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Top 5 US Forex Brokers in 2024: Top-Down List

We recommend you read each of the following brokers’ reviews along with the features to make sure that you choose the broker that serves your unique trading and investing needs the best.

1

Forex.com – Best Overall

We placed this company in the first place on our list of top 5 US Forex brokers because it has a rather low spread level, which allows traders to trade without unnecessary commission expenses. Forex.com accepts payments and withdrawals of funds through bank transfers and payment cards, which guarantees the safety and reliability of transactions. Algorithmic trading using advisors is available to traders, which allows you to practice many trading strategies. You can also get part of the spread from transactions of attracted novice traders through its affiliate program. Forex.com is the best Forex broker in the USA, as demonstrated by the steady growth of its client base in 2020.

2

IG Markets – Most Trusted

This Forex broker is client-oriented and comes with a wide range of trading tools. A free demo account and a variety of training information are available for novice traders through IG Markets. Traders can participate in the "Invite a friend" affiliate program and receive $100 for each referral who completes five transactions within six months. IG markets disclose its financials, listed on a stock exchange, and it’s regulated by top-tier regulators. That’s why it’s safe to say that IG Markets is one of the best and also most trusted Forex brokers in the US.

3

TD Ameritrade – Currency Trading with Thinkorswim

The desktop application of TD Ameritrade, Thinkorswim, comes with an excellent combination of functionality and design. It’s a reliable broker working successfully for over 40 years worldwide, including US residents. The reason why it managed to secure its position on our top 5 US Forex brokers’ list is its high-quality services. You can trade and invest in top financial instruments, including a wide selection of stocks. Additionally, with TD Ameritrade, you can trade commission-free and access all the platforms and products with no deposit minimums, trading minimums, or hidden fees.

4

Interactive Brokers - Best for Professionals

Interactive Brokers is a reliable brokerage company that offers a range of tools and features that allow you to have a great trading experience. It's overseen by multiple regulatory authorities such as (FCA), SEC, CFTC. Moreover, Interactive Brokers also flaunts multiple awards as last year; this broker was awarded the "Best Online Broker" by Barron's and "Best Broker for Economical Investments" by NerdWallet. It also managed to get five stars in the online stock trading for traders' category by Canstar. However, the minimum deposit is 100 US dollars. But the set of advanced features and tools that it offers for a seamless trading environment stands it out and makes it the best Forex broker for professionals.

5

OANDA – Best for Beginners (Numerous Educational and Researching Tools)

This broker has operated in the Forex market since 1996. During that time, it developed a reputation as a reliable company that provides attractive conditions for its customers. OANDA offers a low spread, market execution, and powerful platform tools powered by TradingView. The best thing about this broker is that it offers a user-friendly platform equipped with powerful research tools. It also comes with a range of technical indicators, which makes it the best Forex broker for beginners. Moreover, the account opening experience is fully digital and fast.

Top 5 US Forex Brokers in 2024: Reviews

1

Forex.com – Best Overall

FOREX.com Review

The Forex.com brokerage company has been successfully operating on the Forex market since 2001. It's one of the oldest and most successful brokerages that went through intense development and achieved impressive results. Its customer base consists of several hundred thousand traders, and its monthly trading volume is over 325 billion US dollars.

Important advantages of this broker are the average rate of order execution (0.04 milliseconds) and reliability, which is monitored by several regulators. Its client funds are kept in accounts that are separate from the company's assets. Finally, it has attractive trading conditions, such as narrow spreads on more than 90 assets, including currency pairs and metals. Forex.com trades in over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrency.

2

IG Markets – Most Trusted

IG Markets Review

This broker has been operating on the Forex market since 1974. It actively invests in the development of new technologies to enhance and improve not only its services but also its security and safety protocols. That’s why it’s the most trusted Forex broker in the US for 2024. The company has also reduced its margin by 10 percent. The company supports its current customers and emphasizes attracting new ones.

IG Markets provides a wide range of trading instruments, like Forex, stocks, indices, and CFDs currency pairs. Also, the company provides access to other markets where there is a variety of exchange commodities such as cryptocurrencies, options, IPOs, bonds, sectors, etcetera available for trading.

3

TD Ameritrade – Currency Trading with Thinkorswim

Review

Thinkorswim by TD Ameritrade has been operating successfully for more than 40 years. The broker uses innovations that optimize the trading process and allows its users to focus on trading. The broker deservedly received the recognition of the most respected experts in the modern financial industry. It has hundreds of thousands of customers from all around the world. The company pays particular attention to the safety of customer funds. On the downside, you need to keep in mind that Forex accounts are not protected by SIPC (Securities Investor Protection Corporation).

