Best Forex Brokers in the US for 2024
In the analytical article below, we will be taking a closer look at the Best Forex Brokers in the US for 2024 to help US-based traders better understand the features offered by the most popular companies in the country. We have whittled down dozens of brokers to reach a final FX Trust Score Shortlist containing the Top US Forex Brokers.
A number of factors have been examined during the review process into the Best US Forex Brokers Available in 2024. These include the choice of trading instruments, currency pairs, and platforms available with each broker, while matters such as online reputation, security of funds, and customer support were also reviewed and assessed. All of brokers listed in the leaderboard are fully licensed and authorised by at least one top-tier regulatory body in the US, such as the Commodity Futures Trade Commission (CFTC) and the National Futures Association (NFA).
Take a look at our breakdown of the Top-Rated American Forex Brokers to find out all the key details you need to know about before opening a live account with a regulated US broker you can trust.
Best US Brokers Leaderboard
Score: 4.6 / 5
80 Currency Pairs $0 Commissions Generous US Promotions Advanced MT4 Tools ProRealTime Software
*Trading carries a risk of loss
Score: 4.5 / 5
68+ Currency Pairs Advanced MT4 Tools Varied Range of Platforms ‘Elite Trader’ Program Strong Educational Section
*Trading carries a risk of loss
Score: 4.45 / 5
1,000+ Instruments 80+ Currency Pairs Extensive Trading Tools CFTC & NFA Regulated
*Trading carries a risk of loss
Score: 4.35 / 5
70+ Currency Pairs Regular US Trading Contests Advanced ‘Research Portal’ CFTC & NFA Regulated
*Trading carries a risk of loss
Score: 4.30 / 5
65+ Currency Pairs ‘thinkorswim’ Platforms ‘Schwab Coaching’ Webcasts 24/7 Customer Support
*Trading carries a risk of loss
Score Breakdown
See the breakdown showing how the Best Forex Brokers in the US for 2024, performed across six important criteria in our FX Trust Score Index.
| Regulatory Compliance | Security & Fund Protection | ||
| Forex.com | 5/5 | Charles Schwab | 5/5 |
| OANDA | 5/5 | Forex.com | 5/5 |
| Tastyfx | 5/5 | OANDA | 5/5 |
| Trading.com | 5/5 | Tastfx | 5/5 |
| Charles Schwab | 3/5 | Trading.com | 5/5 |
| Customer Support | Localisation | ||
| Charles Schwab | 5/5 | Charles Schwab | 5/5 |
| Tastfx | 4/5 | OANDA | 5/5 |
| Forex.com | 3/5 | Tastyfx | 5/5 |
| OANDA | 3/5 | Trading.com | 5/5 |
| Trading.com | 3/5 | Forex.com | 4/5 |
| Local Payment Methods | Online Reputation | ||
| Charles Schwab | 4/5 | Forex.com | 5/5 |
| Forex.com | 4/5 | OANDA | 4/5 |
| OANDA | 4/5 | Tastyfx | 4/5 |
| Tastyfx | 3/5 | Trading.com | 4/5 |
| Trading.com | 3/5 | Charles Schwab | 3/5 |
*Where scores are tied, brokers are listed in alphabetical order.
The FXTS Verdict
According to our study, the Best Forex Broker in the US is Tastyfx, which scored well across many key aspects – particularly in terms of regulatory compliance, security and fund protection, and localisation. During our broker investigations, Tastyfx emerged as a superior option for traders thanks to its wide range of products and features. It presents generous regular promotions to its US clients and offers an excellent selection of MT4 trading tools with competitively low spreads and zero commissions. Meanwhile, Tastyfx is the only US forex broker to offer its clients access to ProRealTime’s advanced online charting software, which is fully integrated into its trading platform.
Regarding the rest of the leaderboard, OANDA secured the second position primarily because of its strong educational resources and impressive MT4 toolkit. Its Elite Trader program, tailored for high-volume traders, is another standout feature. Additionally, Forex.com and Trading.com are regulated by the CFTC and NFA, respectively. Meanwhile, Charles Schwab distinguishes itself with its unique ‘thinkorswim’ trading platforms and round-the-clock client support.
