10 Best US Forex Brokers 2020

Forex Brokers are companies that allow traders to be able to buy and sell foreign currencies. The Forex Broker will charge a commission per trade or a spread in return for executing buy or sell orders. In this post we review the 10 best US forex brokers. Trading forex in the United States has become very popular, so when doing this it is very important to know who the Best Forex Brokers are.

It is important to note that before a Forex Broker can conduct business with US forex traders they must be registered as a Retail Foreign Exchange Dealer, the Commodity Futures Trading Commission and the National Futures Association. It can be difficult finding the right forex broker whether you are experienced or a first time user. In this post we will look at key features and benefits of the top brokers. We will also touch on Fees, customer support, trading platforms, research, trading education, and trustworthiness.

Top 10 Forex Brokers in the US

1. IG

IG

(76% of retail investor accounts lose money when trading CFDs with this provider.)

IG is a great Forex Broker for a number of reasons. It’s a well known and trusted company. IG is regulated by top-tier regulators, listed on a stock exchange, and discloses its financials. It was established in 1974 in the UK and is one of the biggest CFD providers in the world and also one of the oldest online brokers. The company is listed on the London Stock Exchange and is recommended for traders that have all different levels of experience.

  • The company has great deposit and withdrawal tools with multiple options and a low financing rate. There are no withdrawal fees, account fees, custody fees, or deposit fees.
  • IG has a transparent fee structure and operates in several different countries. Most European clients are eligible for FCA’S protection scheme up to 85,000 Euros. This is much more than the usual 20,0000 Euro protection amount offered in Europe.
  • IG also provides negative balance protection which means that you can’t lose more than what you have deposited so you won’t owe any money to the broker.
  • IG allows you to trade with different products in different markets. You are able to trade with 6 different cryptocurrencies and use charting tools to create drawings and trend lines for data.
  • Opening an account with IG is fast, simple, and there is no minimum deposit. Transfers from debit and credit cards can be done instantly and everything can be done easily. Even if you are a first time user, it is easy to get adjusted to the platform.
  • When logging in, you have the option of creating a two-step authentication and IG also has a 5-star desktop and mobile trading platform.

2. Saxo Bank

Saxo Bank

(71% of retail investor accounts lose money when trading CFDs with this provider.)

Saxo Bank is another great forex broker with great research options and best web platform. Saxo Bank was founded in 1992 and has reliable customer service, amazing trading platforms, and competitive pricing.

  • Over 300,000 CFDs are offered and the company has over 15 international jurisdictions. Saxo Bank has over 16 billion in assets and in one day, over one million transactions are processed.
  • Traders are offered electronically traded asset classes, and it has a trust score of 98 out of 99.
  • Saxo Bank offers good prices for trading and promotes transparency through the foreign exchange market.
  • You can choose from 3 different accounts – The Classic account in which you must deposit $2,000, while the Platinum account requires a $50,000 deposit for active traders. Finally, the VIP account requires a $1 million deposit but it offers the most savings on pricing.
  • The company has an all-in-one pricing of 0.9 pips and a wide range of trading tools.
  • Saxo Bank runs smoothly in any browser, and has an easy to use the charting system. The charting system has 17 drawing tools and 50 indicators and through the mobile app, you can save and sync charts and watch lists.

3. CMC Markets

CMC Markets

(5% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.)

CMC Markets is another popular forex broker company that was founded in 1989 and is best known for its low costs and active trading. It is one of the leading retail forex and CFD brokerages that offers about 10,000 CFD instruments.

  • CMC Markets offers major asset classes such as commodities, forex, and securities markets.
  • The company serves over 60,000 people through its 15 global offices and has the largest selection of currency pairs across the world.
  • It has been listed publicly in the UK and regulated in financial centers. Just like Saxo Bank, CMC Market has a high trust score

4. TD Ameritrade

TD Ameritrade

(CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.)

TD Ameritrade FX is only available in the United States, it is an excellent trading platform. With this company, you have access to world-class technology, knowledgable service, and innovative tools. It is financially secure and has many global forex charting packages, news from CNBC International, and currency trading maps.

  • There are no hidden fees, you can perform mobile trading, and there is great customer service available.
  • The paperMoney feature allows you to use market data to test theories and strategies at no additional cost.
  • There are over 11.5 million funded client accounts with access to investor stocks, mutual funds, bonds, options, and forex trading.

