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Top 5 US Forex Brokers in 2021

Jack Moore January 2021
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Selecting the Top 5 Forex brokers that accept US clients is important for successful trading by Americans in the Forex market. It is a challenge for professional and novice traders to choose the best brokerage firms with the best trading conditions. Learning the details regarding commissions and the availability and types of trading instruments; and analyzing various types of trading accounts are tasks that must be mastered before choosing the best Forex brokers for US traders.

The US Foreign Exchange Market has the most stringent regulations in the world after the UK and Germany. There is no clear separation between exchange and OTC (over-the-counter) markets. A broker can provide services for currencies, stocks, trading, etc., while abiding by the applicable regulations:

  • Hedging and locking are prohibited.
  • The maximum leverage is 1:20-1:50.
  • CFD trading is prohibited.
Выбор надежного и самого лучшего Форекс брокера

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Below you will find all the information.

Forex is associated with CFD (contract for differences) trading in many countries. Forex means currency trading directly in the United States. So you can read in some sources that Forex in the USA is prohibited, although that is not quite the case. OTC CFD trading is prohibited in the classical sense of the "Forex” term, but currency trading is allowed.

Regulators in this jurisdiction apply strict requirements on brokers, requiring maximum information disclosure. They have the highest requirements for authorized capital, financial, and management reporting. There are mandatory requirements for segregated accounts. A broker without an NFA and CFTC license shall not serve US clients.

The inclemency of regulations in the US, full transparency, and disclosure of the information is one of the key reasons why many brokers prefer offshore jurisdictions where regulatory requirements are less stringent. For example, there is no need to disclose financial flows. But if a broker has a US license that means the broker is reliable and has access to thousands of foreign exchange and stock market assets. Yet, it has a high entry threshold (from $10 thousand) and high intermediary fees.

For your convenience, you can find an independent and objective comparative rating of the Top 5 US Forex brokers in 2021 on this page. Our objective is to save you time when searching for the best US brokers. We started by providing you with the Top 5 brokers that accept U.S. clients.

We have chosen the Top 5 US Forex brokers based on dozens of diverse studies and tests, which allow us to assert with confidence that this is an objective selection of the best companies, and you can safely make the final choice among them.

Also, we focus on the relevance of data in our materials, so you can be sure that our top is the most relevant and reflects the situation on the Forex market in the USA for 2021.

The Best Forex Brokers in the USA as Rated by Traders Union

The Traders Union specialists constantly analyze the activities of Forex brokers in different countries according to many criteria. When preparing our rating, we focused on the size of the spreads, the sets of supported trading tools, the quality of the support service, and several other important factors. The Top 5 of the best Forex brokers in the USA in 2021 according to Traders Union was compiled based on these data.

  1. eToro

    We placed this company in the first place on our Top 5 because it has a rather low spread level, which allows traders to trade without unnecessary commission expenses. eToro accepts payments and withdrawals of funds through bank transfers, payment cards and payment systems: Neteller, Skrill, PayPal, Webmoney, GiroPay. The company promotes itself as a social trading platform working with traders from over 140 countries. eToro's affiliate program allows you to get part of the spread from transactions of attracted novice traders. eToro is the best Forex broker in the USA, as demonstrated by the steady growth of its client base in 2021.

  2. IG Markets

    This Forex broker is worthy of the second place because it is very client-oriented and offers the trader a wide range of trading tools: the major and exotic currency pairs, precious metals, stock indices, and CFDs. A free demo account and a variety of training information are available for novice traders through this broker. Traders can participate in the "Invite a friend" affiliate program and receive $100 for each attracted referral who completes five transactions, etc., within six months. IG Markets can be announced as one of the Top 5 US Forex brokers of 2021 for novices traders.

  3. Thinkorswim by TD Ameritrade

    Thinkorswim by TD Ameritrade is a reliable broker meeting every obligation to traders for over 40 years worldwide, including US residents. The top position of this broker is due to the high quality of its services. Clients have the opportunity to trade and to invest in top financial instruments, including a wide selection of stocks. Also, with TD Ameritrade, you can trade commission-free online, plus get access to all the platforms and products with no deposit minimums, trading minimums, or hidden fees. Today, we can announce TD Ameritrade to be one of the best brokers in the US Forex market in 2021.

