15 Best USA Forex Brokers

Best USA Forex Brokers

There are many success stories about Forex traders who started small and earned big. It is a profitable, exciting environment to trade in, with an active community of all types of Forex enthusiasts.

Despite the grand prospect of earning thousands or even millions overnight, there is a very real and unforgiving risk involved with trading in the digital realm of Forex.

For the majority of new traders, their first impression of Forex trading is that you have to invest big sums of money to profit from exchanging currencies. 

If you are planning on trading with big numbers, it may be worth your while to consider using a licensed, regulated brokerage to assist you on your journey to becoming a successful Forex trader.

This article reviews the 15 Best USA Forex Brokers to give you an understanding of the products they offer, the reputation they have and the costs and trading tools available that can help you trade with ease and confidence.

 

XM

XM Group

 

Founded 10 years ago, XM has matured into one of the world’s leading multinational Forex brokerage firms, boasting over 3 Million users. 

XM’s credibility is reinforced by the title of Best FX Service Provider in 2020, which was awarded to them by the City of Wealth Management Awards.

The XM Group is an amazing agent for the veteran and the amateur alike, with a lot of educational, marketing and seminar material made available to all types of Forex traders

Many Forex traders have given positive reviews on the mobile platform and it makes trading easy with its modern design and user-friendly functionality.

 

XM Pros and Cons

✔️Pros ❌Cons
User registration is easy and fast EU traders may find that products are limited
Withdrawals are free Trading costs may be too expensive for some users
Users have access to quality educational resources Users get penalized for inactivity

 

XM Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $5-$100
Average spread EUR/USD – active  0.8
Average spread EUR/USD – standard  1.6
VIP or active trader discounts  No

 

eToro

eToro

 

eToro is the innovator of Social Trading and they have been operational since 2007. 

The platforms give users access to an active community of Forex traders, as well as an opportunity to try their innovative CopyTrader feature, where ordinary traders can watch what successful, experienced traders are doing and copy their moves. 

Users will experience no hassles when creating an account and the interfaces and functionality of their platforms are user-friendly, but complaints have been expressed about the quality of their educational content.

In terms of customer assistance available to traders, FX.com uses web-ticketing to log queries and users can engage with their support team using the live chat system, but operating times may cause inconveniences for some traders. 

 

eToro Pros and Cons

✔️Pros ❌Cons
Account creation is straightforward Trading fees could be lower
Users find it easy to use the platforms Withdrawals seem delayed
An impressive selection of market instruments Limited crypto coins to choose from

 

eToro Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $200
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  3
VIP or active trader discounts  Yes

 

Oanda

OANDA

 

Originally founded in America, Oanda has earned and maintained a reputation for being a secure and trustworthy brokerage since 1996.

The mobile application has received some of the highest ratings in the Forex industry and its user-friendly trading environment leaves traders feeling accomplished.

The process of creating new accounts is simple, but some traders have reported that user authorizations may be faulty.

The training and research-based materials obtainable through Oanda, are genuinely extraordinary and can give valuable insight if you’re willing to sort through their library. 

Client support could be improved because of their operating hours and lack of availability.

 

Oanda Pros and Cons 

✔️Pros ❌Cons
Affordable trading fees Withdrawals are costly
Accounts are easy to open Customer support is delayed
Impressive platforms Can only access FX and some CFDs

 

Oanda Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  1.4
Average spread EUR/USD – standard  1.4
VIP or active trader discounts  Yes

 

FOREX.com

Forex.com

 

Since 2001, Forex.com has created exceptional trading opportunities at affordable prices for beginners and experienced traders.

Forex.com is compliant with highly regulatory legislation and they operate as part of GAIN Capital Holdings Inc., giving you the assurance that your funds are secure and company transactions are reconciled daily. 

The account creation process is hassle-free, but some users have reported that the user confirmation process is time-consuming.

The vast selection of educational and training material made available will make new traders feel welcome and allow experienced traders to learn about new strategies, modern tools and updates on Forex market news.

Users have given positive feedback on their customer service experience, but there have been complaints about delayed response times on emails.

