Best Forex Brokers for US Clients

Read our Advertiser Disclosure.
Contributor, Benzinga
December 6, 2023, IG Markets and eToro are Benzinga's top picks for the best forex brokers for U.S. clients.

Finding the best forex brokers for US clients isn't always easy. With a rich history and the reserve currency to back it up, it is no secret that the U.S. financial market stands out as the most lucrative in the world.

Over the decades, it attracted companies providing financial services under the watchful eye of regulatory agencies. For clients, this resulted in a more limited but higher quality selection of brokers compared to the rest of the world — this article explores the best forex brokers for U.S. clients.

Quick Look: Best Forex Brokers for U.S. Clients

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best U.S. Forex Brokers 

U.S. clients have fewer options when choosing FX brokers due to tighter regulations. The following list demonstrates several of the best forex brokers for U.S. clients.

1. Best for Pure Forex Traders:

  • securely through's website
    securely through's website
    Best For:
    Forex Trading in and Outside the U.S.
    Read Review

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Fintech Awards Winner

A specialized global broker established in 2001 under an umbrella of StoneX Group Inc, is listed on the Nasdaq stock exchange under the ticker SNEX. has a long and successful track record and adheres to regulations from multiple financial authorities globally. They also offer a great demo account option so foreign exchange traders can try out the forex trading platform before trading real currency.


  • Low fees
  • Great selection of forex pairs
  • Variety of research tools
  • Comprehensive educational library


  • No negative balance protection
  • Non-user-friendly desktop platform

2. Best for Social Trading: eToro

  • securely through eToro Forex's website
    securely through eToro Forex's website
    Best For:
    Demo Accounts
    Read Review

    CFD trading is not available to U.S. users. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro is one of the most popular and well-known brokers in the forex market. They are a leading social trading and multi-asset brokerage company that has been operating since 2007. With offices in the U.S., Australia, Cyprus and the UK, they provide access to a wide range of markets, including forex, stocks, commodities, indices, cryptocurrencies, ETFs, and more.

This Israeli fintech company, established in 2007, serves a global market. It is regulated by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC).


  • Fast account creation
  • Free stock and ETF trading
  • Social trading allows copying strategies of other traders
  • Demo account available
  • Crypto trading


  • High non-trading fees
  • One account base currency
  • Below-average customer service

3. Best for Novice Traders: IG Markets

  • securely through IG Markets's website
    securely through IG Markets's website
    Best For:
    Forex Execution
    Read Review

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG Markets is a leading forex brokerage for U.S clients. The U.K. broker was established in 1974 and is one of the biggest contract-for-difference (CFD) providers in the world. IG Markets is part of the IG Group and is listed on the London Stock Exchange under the ticker IGG. It accepts U.S. clients for forex trading although not for other types of trading.

IG Markets offers many advantages to U.S clients, such as low costs associated with trading on the platform and high leverage, which allows U.S clients to trade larger positions for less capital. The company also provides a user-friendly and intuitive trading platform, competitive spreads, and 24/5 customer service.


  • Excellent trading platform     
  • Superb educational and research tools   
  • Plenty of deposit and withdrawal options
  • User-friendly web and mobile trading platform
  • Demo account is available
  • Low trading costs


  • High fees on forex and CFDs
  • Inactivity fees
  • Slow customer support

4. Best for Professional Investors: Interactive Brokers

An American multinational brokerage firm operating the largest electronic trading platform in the U.S., Interactive Brokers is one of the most regulated financial companies in the world and is listed on the Nasdaq stock exchange under the ticker IBKR.

Interactive Brokers has been around for over forty years, and its strong reputation has made it a go-to broker for many traders in the United States.

Interactive Brokers offers a wide range of trading services, including forex trading, commodities, stocks, futures, options and more. The broker is also a popular choice for algorithmic trading, with their technology allowing traders to access over 100 different markets and trade across multiple asset classes.

For forex traders, Interactive Brokers offers competitive spreads, low commissions and no hidden fees. The trading platform is easy to use and provides all the tools needed to make informed decisions when trading foreign currencies.


  • Extensive product offering
  • Low fees
  • More regulated globally than any other broker


  • Desktop platform confusing for beginners
  • Lack of forex charts on the web platform

What is a U.S. Forex Broker?

A U.S. forex broker is a financial services company that facilitates buying and selling foreign currencies for individual or business clients. The U.S. forex broker might operate globally, but it has a license from U.S. regulators to conduct business in the U.S. This license is one of the highest-esteemed regulatory licenses in the world.

How Does a U.S. Forex Broker Work?

