8 best US regulated forex brokers in 2024

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Noam Korbl

U.S. forex traders should only use a broker who adheres to regulatory compliance requirements. These are set by the Commodity Futures Trading Commission, or CFTC, and the National Futures Association, or NFA.

Our research and analysis found these to be the best forex brokers for U.S. traders:

OANDA – Best US Forex broker overall Forex.com – Lowest spread Forex brokerIG – Best Forex broker for beginner tradersInteractive Brokers – Best Broker commission ratesTD Ameritrade – Best U.S.-Based customer supporteToro – Best social and copy trading platformTrading.com – Good selection of currency pairsPlus500 – Best Broker for Future Trading 1. OANDA – Best US forex broker overall 

OANDA secures the top position as the premier U.S.-regulated forex broker by offering spreads that are consistently lower than the industry average. When combining this with their selection of elite trading platforms, tools and extensive loyalty program for traders with high volumes, we had to place them at the forefront. 

Tight spreads with no commission fees

During our comprehensive analysis of the world’s 40 top forex brokers, we found that OANDA’s standard account spreads are typically 18.5% less than the industry average.

While the typical industry spread for AUD/USD is 1.54 pips, OANDA’s minimum spread is just 1.1 pips, slashing the cost by over 28%. 

Noam Korbl

Across all major currency pairs, OANDA consistently maintains lower spreads, often more than halving the industry’s typical costs.

Forex Broker
OANDA minimum spread
Industry average spread

Loyalty program for high volume traders

OANDA’s Elite Trader program caters to the dedicated trader, with five tiers starting at a monthly volume of 10 million. High-volume traders are eligible for rebates of $5 to $17 per million traded, which can cut trading costs by as much as 34%. 

The program rewards participants with additional benefits, including: 

Free VPS for enhanced executionUnlimited wire transfers without feesDirect access to a relationship manager for bespoke supportComplimentary advanced charting tools like TradingViewEarn interest on unused margins where your trading account balance exceeds $10,000

Trading tools and platforms

OANDA provides traders with two platform options: MetaTrader 4 (MT4) and OANDA Trade. Each platform offers a distinct selection of features to support your trading activities, regardless of your preferred strategy.

MetaTrader 4 features

MetaTrader 4, a platform favored by forex traders worldwide, offers comprehensive charting capabilities and an extensive range of in-built technical indicators. With access to nine timeframes and over 50 pre-installed indicators, traders can precisely analyze market trends and movements. The platform’s user-friendly interface allows for trading directly from the charts, streamlining the process.

Justin Grossbard from CompareForexBrokers praises the core benefits of the MT4 platform, focusing on its capacity for automation. 

“The standout feature of MetaTrader 4 is undoubtedly its Expert Advisors (EAs). This is the reason MT4 remains my go-to platform,” he shares.

“Imagine having a tireless ally in your trading journey, one that executes trades and fine-tunes your strategies through meticulous backtesting. EAs are that ally, offering a relentless pursuit of efficiency and precision, turning complex data into clear, actionable decisions.”

OANDA clients looking for a more sophisticated trading setup can opt for the MT4 Premium Upgrade, which includes 28 extra technical analysis tools to refine and automate trading tactics. 

Noam Korbl

Additionally, the MT4 Orderbook Indicator, exclusive to OANDA, offers a 20 minute delay for all clients and five five-minute delay for elite traders’ view of all OANDA clients’ open orders and positions and integrates them directly into their MT4 charts. This indicator, which comes without additional charges for traders who meet certain deposit and trading volume thresholds, offers insightful data on market sentiment.

OANDA Trade and TradingView

OANDA Trade, the broker’s own platform, comes enhanced with a TradingView’s suite of over 65 technical indicators and extensive drawing tools for comprehensive analysis.

The user-friendly platform streamlines your trading with Autochartist’s automated chart pattern recognition, ensuring you’re well-equipped for technical analysis. It also keeps you connected to the pulse of global finance with its Economic Overlay, delivering real-time economic updates within the platform. 