  4. Interactive Brokers

    This is a reliable brokerage company crediting the balance on the trading account. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Conduct Authority (FCA), and other international financial regulatory commissions. In 2021, this broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). The minimum deposit is $100, which makes Interactive Brokers also a great option for novice and professional traders.

  5. OANDA

    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 brokerage companies in the USA on our Top 5 list are reliable and proven Forex brokers that providing high-quality services to their clients. These characteristics allow us to recommend these brokers as the best in the Forex market not only in the US but also in various countries in Europe and Asia.

US-regulated Forex brokers

Position Company name Regional restrictive regulations Characterization
№ 1 eToro eToro (Europe) — the CySEC regulator, FCA regulator (Great Britain), eToro (AUS) — ASIC regulator 9,4
№ 2 IG Markets Is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) 9
№ 3 Thinkorswim by TD Ameritrade Is regulated by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC) 9,3
№ 4 Interactive Brokers Is regulated by the Financial Conduct Authority (FCA), the US SEC, and CFTC and is a member of the SIPC ( compensation scheme 8,6
№ 5 OANDA Is regulated by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) 7,2
More details about each Forex broker from the TOP-5

#1 eToro Review

The eToro brokerage company has successfully operated on the Forex market since 2007. This Forex broker has passed an intense development path and achieved impressive results. Its customer base comprises several hundred thousand traders. eToro tirelessly pursues excellence and fulfill its desire to satisfy its customers.

eToro is authorized and regulated by the CySEC regulator (Cyprus Securities and Exchange Commission — license No. 109/10), FCA regulator (Financial Services Authority of Great Britain — license FRN583263), ASIC regulator (Australian Securities and Investments Commission — license No. 491139).

Important advantages of this broker are the average rate of order execution 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 2000 assets and trades stock and commodity markets, including FX, indices, commodities, stocks, and cryptocurrency.

Advantages Disadvantages
Instant execution of transactions. It is difficult to contact the support service due to its high workload.
Huge selection of trading instruments. There is a commission for withdrawing funds.
The minimum transaction amount for copying is $1. Few options for depositing and withdrawing funds.
Narrow spread.

eToro commissions

eToro’s commissions are about average for the Forex market, which may vary by trading account. There are also swaps (commission for transferring a position to the next day).

Account type Spread (minimum value)
Standard From 1$

eToro trading currencies

The range of eToro trading instruments is impressive. It is worthy to note a wide range of currency pairs, including a variety of exotic and secondary currency combinations. Also, this broker provides an opportunity to work with stocks, indices, metals, commodity assets, etc.

eToro Interactive Brokers IG Markets
Trading Currency Pairs 40 23 80

eToro web trading platform

The eToro web trading platform is available directly on the company website. It provides an excellent opportunity to trade from almost anywhere that has Internet access. Also, there is no need to install the software.

Advantages Disadvantages
Speed and safety Limited functionality
Ability to configure basic functions

eToro Web Trading Platform eToro Web Trading Platform

Assessment of trading terminals

IG Markets eToro TD Ameritrade
Web platform 3 5 4
Mobile platform 4 4 3
Desktop platform 4 0 4

Graphs and technical analysis tools in eToro

The web platform includes all the basic functions and basic analytical tools that are required for effective trading. The platform works stably without failures in all browsers and OS in 2021. Among the advantages, it is worth highlighting support for all types of trading operations, as well as the ability to customize price charts.

Technical analysis tools in eToro Technical analysis tools in eToro

Opening a trading account in eToro

The minimum deposit sizes

eToro Interactive Brokers IG Markets
Minimum deposit $50 $100 $300

Deposit and withdrawals in eToro

eToro provides many options for deposits and withdrawals of earned funds.

Advantages Disadvantages
There are several options for money replenishment or withdrawal. Processing the application and depositing to the account may take from 2 to 8 days.
eToro carries out withdrawal of money at the first request of the client without restrictions on the number of requests.

