Best USA Forex Broker in 2024: A Competitive Guide

The United States of America has always been a land of opportunity. Even if we talk about the forex market in the USA, it is strong, competitive, and lucrative. One of the reasons is that the home currency, the dollar, is vastly accepted and traded in the global arena. Let me talk about forex in the USA. Since the market is so bright, choosing a broker becomes very critical. It may be because of the competitive broker market. This guide, “The Best USA Forex Broker 2024,” will help you choose the best in the business. I would also like to explore and brief you on how to decide on a broker.

The Forex market has always tempted traders around the world. This may be due to its accessibility, liquidity, and around-the-clock availability. The trader from the USA has to face some unique laws and regulations compared to their counterparts. It can be one of the reasons why the election of a broker becomes critical in the USA.

For your understanding, CFTC and NFA regulate forex trading in the USA. Where CFTC stands for the Commodity Futures Trading Commission. NFA is the National Futures Association. Let me tell you that these organizations have come up with some serious regulations. It is very difficult for a broker to meet all these regulations. A handful of brokers will meet them, and I will help you find the best among them.

How to Decide on a Broker

I have weighed lots of potential names based on various aspects. Like:

1. Transparency

Transparency among the trader, trader and broker. With no hidden agendas that can fool a trader later on.

2. Competitive Pricing

Brokers charge money for providing different services to traders. Brokers act like a bridge between the market and the trader. For a smooth transaction, a broker charges some money. There are a lot of brokers who charge differently to traders. I did a competitive analysis before finding the best.

3. Robust Platform

The platform is an interface from which a trader executes their trades. Platforms can offer various services. These include charting tools, mobile apps, and automated trading or forex robots. These services depend on the account type (standard, pro, and VIP).

4. Quality Support

The biggest boon for a trader is that whatever broker they choose must have quality support. Don’t worry; I have examined the customer service of different brokers and picked the best.

Best USA Forex Broker in 2024

Let me cut to the chase and present you with the best US forex broker for 2024.

1. Forex.com

The platform is one of the best in the USA. In my view, it holds one of the top three spots. There can be various reasons why it is one of the best. It may be due to.

• Strong regulatory compliance.
• Offerings
• Comprehensive tools.

Let us discuss all the good things that Forex.com has.

a. Safety, Regulation, and Presence

• The broker, or forex.com, is compliant with the CFTC and a member of the NFA. These regulatory bodies take care of forex trading in the USA.
• Forex.com has a strong market presence. This is true for all the major forex trading markets, including the UK, Australia, and Japan. It operates under the umbrella of GAIN Capital. The strong market share has added to its reliability and trustworthiness, which have built its reputation.

GAIN Capital: Global Asset Investment Network Capital

b. Transparency

• The global presence of forex.com makes it a fierce competitor to its counterparts. It operates under the umbrella of GAIN Capital. Regulated by some top-tier authorities. In the USA, CFTC and NFA, FCA in the UK, and ASIC in Australia. Although the forex market has no centralized regulatory system. The country-wise authorities enforce some strict rules. All these rules ensure fund security and prevent unfair trading. In short, they increase transparency in every aspect.
• If you visit the forex.com website, it provides the license details and all other information. These can help clients verify their regulatory status.

c. Trading Instruments

• The best part of this broker is that you can browse through different trading instruments. The core offering of this versatile platform is access to 80 currency pairs. This includes pairs like EUR/USD, GBP/USD, and USD/JPY. These currency pairs are among the most traded pairs.
• It offers commodities, including metals like copper, gold, and silver. Traders can access the prices of energy products, such as crude oil and natural gas.
• It also provides access to indices from global markets, such as the NASDAQ, DAX 30, and FTSE 100. Traders can also access the shares of global companies like Google, Tesla, and Apple. This will allow traders to tap into another section of financial trading. They can buy and sell the stocks of global companies.
• It may allow cryptocurrency trading, but it will depend on the region. In areas where they allow trading crypto, traders can access popular cryptocurrencies.

Note: The platform supports Bitcoin, Ethereum, and Litecoin. To find out which regions offer crypto trading, contact their customer care.

