Best US Forex Brokers of 2024
ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here’s how we test.
The U.S. Dollar (USD) is the most traded currency in the largest financial market in the world – the global forex market. According to the latest forex market survey of central banks from the Bank for International Settlements (BIS), the USD was on one side of 88% of all trades in a global forex market with over $7.5 trillion in daily average volume (as of April 2022). As forex trading has become increasingly popular in the United States, more online forex brokers have begun offering currency-related investment products.
U.S. forex traders benefit from a robust regulatory environment designed to keep consumers and traders safe from forex scams. Before forex brokers can accept U.S. forex traders as clients, they must become registered as Retail Foreign Exchange Dealer (RFED) by the financial regulatory body, the Commodity Futures Trading Commission (CFTC) and also regulated by the National Futures Association (NFA) as a Futures Commission Merchant (FCM). The NFA website is nfa.futures.org. We recommend US residents also follow the CFTC on Twitter, @CFTC.
The CFTC is a federal regulatory agency that was established by Congress in 1974 with jurisdiction over the commodity futures (derivatives) markets. The same legislation authorized the creation of the registered futures associations, and in 1982 the NFA started as a self-regulatory organization for the US derivatives industry. For a historical breakdown here is a link to the NFA’s webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best US Forex Brokers for 2024
To find the best forex brokers in the USA, we created a list of all CFTC registered brokers, then ranked brokers by their Overall ranking.
Here is our list of the top forex brokers in the United States:
- IG — Best overall broker, most trusted
- Interactive Brokers — Great overall, best for professionals
- FOREX.com
Best Forex Brokers US Comparison
Compare US registered forex brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by my overall rankings of the top forex brokers.
| Company | Accepts US Residents | CFTC Registered | Average Spread EUR/USD — Standard | Minimum Deposit | Overall Rating | Visit Site |
 IG |
check | check | 0.98 info | £250.00 | ||
 Interactive Brokers |
check | check | 0.63 info | $0 | ||
| FOREX.com | check | check | 1.4 info | $100 | Visit Site |
If you live in the United States, you can read our picks for best U.S. forex brokers, featuring likes, dislikes and a bottom-line summary for each broker.
How to Verify CFTC Registration
To identify if a forex broker is CFTC-registered and regulated by the NFA, the first step is to identify the NFA ID number from the disclosure text at the bottom of the broker’s U.S. homepage. For example, here’s the key disclosure text from FOREX.com’s website:
FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826).
Next, look up the firm on the NFA website, using the Background Affiliation Status Information Center (BASIC) tool to validate the current status of the ID number. For example, here is the official NFA page for FOREX.com, using the BASIC search tool.
About the CFTC
The Commodity Futures Trading Commission (CFTC) is a governmental regulatory organization in the United States that is authorized by Congress as the principal financial markets regulator for U.S. derivatives markets. In this role, the CFTC aims to uphold market integrity, implement efficient regulations for market participants, and reduce the potential for fraud.
The CFTC oversees a wide range of markets; commodities futures and options, foreign exchange, exchange-traded securities, and securities traded in OTC markets all come under the CFTC’s purview.
In addition to the CFTC, registrants typically must also hold regulatory status with the National Futures Association (NFA), which is a member-based self-regulatory organization (SRO) that is designated by the CFTC to help enforce compliance. Forex brokers that operate in the U.S. must be registered with the CFTC and are highly regulated, making them among the most trusted brokers globally.
Learn the forex trading basics
We’ve put together a snapshot of some important forex concepts to help get you acquainted with the basics of forex trading:
- Forex trading is the exchange of one currency for another between two parties at an agreed-upon exchange rate. One side of the trade is buying units of the base currency pair, and the other side is selling that same quantity at a mutually-agreed upon price.
- Forex Brokers are companies that are licensed by a regulatory agency (for U.S. traders, by the CFTC and NFA) to grant you the ability to buy or sell currencies through an online trading platform.
- Currency pairs are based on the price of one currency (the counter currency) for a specific quantity of units of the other (the base currency). The currency code on the left side of the pair (EUR/USD) denotes what you are buying or selling, and the one on the right (EUR/USD) represents the price – or rate – at which the base currency is being bought or sold.
- Trade sizes are expressed in units. For example, one U.S. dollar is a single unit of the USD. A standard lot is typically 100,000 units of base currency. A mini lot is 10,000 units, and a micro lot is 1,000 units.