Withdrawal and replenishment of currencies occur in USD only. The broker’s commission is $5 per each transaction regardless of the withdrawal amount. The minimum withdrawal amount is from $30 ($500 for bank transfer).

Comparison of eToro withdrawal fees and withdrawal methods

eToro TD Ameritrade IG Markets
Bank transfer Yes Yes Yes
Credit/debit card Yes No Yes
E-wallets Yes No No
Withdrawal fee from $5 from 0% from 0.5%


eToro is an international level Forex broker offering attractive trading conditions suitable principally for professionals. Adequate spreads and high-speed execution of orders are important advantages of this company.

Also, the broker provides a wide range of analytics in the form of information, charts, graphs, etc., that will help improve your chances of success when trading.

eToro is a reliable company that creates attractive conditions and offers a complete set of tools for stable and successful trading.

Summary eToro is one of the leaders in the US Forex market in 2021, which is constantly developing and focusing on the most complete satisfaction of customer requirements. The broker is actively introducing new technologies and organizing quality training for traders
Assessment 9,4
It is recommended for professionals who need basic functionality for quality work in the Forex market.

#2 IG Markets Review

IG Markets has operated on the Forex market since 1974 and is actively investing in the development of new technologies and services, especially for professional traders without the imposition of additional costs. For professionals, IG permits any leverage and the margin is reduced by 10%.

This broker is licensed by the Bermuda Monetary Authority to conduct investment and business activities under License Number 54814. IG Markets respects the principles of transparency and confidentiality, as required by its regulators.

The company supports its current customers and emphasizes attracting new customers. IG Markets provides a wide range of trading instruments, like CFDs, stocks, indices, and Forex currency pairs. Also, the company provides access to other markets where there is a variety of exchange commodities, cryptocurrencies, options, IPOs, bonds, sectors, and ETPs available for trading.

Advantages Disadvantages
Variety of trading instruments Few trading platforms
An abundance of its own services
Proprietary trading application
Proven risk-management mechanisms

IG Markets commissions

IG Markets’ commissions on the low side — from 0.6 pips, which may vary depending on the instruments used to trade in them.

Advantages Disadvantages
Minimum spreads Fixed company commission 0.5%

Spreads are reasonably low and fixed

IG Markets eToro OANDA
EUR/USD 0.6 1 From 1.4
GBP/USD 0.9 2 From 1
AUD/USD 0.6 1 From 1.4
EUR/CHF 2 5 From 1.9
EUR/GBP 0.9 1.5 From 1.6

Please note that this table compares the standard trading instruments of these Forex brokerage companies. The values of spreads and commissions may vary depending on the type of account used for trading. IG Markets provides an opportunity to trade Forex with minimal spreads.

IG Markets trading tools

The selection of trading instruments is large enough and fully covers the needs of most traders. So, a wide range of currency pairs deserves special attention. Also, this broker provides the opportunity to work with stocks, commodity assets, popular cryptocurrencies, etc.

IG Markets eToro OANDA
Currency pairs 105+ 49+ 70+

IG Markets web platform

The proprietary technology of this brokerage company gives customers access to financial markets from any spot of the Earth, providing a complete set of the necessary functionality.

Advantages Disadvantages
Direct Market Access (DMA) Payment for using the platform for £30 per month in the absence of trading activity - at least four trades per month
Advanced selection of charts, trailing stops, buffer limits, and multiple ticket deals
One-click trading

IG Markets Web Platform IG Markets Web Platform

IG Markets’ graphs and technical analysis tools

The IG Markets’ web platform includes all the basic functions and basic analytical tools that are required for effective trading.

IG Markets technical analysis tools IG Markets technical analysis tools

Opening a trading account in IG Markets

Minimum deposit size in IG Markets

IG Markets eToro OANDA
Minimum deposit $300 $50 $0

Deposits and withdrawals in IG Markets

IG Markets offers a few ways to fund your trading account and to withdraw profits or transfers using debit/credit cards or bank accounts. It is important to note that the broker charges an additional flat commission of 0.5% on all transactions.

