20 Best USA Forex Brokers Reviewed

Table of Contents

 

This is a review of the top 20 Forex Brokers in the United States focussing on a high-level overview of each broker, the leverage options they offer as well as their products and services.

You may ask but what does “Leverage” mean? Leverage is a popular term used when stepping into the vast terrain of digital economies. What this means, is the amount of money borrowed can be invested elsewhere in order to grow that money and potentially make a profit.

Generally, this money can be borrowed from anywhere but in Forex Trading, the lender is the Forex broker or Brokerage. This eliminates the need to involve multiple parties in your venture. 

These lenders, the Forex brokers, have various leverage options for Forex traders that allow them to trade beyond their current financial capacity. These options are expressed in ratio’s e.g. 1:300 and are unique per Broker and the account type that the broker offers.

An inexperienced trader would benefit by utilizing the leverage a broker has to offer but should be very cautious at the same time as this leverage option could suddenly turn sour.

 

The TOP 20 high-leverage Forex Brokers in the USA in no particular ranking, are:

  1. Alpari
  2. Avatrade
  3. City Index
  4. CMC Markets
  5. Easy Markets
  6. Etoro
  7. EXT. Capital
  8. Forex.com
  9. FP Markets
  10. FXCM
  11. FXTM
  12. GO Markets
  13. IG
  14. Oando
  15. Pepperstone
  16. Plus500
  17. Saxo Bank
  18. Swissquote
  19. XM.com
  20. XTB Trading

  • Alpari

Alpari is one of the giants in the Forex trading world and is a big favorite amongst traders.

The outstanding functionality and features their accounts offer, are very enticing to both amateur and experienced traders. They offer leverages of a Maximum of 1: 500.

Should a trader choose to go beyond the ordinary and dare to earn an even higher income, they may register as a “Strategy Manager” which provides them with the power to offer their trading strategy to other traders. They then share in the profits of the traders who execute their unique strategy.

 

The Pros and Cons

Pros Cons
A wide range of products offered Inadequate training resources
Profit opting for Strategy Manager

 

The details: Fees, Commissions and Leverage ratio

Features Specifications
Average spread EUR / USD, active 0.82
Low deposit to start trading $ 100
Leverage  Maximum of 1:500
Average spread EUR / USD, standard 0.92
Discount for VIP and Active traders Yes

  • AvaTrade  

 

AvaTrade has proven that they are a leader in the Forex market as they boast as facilitators of over 2,000,000 transactions every month. They have an excess of 200,000 traders registered on their database. 

 

This company offers a rich fortune of world-class research and educational resources that are available to both new and experienced Forex traders

 

To open an account with AvaTrade is seamless and easy. After-sales service consists of a proficient technical support team with assistance offered via e-mail, telephone or live chat. 

 

They offer leverage to the maximum ratio of 1:400.

 

The Pros and Cons

Pros Cons
User-friendly registration Telephonic support may be unreliable
Transaction fees waived on withdrawals and deposits The product range is limited
Training material is substantial Stale research material

 

The details – Fees, Commissions and Leverage ratio

Features Specifications
Average spread EUR / USD , Active 0.62
Average spread EUR / USD , Standard  0.92
Leverage Ratio Maximum of 1:400
Minimum starting deposit $ 100
Discount for VIP and Active Traders Yes

  • City Index

 

GAIN Capital has been supporting City Index since 1985. City Index has been a main player in the Forex economy, acquiring a good track record as a trusted broker. 

Their account registration process is easy and effortless. Leverage offerings are an impressive 1:500, while their toolset consists of a most comprehensive and excellent training and research material. 

While City Index does not offer multi-platform support services and only resolves technical user queries via e-mail, their support team is fast and efficient in resolving user queries.

 

The Pros and Cons

Pros Cons
Minimum trading fees Desktop platform to be improved
Fast user registration Limited product offering
Great training and research material

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:500
Minimum starting deposit £50.00
Average spread EUR / USD , Active  0.80
Average spread EUR / USD , Standard  0.80
Discount for VIP and Active Traders  Yes

  • CMC Markets 

Being established in 1989 makes CMC Markets one of the oldest, most trusted brokers still in existence today. Over the years, they have consistently provided an uplifting trading experience, using innovative, advanced trading tools. 

The registration experience may seem lengthy and they play safe by offering a very low maximum leverage of 1:30 but their trading playgrounds are amazing and the training offered, is world-class. A big plus is that they are one of the very few companies that do not set a minimum starting deposit.

Their very capable customer technical support team will tender to all your queries but only during business hours. 