- Spreads are typically measured in a unit called a “pip”, and they communicate the difference between the “bid” price and the “ask” price for a currency pair. Spreads, commissions, and rollover fees are ways for forex brokers to make money from forex trades. Our guide to the best zero spread brokers can help you find forex brokers with the lowest spreads in the industry.
school Forex for beginners
If you are just getting started with forex trading, you can check out our popular guide to forex trading for beginners. Our beginner’s guide will introduce you to forex brokers that are great for beginner forex traders, and provides resources to help newer traders learn more about forex trading.
Is forex trading legal in the United States?
Yes, forex trading is legal in the U.S. and regulated by the Commodity Futures Trading Commission (CFTC). Forex brokers in the U.S. are required to register as Futures Commission Merchants (FCMs) and Forex Dealer Members (FDMs) with the CFTC and NFA. In addition to complying with CFTC regulations and NFA member rules, brokers that offer forex trading to retail clients in the U.S. must maintain at least $20 million in regulatory capital as a Retail Forex Exchange Dealer (RFED) with the CFTC (and as a member of the NFA). These stringent regulatory requirements have made the U.S. one of the most trusted regulatory hubs for forex traders.
security Why regulation is important
Choosing a reputable, well-regulated forex broker is a crucial step towards avoiding forex scams. My educational series dedicated to forex scams shows you how to identify common forex scams and provides helpful information about what to do if you’ve been scammed. I also explain how crypto enthusiasts and bitcoin traders can spot common crypto scams.
Which forex brokers are legal in the U.S.A?
According to the CFTC’s most recent regulatory data (as of October 31st, 2022), there are 62 registered Futures Commission Merchants (FCMs) in the U.S., and at least six of those FCMs hold sufficient regulatory capital and the required licenses to legally offer forex trading to U.S. residents. Based on the CFTC’s own data, the following brokers offer legal forex trading in the U.S.:
- IG — Legally available to retail clients in the U.S.
- FOREX.com — Legally available to retail clients in the U.S.
- OANDA — Legally available to retail clients in the U.S.
- TD Ameritrade — Legally available to retail clients in the U.S.
- Interactive Brokers — Legally available in the U.S., but only to institutional clients.
- Trading.com — (U.S. brand under XM Group’s parent company, Trading Point) — Legally available to retail clients in the U.S.
How do you trade forex in the U.S.A?
To start trading forex in the U.S., it’s important to choose a forex broker that is well-regulated and licensed in the U.S. by the CFTC and the NFA. Once you’ve chosen a regulated forex broker, you can use these next steps as a guide to start trading forex in the U.S.:
- Account setup. Complete your forex broker’s account application process. Make sure to read through any applicable terms and conditions.
- Deposit funds. Once your account is set up, your new brokerage account needs to be funded. Brokers usually have multiple available deposit methods, so pick the funding method that works best for you. PayPal is a popular option for many forex traders, find out which brokers support it as a payment method by reading our PayPal guide for forex traders.
- Learn how to use the trading platform. It’s always a good idea to start out with a demo account (sometimes known as virtual trading) to familiarize yourself with the broker’s trading platform.
- Enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.
- Develop a trading plan. Create a trading strategy that will enable you to trade consistently while pursuing your trading goals and managing risks. This is one of the most important factors that will determine your long-term success as a trader.
Questions to ask yourself when developing a trading strategy include:
- What are my trading goals, and how do they fit into my lifestyle?
- How will I find trading opportunities?
- How long do I want to be in the market when I place a trade?
- What is my ideal trade size based on my expected trading duration and risk/reward thresholds?
- What is the most I want to risk on a trade?
school How to start forex trading
Learn more about getting started as a forex trader by checking out my in-depth Forex 101 educational series. I go over everything you need to know to start out as a forex trader; you’ll learn about forex and currency trading, leverage in the forex market, how to calculate pips, and more.
Do you pay tax on forex trading in the U.S.?
Yes, U.S. residents and U.S. citizens must report their worldwide income in the U.S. – including any gains from forex trading. These can be taxed as capital gains (or may be treated as business income, if you have a corporate account). In any case, U.S. residents and/or citizens may be liable to pay taxes on any gains from forex trading – regardless of whether your broker sends you a form 1099-B.