Advantages Disadvantages
Supports 256-bit SSL encryption on the broker's platform - the same as PayPal or commercial banks Poor selection of deposit/withdrawal methods
Low extra fees


IG Markets is a reliable Forex broker with a good reputation over 13 years and has formed a huge customer base around the world, exceeding 100,000 people. The company seeks to provide users with access to a variety of exclusive services and technologies.

The big choice of affiliate programs and special offers allows you to minimize costs in the trading process and even get a source of additional income. An important advantage is a large selection of trading platforms, where each trader will be able to choose the best options, taking into account personal preferences and needs.

Due to the lack of a minimum deposit, IG Markets is suitable for novice traders and provides an opportunity to evaluate the conditions and functionality of the broker before making a large deposit.

IG Markets
Summary IG Markets is a Forex broker that has been among the Top 5 US brokers for many years. It has consistently provided traders with attractive trading options and successful trading. Options include a wide selection of trading accounts and an abundance of terminals. The broker has a good reputation and a lot of experience in the Forex market, which makes it a great place for stable trading.
Assessment 9
It is recommended for Novice traders and professionals who are interested in the low threshold for entering the market, various bonuses, high-quality analytical materials, and other advantages.

#3 TD Ameritrade Review

Thinkorswim by TD Ameritrade has been successfully operating for over 40 years. It is regulated with the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC). From the first day of work, this brokerage company bet on providing the most favorable conditions for its customers. The broker uses innovations that optimize the trading process and allows its users to focus on trading.

Thinkorswim by TD Ameritrade provides access to different asset classes. The total number of trading instruments exceeds 70 currency pairs. The broker deservedly received the recognition of the most respected experts in the modern financial industry. It has hundreds of thousands of customers from 169 countries. The company pays particular attention to the safety of customer funds but please note that Forex accounts are not protected by the Securities Investor Protection Corporation (SIPC).

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

Advantages Disadvantages
An impressive selection of trading instruments A significant package of documents for account opening
Huge range of trading platforms, including mobile terminals Long time to withdraw funds in some cases
Personalized coaching, interactive courses, articles, and videos
Economic data tools and social sentiment
Quality support service program

Thinkorswim by TD Ameritrade 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.

Advantages Disadvantages
No hidden fees High spread
Settlement transparency

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 $25 + broker commission
Foreign Security $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

Thinkorswim by TD Ameritrade trading tools

This broker provides the ability to work with many currency pairs, plus stocks, indices, cryptocurrencies, and other assets

Currency Key Currency Pairings
AUD (Australian Dollar) AUD/CAD, EUR/DKK, GBP/NOK, USD/DKK
NZD (New Zealand Dollar) CHF/JPY, EUR/ZAR, NZD/USD
SGD (Singapore Dollar) EUR/AUD, GBP/CHF, TRY/JPY
ZAR (South African Rand) EUR/CZK, GBP/JPY, USD/CZK

Thinkorswim by TD Ameritrade Web Trading Platform

The thinkorswim platform for web trading is worthily acknowledged as among the best on the market. It perfectly combines classic design with innovative features. Users are provided with a wide range of various graphs and other useful analytical tools.

Advantages Disadvantages
Settings customization The inability to test the strategy simultaneously on several instruments
Trading from graphs
Trading with single-click ease

thinkorswim Web Trading Platform thinkorswim Web Trading Platform

Trading terminals at the best Forex brokers in the USA

TD Ameritrade eToro IG Markets Interactive Brokers OANDA
Web-platform 4 5 4 4 4
Mobile platform 5 4 5 3 3
Desktop platform 4 0 5 4 3

Thinkorswim by TD Ameritrade graphs and technical analysis tools

Graphs settings are very similar to those in the popular MetaTrader 4 trading terminal. You can access several groups of technical indicators (trending, oscillators, volumes, and volatility, etc.). Thanks to a well-considered and intuitive interface, their creation does not even require any programming knowledge.

