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Best Forex Trading Platforms In The US 2024

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Written By
James Barra
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Written 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
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Fact Checked By
Jemma Grist
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Fact Checked 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
Updated
Nov 11, 2024

The US Dollar is traded three times more than the Euro, New York is gaining on London as the largest foreign exchange hub, and the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) hold forex brokers to the highest standards. These factors are attracting US forex traders at all levels to the market and increasing the demand for online trading platforms.

Explore our selection of the best forex trading platforms in the US following comprehensive testing and analysis. Every broker recommended specifically caters to forex traders in the US:

  • They offer trading on currency pairs containing the US Dollar
  • They provide a USD-based forex account for convenient deposits
  • They have offices and support staff based in the United States
  • They are regulated by the CFTC/NFA

Top 6 Forex Trading Platforms In The US

Many of the 265 brokers we've evaluated as of 2024 offer an excellent forex trading environment, but these 6 stand out as the best for traders in the USA:

Click a broker for details
  1. 1
    FOREX.com
    Active Trader Program With A 15% Reduction In Costs
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Futures, Futures Options
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  2. 2
    NinjaTrader
    Ratings
    4.3 / 5
    2.8 / 5
    2.9 / 5
    4.3 / 5
    4.5 / 5
    4 / 5
    4 / 5
    4 / 5
    3 / 5
    3.2 / 5
    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Options, Commodities, Futures, Crypto
    NinjaTrader Desktop, Web & Mobile, eSignal
    ACH Transfer, Debit Card, Wire Transfer, Cheque
    USD
    Go To NinjaTrader
  3. 3
    Interactive Brokers
    Ratings
    4.5 / 5
    3.5 / 5
    4.6 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
    Go To Interactive Brokers
  4. 4
    IG
    Forex trading involves risk. Losses can exceed deposits.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.9 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG
  5. 5
    OANDA US
    CFDs are not available to residents in the United States.
    Ratings
    4.5 / 5
    3.5 / 5
    2.8 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.3 / 5
    3.8 / 5
    4.7 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
    OANDA Trade, MT4, TradingView, AutoChartist
    Wire Transfer, Visa, Mastercard, Debit Card, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
    Go To OANDA US
  6. 6
    Plus500 US
    Welcome Deposit Bonus up to $200
    Trading with leverage involves risk.
    Ratings
    3.5 / 5
    3.7 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3.5 / 5
    2.8 / 5
    3.5 / 5
    4.1 / 5
    4.3 / 5
    $100
    0.0 Lots
    CFTC, NFA
    Futures on Forex, Commodities, Cryptos, Indices, Interest Rates
    WebTrader, App
    ACH Transfer, Wire Transfer, Debit Card, Mastercard, Visa
    USD
    Go To Plus500 US

Here is a short summary of why we think each broker belongs in this top list:

  1. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  2. NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
  3. Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
  4. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
  5. OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
  6. Plus500 US - Plus500 US offers futures trading on a small selection of 13 currencies, including popular pairs like the EUR/USD and GBP/USD. Day trading margins are competitive, starting from $40, while the educational resources do an excellent job of breaking down the basics of forex futures for new traders.

Best Forex Trading Platforms In The US 2024 Comparison

Best Forex Trading Platforms In The US 2024 Comparison
Broker US Regulated USD Account Currency Pairs EUR/USD Spread Forex App Rating Minimum Deposit
FOREX.com logo
✔ ✔ 80+ 1.2 4.9 / 5 $100
NinjaTrader logo
✔ ✔ 50+ 1.3 3.5 / 5 $0
Interactive Brokers logo
✔ ✔ 100+ 0.08-0.20 bps x trade value 4.3 / 5 $0
IG logo
✔ ✔ 80+ 0.8 4.9 / 5 $0
OANDA US logo
✔ ✔ 65+ 1.6 4 / 5 $0
Plus500 US logo
✔ ✔ 13 0.75 4.3 / 5 $100

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus OfferActive Trader Program With A 15% Reduction In Costs
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:50
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.

Cons

  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
Visit FOREX.com
FOREX.com Review

NinjaTrader

"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."