• It allows access to the U.S. Treasury and Contracts for Difference (CFD).

d. Trading Platform

• Let me start this conversation from a layman’s perspective, someone who is coming to the platform for the first time. The GUI (Graphical User Interface) and platform accessibility are quite easy and effective. You can move through the website without any interference.
• About the Platform: The proprietary platform is very flexible. You can customize it according to your interests. It offers various charting tools and trading insights.
• You can download the platform as a desktop application or use it in a web browser. Forex.com has a dedicated mobile application. It is available for both Android and iOS users.
• It is one of the most advanced platforms in terms of technology and ease of navigation. It has over 100 technical indicators and advanced charting and drawing tools.

e. Account Type

• The forex.com trading platform is one of the most advanced trading platforms. It offers various account types based on target audiences. The first one is a standard account. It’s simple. Both novice and experienced traders prefer to use it. The cost of executing trades is integrated into the spreads. They charge no commission for a standard account.
• The most special thing about the commission account is its low spread. Its spread starts from 0.2 pips, with a commission per trade. It is ideal for a trader who trades in high volume.
• The following type of account is Direct Market Access (DMA). It provides direct access to the forex market with transparent pricing based on market liquidity. Experienced traders prefer this type of account to take advantage of volume-based pricing. It also gives traders the necessary control over their trades.
• A demo account is free, and forex.com provides it to novice traders. Beginners can practice and build their strategies for the live market. This account involves no real money and is risk-free.
• Another type is a professional account. It is only for a few traders who meet certain criteria, such as trading experience and financial status. This account offers high leverage and other added benefits.

f. Fees and Spreads

• Competitive trading fees and spreads determine a lot about a good forex broker. For standard accounts, forex.com incorporates the cost into spreads. They charge no additional costs.

Here’s some information for you: For major currency pairs like EUR/USD, the spread starts at 1.0 pips.

• For commission-based accounts, spreads can start as low as 0.2 pips. These are for popular currency pairs. One of the most important things to notice is the commission charge per trade. It can be $5 per 100,000 units or $2.50 per side on each lot (standard).
• DMA-type accounts have competitive spreads, which depend on the market’s fluctuations. The account offers volume-based commissions, where the spread can go as low as $0.1 pips. This is for major currency pairs.

Did You Know?  Forex.com applies overnight financing charges for positions held overnight. They also charge $15 monthly if a trading account remains inactive for 12 consecutive months.

g. Educational Resource

If you want to be a successful trader, you have to keep learning new things. Forex.com provides a lot of educational resources that will help traders. They do this by offering resources.

• Webinars and live events.
• Daily and weekly market reports.
• Providing answers to various queries through FAQs.
• E-books and other downloadable content.

h. Customer Support

As mentioned earlier, good customer support can guarantee the success of a brand. In this case, forex.com has robust customer support that assists traders in various ways.

• They have various support channels. You can get in touch with them via dedicated phone support. It is available for US traders for 24 hours on five trading days. They are also available through chat and email for less urgent inquiries.

Note: On-call support is available for international customers during their trading hours.

• The trading platform also has a community forum. It is like another community forum where traders can interact with each other and share their experiences.
• Their international support is available in various languages.

2. OANDA

OANDA has a solid reputation in the American market. With its platform and services, it has achieved the status of being the best. The CFTC and NFA regulate it.

Did You Know? OANDA offers MT4 and trading view integration. With this, a trader can gain in-depth knowledge of charting and automation tools.         

Let us discuss the features that OANDA has.

a. Safety, Regulation, and Presence

• OANDA is an old player. It has been a reputed member in forex trading since 1996. They are pretty serious about handling clients’ funds. They keep clients’ money in segregated accounts. This means it is separate from the company’s operational money.
• They also offer negative balance protection in some regions of the U.S. to ensure that clients do not lose more money than their initial deposit.
• Multiple international financial authorities regulate OANDA. In the USA, the CFTC and NFA regulate it; in the U.K., the FCA regulates it; and in Australia, ASIC regulates it, etc.
• OANDA follows strict reporting and transparency standards. As a regulated broker, they have to follow it according to each country’s regulatory bodies. This can be trust-building among the clients.
• OANDA has a global presence, with offices in major financial hubs like the U.S., Australia, the U.K., Japan, and Singapore.

