Best FOREX Broker In USA
Top 10 FOREX Brokers In The World – Foreign exchange is an exciting and fast-paced marketplace where fortunes are made and lost in the blink of an eye. If you want to get involved in foreign exchange trading or investing, also known as the Forex market, you’ll want to work with a top Forex broker.
The best Forex brokers offer a combination of safe trading environment, competitive pricing, high-tech trading tools, and fast and reliable trade order execution. Sorting through the long list of Forex brokers and picking out the best is too much work for the average trader, so we took care of the hard part and whittled down to a list of the Top 10 FOREX Brokers In The World for a variety of focuses and specialties.
Want the best forex brokers? Forex trading is arguably one of the easiest financial markets to begin trading in. To get started, you just need to open and fund an account with a regulated online broker. Choosing the best forex broker to trade forex does require some initial research to find the one most suitable for your trading needs and experience level.
10 Best Forex Brokers
Our picks for the best forex brokers appear below along with details about each broker and a screenshot of their trading platforms. As you read through your options, remember that the majority of forex brokers can help you open a basic account and begin your investing journey. With these Top 10 FOREX Brokers In The World, you are choosing based on the services and extras they provide above and beyond what a traditional broker would do.
1. FOREX.com
FOREX.com is a subsidiary of StoneX (NASDAQ: SNEX) and ranks as the best overall forex broker in all the Top 10 FOREX Brokers In The World.
This broker accepts U.S. clients and is regulated in the U.S. by the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). FOREX.com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.
Get a Forex Pro on Your Side! FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade.
The Account minimum funds for this broker is $100 and they offer FOREX traders over 80+ of trades. Earn cash back on your FX trades, Open an account in as little as 5 minutes. Spot opportunities, trade and manage your positions from a full suite of mobile and tablet apps.
GET STARTED securely through Forex.com’s website
2. CedarFX
CedarFX believes in combining the finest market conditions with excellent pricing and technology so clients can grow their accounts. A low spread generally indicates that volatility is low and liquidity is high and CedarFX prides itself
CedarFX offers 2 account types: 0% commission accounts and eco accounts.
CedarFX account minimum funds is $50 USD and they offer traders as much as 55 pairs of trade.
GET STARTED securely through CedarFX’s website
CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.
3. IG Markets
IG Markets gives clients access to trade up to 80 different currency pairs. The broker requires a $250 minimum deposit.
IG accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading.
IG Markets account minimum fund is $250 and they offer traders as much as 87 pairs of trade on their platform.
GET STARTED securely through IG Markets’s website
4. SimpleFX
SimpleFX is available globally with some exceptions. The platform is available through WebTrader, MetaTrader 4, as well as native mobile apps for Android, iPhone, and HarmonyOS (Huawei).
GET STARTED securely through SimpleFX Forex’s website
5. AXI
Axi Trader is a unique platform that focuses on helping you sharpen your skills. When you sign up, you get $50,000 to use for paper trading so that there’s no risk as you learn more about the forex and CFD markets.
Axi Trader also makes it easy to learn as you go, providing you with:
- A massive amount of educational resources
- Categorized data for certain sectors and regions
- Advance AI and ML analytics
- Copy trading so that you can learn from a range of experts
- More than 70 forex pairs
- CFDs on stocks, indices, oil, precious metals, commodities and crypto
Axi is the best FORES Broker for MT4 Traders.
GET STARTED securely through Axi’s website
6. XTB Brokers
When you want access to 2,100 global markets and a broker with over 20 years experience, you should try XTB Brokers. The platform is customizable, easy to use, and allows you to invest in forex, indices, commodities, cryptocurrencies, stock CFDs and exchange-traded fund (ETF) CFDs. You have the option of jumping right in and trading or learning all about the investments you plan to make directly from XTB.
Plus, you can use the XTB mobile app to take your trading on the go, monitor your portfolio and ensure that you’re making the exact trades you should at the perfect time.
Remembering that XTB isn’t available to U.S. customers, there is an excellent customer service team that’s available Monday through Friday 9 am to 6 pm. Fully regulated in the UK and protecting customers up to 85,000 GBP under the Financial Services Compensation Scheme, XTB automatically offers 1 million EU, GBP or AUD of insurance through Lloyd’s of London to protect their portfolio and investments.
XTB platform is the best brokerage portals for Non US Traders.
GET STARTED securely through XTB’s website
7. Interactive Brokers
Interactive Brokers is a premier broker for trading forex, stocks, ETFs, cryptocurrency, bonds, options, futures, and more. Clients have access to 100+ tradeable currency pairs, tight spreads as narrow as 1/10 PIP, real time quotes from 17 of the world’s largest FX dealers, and low commissions with no hidden spreads or markups.
IBKR International is withiut doubts the ideal FOREX Broker platform for Active and Global Traders.
