7 best regulated Forex brokers in the USA in 2021 – fingerlakes1.com
Forex brokers that allow US citizens to trade currencies online must be operating under the 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 U.S. derivatives markets.
The National Futures Association is the self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency and OTC derivatives.
The following is a list of seven registered Forex brokerage companies who are accepting clients from the United States in 2021.
Forex.com is registered with multiple regulatory bodies around the world, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).
Forex.com provides over 80 currencies and 91 forex pairs that include major, minor and exotics, to trade. The minimum required initial deposit is only $100. The broker charges no withdrawal fees, deposit fees or account fees. The available deposit and withdrawal methods include electronic wallets, credit and debit cards, and bank wire transfers. Forex.com offers trading platforms that are user-friendly and can be used on web, and mobile or desktop devices.
Forex.com however does not offer CFDs to US clients according to regulations, and cryptocurrencies can only be bought through CFD trading.
In the US, 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 as with applicable state-level regulators.
eToro has over 2 000 assets, and a demo account with $100,000 worth of paper trading. The broker charges low trading fees, and requires a low minimum deposit depending on the payment method. For example, bank wire transfers cost nothing while bank cards carry a charge of $300. The minimum initial deposit is $200, and a withdrawal fee of $5 is applicable for withdrawals smaller than $30. Traders can access social trading.
eToro offers only one account base currency which is USD, hence there is a conversion fee on the 14 other currencies accepted for deposits. An inactivity fee of $10 is also charged each month after 12 consecutive months.
The IG Group is safe due to its listing on a stock exchange, the availability of its financials and being overseen by top-tier regulators.
IG Group provides 80 forex pairs to trade.
IG Group does not charge a deposit fee and traders can credit their accounts with bank cards, transfers, and electronic wallets. There is no minimum deposit required and a trader can first open a demo account with $20,000 worth of virtual funds.
IG Group does charge an inactivity fee for clients who are inactive for two years. IG Group also charges high forex fees with a standard charge of 0.5% 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 United States investor protection scheme SIPC.
TD Ameritrade has many account options and does not require a minimum deposit. Deposits and withdrawals are fee free but can only be made using bank wire transfers. The trading platform can be downloaded to your tablet or phone.
TD Ameritrade only offers trades on US markets and almost only receive US clients.
Established in 1996, OANDA is a USA forex and CFD broker offering a choice of a spread-only or core pricing with spreads from 0.1 pips and the choice of the MT4 or OANDA forex trading platform.
OANDA provides 38 forex 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, bank 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 US SEC and CFTC and is a member of the SIPC compensation scheme.
Interactive Brokers does not require a minimum deposit and does not charge withdrawal fees or account fees. You can deposit with checks, bank wire transfer, and online bill payment checks in many currencies including USD, EUR, JPY, GBP, AUD, CHF, CAD. Traders can open a demo account with real-time quotes with paper money worth 1,000,000 USD.
Interactive Brokers Cons does charge an inactivity fee on idle accounts and has a higher forex fee than average.
ATC Brokers provides Forex trading under the supervision of both CFTC and NFA. ATC Brokers operates as an agency model (ECN and STP models) and ranks as one of the best MT4 brokers in the US.
ATC Brokers blends the benefits that come with ECN and STP brokers into a hybrid model and provides a fair FX market environment with no conflict of interest.
Traders have access to FX trading and metal trading on 38 currency pairs and 2 metals (Gold and Silver), with narrowed spreads on the major currency pairs.
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