Tools Tools

Opening a trading account in thinkorswim by TD Ameritrade

Minimum deposit size at thinkorswim and competitors

TD Ameritrade eToro IG Markets Interactive Brokers OANDA
Minimum deposit $2000 $50 $300 $100 $0

Replenishment and withdrawal in thinkorswim by TD Ameritrade

TD Ameritrade provides only a few options for replenishing and withdrawing earned funds. It is important to emphasize that some of the operations are possible to set up online.

Advantages Disadvantages
No limits on the deposit amount, except Electronic Bank Deposit ($50-$250,000) The inability to replenish the deposit with electronic payment methods
Instant replenishment through Electronic Bank Deposit


TD Ameritrade is a broker primarily for professional traders who provide access to various financial markets, including Forex. The company is constantly progressing, it offers favorable conditions for trade, and at the same time, it is focused on providing responsible and careful cooperation with each client.

It offers an impressive range of trading tools, and traders get ample opportunity to implement their own strategies. In general, thinkorswim by TD Ameritrade is for sure a reliable Forex broker, which has all the appropriate permits and licenses to provide services to US customers.

TD Ameritrade
Summary TD Ameritrade is a broker, which according to a combination of ratings, showed good performance among all other companies in 2021. It is a company with an excellent reputation and many years of experience in the Forex market. The broker has the necessary licenses and provides transparent conditions for mutually beneficial and long-term cooperation with clients from the USA.
Assessment 9,3
It is recommended for Traders who are searching for a reliable regulated broker for daily comfortable trading.

#4 Interactive Brokers 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 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. Another advantage is it has modern trading platforms for personal computers and mobile devices.

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. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA), and other international financial regulation commissions. Just in 2021, the broker was awarded the "Best Online Broker” (Barron's) and the "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar).

Advantages Disadvantages
A large number of regulatory bodies Periodic requotes
Clients' capital is protected
Availability of a deposit insurance program
The documentation is on the broker's website in the public domain

Interactive Brokers commissions

In general, the level of commission at Interactive Brokers is directly related to the specifics of the trading instrument. The broker charges a fee for withdrawing funds, while the payment system can also charge the client a commission, which gives an advantage to the company's competitors who bear the costs of this operation.

Advantages Disadvantages
No restrictions on the amount of deposit and withdrawal The ability to withdraw funds for free once a month, more frequent withdrawals involve charging a commission

Spreads 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.

Account Type Minimum Spread Withdrawal Commission
Real From $2 It depends on the account, currency, and withdrawal method

Interactive Brokers web platform

Web Platform “Client Portal” is a new, unique product from Interactive Brokers that allows you to work directly in the browser. It has a complete set of functions and tools that are necessary to control and monitor the account. In this platform, traders can use all available trading tools, as well as types of accounts.

Advantages Disadvantages
A quick overview of key account metrics The interface is a little complicated
A single account and web system gives access to all the resources for tracking and controlling the account
One-click access to detailed metrics

Interactive Brokers Web Trading Platform Interactive Brokers Web Trading Platform

Graphs and technical analysis tools on platform of Interactive Brokers

Users have access to three kinds of data:

Detailed quotes. Click on any quote to see complete product details on the quote details page.

Extended charts. Customize your charts by changing the time frame, adding technical indicators (Bollinger Bands, Simple/Exponential Moving Average), and viewing volume.

Actual news. Follow product-specific articles using the news feed.

Technical analysis tools in the Interactive Brokers Technical analysis tools in the Interactive Brokers

Opening a trading account in Interactive Brokers

Minimum deposit size in Interactive Brokers

eToro Interactive Brokers IG Markets
Minimum deposit $50 $100 $300

Deposits and withdrawals for Interactive Brokers

Customers can use Wire Transfer (SEPA), Direct Debit or Wire Transfer via ACH Clearing House, Check, Canadian ETF Transfer, US ACH Transfer, and BACS / GIRO / ACH for deposits and withdrawals from Interactive Brokers. Deposits and withdrawals are available in 20 currencies.

Advantages Disadvantages
Variety of deposit and withdrawal currencies Mandatory verification
No restrictions on the amount of deposit and withdrawal
Fast execution of deposit and withdrawal requests


Interactive Brokers is a universal Forex broker, having a number of advantages for both novice traders and professional Forex market participants. Novice traders will fully appreciate the abundance of training materials and quality analytics, as well as a lot of interesting contests, bonuses, and other means of promotion.