GET STARTED securely through IBKR International’s website
8. (Non US) eToro
eToro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, eToro has excellent educational resources for forex beginners. eToro’s intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, eToro does not support the MetaTrader 4 and 5 (MT4 and MT5) trading platforms.
eToro Forex minimum account fund is pegged at $50 USD and they offer FOREX traders as much as 47 pairs of trade.
GET STARTED securely through eToro Forex’s website’
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
9. (Non US) AvaTrade
AvaTrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).
AvaTrade minimum account fund is 100 EURO while offering FOREX Traders as much as 50+ pairs of trade.
GET STARTED securely through AvaTrade’s website
10. (Non US) FXCC
FXCC is the best brokerage for non-U.S. users, allowing you to choose from 70 currency pairs, several CFD options, spot metals and the top 8 cryptocurrencies. Bitcoin, Ethereum and Litecoin are just a taste of the popular cryptocurrencies that are available. You might also invest in 12 popular stock indices, spot WTI and Brent crude oil.
FXCC is the best FOREX Brokerage Platform for Forex and CFD Traders.
GET STARTED securely through FXCC’s website
11. Pepperstone
Investing with Pepperstone makes it easy for you to invest in a range of options like:
- Forex
- CFDs
- Stocks
- Crypto
The platform offers 24/7 customer service and the option to use MetaTrader or cTrader. Looking into foreign currency pairings makes it easier to protect yourself against losses and market fluctuations. You can learn as much as you need through Pepperstone’s educational platform, and you can build a diverse portfolio that will help you increase your net worth and build wealth.
Pepperstone account minimum fund is AUD$200 or its equivalent. They offer FOREX Traders over 60+ pairs of trade on their platform.
GET STARTED securely through Pepperstone’s website
12. Plus500
Plus500 is a CFD publicly traded company that was founded in 2008. The Plus500 CFD trading platform is offered by Plus500 UK Ltd which is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.
The broker’s trading platform is available in more than 50 countries and is authorised and regulated around the world by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Israel Securities Authority (ISA), among others.
It is regulated by FCA, ASIC, CySEC, FSCA, FMA, FSA, MAS. Their official Headquarters is in Israel. It was founded in the 2009. The minimum deposit with the platform is $100.
PROS:
- Multiple regulations from around the world – FCA, CySEC, ASIC, MAS, ISA.
- More than 2,500+ CFDs to trade on, covering multiple asset classes.
- Commission-free trading.
- Simple to use proprietary trading platform.
- Multilingual customer support 24/7.
CONS:
- No phone support offered.
- Lack of market news and trader education
13. FXTM (ForexTime)
FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. It is one of the Top 10 FOREX Brokers In The World. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.
Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available.
PROS:
- Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
- Competitive spreads
- MetaTrader 4 and MetaTrader 5 platform support
CONS:
- Low maximum order size
- No native Mac desktop app
FXTM is Regulated by FCA, CySEC, FSC. Their Headquarters: is in Cyprus. They were Founded in the Year 2011. The minimum deposit accepted on the platform is $50.
14. IG
Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2022.
Trust: Founded in 1974, IG is publicly traded (LON: IGG) and regulated in six tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, IG ranks as the most trusted forex and CFDs broker in our 2022 Review.
Commissions: IG uses its size to provide traders with consistent pricing across the board — regardless of the product you trade — and shines for its active trader pricing available through its Forex Direct accounts.
Forex trading platforms: While IG also offers MetaTrader and premium MT4 add-ons from FX Blue, only 76 tradeable instruments are available. There’s no question; IG’s flagship platform is the better choice between the two, and offers an extensive range of tradeable markets.
15. Saxo Bank
For traders who can afford the steep $2,000 minimum deposit (GBP 500 for the U.K.), Saxo Bank offers fair pricing, excellent trading platforms, phenomenal research, reliable customer service, and over 40,000 instruments to trade.
Trust: Founded in 1992, Saxo Bank operates multiple regulated banks and is licensed in six tier-1 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs.
Commissions: Saxo Bank provides traders with excellent all-around pricing. For active traders (and those with large account balances), Saxo Bank offers competitive pricing in its Platinum and VIP accounts, which require a $200,000 and $1 million balance, respectively.
Forex trading platforms: The entire Saxo Trader client experience is absolutely brilliant. Alongside access to 40,000 tradeable instruments, Saxo Bank’s flagship SaxoTraderGo platform is terrific, and includes everything traders require to navigate the market — and is our pick for the best web-based platform in 2022.
Podium finisher: CMC Markets
16. CMC Markets
CMC Markets is a globally-trusted broker and one of the Top 10 FOREX Brokers In The World that delivers a terrific offering for traders thanks to notably low pricing, nearly 10,000 tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool.