U.S. forex brokers work similarly to other forex brokers globally. They provide platforms that allow their clients to access the currency markets. However, U.S. forex brokers go through significant regulatory scrutiny by the agencies like the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC). These agencies conduct due diligence, enforce capital requirements and adhere to other regulatory standards. Those standards include limitations to risk with 50:1 leverage for major currencies or 20:1 for minor and a steep capital requirement of $20 million.

How to Choose a U.S. Forex Broker

Currency traders should consider several critical features before choosing their U.S. forex broker. Consider the following:

Account Features

These features are considered the baseline for the operational requirement you might have when starting to trade forex with a U.S. broker. The most important features include:

Initial Deposit

Initial deposits usually have a minimum threshold. If you want to dip your toes in the forex market and start small, pay attention to brokers with favorably low minimum deposits.

Leverage and Margin

Leverage, aka margin trading, is the ability to take outsized forex trades by borrowing funds from the broker. Some offshore brokers offer extraordinary leverage of up to 1:1000, but in the U.S., this number is limited to 1:50. You can trade by using as little as a 2% margin, which is adequate for most traders.

Commission and Spreads

Commissions and spreads fall into the fee category — the broker makes money from these charges. The commission is a volume-based fee, while the spread is the broker’s markup on buying or selling price.

Choosing between those often depends on your trading style. If you’re a short-term trader (scalper), you might prefer commissions since a higher spread might diminish your profitability.

Ability to Easily Deposit and Withdraw Funds

Withdrawing and depositing funds is all about convenience. The brokers usually offer bank transfers and credit cards, but If you have a particular payment service you prefer, make sure it is available.

Regulatory Compliance and Reputation

Regulatory compliance is the first step toward trustworthiness and building reputation. Yet, what takes years to build might take only days to destroy. The U.S. forex community is well-connected, and negative broker feedback spreads fast through forums and social media.

Currency Pair Offers

Currency pairs are the bread-and-butter product for any forex broker. Although virtually all brokers offer the few most popular pairs (majors), pay attention to their minor currency listings, especially the less-popular pairs known as exotics.

Trading Tools

Quality software is the cornerstone of any trading operation. While some traders use a naked chart and follow only price action, others might require the assistance of complex trading tools like multi-timeframe indicators or expert advisors (EAs). Make sure that the selected broker meets your requirements.

Trading Platforms

Forex brokers offer various trading platforms depending on the broker's capabilities as well as the region you live in. By providing access to trading platforms such as TradingView, MetaTrader 4(MT4) and MetaTrader 5 (MT5), a broker can offer the tools necessary for traders to make informed decisions and achieve successful trades.

These trading platforms provide all the features that are necessary for successful trading. For instance, they allow traders to view the real-time market prices and analyze the various trading strategies. This way, traders can clearly identify trends in the currency markets and make informed decisions regarding their trades.

Customer Service

Customer service is like an emergency kit. You might not realize it is there until it becomes the most important thing in the world. Quality customer service provides peace of mind, so keep an eye on its ratings.

The Enduring Nature of Forex

Forex might not be the most popular asset class in the U.S., but it is one of the largest markets in the world. As long as there are different nations and cultures on the planet, a diversity of currencies will exist.

You will find opportunities to speculate in that environment, starting with opening a broker account. While there are many good forex brokers, choosing one will ultimately depend on evaluating your individual needs. Take your forex trading a step further with these best forex brokers for U.S. clients.

Frequently Asked Questions 


Why do most forex brokers not accept U.S. clients?


The U.S. market is heavily regulated. While European regulatory requirements might be from $100,000 to $500,000, the National Futures Association (NFA) has a capital requirement of $20 million for a U.S.-based forex broker — representing a significant hurdle for many global brokers.


How do I know if a forex broker is trusted?


There are multiple ways you can protect yourself from a fraudulent broker. Regulation should be a preliminary factor in the research. It might not be a guarantee, but a lack of it is a clear red flag. You should check online communities and read traders’ reviews and complaints. Stick to public communities like forums and beware of biased commentary from either side. You can also check the Financial Industry Regulatory Authority (FINRA) and browse its database. Finally, factor in word of mouth. If you talk to other traders, ask for direct opinions and listen to their experiences.


Can I trade forex without a broker?


Trading forex without a broker is possible. You can do this by having bank accounts in multiple currencies and then swapping between them or using P2P currency exchange platforms. Finally, even going to a physical money exchange is an act of trading forex. However, these options are not as practical and come with higher fees.

Get a Forex Pro on Your Side, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with’s Active Trader Program

Learn more about’s low pricing and how you can get started trading with