 

The Pros and Cons

Pros Cons
Variety of products available Lengthy Withdrawal process
Attractive trading platforms Customer support long turnaround time
Outstanding educational resources

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:30
Minimum starting deposit $0
Average spread EUR / USD , Active  0.81
Average spread EUR / USD , Standard  0.81
Discount for VIP and Active Traders  Yes

  • Easy Markets

Offering reduced fees makes Easy Markets an enticing option to invest in. They offer a discount to VIP and Active Traders. Their leverage ratio has a ceiling value of 1:200, placing them in the mid-range and making it a feasible investment option.

The company was born in 2001 and built technology that creates an exceptional platform for both novice and senior traders. For the amateur trader, there is a host of top of the range training and research resources available.  

While the customer technical support can improve their turnaround time, they do offer a comprehensive solution. 

 

The Pros and Cons

Pros Cons
No commission charged on trades Offerings on trading account are limited
Low trading fees

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage ratio Maximum 1:200
Minimum starting deposit $100
Average spread EUR / USD , Active  0.90
Average spread EUR / USD , Standard  0.90
Discount for VIP and Active Traders  Yes

  • Etoro

Etoro was founded in 1996. They offer more than just the traditional trading experience in offering “Social Trading services”.

For new users, the registration process is fast and seamless. Their web-based and mobile platforms are simple and easy to use and a pleasurable experience.  

On the downside, trading fees are high, and the maximum leverage ratio is a mere 1:30, placing them on the lower side of loan offerings.

Their library of training and research resources has not been updated, rendering them somewhat useless. They make up for lacking in some areas, by having an amazing customer technical support team that is available during office hours.

The Pros and Cons

Pros Cons 
User-friendly registration process High trading fees
Positive trading journey Lengthy withdrawals process

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:30
Minimum starting deposit  $200
Average spread EUR / USD, Active  Non-applicable
Average spread EUR / USD , Standard  3.00
Discount for VIP and Active Traders  Yes

  • ETX Capital

ETX Capital has accumulated infamy in the Forex world. Even so, they have managed to stay one of the longest surviving companies in the current market.

Their trading platform may be stale and outdated but their training and research materials and platforms remain some of the best in the industry. 

Their trading fees are high and they offer a leverage ratio of 1:200. 

On the positive side, their customer technical support team is very effective and reliable. The customer registration process is seamless and easy. 

 

The Pros and Cons

Pros Cons
Multiple transaction categories Expensive trading fees
Easy account creation Lacking research tools

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:200
Minimum starting deposit $100.00
Average spread EUR / USD , Active  0.81
Average spread EUR / USD , Standard  0.81
Discount for VIP and Active Traders  No

  • Forex.com

Forex.com is an international company that has been around since 2001, supporting traders across the globe with their research and training toolsets and business savvy.

The customer registration process is straight forward but like many others in the market, the user confirmation process is a slow and tedious effort. They have a set of very useful tools that make them an attractive option. They offer a lower than average maximum leverage ratio of only 1:40.

Customer technical support operates on all platforms but users may opt for telephone support as the turnaround time here, is faster than e-mail and live chat.

 

The Pros and Cons

Pros Cons
Affordable Forex fees The desktop interface needs improvement
Adequate research tools Few products offered
User-friendly registration

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:40
Minimum starting deposit  $50.00
Average spread EUR / USD , Active  0.70
Average spread EUR / USD , Standard  1.00
Discount for VIP and Active Traders  Yes
  • FP Markets

With FP Markets, registering as a trader is an easy process. Options are to the point and easy to understand. They have an efficient technical support team, standing by to address every technical issue their customers may have, both on their mobile platform or their web platform, quickly and effectively.

 

This company has earned their wings as they have faced many challenges after they underwent an international crisis, but they have survived this crisis and have managed to retain their status and the respect of their customers and fellow brokerages. The company was started in 2005 and since then they have received numerous awards for their superb services and training.

 

FP Markets offer fine-tuned products and pricing structures, with a leverage ratio offering maxed to 1:500.

 

The Pros and Cons

Pros Cons
Inactive accounts not penalized The product offering is limited
Seamless and Easy account registration Some trading options have additional trading costs
Outstanding Customer service The web-based platform is stale

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage ratio Maximum 1:500
Minimum starting deposit  $100
Average spread EUR / USD, Active  Non-applicable
Average spread EUR / USD , Standard  1.19

  •   FXCM

Novice traders may be drawn to FXCM because their main market is amateur traders, hence their training pack is comprehensive and impressive.

Creating a new user account is a fast and seamless process but is then sadly halted by a tedious process when performing user confirmation. They do offer support via mobile devices as well as a web-based platform, but the user experience is mediocre. The maximum leverage offered is a fair 1:200. 