Also, Thinkorswim by TD Ameritrade provides access to a range of free trading platforms and technologies.

Thinkorswim: Available Account Types

● Taxable

● Joint

● Custodial

● IRA (Traditional, Roth, SEP, SIMPLE)

● 529 and Coverdell

● Trust

● Limited liability and business accounts

● Managed portfolios

Thinkorswim: Commissions

In general, Thinkorswim by TD Ameritrade offers straightforward pricing with no hidden fees or complicated pricing structures. At TD Ameritrade, Forex currency pairs are traded in increments of 10,000 units, and there is no commission. However, the cost of the trade is reflected in the bid/ask spread.

The table below shows TD Ameritrade's special fees.

• Alternative Investment custody fee:

  $250 per position, charged annually

• Alternative Investments transaction fee:

  $100 per transaction

• Forced margin sellout:

  $15 + broker commission and all applicable local market charges

• Mutual fund short-term redemption:

  $49.99

• Commission-free ETF short-term trading fee:

  $0.00

• Regulation T extension:

  $25

• Restricted security processing:

  $250

• Return check/electronic funding:

  $25

• Removal of Non-Marketable Security:

  FREE

4

Interactive Brokers- Best for Professionals

IBKR Review

Interactive Brokers is one of the most famous investment companies in the USA, which has been providing its services since 1977. The company uses an integrated approach to work, providing users with the widest range of services at all stages of cooperation, from opening an account to withdrawing earned funds.

Interactive Brokers provides high-quality services and effective Forex services. At the same time, the company is constantly working on improving the technologies it already has in use. It supports over 300 different trading instruments, including stocks, metals, and commodity assets, so traders get an excellent opportunity to implement a wide variety of strategies.

5

OANDA – Best for Beginners

OANDA Review

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OANDA is a Forex broker with over 19 years of experience in the Forex market. It is registered in the USA. It provides its clients with a fairly wide range of financial services in almost all countries of the world. The customers have the opportunity to trade with a broad range of financial products at the Forex in the US. The platform comes with exceptional execution with sophisticated trading tools and advanced charting packages with an extensive range of leading-edge indicators and drawing tools powered by TradingView.

The company was founded in 1996 and is currently regulated in four jurisdictions. The company is responsible for cooperation with customers, provides favorable trading conditions and a wide range of instruments for trading in the financial markets.

Top 5 US Forex Brokers in 2024: Criteria for Choosing

There is some important consideration that you must look for while choosing a Forex broker for investing and trading in the US. The following factors will help you to choose the best Forex broker that serves you the best depending upon your trading and investing goals.

• 

  The reputation of the Forex Broker

  The first and probably the most important factor that you should consider is the reputation of the Forex broker. In order to evaluate the reputation, we advise you to look for the experience and the financial partners (on forex) of the brokerage you’re interested in. You can also search about the titles and awards that a certain broker has managed to secure from independent agencies. Moreover, a Forex broker with great repute also offers excellent customer care services that you as well as guarantee the security of its customer’s transactions.

• 

  The Quality of Analytical Data and News

  This factor is undoubtedly one of the most important ones, especially if you're a beginner. That's because you cannot have an informed and fruitful trading or investing experience without current market analytics and a current news feed. Even the smallest change can have a huge impact on the current exchange rate. Getting real-time and quality information and the latest market trends allow you to analyze the market situation in detail to make informed and profitable transactions.

• 

  Online Reviews

  Consider looking for online reviews, especially by the previous customers, regarding the Forex brokerage you're interested in. Unbiased reviews of previous or existing traders can help you a great deal to evaluate the broker. There are several online portals, such as TradersUnion, that you can use to find customer reviews.

• 

  Responsiveness and Security

  You also need to make sure that the Forex broker that you choose offers a completely safe and fast execution of transactions. You don't want to work with a broker where your online transactions are not safe. Moreover, the transaction must take place instantly because the price fluctuation in the foreign exchange is pretty normal, and you don't want to trade at a different price from the intended one.

• 

  Fees and Commissions

  It's important to thoroughly understand the fee structure, such as minimum deposit, withdrawal fees, etcetera, and the cost of the commission of the Forex broker you want to work with. It will allow you to choose the broker that offers the best value for your money. However, it’s also important to understand that you must not prefer a free broker by compromising the features and services. That’s because most free online Forex brokers don’t offer great quality features and good customer services. Therefore, it must not be the decisive factor.

• 

  Compare the Risk Factors and Features

  As we have only mentioned those Forex brokers that offer a demo account, you can acquire that to compare the features and risk factors. It’s important to pay attention to discounts and bonuses as well as the penalties and extra charges while using the demo account.