 

FOREX.com Pros and Cons

✔️Pros ❌Cons
Low Forex fees User experience is lacking on the desktop platform
Good range of research tools Narrow product scope
New accounts are easy High stock CFD fees 

 

FOREX.com Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $50.00
Average spread EUR/USD – active  0.7
Average spread EUR/USD – standard  1.0
VIP or active trader discounts  Yes

 

Blackbull Markets

BlackBull-Markets

 

Blackbull Markets has been providing trading solutions since 2014, operating from New York and giving an established, recognized service to retail traders in the Forex sector

They take pride in being one of the leading ECN brokerages and oppose the idea of Dealing Desks. Their unique global service offering includes Fibre optic communication systems, Fintech solutions, commodity and currency trading tools and markets, and CFDs.

There are 27 Forex currencies to choose from and they also offer trading opportunities with valuable commodities and the 6 equity indices of global stock markets.

Their educational contribution is adequate at best, but that is not the most important consideration when choosing your broker. One of their biggest accomplishments is the performance and stability of their ECN systems. 

Clients commend the efforts of their customer support team and assistance is available through email and chat channels.

 

Blackbull Markets Pros and Cons

✔️Pros ❌Cons
Account registration is easy  Withdrawals are not free of charge
Mostly great reviews Only supports MT4 and MT5 platforms
Enjoyable trading environment  Limited product offering
ECN accounts available 

 

BlackBull Markets Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $200
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  No

 

Ameritrade

TD Ameritrade

 

Ameritrade is one of the oldest players in the game of Forex, operating since 1975. Despite how old this brokerage may be, it has made an exceptional effort to keep its trading tools and platforms up to date.

Ameritrade has a rich library of high-quality training and educational content and popular features include trial accounts, innovative charting tools and instructional guides.

All platforms are accessible by traders and no significant problems have been encountered by frequent users. 

That said, however, customer support is exceptional and their accommodating operating hours make them uniquely dependable.

 

Ameritrade Pros and Cons

✔️Pros ❌Cons
Low costs on trading activity The manual aspect of account creation may be inconvenient
Platforms are well-developed Higher withdrawal fees on wire transfers
Reliable customer support

 

Ameritrade Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  1.065
Average spread EUR/USD – standard  1.065
VIP or active trader discounts  Yes

 

Interactive Brokers

Interactive Brokers

 

Founded in 1977, Interactive brokers has successfully exceeded the expectations of millions of Forex traders around the globe. 

They are officially listed on the NASDAQ and their compliance with tier-1 jurisdiction regulations makes them highly credible. 

This low-risk brokerage offers Forex and CFD trading packages. Their educational and research tools are impressive but may be intimidating for new traders. 

Their mobile and web platforms are user-friendly and well-developed, ensuring a positive experience. Registering your account make take some time, but this is for extra security.

Customer support can be contacted telephonically or through live chat and email, during working hours.

 

Interactive Brokers Pros and Cons

✔️Pros ❌Cons
Many products to choose from Registration is tedious
Innovative trading tools Users are penalized for inactivity

 

Interactive Brokers Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

Fidelity

Fidelity

 

It may be hard to believe that this brokerage dates back to 1946. Fidelity is compliant with regulations and still remains loyal to its clients, prioritizing the convenience of the trading experience for each individual.

Their trading platforms are modernized and appeal to all types of traders, who might appreciate the key metrics offered, availability of quality educational and research material and a great selection of trading and learning tools.

Some users may find account registrations to be time-consuming, but this only to secure the trader’s account through a partially manual registration process.

User support is available day and night, every day of the week. 

 

Fidelity Pros and Cons

✔️Pros ❌Cons
The web platform is well-developed The registration process needs improvement
Innovative research tools  Non-free mutual funds carry higher fees
Commission-free stock, ETF and options trades Relatively high broker-assisted trade fee

 

Fidelity Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

Merrill Edge

Merrill-Edge

 

Established by the Bank of America in 2010, Merrill Edge is a licensed, credible brokerage with a spotless track record.

The positive trading experience has users revisiting the markets every hour of the day, trading with confidence on their web and mobile platforms. There have been some reports of minor software issues, but their high-end research and educational tools make up for that.

Their fully digitalized registration process lets traders dive right into the market, ready to trade within a day.

Despite the lack of availability and support via email, their customer support team can be reached telephonically and through live chat.

 

Merrill Edge Pros and Cons

✔️Pros ❌Cons
Low trading fees No email support channel
Open an account with no hassles Withdrawals processes are delayed
Technical support is efficient

 

Merrill Edge Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

Charles SchwabCharles-Schwab

 

Charles Schwab has been a fully compliant, New York Stock Exchange brokerage since 1971.

