7 Best Regulated Forex Brokers in USA in 2021
Forex brokers who allow US citizens to trade currencies online must be subject to US regulations. They must be registered with the Commodity Futures Trading Commission (CFTC) and regulated by the National Futures Association (NFA).
The Commodity Futures Trading Commission is an independent agency of the US government that regulates the US derivatives markets.
The National Futures Association is the self-regulatory body for the U.S. derivatives industry, including exchange traded futures, over-the-counter retail foreign currencies, and over-the-counter derivatives.
The following is a list of seven registered Forex brokerage firms that are accepting clients from the United States in 2021.
Forex.com is registered with several regulators around the world, including the leading Financial Conduct Authority (FCA) in the United Kingdom and the Commodity Futures Trading Commission (CFTC) in the United States.
Forex.com offers over 80 currencies and 91 currency pairs that include major, minor, and exotic currencies to trade. The minimum initial deposit required is only $ 100. The broker does not charge any withdrawal, deposit or account fees. Available deposit and withdrawal methods include e-wallets, credit and debit cards, and wire transfers. Forex.com offers user-friendly trading platforms that can be used on the web, mobile or desktop devices.
Forex.com does not, however, offer CFDs to US clients as per regulations, and cryptocurrencies can only be purchased through CFD trading.
In the United States, eToro’s online platform is offered by eToro USA LLC, which is registered with the Financial Crimes Enforcement Network (“FinCEN”) as a Money Services Business (“MSB”), as well only to applicable state regulators.
eToro has over 2,000 assets and a demo account with $ 100,000 in paper transactions. The broker charges a low trading fee and requires a low minimum deposit depending on the payment method. For example, bank transfers cost nothing while bank cards are charged $ 300. The minimum initial deposit is $ 200 and a withdrawal fee of $ 5 is applicable for withdrawals less than $ 30. Traders can access social trading.
eToro only offers one account base currency which is USD, so there is a conversion fee on the 14 other currencies accepted for deposits. A $ 10 inactivity fee is also billed each month after 12 consecutive months.
The IG Group is secure due to its stock exchange listing, the availability of its financial data and its oversight by top regulators.
IG Group offers 80 currency pairs for trading.
IG Group does not charge deposit fees and merchants can credit their accounts with bank cards, wire transfers and electronic wallets. There is no minimum deposit required and a trader can first open a demo account with $ 20,000 in virtual funds.
IG Group charges an inactivity fee for customers who are inactive for two years. IG Group also charges a high currency exchange fee with a standard 0.5% fee for currency conversion.
TD Ameritrade is regulated by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading Commission (CFTC), Hong Kong Securities and Futures Commission, Monetary Authority of Singapore (MAS). Clients are covered by the US SIPC Investor Protection Regime.
TD Ameritrade offers many account options and does not require a minimum deposit. Deposits and withdrawals are free but can only be done by wire transfer. The trading platform can be downloaded to your tablet or phone.
TD Ameritrade only offers transactions in the US markets and receives almost only US customers.
Established in 1996, OANDA is a forex and CFD broker in the United States offering a choice of spread only or base price with spreads starting at 0.1 pips and the choice of forex trading platform MT4 or OANDA .
OANDA offers 38 currency pairs including major, minor and exotic pairs to trade. Its lowest spreads start at 0.9 pips.
The trading platform can be downloaded to a phone, tablet or desktop and deposit methods include credit card, debit card, wire transfer, and payments.
OANDA offers a demo account and does not require a minimum initial deposit or withdrawal fees during your first month.
Interactive Brokers LLC is regulated by the SEC and CFTC of the United States and is a member of the SIPC Compensation Plan.
Interactive Brokers does not require a minimum deposit and does not charge withdrawal fees or account fees. You can deposit by checks, bank transfers and bill payment checks online in many currencies including USD, EUR, JPY, GBP, AUD, CHF, CAD. Traders can open a demo account with real-time quotes with paper money valued at $ 1,000,000.
Interactive Brokers Cons charges higher than average inactivity fees on inactive accounts and foreign exchange fees.
ATC Brokers offers Forex trading under the supervision of the CFTC and NFA. ATC Brokers operates as an agency model (ECN and STP models) and ranks among the top MT4 brokers in the United States.
ATC Brokers combines the advantages of ECN and STP brokers in a hybrid model and provides a fair forex market environment without conflict of interest.
Traders have access to FX trading and metals trading on 38 currency pairs and 2 metals (gold and silver), with reduced spreads on major currency pairs.
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