forex broker list is the best platform for trading forex in the US due to its combination of competitive spreads, low commissions and an excellent collection of platforms. You can choose between the broker’s highly-touted web trader and mobile app or the popular MetaTrader 4 and MetaTrader 5 platforms. Professional traders and casual investors agree that IG offers first-in-class proprietary web, mobile and tablet trading platforms.

Who created MetaTrader?

The broker is regulated by 13 authorities, including five Tier-1 regulators like CySEC, FCA, and ASIC – the most regulated broker we’ve reviewed. Our research reveals the broker’s commission is only $2.25 per lot, significantly below the industry average of $3.48. The RAW account boasts exceptionally low spreads, averaging 0.22 pips on EUR/USD, surpassing the industry average of 0.49 pips. Yes, some online forex brokers will accept clients with a very low minimum deposit like $10. is becoming the go-to choice if you’re seeking a straightforward yet effective trading platform. Tailored for modern traders, it has a user-friendly interface that streamlines trade executions, especially for if you prioritize simplicity over complex features.

Best overall – IG

After all, your broker will be handling your money, so you need to ensure that they are reliable and will not disappear with your funds. One may summarize the advantages of an ECN broker as flexibility, speed of execution, flat commission rate, and tight spreads. Once all the above is filled, the broker will ask some financial questions in order to quantify the new customer’s trading experience and objectives. This is also the moment when most brokers will ask about the customer’s annual income and/or net worth.

  1. For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission.
  2. It is our job to highlight which brokers have the highest or lowest commissions, what other fees might be incurred, and so on.
  3. Though MT4 is still more widely used, the number of MT5 servers recently surpassed the number of MT4 servers globally (it took only a decade).
  4. These frameworks in place by the NFA ensure you are treated fairly and that your funds are protected should anything terrible happen to the broker.

What are the prohibitions of the CFTC in the USA?

If you’d like to learn more about how CFDs work (and to see our picks for the best CFD trading platforms), check out our full-length guide to the Best CFD Brokers and Trading Platforms. IC Markets is the largest forex broker by trading volume, with over $774 billion in forex trading volume in the third quarter of 2021 alone, according to data compiled by Finance Magnates. IC Markets is also well-known as an excellent option for algo trading due to its great pricing and execution. Check out our full-length review of IC Markets, and algo traders (or traders who want to learn about HFT systems) can check out our popular guide to high-frequency trading. Trading with a trusted forex broker is a crucial factor for success in international currency markets.

forex broker list

– Most Trusted Social Trading Platform

The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week. One thing that is worth noting is that the NFA does not permit trading with contract for difference (CFDs) derivatives. Instead of CFD trading, you will be spot trading meaning you will own the actual instrument. View our compare forex brokers USA homepage to compare these brokers by trading requirement. I like that offer lower minimum trade sizes compared to most brokers.

forex broker list

Best Forex Brokers for 2024

To help you find the best forex broker for what you’re looking for, we’ve listed our top picks for some of the most sought-after features in the forex industry. Most brokers make you choose between trading accounts, which can be confusing for beginners. OANDA removes some of the difficulty by limiting your options to a single, spread-only Standard account. Spreads start forex broker listing as low as 0.6 pips, with the average for major currency pairs hovering around 1.2. When you take into account that you pay only the spread to execute each trade and aren’t required to put down a minimum deposit, these are competitive compared to the other brokers in this guide. When I tested OANDA, the lowest currency pair was EUR/USD at 1.4 pips and USD/AUD at 1.2.


But, in Europe, CySEC provides more protection with an investor compensation scheme and the requirement of negative balance protection policies. You can even trade physical shares via the broker’s own dedicated L2 Dealer share trading platform, where DMA (direct market access) is available. From our spreads analysis below, Pepperstone offers some of the tightest spreads across the board, with minimum spreads starting from 1.0 pips for standard account holders. and IG Group are highly trusted brokers available to U.S. forex traders. Leverage can amplify profits and losses in forex trading, so it’s important to understand the broker’s leverage offerings and margin requirements.

MetaTrader 4 (MT4), MetaTrader 5 (MT5), TradingView, and cTrader are the best forex trading platforms as they offer a user-friendly experience with advanced trading tools to facilitate trades. In the U.S., it’s for clients who want to trade the foreign exchange markets. To deliver on this successfully, IG has adopted the time-honored adage, “go big or go home” because it can. Low spread costs, an emphasis on customer service and education, actionable research, and functional user interfaces make this broker well-suited to compete in the online forex broker market.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. To us, this shows a dedication in keeping its clients well-informed and educated in whatever stage of the trading journey you are. As well as social and copy trading, we also like the simplicity of CFD trading on eToro’s platform. We were also impressed at the complex derivatives you could trade, from over 7000 options to 6000 ETFs (Exchange Traded Funds).

XM Group has earned its position among the best Forex brokers due to its comprehensive trading offerings, user-friendly platforms, and commitment to client satisfaction. With a comprehensive array of over 10,000 tradable instruments, FP Markets ensures that traders have access to a wide range of Forex pairs and other assets, enhancing portfolio diversification. Our partners cannot pay us to guarantee favorable reviews of their products or services.

For these reasons, I recommend if you want to automate your trades and use MetaTrader 5. The IBKR Lite account is Interactive Brokers’ “standard” account for retail traders. Interactive Brokers gets its pricing from 17 FX dealers, so you’ll enjoy the benefits of low spreads from 0.1 pips on the EUR/USD. You have to pay a commission with each trade, which is between 0.08 to 0.20 basis points. We recommend IG Group for beginner traders due to its award-winning proprietary trading platform and extensive educational resources.

It has a user-friendly interface, which makes it easy to navigate and execute your trades. Other features, you’ll appreciate regardless of your level of trading experience include the broker’s tutorials and guides on how to develop a strategy and manage your risk. IG offers a wide range of asset classes beyond forex trading, and consistently ranks at the top of nearly all of the categories we factor into our forex broker reviews. Read our full-length review of IG to learn why we consider IG to be the top choice for U.S. forex traders.

AvaTrade’s multiple trading apps allow you to stay on top of your trading on the go. The broker complies with critical safety standards, operates with a commitment to ‘best execution’ practices, and maintains a stringent client categorization policy. Upon reviewing its legal documents, I found them to be transparent and free from significant discrepancies.