• 

  Ask for Recommendations

  If people in your circle are also involved in forex trading or investing, then you must not hesitate to ask them for their recommendations. An experienced user can always provide you with insights and details that can help you a great deal. This factor is very important for inexperienced people trying to find the best broker.

These are some of the most important factors that you must consider before choosing a Forex broker.

Additional options for choosing the US Forex brokers in 2024

It is necessary to carefully analyze multiple factors when selecting a broker as a partner in the US Forex market. This is a critical step. Take your time.

Therefore, to choose the best broker, it is also important for you to pay attention to the following features.

• 1

  Age of the brokerage

  The most reliable Forex brokers providing services have been working in the Forex market for over 3-5 years. Fraudster brokerage outfits (“kitchens”) close quite quickly because complaints from their customers form their negative reputation as a broker.

• 2

  Quality of program software

  The functionality of trading platforms, mobile availability, and analytics are different for each broker. This affects the speed of transaction, monitoring, and stop-loss execution, and therefore, affects a trader’s ability to make a profit.

• 3

  Reliability level and license

  When choosing a broker, you need to find out the legal address of the broker, as well as make sure he is providing services to clients in the United States.

• 4

  Address of the head office and branches

  The opening of head offices in major cities around the world demonstrates the seriousness of the company and its concern for its own reputation. A large number of branches indicate a constant increase in customers, which makes it necessary to open new representative offices around the world.

• 5

  Number of clients

  If a large number of traders entrust their financial transactions to a broker, then his work and reputation are not in doubt.

• 6

  Clarity of a customer agreement

  Unfair companies make up a complex contract to confuse the client. It is necessary to study the available ways to resolve disputes, the relationship of obligations, and the degree of responsibility of the parties before signing the contract. In any case, if you have any questions related to the clauses of the agreement, you can contact the technical support specialists.

• 7

  Affiliate program and its terms

  Well-known and reliable Forex brokers offer their customers multi-level programs with open statistics of attracted referrals, the absence of a minimum payment threshold, and the ability to withdraw funds at any time.

• 8

  The quality and speed of support services

  The success of an open transaction sometimes depends on the speed of technical support specialists. Operators of the best brokers negotiate with customers openly and with courtesy and respect, trying to clarify less comprehensible issues as much as possible.

• 9

  Liability and risk insurance

  The best brokers demonstrate a high degree of responsibility to clients and also act as guarantors of the safety of client funds. This allows traders to minimize risks and, in some cases, rely on compensation for monetary losses.

Analysis of the Forex broker’s performance according to all of the above criteria will allow you to choose the best company for you and your Forex goals.

You can also use comparing tools that many online portals offer, such as Compare Forex Brokers. Using this tool, you can compare different Forex brokers according to the following criteria.

• The size of the spread and leverage

• Trading platforms available

• The ability to transfer funds to a trust

• The amount of interest accrual on the balance of the deposit

• Setting Margin Call/Stop Out level.

• Types of orders executed.

Risk Involved in Forex Trading in the US

Keep in mind that choosing a broker to work in the Forex market in the USA is a critical step. Your success in the foreign exchange market largely depends on this decision. That’s why we compiled a list of the best Forex companies in the USA for 2024 to help you make the right decision.

Note that choosing a broker with the best conditions doesn't guarantee you profit. You need to start trading on a demo account to make sure of the quality of service from the company and the profitability of your own trading strategy. Only after mastering all the features of Forex trading and checking the broker in test mode should you open a real account. Moreover, you should never risk all the money you have in investing or trading, and diversification of the portfolio is also important. Putting all your eggs in only one basket is never a good practice in Forex trading or investing.

FAQs

Is the selection of the best US Forex brokers relevant?

The administration of the Traders Union portal carefully monitors the relevance of all the data provided and updates it monthly. However, you can always clarify the information indicated on this page on the official websites of the considered brokerage companies.

Where can I find the reviews about the Top 5 Forex brokers in the USA for 2020?

You can find independent reviews of traders about their cooperation with the most popular brokerage companies on the profile pages on independent websites that host reviews for brokers. Traders Union is one of the best options as all the reviews are unbiased and provide the most authentic information.

Two Forex brokers are suitable for me. I find it difficult to make a choice, so what should I do?

In this situation, we recommend you open demo accounts in both companies and try to start trading in test mode. We also recommend you study the reviews again and be sure to consult with colleagues. These methods should help you make your final choice.

Are the reviews or favorable trading conditions of brokers the most important?

We believe that these are complementary points, and it is not necessary to choose in favor of any single criterion. Therefore, we prepared this rating, which included the most reliable companies in the USA offering comfortable and attractive conditions for successful work in the Forex market.