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Brokers With US Dollar Index

Written By

Jemma Grist

Written By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Michael MacKenzie

Fact Checked By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Updated

Oct 4, 2024

Brokers with the US Dollar Index (USDX) allow traders to speculate on the strength of the USD against a basket of foreign currencies. Managed by the Intercontinental Exchange (ICE), the USDX can be traded via various instruments depending on the trading platform, notably futures, options, and CFDs.

Discover the best brokers with the US Dollar Index, all personally tested by our experts.

Best Brokers For US Dollar Index

Following our first-hand evaluations, these are the top 1 trading platforms that offer the USDX:

Click a broker for details

1. 1

   
   IG
   Currency index: USD
   Go To IG

   IG Review

   Forex trading involves risk. Losses can exceed deposits.

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   Ratings

   Regulation & Trust 4.9 / 5

   Accounts & Banking 4 / 5

   Assets & Markets 4.5 / 5

   Fees & Costs 3.5 / 5

   Platforms & Tools 4.9 / 5

   Customer Support 4.5 / 5

   Research 4.9 / 5

   Education 5 / 5

   iOS App 4.6 / 5

   Android App 4 / 5

   ---

   Minimum Deposit $0

   Minimum Trade 0.01 Lots

   Leverage 1:30 (Retail), 1:250 (Pro)

   Regulator FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM

   Instruments CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting

   Platforms Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral

   Payment Methods PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card

   Account Currencies USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

   Go To IG

This is why we think these brokers are the best in this category:

1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

Brokers With US Dollar Index Comparison

Brokers With US Dollar Index Comparison

Broker	Currency Indices	Minimum Deposit	Platforms	Regulator
	USD	$0	Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM

IG

"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
Regulator	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
Platforms	Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
Minimum Deposit	$0
Minimum Trade	0.01 Lots
Leverage	1:30 (Retail), 1:250 (Pro)
Account Currencies	USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Currency Indices

IG only allows for trading on the USD currency index.

Pros

• The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
• IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
• The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.

Cons

• Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
• Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
• IG has discontinued its swap-free account, reducing its appeal to Islamic traders.

Visit IG

IG Review

Methodology

To identify the best trading platforms with USDX, we examined our database of 216 online brokers and pinpointed all those that facilitate trading on the US Dollar Index.

We then ranked them by their overall rating, blending over 100 data entries with our direct observations during testing. This revealed the trading platforms that go the extra mile for traders interested in the US Dollar index.

How To Choose A Broker With The US Dollar Index

There are several factors we, and you, should consider when choosing a broker for US Dollar Index trading:

Choose A Trustworthy Broker

An established, regulated broker will help protect you from trading scams.

This is important given that the Commodity Futures Trading Commission (CFTC) has warned against the increase in foreign currency fraud in recent years, publishing tips on identifying potential signs of a scam. For example, fraudsters may use persuasion techniques to convince traders of ‘guaranteed’ gains and create a false sense of urgency to invest.

This is why we always verify the regulatory credentials of each broker that we test and assign each broker a score from 1 to 5 for ‘Regulation & Trust’, helping to keep your funds secure when trading the USDX and other financial markets.

Jemma Grist

Author

Choose A Broker With Competitive Fees

Brokers with low trading fees on the USDX will help you maximize returns, especially for active traders.

That’s why we evaluate spreads, commissions and other charges when examining brokers, including recording fees on correlating markets, such as the EUR/USD.

We then assess non-trading fees, such as deposit/withdrawal charges, and weigh these against the overall service provided.

Choose A Broker With Correlating Markets

Traders may also be interested in a broker that provides access to other currencies within the USDX basket, providing alternative trading opportunities.

For example, the EUR/USD, which is available at all of our recommended brokers, is typically inversely related to the US Dollar Index.

Additionally, currency pairs where USD is the base or quote currency can also indicate a correlation with the USDX, such as USD/JPY or GBP/USD.

Other markets may also be of interest to USDX traders, such as commodities like gold (gold is quoted in dollars) as well as bonds (which are impacted by yield rates against the USD).

Choose A Broker With Excellent Platforms

Day traders speculating on the US Dollar Index will require a broker that offers a powerful charting platform to perform technical analysis.

Most brokers we test offer the MetaTrader 4 and MetaTrader 5 platforms. That said, I find the seamless navigation and integrated tools in TradingView far more appealing for active traders.

For example, you can use the integrated forex screener to analyze relevant currency pairs alongside your USDX chart, as you can see below.

Since the USDX is a popular macro indicator for the strength of the US Dollar, having access to excellent market research services like Trading Central can also be a value-add.

You may want a broker that provides interest rate updates from the Federal Reserve, as well as other relevant Central Banks, notably the European Central Bank as the EUR forms the largest weighting in the US Dollar Index.

Choose A Broker With Clear Margin Requirements

Day traders, in particular, often trade the US Dollar Index with leverage, allowing them to maximize their potential gains using a small outlay.

This makes it important to choose a broker with clear margin requirements so you know what’s needed and what it costs, to borrow funds.

Crucially, brokers regulated by ‘green tier’ authorities like the FCA and CySEC cap leverage for retail investors at 1:30.

This means that if I were to put down $100 for a USDX CFD, the value of my position would be $3,000 (30 x $100).

This means both my profits and losses will be multiplied by 30. As such, I recommend using risk management tools like stop-loss orders to close positions before large losses can accumulate.

Jemma Grist

Author

FAQ

Which Is The Best Broker With The US Dollar Index?

See our list of the best brokers with the USDX to find a suitable option based on your trading needs.

For example, Pepperstone offers some of the lowest fees on the USDX, while XM offers hourly technical summaries and sentiment data on the world’s most prominent currency index.