If you are considering investing in foreign exchange, you will require a forex broker to gain entry to the market and begin trading currencies. In this article, we define what is a forex broker and provide you with the Best US Forex Brokers.
What is a Forex Broker?
A Forex broker is a financial service that facilitates the buying and selling of currencies, it is a company that acts as an intermediary between buyers and sellers and the international foreign exchange market known as the interbank. They provide a platform for traders to buy and sell currencies, and they also offer other services such as leverage, margin trading, and stop-loss orders.
Best US Forex Brokers
Lots of online forex brokers provide trading platforms so you can trade currencies yourself, the best US forex brokers are mentioned below;
OANDA
OANDA is a well-known and respected forex broker that has been in business since 1996. They offer a variety of features, including a user-friendly platform competitive spreads, and 24-hour customer service. One thing that sets OANDA apart is things that set is their commitment to transparency. They publish all of their pricing and execution data, so you can be sure you’re getting the best possible deal.
Features
- It is a user-friendly trading platform that is available on desktop, web, and mobile devices.
- They can trade on margin and use stop-loss orders to limit your losses.
- Access to over 80 currency pairs, plus precious metals, commodities, and indices.
- Wide range of educational resources, including webinars, videos, and articles that you can access
- They have 24-hour customer service through phone, email, and live chat.
Pros
- The MarketPulse site contains Daily analytical updates and top-notch research papers.
- “Market Insight” is the name of the podcast that OANDA created.
- Its Trade mobile app is quite user-friendly and offers a superb feature balance.
- OANDA provides superb news, market analysis, and research tools.
Cons
- OANDA’s video content is primarily in the form of platform tutorials and is not very comprehensive.
- OANDA’s spreads are somewhat below average
- They provide fewer videos of market updates than other firms.
Forex.com
Forex.com is another popular Forex broker that is owned by the StoneX Group, a publicly traded company. Offering a variety of features that make it a good choice for traders they have a platform that is available on the web, desktop, and mobile devices. They are regulated by several financial authorities, including the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). with these financial authorities, they are certainly operating legally and following the rules set out by the relevant financial authorities. They also offer negative balance protection, which means you won’t lose more money than you have in your account.
Features
- They have a wide range of trading instruments, including currency pairs, precious metals, commodities, and indices.
- There are varieties of order types, including market, limit, stop, and trailing stop orders.
- Automated trading via the MetaTrader 4 and MetaTrader 5 platforms.
- Custom indicators and scripts using the MQL4 and MQL5 languages.
- They have a comprehensive set of charting tools, including over 30 technical indicators
Pros
- They have a wide range of currency pairings
- Their forex fees are low
- Different varieties of technological research instruments
- Cons
- The Portfolio of products is restricted to CFDs and currency
- They have a High CFD cost for stocks
- Their desktop platform is not user-friendly
Trading.com
Trading.com is a relatively new Forex broker that was founded in 2018. They are regulated by the Financial Conduct Authority (FCA) in the UK and are a member of the Financial Services Compensation Scheme (FSCS). This means that your funds are protected up to £85,000 if Trading.com goes bankrupt because of this they offer a range of account types and have some educational resources, including webinars, eBooks, and a trading glossary.
Features
- They have advanced charting tools, including over 60 technical indicators and drawing tools.
- There is a comprehensive economic calendar to keep track of upcoming market events.
- They offer the ability to place orders using one-click trading and limit orders.
- A range of educational resources are provided, including daily market analysis, a trading glossary, and a trading blog.
- Mobile trading apps for iOS and Android devices are available.
Pros
- Fair, rational, and competitive terms for trading
- They are Well-regulated
- There more than enough instruments that can be traded
- They provide the MetaTrader 5 platform
Cons
- No MetaTrader 4
- cryptocurrencies are not available.
Plus500
Plus500 is an online broker that offers trading in a range of financial instruments, including Forex. They are regulated by several financial authorities, including the FCA, CySEC, and ASIC. is known for its user-friendly platform, which is available on desktop, web, and mobile devices.
Plus500 is friendly for both beginner and experienced traders and the platform is easy to use, with a simple and intuitive user interface. Offering a wide range of educational resources, including webinars, videos, and articles. The company is known for its excellent customer support, which is available 24/7 via live chat, phone, and email.
Plus500 has won several awards, including Best Online Trading Platform and Best CFD Provider. Overall, Plus500 is a reputable and reliable broker that offers a great trading experience and they are one of the best US forex Brokers.
Features
- A wide range of tradable assets, including Forex, stocks, commodities, cryptocurrencies, and ETFs.
- A choice of different order types, including market, limit, and stop orders.
- The ability to set price alerts and use advanced charting tools.
- The ability to create watchlists and track your favorite assets.
- Free market research and analysis, including economic calendars and trading signals.
- A demo account to practice trading without risk.
- Competitive spreads and commissions
Pros
- They have a great account opening system
- They have a quick and helpful customer support
- Their platforms are well-designed
Cons
- They have high CDF fees
Frequently Asked Questions
Which broker is best in USA?
OANDA is one of the best US forex brokers available in the USA and Oanda is regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).
What is the minimum deposit in forex in USA?
The minimum deposit required to open a Forex account in the USA varies from broker to broker. Some brokers have a very low minimum deposit such as $100 but others require a higher minimum deposit, such as $500 or $1,000. It’s important to check with the broker directly to find out what their minimum deposit requirement is.
Can I open a Forex account in USA?
Yes, you can open a Forex account in the USA. Several forex brokers are regulated by the NFA and CFTC, and they accept US residents as clients.
Which forex broker is best in USA?
OANDA is one of the best US forex brokers available in the USA. Oanda is known for its user-friendly platform and competitive pricing.