The transition between the mobile and web platforms is seamless, ensuring that traders can trade comfortably and have the best possible trading experience.

Citizens of the United States of America can register online in a matter of minutes and the process is simple and easy to complete, with no compulsory deposit fee. 

Users can rely on their telephonic support and live chats to resolve queries and they are available around the clock with technical advice.

 

Charles Schwab Pros and Cons

✔️Pros ❌Cons
Exceptional research tools Cannot be contacted via email
Great feedback on customer support Some users struggle to use the research tools
Platforms are user-friendly and easy to navigate

 

Charles Schwab Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

E-Trade

E-TRADE

 

E-trade intuitively knows how to satisfy its customers, offering them customized packages to align with their trading goals.

Since 1982, the mobile and web platforms have been maintained and continuously developed to compete with the kings of the American Forex trading food chain.

The design and navigation of the platforms have received positive reviews from loyal traders and there are many high-quality educational resources and trading tools to enjoy.

The only complaint users have had, is that they would appreciate the option to use demo-accounts. At least the registration process is smooth and hassle-free and has been designed to enhance account security.

Customer support can be contacted at any time of the day, but most users prefer to use telephone and email, as their live chat is faulty at times.

 

E-Trade Pros and Cons

✔️Pros ❌Cons
Minimal trading fees Issues with live chat support
Great platform experience The slow account confirmation process
Amazing research tools

 

E-Trade Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $500
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

TradeStation International

Tradestation has been operational for almost 40 years. They prioritize offering popular assets used in American Forex markets.

Their platforms are well-developed, and the research tools provide a reliable source of information. The instructional videos and demo accounts provide in-depth insights and guidance to newer traders.

Creating an account is easy but the high deposit fee may repel some traders, who may not have budgeted for the additional expenses.

Some traders are disappointed by their customer support channels, but they are usually responsive via email and telephone.

 

TradeStation International Pros and Cons

✔️Pros ❌Cons
Easy registrations Poor reviews on customer support
Platforms are modernized and functional Withdrawals may seem too complex and tedious
Educational resources are of great quality

 

TradeStation International Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $500
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

Ally Invest

Ally-Invest

 

Ally is an incredible broker that has been popularized for its outstanding standard of customer service since 1911. 

Traders are loyal to their extremely competitive pricing structures, a reliable customer support team and the usability of their platforms. 

Unfortunately, first impressions may not be lasting for traders who seek knowledge and a wide selection of trading and research tools. 

Their digital account creation process saves time, but the authentication measures in place have been reported to be extremely time-consuming. 

Their 24/7 customer support assistance makes up for the slow response times on queries.

 

Ally Invest Pros and Cons

✔️Pros ❌Cons
Registration is swift Delays on customer service
24/7 customer support Reporting tools are inadequate
Educational resources are above average

 

Ally Invest Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

Tastyworks

Tastyworks

 

Tastyworks is a privately owned brokerage that was launched in 2017 and they specialize in offering lucrative Trading Options. 

The intricate layout of their platforms may intimidate newcomers, but experienced traders would appreciate their advanced designs and trading tools.

Their research and instructive tools are all-encompassing, allowing traders to refine their trading strategies.

The fully digitalized account creation process will have traders exchanging currencies on the same day.

Customer support can only be contacted during office hours using email or telephone.

 

Tastyworks Pros and Cons

✔️Pros ❌Cons
Low-cost trading fees Options on withdrawals and deposits are limited
Exceptional research tools Trial accounts cannot be used
Quality educational material No live chat channel

 

Tastyworks Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes

 

RobinhoodRobinhood

 

Robin hood provides a comfortable, convenient trading environment that prioritizes the customer journey. 

Layouts are designed to make it easy to use by all types of traders, allow access from multiple devices without compromising security.

They take pride in their library of educational material, but some users complain that their research and trading tools need further development.

Account registration is quick and easy, but their customer service is unreliable and responses are delayed.

 

Robinhood Pros and Cons

✔️Pros ❌Cons
Free stock and ETF trading for American citizens The product offering is limited
Platforms are user-friendly Customer service is neglected
Registration is straightforward Lack of educational content

 

Robinhood Fees and Commissions

Features Prices
Minimum Initial deposit to start trading  $0
Average spread EUR/USD – active  N/A
Average spread EUR/USD – standard  N/A
VIP or active trader discounts  Yes