OANDA Trade also includes the option to integrate specialist third-party tools. For those looking to fine-tune their strategies, Motivewave’s advanced backtesting capabilities are invaluable, while Dow Jones FX Select provides a steady stream of news and expert analysis to guide your trading decisions.

Financial markets

OANDA offers a range of over 68 forex pairs, including major, minor, and exotic currencies. If you are interested in spot cryptocurrency trading, OANDA has partnered with Paxos to allow account holders access to trade key cryptos like Bitcoin, Ethereum, and Litecoin on Paxos’s itBitexchange through the OANDA app.

Account management

One of the key advantages of trading with OANDA is that they do not have a minimum deposit requirement, which means you can start trading with any amount that suits your budget. For deposits and withdrawals from your trading account, this broker supports a range of payment methods including debit cards (Visa and Mastercard), ACH bank transfers and wire transfers.

OANDA final verdict

Offers spreads significantly lower than the industry averageNo commission fee pricing structure for standard accountsTiered loyalty program with benefits like free VPS, unlimited wire transfers and direct access to a relationship managerCurrent Welcome Bonus offer of up to $10,000 which expires January 31, 2024 2. Forex.com – lowest spread forex broker

Forex.com is second on our list as it is a popular broker for those wanting an ECN-style account type in the United States. Its RAW Account features ECN-style pricing with the potential for spreads to reach as low as zero pips, plus a fixed commission fee. 

As well as tight spreads, U.S. traders benefit from a broad selection of trading products. You’ll have access to forex, shares, precious metals and various derivatives like futures and options. It’s an attractive combination of expansive financial market access and competitive pricing. 

ECN-style spreads 

Traders at Forex.com can select from two pricing options to suit their trading strategy. The spread-only standard account does away with commission fees, which benefits beginner traders who prefer a simple cost structure. This account type is compatible with MetaTrader 4, MetaTrader 5, and the Forex.com platform, offering versatility in your trading platform choice.

The RAW Account, on the other hand, is designed for traders aiming for the tightest spreads, starting at zero pips, with a fixed commission fee of $7 round turn. This account is available on the Forex.com platform and MetaTrader 5 for an experience tailored to high-volume trading.

Noam Korbl

Funding your Forex.com account is straightforward and flexible. Payment methods include bank transfers (ACH), Mastercard and Visa debit cards or wire transfers. To start trading, a low minimum deposit of just $100 is required for both account types.

Active trader rebates 

Forex.com’s Active Trader Program is designed to support and reward high-volume traders. The program scales up the cash rebates as the monthly trading volume increases, potentially slashing trading costs by up to 15%. For traders who hit the threshold of $1 million in monthly trading volume, the program offers rebates that can amount to as much as $10. 

Additionally, the program includes the services of a personal relationship manager, daily interest margin and waived wire transfer fees, all contributing to a more cost-effective and personalized trading experience.

Trading platforms and tools 

Forex.com offers a selection of trading platforms – including their own proprietary platform – alongside the widely-used MetaTrader 4 (MT4) and MetaTrader 5 (MT5). 

Forex.com WebTrader and mobile apps 

The broker’s proprietary platform is accessible via web browsers and dedicated mobile apps for both Android and iOS devices. Enhanced with TradingView’s comprehensive suite of over 80 technical indicators, 50 drawing tools, 14 timeframes and multiple chart types, the platform enables the development of sophisticated trading strategies through an intuitive interface.

MetaTrader 4 and MetaTrader 5

At Forex.com, traders can access the full suite of standard MetaTrader tools on MT4 and MT5, complemented by extra features. This includes nine in-built Expert Advisors for automated trading strategies alongside 15 unique indicators.