Tobias Robinson, Reviewer

NinjaTrader Quick Facts

GBPUSD Spread1.6
EURUSD Spread1.3
EURGBP Spread1.6
Total Assets50+
Leverage1:50
PlatformsNinjaTrader Desktop, Web & Mobile, eSignal
Account CurrenciesUSD

Pros

  • Traders can get free platform access and trade simulation capabilities in the unlimited demo
  • You can get thousands of add-ons and applications from developers in 150+ countries
  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract

Cons

  • The premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods
Visit NinjaTrader
NinjaTrader Review

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

GBPUSD Spread0.08-0.20 bps x trade value
EURUSD Spread0.08-0.20 bps x trade value
EURGBP Spread0.08-0.20 bps x trade value
Total Assets100+
Leverage1:50
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
  • While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.

Cons

  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
Visit Interactive Brokers
Interactive Brokers Review

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

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.

Cons

  • 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.
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients.
Visit IG
IG Review

OANDA US

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

Jemma Grist, Reviewer

OANDA US Quick Facts

GBPUSD Spread3.4
EURUSD Spread1.6
EURGBP Spread1.7
Total Assets65+
Leverage1:50
PlatformsOANDA Trade, MT4, TradingView, AutoChartist
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD

Pros

  • Day traders can enjoy fast and reliable order execution
  • There's a strong selection of 68 currency pairs for dedicated short-term forex traders
  • The broker offers a transparent pricing structure with no hidden charges

Cons

  • There's only a small range of payment methods available, with no e-wallets supported
  • It's a shame that customer support is not available on weekends
  • The range of day trading markets is limited to forex and cryptos only
Visit OANDA US
OANDA US Review

Plus500 US

"Plus500 US stands out as an excellent choice for beginners, offering a very user-friendly platform, low day trading margins, and access to the Futures Academy to enhance trading skills."

Michael MacKenzie, Reviewer

Plus500 US Quick Facts

Bonus OfferWelcome Deposit Bonus up to $200
EURUSD Spread0.75
Total Assets13
PlatformsWebTrader, App
Account CurrenciesUSD

Pros

  • Plus500 US excels for its low fees with very competitive day trading margins and no inactivity fees, live data fees, routing fees, or platform fees
  • The Futures Academy is an excellent resource for new traders with engaging videos and easy-to-follow articles, while the unlimited demo account is great for testing strategies
  • The straightforward account structure, pricing model and web platform offer an easier route into futures trading than rivals like NinjaTrader

Cons

  • Despite competitive pricing, Plus500 US lacks a discount program for high-volume day traders, a scheme found at brokers like Interactive Brokers
  • The proprietary platform is user-friendly but lacks advanced technical analysis tools found in third-party solutions like MetaTrader 4
  • While Plus500 US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
Visit Plus500 US
Plus500 US Review

Forex trading is risky. Most retail investors lose money. Only risk what you can afford to lose.

How We Chose The Best Forex Trading Platforms In The US

To find the best forex trading platforms in the US, we identified all those offering currency-related trading products and accepting investors from the US, then we ranked them by their total rating.

Our forex broker ratings are based on extensive hands-on testing, drawing on over 100 data points and the firsthand observations of our industry experts, focusing on key areas, notably:

Trust

We’ve recommended forex brokers we trust after weighing their:

  • Regulatory credentials: We confirmed they are regulated by the US CFTC/NFA.
  • Years of experience: We checked they have been offering forex trading for at least 15 years.
  • Our experts opinion: We ensured they scored at least 4.5/5 in our Regulation & Trust rating.
US forex broker IG on the NFA database
IG US License

Of these, the best sign that a forex broker can be trusted is authorization from the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), ‘green-tier’ regulators in line with our Regulation & Trust rating, protecting forex traders in the US through:

  • IG earns our vote as the most trusted US forex broker. It’s regulated by 13 bodies including the CFTC, and has over 50 years in the industry, plus our experts have used the IG platform for real-money forex trading and highly praise the secure and dependable trading environment.

Currency Pairs

We’ve recommended forex brokers that offer trading on a wide range of currency pairs, catering to various day trading strategies.

Every one of our top-rated forex brokers in the United States offers trading on currency pairs containing the US Dollar, including majors: EUR/USD, USD/JPY, GBP/USD and USD/CHF.

These are the most widely traded currency pairs, comprising up to 75% of global forex trading volumes, and typically exhibiting the lowest fees, making them appealing to active traders looking to keep costs down when operating in slim margins.

