Trading forex in the US is a very different ball game than in other countries of the world with the tight regulation setup by the SEC. In order to enjoy the best experience as a trader in the US, you need to trade with the top US forex brokers. Therefore, in this post, I will be examining the top US forex brokers.
The forex market is a gargantuan market with about $5.1 trillion in daily transactions. This is a result of several market players. Retail forex players are the market participants who hope to make money by speculating on the price movements in the market.
In comparison to the stock market, the forex market is not very regulated, but still there exist restrictions that prevent a lot of retail brokers from accepting US clients. Therefore, the writing of this post to shed light on the best forex brokers in the US.
The Top US Forex Brokers
- TD Ameritrade
- Interactive brokers
IG is a forex broker founded in 1974. This broker is regulated by the CFTC and the NFA in the US alongside other forex regulatory bodies such as the FCA, ASIC, and FSB.
This broker offers diverse trading instruments for trading including forex pairs, indices, stocks, cryptocurrencies, bonds, etc. This gives the trader a wide range of instruments to choose from widening opportunities.
Asides from being present in the US, IG is also present in different regions of the world and is a global leader in retail forex brokerage.
Trading platforms offered by IG include MT4 alongside their proprietary platforms. IG offers competitive pricing by way of commissions. This is reasonable as IG offers its clients access to the interbank market through the use of ECN technologies.
TD Ameritrade is one of the leading names in global forex brokerage. The broker offers forex, stocks, indices, futures, options, etc. by way of trading instruments. Established in 1978, it is regulated in the USA by the following authorities: Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC).
TD Ameritrade charges no commission, making their trading charges low. The minimum deposit at TD Ameritrade is $0.
Trading platforms offered by the broker include the web platform and the proprietary trading platform for desktop Thinkorswim.
Forex.com is part of Gain Capital Holdings. Founded in 1999, it is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Other regulations include those of the Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC).
The broker offers about 4,500 trading instruments consisting of forex pairs, CFDs including indices, cryptocurrencies, and stocks.
Forex.com offers web trading, its proprietary trading platform – Advanced Trading, and MetaTrader platforms.
Interactive Brokers was founded in 1978 and is regulated by the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, the Commodity Futures Trading Commission, National Futures Association, and the Chicago Mercantile Exchange.
Interactive Brokers offers forex pairs, stocks and indices among other securities for trading by clients. Interactive Broker offers clients its proprietary trading platform – Trader Workstation which is available for both desktop and mobile devices.
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