5. Forex.com

forex.com

(70% of retail investor accounts lose money when trading CFDs with this provider.)

Forex.com was founded in 1999 and is a great platform with low costs and diverse trading tools with plenty of research options. It is a great platform and can be used by people with all different levels of experience.

  • It offers 84 currency pairs in foreign exchange markets.
  • Forex operates across different countries and has licenses in the US, UK, Canada, Japan, and Australia.
  • Like other forex brokers, Forex.com has top-charting capabilities, 3 separate trading platforms and an overall trust score of 91 out of 99.
  • With Forex.com you can access over 4,500 trading products and earn cash rebates if you qualify for the Active Trader program.

6. CityIndex

city index

(70% of retail investor accounts lose money when trading CFDs with this provider.)

CityIndex is a multi-asset forex broker that offers competitive spreads across different trading platforms. It was founded in the United Kingdom in 1983 and is one of the top multi-asset brokers in all of London.

  • The brokers assist all different customers with all different experience levels.
  • It works as an independent brand and gives traders access to over 12,000 products across markets.
  • The company is regulated in three major jurisdictions and has a large selection of CFDs.
  • CityIndex is low risk and is authorized by six-tier 1 regulators such as the Financial Conduct Authority, and Commodity Futures Trading Commission.
  • The company offers two different platforms: AtPro and Web Trader. AtPro is desktop-based and is complex with multiple advanced functions. Web Trader is web-based and is built on HTML5.

7. XTB

xtb trading

(CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.)

XTB was founded in 2002 and it is easy to use, offers great customer service, and competitive trading experience. It is also a multi-asset broker and is regulated throughout different financial centers.

  • The company has a value of over $350 million, offers 50 forex pairs, and over 1,500 CFDs.
  • It has around 2000 products in different markets. It has more than 10 offices worldwide and was on the Warsaw Stock Exchange.
  • XTB has fast deposit and withdrawal, great research tools, and user-friendly account opening that can be done within a day. There is no inactivity fee, withdrawal fee and there are low non-trading fees.

8. Pepperstone

pepperstone

(CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.)

Pepperstone forex is great value and service, has over 150 trading instruments, and 24/7 support. Customer service is offered over the phone, through email, and live chat.

  • You can trade CDFs, commodities, and FX. You can trade with confidence by protecting your money with an ASIC and FCA-regulated broker.
  • You can choose from a wide range of funding methods and learn from other traders.
  • Pepperstone gives you access to educational resources and you can improve your trading strategies with the latest technical and fundamental analysts.
  • Client managers are readily available for assistance while trading.
  • Pepperstone has been globally recognized by multiple investment trends, the UK Forex Awards, and the Victoria State Government.

9. Dukascopy

dukascopy

(CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.)

Dukascopy came out in 1999 and after getting a Swiss banking license in 2010 it then launched Dukascopy Bank.

  • The company has access to 64 forex pairs and 357 CFD markets and offers its customers marketing research and leading trading tools.
  • Its desktop platform is highly reliable and comes with many features. With a range of charting tools, automated trading capabilities, and competitive pricing for active traders.
  • Dukascopy can be compared to Saxo Bank because of its commissioned based pricing. It has an all in one price that is equivalent to 1.02 pips.
  • Traders have the option of opening up an account with Dukascopy through Dukascopy Bank or Dukascopy Europe.
  • If you trade 30,000 times your equity within one year, you will be refunded 20% of the commission paid through Dukascopy’s discount program.

10. FXCM

fxcm

(CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.)

FXCM was established in 1999 and has grown multiple offices internationally and is licensed globally. It has many jurisdictions and its headquarters are located in London. At FXCM, there are many algorithmic trading tools, educational resources, and an app store that offers many third-party platforms.

  • FXCM is regulated by three-tier 1 regulators and has great customer service scores.
  • If client deposits at least $25,000 into their Active Trader account then they will have a lower commission rate of $25 per million and access to premium research.
  • Trading Station is FXCM’s main trading platform and takes care of all the needs of a forex trader. The web version of Trading Station has many features including market data signals, links to external resources, news, research, and videos.
  • Through the mobile app, you can access features that are easy to use and a charting system with various drawing tools and 60 indicators.
  • There is a magnifying glass that can assist users with drawing precision trend lines.