It’s important to communicate to your tax professional the exact type of trading you are doing. For example, trading spot forex in the OTC markets may be treated differently (for tax purposes) than trading an exchange-traded forex futures contract, and certain forex contracts may be treated as a commodities contract (under Section 1256g), depending on the elections made by your tax professional.
What is the best forex broker in the U.S.?
IG is the best forex broker in the U.S. in 2024. In addition to being regulated by the CFTC and a member of the NFA, IG is publicly traded, well-capitalized, and holds more regulatory licenses around the world than any of the 60+ forex brokers we review on ForexBrokers.com. Simply put, IG is a well-regulated and highly trusted forex broker.
Check out a gallery of screenshots from IG’s web trading platforms, taken by our research team during our product testing.
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.
Which U.S. forex broker has the best mobile trading app?
When it comes to U.S.-regulated forex brokers, the best mobile trading app in 2024 is offered by IG. A range of powerful design innovations and trading tools set IG’s proprietary mobile app apart, such as trading signals (for U.S. traders who are interested in social copy trading), seamlessly integrated research, and a sophisticated order entry dialogue that makes managing trades a breeze. IG’s mobile app also features the most advanced charting I’ve ever used on a mobile device.
Check out a gallery of screenshots from IG’s mobile trading apps, taken by our research team during our product testing.
In addition to its flagship mobile trading app, IG offers its standalone IG Academy app that features dedicated educational resources for beginners. To round out its mobile trading app offering, IG also offers the popular MetaTrader 4 (MT4) app (check out our full guide to MetaTrader).
smartphone Forex trading on the go?
Mobile forex trading is more popular than ever, and many of the best international forex brokers offer multiple mobile apps and well-designed mobile trading platforms. Check out my guide to mobile forex trading to see my picks for the best mobile apps.
Article Resources
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2024 Review Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
About the Editorial Team
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Forex.com: The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.
Best companies for forex trading
With so many new Forex Prop Firms coming into the industry and funding traders all around the world, it’s becoming increasingly harder to choose which firm to get your funded accounts from.
When choosing your funded account there are so many factors to think about, from your trading system, to drawdown, to leverage, to trading requirements and general reputation of the Prop Firm.
We have compiled a very simple but in-depth comparison of the worlds leading Forex Funding options.
We’ve also compiled a new list of a the best instant funding prop firms too, for the inpatient traders and a list of the best prop firms for swing traders, for the patient traders!
1. Lux Trading Firm
5/5
Lux Trading Firm are a highly rated prop firm offering initial funding of up to $1,000,000 with a 75% profit split.
They offer an amazing scaling program up to $10M, with multiple industry-leading features such as their unique offering to trade on TradingView’s charts, large selection of CFD’s, 500 Crypto’s, 12,000 Stocks, Elite Packages, and no time limits make it the perfect funding option!
Lux Trading is one of the few online prop firms offering real trading capital, and trading with a regulated A-book broker! Click here for my full Lux Trading Firm review now!
2. The5%ers
5/5
The5ers are one of the most highly respected prop firms in the world, and it’s for good reason. They have an amazing reputation, up to 100% profit share, funding up to $4,000,000, and they double your account funding every milestone. The5ers have really realistic trading requirements, with no tie limit to pass the initial challenge!
Due to the long time duration and being able to hold trades over the weekend, this is the PERFECT choice for all types of traders.
Click here for my full The5%ers review, looking at the pros, cons and everything you’ll need to know!
3. Goat Funded Trader
5/5
Goat Funded Trader is a new prop firm offering up to $800,000 in funded trading capital for forex traders with a 95% profit split!
The company offers no time limit of challenges and extremely relaxed rules on trading, making it a viable option for many different types of retail traders looking to grow their trading portfolio!
They have a payout on demand feature, great spreads, a one step challenge and are soon to be releasing a scaling plan!
Have a read of my full Goat Funded Trader review now!
4. MyFundedFx
5/5
MyFundedFx is proving to be one of the worlds most popular prop firms, taking over the industry in the last few months. MyFundedFx offer an innovative 1-step funding process, allowing traders to get funded from just 1 trade, potentially!
With up to $300,000 in trading capital, an 80% profit split, rapid withdrawals and no time duration on challenges, it’s clear to see why they’re taking over the industry!
I recently got funded with MyFundedFx so have a read of my full MyFundedFx review, detailing my experience!
