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Top 5 US Forex Brokers in 2021: Reviews and Criteria for Choosing

April 2021

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The foreign exchange is a fast-paced and exciting place that is more active as compared to any other financial market across the whole world. It’s where fortunes are made within a matter of seconds, and it's responsible for a staggering five trillion US dollars swapping hands daily. If you want to get started with foreign exchange (also known as Forex market) investing or trading in the US, then you need to find the best forex broker to work with. That’s why we have come up with this article that contains the top 5 US Forex brokers in 2021. We’ve compiled this list after comprehensive research and made sure that each broker offers the following:

  • Reliable and fast trade order execution

  • High-tech and state of the art trading tools

  • Safe and secure trading experience

  • Competitive pricing

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Below you will find all the information.

Top 5 US Forex Brokers in 2021: 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 – 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. 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. is the best Forex broker in the USA, as demonstrated by the steady growth of its client base in 2020.


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.


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.


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.


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 2021: Comparison Table

  • 1.
    Best For: Best Overall
    Regulatory Authority: NFA, FSA, FCA, ASIC, CFTC, IIROC, SFC
    Inactivity fee charged: Yes
    Number of base Currencies Offered : 6
    Account Minimum: 100 dollars
    Withdrawal Fee: 0 dollars
    Our Rating: 5/5
    Demo Account Offered: Yes
    Learn More: Open Account
  • 2. IG Markets
    Best For: Most Trusted
    Regulatory Authority: CFTC, NFA
    Inactivity fee charged: Yes
    Number of base Currencies Offered : 6
    Account Minimum: 0 dollars
    Withdrawal Fee: 0 dollars
    Our Rating: 4.9/5
    Demo Account Offered: Yes
    Learn More: Open Account
  • 3. TD Ameritrade
    Best For: Currency Trading with Thinkorswim
    Regulatory Authority: SEC, FINRA, CFTC
    Inactivity fee charged: No
    Number of base Currencies Offered : 1
    Account Minimum: 0 dollars
    Withdrawal Fee: 0 dollars
    Our Rating: 4.7/5
    Demo Account Offered: Yes
    Learn More: Open Account
  • 4. Interactive Brokers
    Best For: Best for Professionals
    Regulatory Authority: FCA, SEC, CFTC, SIPC
    Inactivity fee charged: Yes
    Number of base Currencies Offered : 22
    Account Minimum: 0 dollars
    Withdrawal Fee: 0 dollars
    Our Rating: 4.5/5
    Demo Account Offered: Yes
    Learn More: Open Account
  • 5. OANDA
    Best For: Best for Beginners
    Regulatory Authority: CFTC, NFA
    Inactivity fee charged: Yes
    Number of base Currencies Offered : 9
    Account Minimum: 0 dollars
    Withdrawal Fee: 0 dollars
    Our Rating: 4.4/5
    Demo Account Offered: Yes
    Learn More: Open Account

Top 5 US Forex Brokers in 2021: Reviews

1 – Best Overall

The 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. trades in over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrency.

  • Available Account Types



    STP Pro

  • Commissions

    Standard Account The spreads on this account type depending upon the currency paid, usually hover somewhere around the 1.0 mark.

    Commission: The commission that charges on this account type is 5 US dollars, but it offers reduced spreads (around 0.2 marks) as compared to the standard account type.

    STP Pro: claims that the spreads on this account type can be as low as 0.1, and the commission starts at 60 US dollars per million.

👍 Pros

• Easy to navigate and responsive platform

• Wide range of research and education tools

• Leverage available to users up to 50:1

• Allows you to access more than 80 different currencies to buy and sell

• Offers reliability and value

• Sophisticated trader tools

• Superior and instant trade execution

• Financial security and strength

• Professional support and guidance

• Powerful regulatory framework

• Huge trading instrument selection

• Narrow spreads

👎 Cons

• Largely fixed withdrawal fee.

• Difficult to contact the support service due to its high workload

• Few options for depositing and withdrawing funds

• Doesn’t allow you to buy and sell other securities such as bonds and stocks


IG Markets – Most Trusted

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 2021. 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.

  • IG Markets: Available Account Types


    Standard Forex

  • IG Markets: Commissions

    Rather than charging the customers a flat commission rate, IG Market charges a little differently. Like most of the Forex brokers, you will be charged according to the spread pricing model with this broker as well. You will see a couple of prices listed while viewing currencies, the asking price, and the bid price. The asked price is the lowest possible one at which a seller is ready to sell, and the bid price is the highest one at which a buyer is ready to pay.