b. Transparency

• OANDA offers spread-only pricing for specific accounts. There are no additional or hidden costs involved. Before making a trade, traders know their spreads. It gives them a complete view of how much they are going to pay per trade. The platform provides live spreads, which change based on market conditions. It also offers historical spread data. That can be an excellent comparison with the current spread price and see how it varies.
• The platform operates without requotes. This means that trades execute at real-time prices, leaving no room for manipulation afterwards.
• OANDA is known for its price transparency. They are pretty straightforward and upfront about the costs involved in a trade. Whether it be overnight financing charges, spreads, account inactivity fees, etc.
• OANDA submits a regular financial report to its regulators. This ensures a standard practice that meets regulatory standards.

Note: This platform provides clear, timely notifications to traders. These may be about updates, changes in policies, fees, etc.

c. Trading Instrument

If clients are looking for a diverse portfolio, they can opt for OANDA. Let’s examine its trading instruments.

• It offers all the major currency pairs, like GBP/USD and USD/JPY. Minor pairs like AUD/NZD and EUR/GBP, and exotic pairs like EUR/SGD.
• It offers commodities, including metals like platinum, copper, gold, and silver. Traders can access the prices of energy products, such as crude oil and natural gas.
• CFDs on significant indices like the S&P 500, NASDAQ, and DAX 30. They allow clients to tap into the world of stock markets.
• It offers government bonds, like the U.S. Treasury Bond. 
• You can trade in cryptocurrency on its platform. It depends on the region. In areas where they allow trading crypto, traders can access popular cryptocurrencies. Touch base with their customer care to know more about this.

d. Account Types

OANDA offers different types of trading accounts. They will be tailored according to the trading needs and experience levels.

• It has a standard account that suits both beginners and experienced traders. This account requires no minimum deposit and charges no commission on trades. If traders use this type of account, they can access OANDA’s platform and MT4. This account will give traders access to trading tools, charts, and other educational resources.
• Another one is the premium account, which may require a minimum deposit of around $20,000. It can vary by region. Traders with prior experience and operating on higher volumes prefer it. It also has lower spreads compared to the standard account.
• The next one is the core account. It is generally opted by scalpers and for those who prefer tighter spreads.
• OANDA also offers a demo account. It is the preferred choice for beginners. As they want to practice and familiarise themselves with the market’s operation.

e. Fees and Spreads

• If we talk about spreads, OANDA offers a variable spread. The spread will depend on market conditions, such as market volatility and liquidity.
• Standard accounts charge as low as 1.0 pips for popular pairs like EUR/USD. They do not charge any additional commissions.
• They offer tighter spreads for core accounts. They can go as low as 0.2 pips and may involve a small commission per trade.

OANDA charges for swap or overnight financing for positions held overnight. The currency pair and position size determine the swap fees. They may charge inactivity fees for no trading after 12 consecutive months. The fee is around $10.

f. Educational Resource

OANDA provides a variety of educational resources. It will be per traders’ learning styles. Let us take a look at the different educational resources provided by them.

• Events and webinars.
• Tutorials and trading guides.
• Trading calculators and tools.
• Blogs and news about market insights.

g. Customer Support

OANDA’s excellent customer support makes it a top choice for U.S. forex traders. Let us examine one by one how they have such incredible customer support.

• During forex market hours, it is available 24/5 for all customers. Multilingual support is available for international customers.
• OANDA customer support is available on the phone calls for faster resolutions. For less urgent issues, they are available via chat, email, and social media.
• They also have a dedicated help centre for troubleshooting and detailed guides.
• Premier customers receive personalised services, like a dedicated account manager.

3. TD Ameritrade (Thinkorswim)

TD Ameritrade is one of the top three most popular forex brokers in the US. If you have an account on Thinkorswim, you can trade in forex, futures, options, and stocks.

a. Safety, Regulation, and Presence

• TD Ameritrade is known for assuring the safety of traders’ money. It is a member of SIPC, which protects up to $500,000 for securities. This also includes a $250,000 limit for cash.

SIPC: Securities Investor Protection Corporation.

• For further assurance, the company registers with the CFTC and holds membership in the NFA. Both of these organisations enforce strict guidelines for forex brokers.