5. Trade The Pool
4/5
Trade The Pool is the leading prop firm for funding stock traders – providing traders with up to $260,000 in buying power and over 12,000 stocks to trade and you can go long and short any penny stock!
With free trading data, up to 80% profit splits and partnerships with many of the top stock trading companies, it’s clear to see how TTP is taking over the stock prop firm industry and garnered such a glowing reputation!
6. Surge Trader
4/5
Surge Trader is a highly respected US prop firm offering forex traders a 75% profit split and funding of up to $1,000,000 after the challenge stage.
Unlike most prop firms, the company offer trading on all forex and cryptocurrencies, making it a great option for those traders that like to diversify. With an Eightcap partnership, instant funding, flexible rules and live funded accounts, it’s clear to see how they have gained such a great reputation!
Click here for my full Surge Trader review!
7. FTMO
5/5
FTMO is the worlds leading prop firm and has really taken the industry by storm over the last few months with the famous $100,000 account challenge. FTMO have the best reputation in the industry, great support for traders, a 70% profit share, a range of top brokers to choose from, simple trading rules and funding up to $400,000 for top traders!
I have personally been using FTMO since 2020 and I have nothing but positive things to say about the firm.
In fact, click here for my full FTMO review, looking at my experience over the last 2 years.
8. ForexPropFirm
5/5
ForexPropFirm are a fairly new prop firm offering traders capital of up to $10,000,000 with a 90%+ profit split! You’ll have access to either a 2-step challenge, a 1-step challenge or an instant funding account with leverage, weekend holding allowed and relaxed trading rules!
FPF offer an aggressive capital scaling plan with capital being doubled at every 10% profit milestone, so it’s no wonder traders are loving them!
For more information about the funding, have a read of our full ForexPropFirm review!
Largest Payout Ever — The Funded Trader
5/5
The Funded Trader was launched in June 2021 and offers traders funding of up to $1,500,000 with a 90% profit split!
The company offers a one step $100,000 challenge, and two step challenges with initial funding of up to $400,000! The company has recently released the largest payout in the industry to date, of $120,000 in one month! With an aggressive scaling plan, 1:200 leverage and weekend holding allowed, it’s clear to see why they have such a great reputation.
Find out how they’re taking over the industry in our full The Funded Trader review.
9. MyForexFunds
5/5
MyForexFunds is a new prop firm founded in 2020, offering traders up to $50,000 in instant funding with no challenge needed! If you fancy taking on a performance challenge, you can obtain up to $200,000 of initial funding and a profit split of up to 85% with no maximum daily drawdown limit!
They have an account type for beginner traders, experienced traders and professional traders, making sure every type of forex trader is catered for!
Find out why this new prop firm is rapidly growing now in this My Forex Funds review. As of September 2023, MFF has had their assets frozen. Click here to read the full MyForexFunds Assets Freeze breakdown.
10. FunderPro
5/5
FunderPro is becoming one of the most popular forex prop firms and has a very unique offering. In fact, many of the industry leading prop firms utilise FunderPros tech prop kit to run their businesses as they supply a tech stack for prop firms.
FunderPro offers traders real capital funding of up to $5,000,000, unlimited time durations on challenges, 80% profit split and 1:100 leverage, making it a great home for all types of forex traders!
We recently obtained funding from FunderPro, so have a read of our full FunderPro reviewto see if it’s the prop firm for you!
11. Funded Trading Plus
5/5
Funded Trading Plus is the highest rated prop firm in the industry, offering one stage funding, instant funding and a classic two stage funded account.
With no time limit, up to 90% profit splits, funding up to $200,000, the industries best scaling plan and a flawless reputation across thousands of reviews – it’s no wonder traders have been flocking to Funded Trading Plus over the last few months!
For more information about their funding, click here for my full Funded Trading Plus review now!
12. ProFund888
5/5
ProFund888 is a brand new prop firm launched in August 2023, offering traders up to $500,000 in trading capital and a generous 80% profit split!
The company offer both one step and two step evaluations with no time limits, 1:100 leverage and very relaxed trading rules! They’re partnered with Eightcap and provide a trading course to funded traders, from their sister company. With real trading capital, it’s clear to see that this will be one of the largest firms in the industry within the next few years.
Find out how they’re taking over the industry in our full ProFund888 Review!
https://www.forexbrokers.com/guides/united-states