The broker provides clients with a wide range of services, allowing them to engage in both active trading and investments. At the same time, the broker charges a fee for an inactive account, which is not always suitable for passive investors.

Interactive Brokers has a reputation as a reliable broker. The company's activities are regulated by many international commissions, including the American SEC FINRA, SIPC, British FCA, Australian AFSL, Indian NSE, BSE, SEBI, Hong Kong SEHK, HKFE, as well as financial supervisory authorities from Japan, Luxembourg, and Canada.

Interactive Brokers
Summary Interactive Brokers is one of the Top 5 US Forex brokers of 2021, having many important advantages and some disadvantages. But at the same time, Interactive Brokers is for sure a reliable company that provides excellent conditions for active work in the Forex market
Assessment 8,6
It is recommended for Traders who want to get the most functionality in their work, and for novice traders who need training and analytical materials for a confident start.

#5 OANDA Review

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. OANDA clients have the opportunity to trade with a broad range of financial products at the Forex in the US and Japan; Forex and CFDs (contracts for difference) in Canada, UK, EMEA, APAC, and Australia. OANDA’s platform offers 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 main regulator of the broker is the UK Financial Conduct Authority (FCA). The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Advantages Disadvantages
Almost 20 years of experience in financial markets The site is Inconvenient and has an incomprehensible interface
Official registration of each branch of the OANDA group Lack of bonus programs
Regulation, ASIC license
Multi-language support
A large number of trading instruments

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.

Advantages Disadvantages
No commission for withdrawals Low leverage
The minimum deposit for a Standard account is $1

Spreads are floating, so they can vary depending on the current market situation. We offer you a comparative table about them, so that you get a clear idea of spreads.

OANDA IG Markets eToro
EUR/USD From 1.4 0.6 1
GBP/USD From 1 0.9 2
AUD/USD From 1.4 0.6 1
EUR/CHF From 1.9 2 5
EUR/GBP From 1.6 0.9 1.5

OANDA web platform

OANDA's web platform includes superior trading technology and fast execution speeds which help ensure that you can react to fast-moving prices, especially during volatile periods.

  • Take advantage of market volatility with faster trading times.
  • View a snapshot of pending orders and current positions with innovative trading tools.
Advantages Disadvantages
Market analysis tools Complex interface and functionality
A lot of graphs and indicators

OANDA Web Platform OANDA Web Platform/5

Traders get the opportunity to use risk management tools. Risk management orders can help you protect trades when prices move against you, especially when the markets are volatile.

  • Stop-loss orders
  • Tutorials and guides to help you learn how to limit risk when trading the financial markets

OANDA Web Platform OANDA Web Platform

Opening a trading account in OANDA

Deposits and withdrawals in OANDA

OANDA provides the following withdrawal methods: Visa, Mastercard, PayPal, wire transfer.

It is important to note that most transactions are commission-free. The exception is withdrawals to credit cards. More than one withdrawal per month to a credit card is charged a commission of $15.

Advantages Disadvantages
No commissions for withdrawing funds A small number of methods to withdraw funds
Deposit and withdraw money in 9 different currencies Withdrawals take several days


OANDA is a reliable regulated Forex broker that has sufficient experience and has developed a mostly positive reputation. The company is responsible in cooperation with customers, provides favorable trading conditions, and a wide range of instruments for trading in the financial markets.

OANDA offers its clients medium spreads and charges minimal commissions for withdrawals and deposits (often commissions are free). Another advantage is the possibility of replenishing the account with an amount of $1 and up. The disadvantages of the broker are the lack of bonuses and promotions, long-time withdrawals, and low leverage. OANDA is a company that provides brokerage services to clients all over the world. It has extensive work experience, many awards, and prizes, and is focused on building trusting and long-term relationships with clients.