CFTC: Commodity Futures Trading Commission.

NFA: National Futures Association.

• The broker serves many clients both online and offline (branch-based). Its main focus is serving clients across America. It has a footprint in international locations like Singapore and Hong Kong. In 2020, Charles Schwab integrated with TD Ameritrade. With this, they expect to expand their reach and grow.

b. Transparency

• TD Ameritrade is transparent about any fees it charges its clients on its platform. The broker shares detailed information on commissions and account maintenance. It may also consist of additional costs if charged to the client upfront.

Did You Know? TD Ameritrade offers commission-free trades for most U.S. stock and ETF traders. The broker may charge a fee for specific options and other trades. Check this information with the broker.

• TD Ameritrade is very particular about account statements and performance reports. The broker updates the clients about the performance of their accounts on a regular basis. All clients can access disclosures like T&Cs and privacy policies. They can see every detail related to their accounts.
• They show how traders execute a trade. They publish a report on order execution quality. It aims to help clients understand how the broker handles trades.

c. Trading Instrument

The broker offers a variety of trading instruments to suit the needs of different investors. Let’s examine them.

• By choosing them as your broker, you can access U.S. stocks. Many companies list themselves on stock exchanges like NASDAQ and NYSE. You can also access international stocks through OTC and ADRs.

OTC: Over-the-counter stocks.

ADR: American Depository Receipts.

• A wide range of ETFs is available. Clients can trade them commission-free. These ETFs are from different sectors, covering the needs of many clients.
• They offer forex trading, where clients can access currency pairs with leverage options. They also provide many mutual funds.
• Clients can access U.S. Treasury, municipal, and corporate bonds.
• The broker does not offer crypto trading. It may provide exposure to crypto products, like Bitcoin futures and crypto securities.

d. Account Type

The broker offers various accounts, each designed to meet the needs of different customers. Let’s examine the different account types.

Individual and Joint Accounts

We all know about the standard individual account that leads a person to trade. Two or more persons, such as spouses or business partners, can share a joint account.

Custodial Accounts

A custodian manages these types of accounts held in a minor’s name. Once minors reach adulthood, they gain authority over the account.

Future and Forex Accounts

These are two different types of accounts. They are for investors who would like to invest in forex or futures.

Education Accounts

Ameritrade provides two types of education accounts. Both aim to save for college expenses with tax benefits.

1. 529 College Savings Plan.
2. Coverdell Education Savings Account.

Specialized Accounts

Specialized accounts contain the types of accounts mentioned below.

1. Partnership accounts
2. Sole Proprietorship Account
3. Trust accounts
4. LLC accounts

LLC: Limited Liability Company.

e. Fees and Spreads

The broker’s fee structure and spread depend on many things. On investment products and types of trading. Let us take a look at fees and spreads associated with various instruments.

Trading Instruments	Associated Fees and Spread
Stock & ETF	$0 commission on online U.S.-listed stocks and ETFs. Additional fees may apply. For more information, check with customer care.
Options	$0 for base commission for an options trade. $0.55 per option contract. *Ameritrade may charge additional fees for agent assistance in trades.
Forex	1. Variable spreads depend on market conditions for forex trades. 2. Does not involve a commission.
Futures	Commission: $2.25 per side.
Mutual Fund	1. There is no transaction fee for buying and selling certain mutual funds. 2. $49.99 transaction fee per trade for certain mutual funds.

f. Educational Resource

TD Ameritrade provides educational resources to benefit traders and investors. These resources not only expand their knowledge but also improve their skills. Let’s examine each of their educational offerings.

• Online courses.
• Webinars.
• Learning center.
• Articles and insights.

g. Customer Support

TD Ameritrade provides comprehensive customer support. Here is an overview of it.

• 24/7 customer service is available via phone.
• For non-urgent matters, clients can use live chat and email options.
• They provide in-person support across various branches in the U.S.

Conclusion

We have dedicated this blog to finding the Best USA Forex Broker in 2024. In our research, we came across three brokers that qualified as the best: Forex.com, OANDA, and TD Ameritrade. We studied each of them and compared them on transparency, security, support, and trading tools. You can choose among these brokers one that suits your trading style and serves you better.

Frequently Asked Questions