro
- Doesn’t have MetaTrader platforms (for example MT4 or MT5)
Let’s see how the best forex brokers in the US compare:
|Bank Wire Funding||Yes||Yes||Yes||Yes|
|China Union Pay Funding||No||No||No||No|
|Deposit Fees||1.9% on Skrill||Free||Free||None|
|Inactivity Fees||Free||Free||$10 monthly||$15 monthly|
|Metatrader 4 (MT4)||Yes||Yes||No||Yes|
|Metatrader 5 (MT5)||Yes||No||No||No|
What You Need To Know About Trading Forex In The US
When choosing a forex broker in the US, here are some factors to consider:
Any forex broker that operates in the United States must first be regulated by the CFTC or the NFA. These regulatory bodies help monitor the activities of all such brokers within the country. So, if a broker is enticing you with impossible spreads and mouth-watering features, the first thing to consider is if the CFTC and NFA regulate it.
However, the financial markets scene in the United States is notorious for being harsh to brokers. So, you would find only a few brokers operating from inside the country. In fact, it’s so harsh that some brokers don’t even accept citizens of the United States, regardless of whether they’re in their home country or halfway across the world.
Fortunately, some brokers brave the risks and still accept US clients, albeit from foreign countries. Examples are Trader’s Way and FXGlory.
2. Spreads, fees, and commissions
Spreads, fees, and commissions are three essential methods through which brokers make their money. So, it is natural to see brokers charge you fees or place commissions on your trades in addition to the spreads on each currency pair.
When considering a broker, ensure that you know how the company makes its money. Otherwise, you may be surprised by charges whose appearances you can’t explain. And if a broker offers impossible figures in all three, go the other way.
3. Trading tools
Trading without tools of any sort is impossible. Charts, trading platforms, and other similar features help us determine the direction of the market.
If you’re a novice trader, chances are that any broker will have enough tools to satisfy your trading needs. Professional traders, however, need to pay more attention to the tools their broker has.
4. Customer Support
Whenever the need arises, ideally no one wishes to wait for several hours or days before they get a response from customer support. This is why excellent customer support is absolutely needed.
5. Device compatibility
Although we don’t expect you to run into this problem with all the brokers, some brokers are still limited in the number of devices they support. So, if you use an android, a tablet, iOS, or any other device, ensure that your broker has the correct software for your device.
Which Broker Is The Best For Forex In The US
The best forex brokers in the United States (US) are:
We chose those four after careful consideration and research. Each broker has a particular aspect where it most excels, which is why we have explained why we have chosen them.
However, this is not an “ultimate” list because, at the end of the day, the best broker isn’t always the one with the most features. The best broker is one that does what you want it to do when you want to do it.