    For the Forex account, IG Markets offer margin trading, and you need to maintain a particular percentage of margin power in your Forex account. It means that if you want to perform trading with 1,000 US dollars power, then you will have to use 2 percent of your total transaction value that will be 200 US dollars. IG Markets’ commissions on the low side — from 0.6 pips, which may vary depending on the instruments used to trade in them, and the fixed company commission is 0.5 percent.

👍 IG Markets Pros

• Secure and easy to navigate online platform

• Both the tablet and mobile applications offer the same level of functionality as the desktop version does

• Allows you to access more than 80 pairs of currency

• The margin rate is affordable and easy to understand

• Superb educational tools

• Responsive and fast web trading platform

• Great withdrawal and deposit options

• Great research and educational tools

• Proprietary trading platform

• Proven risk management mechanism

• Variety of trading instruments

• An abundance of its own services

• Minimum spreads

👎 IG Markets Cons

• It doesn't offer multi-factor authentication on mobile

• Customer service options are not up to the marks

• High stock CFDs and Forex fees

• Limited product portfolio


TD Ameritrade – Currency Trading with Thinkorswim

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




IRA (Traditional, Roth, SEP, SIMPLE)

529 and Coverdell


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:


  • Commission-free ETF short-term trading fee:


  • Regulation T extension:


  • Restricted security processing:


  • Return check/electronic funding:


  • Removal of Non-Marketable Security:


👍 Thinkorswim Pros

• No Hidden Fees

• Settlement transparency

• Great trading platform

• The dedicated education center and detailed research reports.

• Low trading fees

• Great customer support

• Setting customization

• Trading from graphs

• Single click easy execution

👎 Thinkorswim Cons

• No electronic wallet or debit/credit cards availability for money transfer

• The inability to test the strategy simultaneously on several instruments

• It can be overwhelming, especially for beginners.

• Expensive margin rates


Interactive Brokers- Best for Professionals

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.

  • Interactive Brokers: Available Account Types

    IBKR Lite

    IBKR Pro

  • Interactive Brokers: Commissions

    In general, the level of commission at Interactive Brokers depends upon the specifics of your trading instrument. The broker charges a fee for withdrawing funds, while the payment system can also charge you a commission.

    Spreads on Interactive Brokers are average and fixed. For you to get some idea about them, we suggest finding out the size of the spread for the most liquid currency pair EUR/USD.

    The broker doesn't markup its spread and offers 0.08-0.20 base points with the trading value, which depends upon the regular trading volume.

👍 Interactive Brokers Pros

• No restrictions on the amount of deposit and withdrawal

• A large number of regulatory bodies

• Clients' capital is protected.

• Availability of a deposit insurance program

• The documentation is on the broker's website in the public domain

• Low margin rates

• Fast and comprehensive desktop application

• The mobile app offers the complete functionality as the desktop version does

• Enhanced screening option

• Access to a wide range of products

• Many excellent researching tools

• The best-suited platform for the professionals

👎 Interactive Brokers Cons

• Periodic requotes

• The ability to withdraw funds for free once a month, more frequent withdrawals involve charging a commission

• High Forex fees

• Complex platform especially for the beginners

• Account opening process is a little complicated


OANDA – Best for Beginners

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.

  • OANDA: Available Account Types



  • OANDA: Commissions

    In general, OANDA has medium commissions in the CIS market, which may vary depending on the trading instrument used. An important advantage is the absence of a commission when funds are withdrawn to debit cards. However, while withdrawing to a credit card more than once a month, the commission is from $15 for each transaction. Withdrawals via the PayPal payment system are possible in US dollars, euros, and British pounds only.

👍 OANDA Pros

• Almost 20 years of experience in financial markets

• Official registration of each branch of the OANDA group

• Regulation, ASIC license

• Multi-language support

• A large number of trading instruments

• No commission for withdrawals

• More than 70 currency pairs available

• Easy-to-understand and comprehensive platform

👎 OANDA Cons

• The site is Inconvenient and has an incomprehensible interface

• Low leverage

• Lack of bonus programs

• Doesn’t offer retirement accounts available

Top 5 US Forex Brokers in 2021: 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 2021

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 Forex 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 2021 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.


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.