Trust: Founded in 1989, CMC Markets is publicly traded and regulated in four tier-1 jurisdictions alongside two tier-2 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs.
Commissions: CMC Markets is a leader for low-cost trading, offering trading costs for forex that are measurably lower than the industry average.
Forex trading platforms: The CMC Markets Next Generation platform comes with a massive selection of nearly 10,000 tradeable instruments. With its advanced tools, comprehensive market research and excellent mobile app, CMC delivers a terrific user experience
What is a Forex Broker?
Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the forex market. These forex brokers have an online presence in the form of an official website, and they target smaller traders who wish to operate in the forex market on a margin basis.
Top 10 FOREX Brokers In The World – Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader 4 and 5 (MT4/5) from MetaQuotes.
Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.
If you choose a forex broker that uses automation, you can try trading bots. These bots are AI-enabled programs that use prevailing information to trade on your behalf, and each bot uses a specific trading plan that is designed to help increase your earnings. However, trading bots are not perfect. You must do your research, set a budget and monitor your account for best results.
Why Trade Forex
Making a forex transaction involves the simultaneous purchase of 1 currency and the sale of another at a given rate of exchange known as an exchange rate. Forex traders make a profit by buying 1 currency pair low and selling it high, or by selling 1 currency pair high and buying it low.
Many people like to trade forex because they can get started so easily by opening up a trading account and downloading a free trading platform like MetaTrader. You can get in and out of positions rather quickly, easily trade a your pace and make money. This is often the place where investors start because they can get a handle on the market without feeling confusion over the asset they’re trading.
Forex Pros and Cons
The forex market has a unique set of pros and cons for traders that include those listed below.
Pros
- High leverage: Because an exchange of currencies at the going market rate has no net value, the use of leverage in forex trading allows you to control quite large positions with a rather small margin deposit. This increases your risk but also lets you benefit from relatively small exchange rate movements.
High liquidity: The forex market is the largest financial market in the world, so it has a very high level of liquidity in the major currency pairs. This allows for sizable transactions to be executed in those pairs at virtually any time during normal trading hours. - Around-the-clock trading: The forex market remains open for trading at all times from 5 p.m. EST on Sunday until 5 p.m. EST on Friday, even during U.S. holidays. This provides constant trading opportunities during market hours.
Cons
- Fewer asset choices: While many stocks can be traded, only a relatively few currency pairs are available to forex traders, and not all of them are highly liquid like the majors.
- Volatility: Strong movements can occur in the forex market as new information is digested by participants. This volatility can result in unexpected gains or losses for traders.
- Unregulated OTC market: The Interbank forex market trades over the counter (OTC) and so it remains largely unregulated. Still, some regulations are put in place in many jurisdictions to protect retail traders making transactions through online brokers.
Forex Markets Explained
In the forex market, traders agree to exchange 1 currency for another to make a transaction in that currency pair at a particular level known as the exchange rate. Like stock prices, this exchange rate fluctuates based on supply and demand factors, as well as on the forex market’s overall expectations of future events.
Forex traders can make money on a currency transaction in 2 ways. First, if they buy or go long a currency and it goes up in value versus the sold currency, then they earn a profit. Second, if they sell or go short a currency and it goes down versus the bought currency, then they also profit.
Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. You can review the EUR/USD pairing over the past week, month, year or more. Seeing the history of the pairing gives you quite a bit of information, and you can compare the stock’s movements to current events in either the U.S. or European Union.
During the comparison process, you may notice that the pairing moves inverse to the news you’re reading. As you read further, you learn how to anticipate where currencies will move based on current events.
Risk and Reward in Forex Trading
Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The risk in doing a forex transaction is when the market doesn’t perform as expected once you have done a forex trade.
Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $500 position with a $1 margin deposit.
Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing.
Choose Your Broker Wisely
Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements as a trader. Consider using any of the Top 10 FOREX Brokers In The World, Open a demo account with an online broker you’re thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker’s trading platform.
Frequently Asked Questions
Can I trade forex with $10?
Yes, some online forex brokers will accept clients with a very low minimum deposit like $10 or even less.
What is a PIP?
An acronym for “percentage in point”, a pip is the traditional smallest change in a currency pair’s exchange rate. For most currency pairs, a movement of 1 pip is a 0.0001 change.
Can I trade forex without a broker?
Yes, you can trade in the over the counter (OTC) forex market with major financial institutions using credit lines if you are a high net worth individual or corporation, and you can even perform rudimentary forex trading via local cambios. If you’re a retail trader with a modest amount of risk capital to use as margin, you’ll need an online Top 10 FOREX Brokers In The World to trade currency pairs through.
Methodology
These top brokers were chosen for this review for various reasons depending on the specific category in which we felt they excelled. Baseline requirements included the strength of their regulatory environment, their generally good overall reputation with clients earned over an extended period and a substantial number of currency pairs available for trading.