Additional tools 

For those seeking efficiency in identifying trading opportunities, Trading Central is a valuable resource. Forex.com also provides SMART Signals and Capitalise.ai for automated strategy creation, NinjaTrader for advanced charting and trading management and API trading for those who prefer to build and execute custom strategies.

Forex.com final verdict

ECN-style RAW Account with potential for spreads as low as zero pipsActive Trader Program offering cash rebates and a personal relationship managerAccess to MetaTrader 4, MetaTrader 5, and proprietary platforms with additional trading tools 3. IG – best forex broker for beginner traders

IG is an ideal choice for beginner traders in the forex market thanks to their commitment to providing an accessible and educational trading environment. From user-friendly platforms to extensive learning resources, we found that IG tailors its services perfectly to ensure new traders can navigate the forex landscape with confidence and ease.

Education and resources

For beginner traders, IG’s educational materials are invaluable. The IG Academy presents a comprehensive suite of online resources, including live training sessions and tutorials, essential for mastering the fundamentals of forex trading.

The broker further enhances learning through interactive seminars and webinars, which delve deeper into trading concepts. A glossary and educational materials are available, clarifying trading terminology and simplifying complex ideas. Additionally, IG provides a free economic calendar and analytical tools, fostering the practical application of theoretical knowledge.

To complement the broker’s various educational resources, IG grants access to a demo account with $20,000 in virtual funds for training purposes. This feature allows beginners to safely navigate the real-world forex market, gaining trading experience without the high risk of losing real money.


IG’s reputation in the forex trading community is solid, evident by its ‘great’ rating on TrustPilot, backed by thousands of five-star reviews. This broker has established a strong presence in the foreign exchange industry and has been operating for over 45 years, serving over 313,000 clients globally. 

The broker’s commitment to innovation and user experience, particularly in mobile trading, has not gone unnoticed in the FinTech sector. They have been awarded numerous accolades for their brokerage services and technology. We asked industry expert Noam Korbl from CompareForexBrokers.com to shed light on these achievements.

He commented, “IG’s track record in the financial services industry is remarkable, and they have been recognized for their brokerage excellence and technological advancements in the industry many times this year. Their mobile trading app, in particular, stands out, having received multiple awards for its user-friendly interface and comprehensive features. This recognition is a testament to IG’s ongoing commitment to providing top-tier trading experiences for their clients.”

Forex trading platforms

IG caters to beginner forex traders with two primary platform choices: their bespoke proprietary platform and MetaTrader 4 (MT4). The proprietary platform is particularly suited for newcomers, offering a user-friendly interface that eases the new user into the trading process. This platform is accessible across various devices, including web, tablet and mobile apps, ensuring compatibility with both Android and iOS systems.

For those beginners who envisage progressing into a more sophisticated trading platform, IG also provides MT4. This platform is celebrated for its advanced features, such as Expert Advisors (EAs) for automated trading and AutoChartist for advanced chart analysis. This makes MT4 a valuable option for traders as they evolve in their forex trading journey.

IG final verdict

Streamlined platforms for easy forex trading initiationExtensive resources for learning and strategy developmentProven track record with accolades for user experience and technology 4. Interactive Brokers – best broker commission rates

Interactive Brokers (IB), which is widely acclaimed for its commitment to low fees, is an attractive choice for traders who value cost efficiency alongside powerful trading tools. 

Low trading fees

IB’s commitment to keeping fees low is evident in its pricing structure. With direct access to interbank quotes and top-tier liquidity providers, clients benefit from transparent pricing with no hidden spreads or markups. When U.S. clients are forex trading with IB, they enjoy tight spreads with volume-tiered pricing.

If you’re interested in share trading, this online broker offers two main account options for retail traders. The IBKR Lite account is ideal for beginners with no commissions on U.S.-listed stocks and ETFs. The IBKR Pro account, on the other hand, offers competitive tiered pricing for active traders.

IB’s other financial instruments also feature competitive rates. Options start at $0.15 to $0.65 per…

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