How did we choose the Best Forex Brokers in the US for 2024?
We used a range of criteria to rank the Best Forex Broker in the US for 2024 in order to arrive at our final table of brokerages. The US is a significant market for forex trading with a sizable but constrained pool of companies vying for the attention of US-based traders. Across the 50 states that make up the Union – from Alabama to Wyoming – we wanted to help American forex traders find the online trading company that is best suited to their specific goals.
With this in mind, we closely observed the most important factors that relate to US traders, particularly in terms of client support. This includes whether each broker offers a local US telephone number to clients, the languages they provide support in, and if they have an office or headquarters based in the country. We also cross-checked the number of local payment methods offered by the Top-Listed US Forex Brokers, alongside confirming their US licences and regulations.
FAQs
In the USA, Forex brokers are regulated by the Commodity Futures Trading Commission (CFTC) and must be members of the National Futures Association (NFA). These organisations ensure brokers adhere to strict financial standards and ethical practices, providing substantial protection for traders.
Yes, a forex broker is allowed in the US, with many companies currently in operation across the country. Traders looking to open a live account with a broker in the US should ensure that they choose a company that is licensed and regulated with a reputable US body, such as the CFTC or NFA. To find the best forex brokers in the US, you can check out the FX Trust Score Leaderboard contained within the article above.
There are numerous aspects a trader must consider before deciding which forex broker is best in the USA. First, it is crucial to check whether the broker holds a licence with a leading US regulator like the CFTC or NFA in order to better ensure a safe and secure trading environment. Additionally, it is easy to gauge the reputation of a broker by searching the various trader reviews posted online, which is a good way to see how other traders are rating the company in terms of reliability. It is also advisable to conduct thorough research into the product offering provided by each broker before arriving at a final decision.
In the US, forex brokers must be licensed and authorised by the leading regulatory bodies like the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) to be considered a regulated entity. When selecting between brokerages, traders prefer to open an account with a regulated firm as it provides an added layer of security for their funds. This is because licensed brokers are bound by strict financial rules, such as ensuring that client funds are kept in segregated accounts to their own, while they are also expected to maintain transparency when it comes to services, fees, and trading practices.
It is difficult to ascertain the exact number of forex brokers currently operating in the USA. It tends to vary over time due to changes in the industry and regulatory environment. Generally speaking, the actual number is relatively limited compared to other regions due to the stringent regulatory requirements imposed by the CFTC and NFA regulators. In the US, forex brokers are expected to meet higher standards than in other countries, meaning there are fewer brokerage options available to US-based traders than in other regions. To discover the best forex brokers in the US for 2024, check out our handy guide above.
No, the MetaTrader (MT4) platform is not banned in the US, in fact many American brokers offer MT4 as part of its platform suite, along with its MT5 successor. However, it is true that the availability of MT4 across the country can be limited due to the strict regulatory environment imposed by US authorities like the CFTC and NFA. Traders looking for a top MT4 broker in the US should carry out proper research and due diligence in order to properly understand how the platform’s features are affected by US trading rules and regulations.
Check that the broker provides negative balance protection, which prevents you from losing more money than is in your account. You may also verify whether a broker uses segregated accounts to keep client funds separate from the company’s operating funds. Information about these protections is usually available on the broker’s website or through customer support.
Advanced trading platforms offer comprehensive analytical tools, automated trading features, and customisable options that are essential for effective trading. Platforms like MT4 and thinkorswim are favoured for their robust functionality which can help traders execute complex trading strategies and manage their trades efficiently.
Forex brokers often offer several account types, including standard accounts with lower minimum deposits and ECN accounts which may have tighter spreads but could include commissions. Review the specific fee structure for spreads, commissions, and any potential hidden costs like withdrawal fees or inactivity fees.
Most US forex brokers offer traders the ability to trade in micro and mini lots. This is beneficial for less experienced traders or those with smaller account balances, as it allows them to trade smaller amounts and better manage their risk.
