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Forex trading is speculating on the price of two different currencies relative to each other. The foreign exchange market is the most heavily traded asset class in the world. Anyone can trade forex through a forex broker and forex trading falls into two categories, high-risk short-term speculation and physical currency exchange.

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Top forex brokers in America reviewed

We have ranked and reviewed some of the best forex brokers with offices in the US. Our comparison table of US FOREX brokers covers the key account features. These include tight pricing, financial security, regulation, range of markets, added value, and reviews. Forex trading carries a high level of risk and losses can exceed your deposits.

Interactive Brokers

US Address: Interactive Brokers LLC, One Pickwick Plaza, Greenwich, CT 06830, United States.

Interactive Brokers Review
Interactive Brokers

Name: Interactive Brokers

Description: Interactive Brokers is a major US online automated electronic broker company. The financial broker is listed on the Nasdaq Exchange with ticker IBKR. The firm operates in 150 electronic exchanges in 33 countries, and offers trading in 23 currencies. Interactive Brokers has more than 1.75 million institutional and retail customers.

Why we like them

Interactive Brokers is an exceptional trading platform that offers institutional-grade trading capabilities to private clients around the world. IBKR has some of the lowest trading and investing fees and the widest market range in the industry.

Pros

  • Very low dealing fees
  • Wide market range
  • Direct market access
  • Complex order types

Cons

  • Customer services can be slow
  • Pricing
    (5)
  • Market Access
    (5)
  • Online Platform
    (5)
  • Customer Service
    (3)
  • Research & Analysis
    (5)
Overall
4.6
Comments Rating 4.41 (758 reviews)

IG

One of the largest global brokers operating globally and offering US trading in the US. IG US Address: IG, 200 W Jackson Blvd Suite 1450, Chicago, IL 60606, United States

IG Review
IG

Name: IG

Description: IG pioneered financial spread betting when it was founded in 1974 and is now own of the largest CFD and forex brokers in the world. IG is listed on the London Stock Exchange and offers access to 18,000 markets to 313,000 active clients. IG also recently introduce physical share dealing and smart portfolios for longer-term investors.

Why we like it

IG pioneered online trading and financial spread betting for private clients and remains not only one of the largest online trading platforms, but also one of the best. IG stands out through deep liquidity, high market range and excellent added value such as trading tools and analysis.

Pros

  • Wide market range
  • Excellent liquidity & DMA equities
  • Listed on the London Stock Exchange

Cons

  • Customer service can be slow
  • No DMA futures trading
  • Pricing
    (4.5)
  • Market Access
    (5)
  • Online Platform
    (5)
  • Customer Service
    (4)
  • Research & Analysis
    (5)
Overall
4.7
Comments Rating 3.9 (523 reviews)

FAQs:

Here are the answers to the most commonly asked questions by people searching for the best futures brokers in America.

Forex brokers make money from forex traders in three ways.

  • Fees: This can either be the difference between the buy and sell price they offer their clients or commission on trade.
  • Overnight financing: This is the amount forex brokers charge clients for holding positions overnight
  • Unhedged positions: This is where a forex broker will not hedge a client trade in the underlying market

You can compare forex spreads and commissions that forex brokers charge in our US forex broker comparison table or click the button to view the specifics on the individual forex broker’s website. If you have a large forex trading account you should be able to negotiate lower fees.

The majority of forex brokers will offer (MT4 MetaTrader 4) as a trading platform alongside their own in-house developed platform or other third-party trading platforms.

Forex brokers like Interactive Brokers and IG in the comparison table on this page accept clients from the US. US regulations mean that Forex brokers outside of the US cannot accept US clients so if you are a US resident you need a forex broker that is regulated to accept customers from the US.

If you are based in the US you need the following to start forex trading:

  1. An account with a forex broker that accepts US clients (see the comparison table on this page)
  2. Funds to trade with (forex trading is very high risk so only trade with money you can afford to lose)
  3. An understanding of what moves currency prices (everything from economic indicators to political events moves forex prices)

Yes, if you are using a reputable and US-regulated forex broker, forex trading is a legitimate form of speculating on the financial markets.

Richard Berry

Richard Berry

Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.

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