You can reach their technical customer support team via e-mail, telephone or live chat.

 

The Pros and Cons

Pros Cons
Comprehensive research toolset Limited product offering
Outstanding training resources Basic platforms lacking options
Simple registration process

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:200
Minimum starting deposit  £300
Average spread EUR / USD , Active  0.70
Average spread EUR / USD , Standard  1.30
Discount for VIP and Active Traders  Yes

  •   FXTM

With a database of more than 2 000 000 clients, FXTM is also one of the bigger brokerages with over 2,000,000 registered traders and they employ over 800 persons to support traders in making their journey enjoyable and their trading process effortless.

This firm focuses on amateur traders and offer a rich library of training resources that will boost your knowledge, so you are able to obtain the necessary trading skills in a short period of time and with the least effort, enabling you to jump into the Forex trading pool sooner!

FXTM offers a maximum leverage ratio of 1:200.

Like many other brokerages, they offer a mobile platform, as well as web-based. The mobile experience is generally better than its counterpart. 

The process to register as a trader is seamless and easy. The customer technical support team is effective in dealing with their customers and their objective is to resolve any query immediately or at least as soon as possible. 

 

The Pros and Cons

Pros Cons
Superb customer support High withdrawal fees
The seamless and easy registration process Inactive and dormant accounts penalized
Good training resources Limited product offering 

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:200
Minimum starting deposit  $100
Average spread EUR / USD , Active  1.00
Average spread EUR / USD , Standard  0.80

  •   GO Markets

The main attraction of GO Markets is their in-depth and practical training material. Hand in hand with that goes a well-structured, effective platform that makes the journey as a trader, a most delightful and productive one.

 

They offer a leverage ratio to a maximum of 1:500.  They also offer lower forex-trading fees. Their customer technical support team is great and is available via telephone, e-mail, web platform as well as social media platforms. 

 

Go Markets has a simple, effortless user registration process

 

The Pros and Cons

Pros Cons
Lower Forex fees on trading accounts Inactivity accounts are penalized
Good technical customer support offered

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:500
Minimum starting deposit  $200
Average spread EUR / USD , Active  NON-APPLICABLE
Average spread EUR / USD , Standard  1.20
Discount for VIP and Active Traders  No

  •   IG

IG’s motto with regards to customer services is that old but ever true saying of “The Customer is King”. This philosophy makes this company soar as leaders of “contract for difference” instruments, better known as “CFD”.

 

Embarking the journey with IG’, will assure you the most useful and efficient mobile and web-based platforms, offering tools and utilities that will aid and grow you into becoming a most successful forex trader.

 

Although this company offers low forex trading fees, their leverage ratio is quite low at 1:30. To top this low leverage, their account opening process is not user-friendly as it is tedious and complex.  

 

On the bright side, once you have overcome the registration hurdle, you can look forward to a most rewarding customer support journey. 

 

They do offer a discount for VIP and Active Traders.

 

The Pros and Cons

Pros Cons
Platforms are well structured Limited Product offerings
Extensive training and educational platform Unreliable telephonic customer support
Minimum trading fees

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage ratio Maximum 1:30
Minimum starting deposit  £250
Average spread EUR / USD , Active  0.36
Average spread EUR / USD , Standard  0.70
Discount for VIP and Active Traders  Yes

  •  Oando

Understandably, Oanda is a favorite on the Forex front as they have been in existence and leaders of the trading market since 1996.

They charge minimal trading fees but their account registration is a complicated process. Their maximum leverage offering is a lowish 1:50 but their comprehensive research and training material is top of the range.

Although the customer technical support team has good response times, their query resolutions are not as effective.

 

The Pros and Cons

Pros Cons
Trading fees are low High fees charged on withdrawals
Account creation is simple and fast Delayed technical support 
The desktop platform is user-friendly

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:50
Minimum starting deposit  $0
Average spread EUR / USD , Active  1.40
Average spread EUR / USD , Standard  1.40
Discount for VIP and Active Traders  Yes

  •   Pepperstone

Your first impression when interacting with Pepperstone is their great trading platforms and top-class features. Pepperstone has been a player on the Forex platform market since 2010. 

Their account registration process is user-friendly and once registered you are well underway to a most enjoyable and rewarding trading experience.

Leverages are quite attractive with a maximum of 1:500. 

The customer support team operates via e-mail, telephone and live chat.