Summary OANDA is a good broker to choose in 2021 with a long period of working in the financial markets. The limited number of methods of deposit and funds withdrawal is compensated by the size of the minimum deposit ($1). However, the non-standard leverage is a limitation for traders, because it does not allow several trading strategies to be applied.
Assessment 7,2
It is recommended for Experienced traders whose trading strategies allow them to use the conditions of trading at the Forex market that this broker can offer.

Key Criteria for Choosing Forex Brokers that Accept US Clients

The Traders Union specialists analyze the work of brokerage companies using 100 criteria such as:

  • The quality of analytical data and news information present on the broker’s website.

    People working with foreign exchange and commodities cannot operate without current market analytics and a current news feed. The smallest change in the situation on the exchange market has a huge impact on the exchange rate, as well as on fluctuations in the value of shares of certain companies. Getting high-quality and timely information allows the trader to analyze in detail the market situation for a profitable transaction.

  • Reputation of Forex broker.

    The reputation of a broker comprises its experience, awards and titles from independent agencies, and its financial partners on Forex. Plus by its ability to provide its customers with high-quality services, as well as guarantee the security of its customer’s transactions.

  • Forex broker reviews.

    Real reviews of traders help to evaluate any broker. Positive comments raise the company in the overall ranking, whereas negative ones lower its position. Any trader can post feedback on the Traders Union website. For this, register on the Union portal.

To choose the best and most reliable U.S. Forex broker in 2021, you can also use the “Compare Forex Brokers”, available on our website.

We have created a service and now everyone can compare Forex brokers according to these 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.
Key criteria for choosing the best broker in the USA

Trading conditions are important criteria for choosing the best broker in the United States. When compiling our rating, we pay close attention to the following characteristics:

  • 1

    Types of orders executed and transaction speed.

    Forex brokers working on the ECN (STP) system withdraw money to the interbank and are most interested in the trader's profit because they earn commissions on each transaction. DDE companies “merge” customer deposits, on which they base their income. The speed of execution of transactions is also important: malfunctioning of the system leads to the inability to close the transaction quickly, which leads to losses.

  • 2

    The initial deposit size.

    The Top 5 US Forex brokers have a minimum deposit of $100 or less.

  • 3

    The size of commissions and spreads.

    The huge competition between popular brokerage firms gives rise to favorable trading conditions for attracting new customers. However, spreads that are too “narrow” may cause one to doubt the honesty of the broker.

  • 4

    Number of currency pairs available.

    The Top 5 US Forex brokers of the USA are not focused on the euro and the dollar but offer their customers a huge selection of currency pair options.

  • 5

    The origin of the quotes.

    The cooperation of serious brokers with large and reputable liquidity providers allows them to reflect a more “real” price of currencies in the terminal.

  • 6

    Deposit replenishment and withdrawal of earnings.

    Proven Forex brokers offer clients many options to deposit or withdraw funds. All operations occur as soon as possible and without interruption.

  • 7

    Availability of demo-accounts.

    The ability to practice on a demo account is an important benefit for the successful start of a novice trader on Forex.

Additional Options for Choosing 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.

Risks while Forex trading in the USA

Risk while Forex trading in the USA

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.

Keep in mind that choosing a broker to work in the Forex market in the USA is a crucial step, and the success of the trader in the foreign exchange market largely depends on this decision. We compiled for you our ranking of the best Forex companies of 2021 in the USA 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. And remember that you should never risk all the money you have.

The Author of the Review about the Top 5 Forex Brokers for US Clients

Jack Moore
Jack Moore
Financial Analyst and Trader
  • Jack has been engaged in trading and forecasting in the Forex market for more than nine years. During this time, he’s gone from a novice to an expert in the stock and financial markets. Jack consults for well-known brokerage companies and he also helps private clients to choose a broker.
  • In 2013, he commenced at System Capital Group (trading stocks and currencies online using investments of companies and individuals). He held this position for five years.
  • Jack Moore advises all traders to work with brokers through Traders Unions. Throughout his professional career, he is proud to have received excellent recommendations from numerous clients who have been satisfied with the advice that he has provided.

FAQs about the Top 5 Forex Brokers for US Traders

  • 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 2021?

    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 and on the Traders Union website because we do it best.

  • 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 to 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.