Table of currency pairs on FOREX.com US platform
FOREX.com US – Currency Pairs
💡
The rest of the world’s currencies, and particularly emerging economies, are heavily influenced by the value of USD. A strong dollar makes it harder for countries to purchase USD, which is used as a reserve currency to balance their own monetary policy. This means other currencies usually depreciate in times of USD strength.
  • FOREX.com offers a terrific selection of over 80 currency pairs with 22 containing the US Dollar. It’s also one of the few forex brokers to offer a dedicated news and analysis section on the Dollar with almost daily expert insights and short-term outlooks delivered in written, video and chart form, alongside actionable trading ideas – fantastic resources for beginners.

Pricing

We’ve recommended forex brokers with competitive pricing after evaluating spreads on popular currency pairs; EUR/USD, GBP/USD and EUR/GBP, and balancing these with any additional fees, such as inactivity penalties, and critically, the overall quality of the forex trading environment.

This is because we’ve learned that it can be worth paying more depending on your needs. For example, superior education if you’re a beginner, the fastest execution if you’re a short-term trader, and automated trading tools if you’re an algo trader.

Importantly, newcomers may prefer a commission-free account to keep pricing simple, while advanced forex traders may prefer a low-spread and commission account, which can reduce costs when executing frequent trades.

Let’s say I’m an active trader of the USD/GBP pair and opt for an account that offers low spreads and a commission. Here’s why this could work for me: Each time I execute a forex trade, I pay a small fixed commission, but I could benefit from significantly tighter spreads.

For example, while a commission-free account might offer a spread of 1.2 pips, my account might only have a 0.3 pip spread but include a $7 commission. Over many forex trades, the savings from the lower spreads can outweigh the commissions.

author image
James Barra
Author
  • IG is one of the lowest-cost US forex brokers, with spreads averaging 1.2 on the EUR/USD, 1.8 on GBP/USD and 1.8 on EUR/GBP, plus up to 15% rebates for the most active traders and competitive margins from 2% on the EUR/USD. Its ProRealTime platform is also one of the most comprehensive platforms we’ve seen with first-rate analysis tools and around 100 indicators.

Tools

We’ve recommended forex brokers with user-friendly and feature-rich platforms following direct testing of their desktop, web and/or mobile solutions.

The forex industry has been dominated by MetaTrader 4 (MT4) for years, but we’re observing a shift towards more user-friendly platforms like TradingView that come stacked with helpful features, notably forex heatmaps, market forecasts, trading ideas and dozens of indicators.

This isn’t surprising – I’ve spent countless hours testing the MetaTrader 4 forex platform over the years and am always struck by its bland design, especially the web solution that is unintuitive and fiddly, resulting in a subpar user experience.

Trading currencies on OANDA US forex platform
OANDA Trade

With 50% of retail forex investors now using mobiles to trade, according to Gitnux, US brokers are also investing in forex trading apps, which increasingly offer a comprehensive mobile trading experience, complete with mobile-optimized charting, in-built research and analytics, plus in-app support to resolve urgent trading queries.

  • OANDA’s forex trading tools are superb. MT4 is available for the purists, while its OANDA’s Trade solution offers one of the cleanest workspaces I’ve experienced, complete with graphs from MultiCharts, market analysis, plus live and historical exchange rates.

FAQ

Which Is The Best Forex Trading Platform In The US?

Use our rankings of the best forex trading platforms in the USA to find the right broker for you as everyone’s needs are different.

We also recommend making use of forex demo accounts, offered by all of our recommended brokers, to get familiar with platform features and test strategies before risking funds.

Who Regulates Forex Brokers And Trading Platforms In The US?

The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) regulate forex brokers in the US.

We recommend choosing a forex trading platform registered with these financial bodies. We also recommend reading the CFTC’s advice on how to protect yourself against forex trading scams.

What Is The Minimum Amount Of Money I Need To Trade Currencies In the US?

Our analysis of the largest US forex brokers shows you’ll normally need up to $250 to open a trading account, with debit card, wire transfer and ACH transfer the most supported payment methods.

However, brokerages such as IG and OANDA are increasingly catering to budget forex traders in the US with no minimum investment.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com