 

The Pros and Cons

Pros Cons
Lower than average trading fees Limited product offering
Great technical customer support Only offers Forex, Crypto and CFDs
Superb user experience News flow is basic with no substantial data

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage ratio Maximum 1:500
Minimum starting deposit  $200
Average spread EUR / USD , Active  0.86
Average spread EUR / USD , Standard  1.13
Discount for VIP and Active Traders  Yes

  •   Plus500

Teaming up with Plus500 will give users the luxury of using world-class mobile and web-based platforms. On the downside, the leverage offering of 1:30 is significantly lower than most other Brokerages. 

 

Plus 500 has a refreshing presence in the world of Forex trading. This trait has made them a leader in the field. Contracts for difference (CFD’s) and Forex are the only product on their list, which is a limiting factor and that steers customers away to brokerages that offer a wider range of products. 

 

They offer chat via a WhatsApp bot, providing 24/7 technical support as well as the typical channels that are normally available on other platforms. 

 

The Pros and Cons

Pros Cons
Platforms are user-friendly Research tools not optimal
Educational resources are relevant Support via WhatsApp is ineffective
24/7 Technical support

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage ratio Maximum 1:30
Minimum starting deposit  €100
Average spread EUR / USD, Active  Non-applicable
Average spread EUR / USD , Standard  0.60
Discount for VIP and Active Traders  No

  • Saxo Bank 

Saxo Bank is one of the companies that has been around a bit longer, being established in 1996. They have a successful, tested business model that provides trading services to their users.  

There are a few downsides, like a lagging user confirmation process that makes the registration process a lengthy one. They also require a high minimum deposit amount and have a low leverage ratio of 1:100. 

What counts in their favor is that they are a well-trusted company that has been around for a long time and they have a proven track record. This outweighs the negative traits as their trading and other platforms are well developed and effective.

The customer technical support team services are sadly only offered during office hours.

 

The Pros and Cons

Pros Cons
Platforms are user-friendly and effective The minimum deposit is high
Great product selection  Technical support hours are limited

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:100
Minimum starting deposit to start trading  $10 000
Average spread EUR / USD , Active  0.60
Average spread EUR / USD , Standard  0.60
Discount for VIP and Active Traders  Yes

  •  Swissquote 

 

1996 was the year when Swissquote was founded and since then they have been offering premium services to their customers. This company offers an above-average, highly liquid asset offering.

Their customer registration process is 100% electronic, after which they offer their users access to an exceptional trading platform. Their leverage ratio is at the lower end with a maximum of 1:100.

The Swissquote training and research platforms have internal issues but at least their customer technical support team is excellent with impressive after-sales services.

 

The Pros and Cons

Pros Cons
Inactivity is not penalized High trading fees
High market-exposure
Adequate research tools 

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:100
Minimum starting deposit  $1,000.00
Average spread EUR / USD, Active  Non-applicable
Average spread EUR / USD, Standard  Non-applicable
Discount for VIP and Active Traders  No

  •  XM.com 

XM.com was started in 2009 and is one of the leaders in the industry, with over 3,000,000 registered traders. 

This company offers a mobile platform, which makes their services available anywhere and gives them an advantage over other web-based platforms. 

They offer their customers training and educational material so they can take advantage of the superior market training and trading tactics offered. 

XM.com is one of the companies that offer very high leverage, capping at 1:888. To take advantage of this superb offer, a new trader must complete their user-friendly registration process. 

There is a very willing and professional customer support team waiting to assist and guide their customers with any technical issue they may experience.

 

The Pros and Cons

Pros Cons
Simple registration process Minimum products on offer
Transaction fees waived on deposits and withdrawals  High Forex fees
Good educational resources Inactive and dormant accounts penalized

No discount for VIP and Active Traders

 

The details: Fees, Commissions and Leverage Ratios

Features Specifications
Leverage Ratio Maximum 1:888
Minimum starting deposit  $5 – $100
Average spread EUR / USD , Active  0.80
Average spread EUR / USD , Standard  1.60
Discount for VIP and Active Traders  No

  •  XTB Trading

XTB has been a name in the trading world since 2002 and has since grown into a trusted player on the Forex front. 

They offer free registration via a simple user-friendly interface. Once this process is done and dusted, customers have access to a great training library, hosting useful research resources and training material.

A very good leverage offering is set to a maximum of 1:500.

Customer technical support is somewhat unresponsive or at least slow to respond when having to interact via e-mail.

 

The Pros and Cons

Pros Cons
Minimal Forex fees E-mail support is lacking
Accommodation for user transaction requirements Product scope is limited
Account creation is seamless

 

The details: Fees, Commissions and Leverage Ratio’s

Features Specifications
Leverage Maximum 1:500
Minimum starting deposit  $0
Average spread EUR / USD , Active  0.78
Average spread EUR / USD , Standard  0.78
Discount for VIP and Active Traders  Yes