Wed. Nov 13th, 2019

Forex InfoBook

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Top Forex Brokers for US traders

The recommendation of NFA regulated brokers is based on trader feedback, various reviews, Forex account features and overall popularity in the Forex trading community.

The NFA regulated brokers recommended below is based on trader feedback, various reviews, Forex account features and overall popularity in the Forex trading community. US Residents can trade Forex only with Brokers who fulfill the following criteria:

  • Registered as a Retail Foreign Exchange Dealer (RFED)  by the Commodity Futures Trading Commission (CFTC) 
  • Regulated as a Futures Commission Merchant (FCM) by the National Futures Association (NFA)
Broker NameMinimum DepositMaximum LeverageMinimum LotsizeTrading PlatformsExecution TypeDemo AccountBroker Review
IG GroupUS$ 2501:50 (Majors)
1:20 (Minors)
0.01MT4DMA
Market Maker
Non Expiring
Forex.comUS$ 2501:50 (Majors)
1:20 (Minors)
0.01MT4 (standard account only)
WebTrader (DMA accounts)
DMA
Market Maker
30 DaysForex.com Review
OandaUS$ 01:50 (Majors)
1:20 (Minors)
0.01MT4Market MakerNon Expiring
ATC BrokersUS$ 20001:50 (Majors)
1:20 (Minors)
0.1MT4ECNNon Expiring
Interactive BrokersUS$100001:50 (Majors)
1:20 (Minors)
0.01Desktop TWS (No MT4)NANon ExpiringInterActive Review

If you are not sure how to select between DMA, STP, ECN brokers or Market Maker, Click here to fully understand how each broker type works and how it will improve your trading bottom line.

Even though some major Forex broker have multiple regulatory licenses, most do not choose to do get regulated by NFA. One of the main reasons is that NFA requires locked capital of about $20 million to operate in the US (Regulators in other countries requires less than $1 million). The US market is just expensive for most Forex brokers to do business.

The heavily regulated environment in the US, FIFO rule and No hedging rule puts US Forex traders at a disadvantage to their global peers. Forex brokers rely on large volumes to make profits. Since NFA imposes a maximum leverage limitations of 1:50 on major pairs and 1:20 on minor pairs, lower trading volumes generated by US trader making it unprofitable for brokers.

US brokers are more profitable by offering stock trading which is still more popular among US traders.

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