The best forex brokers for US traders
Only three brokers in our ranking accept US clients, and all three are regulated by the CFTC and NFA. Interactive Brokers is our top pick for US forex traders on cost: about $4 to $5 round turn per 100,000 units on interbank quotes, with a $0 minimum. OANDA is the easier choice for newer traders who want simple platforms and TradingView. IG, through IG US, suits traders who want a long-established, widely regulated group. Figures were verified November 2026.
Our picks
- Interactive Brokers: the lowest verified forex cost for US residents, $0 minimum, regulated by the SEC, CFTC, NFA and FINRA.
- OANDA: NFA-regulated, no minimum on the standard account, simple web and mobile platforms plus TradingView.
- IG: a group founded in 1974 with a CFTC/NFA-regulated US arm and a $250 minimum for IG US.
US forex broker comparison
| Broker | Score | US regulator | EUR/USD cost | Minimum deposit | US max leverage | Platforms |
|---|---|---|---|---|---|---|
| Interactive Brokers | 90/100 | SEC/CFTC/NFA/FINRA (NFA 0258600) | Interbank quotes + 0.20 bp per side (about $4–5 RT per 100k) | $0 | 50:1 majors | Trader Workstation, IBKR Desktop, IBKR Mobile, Client Portal |
| OANDA | 86/100 | CFTC/NFA (0325821) | Spread-only avg 1.4 pips; core pricing + $14 RT (needs $10k) | No minimum on standard | 50:1 majors | OANDA web and mobile, TradingView, MetaTrader (varies by region) |
| IG | 91/100 | CFTC/NFA (IG US) | Spread-only from 0.6 pips (no current published average) | $250 for IG US | 50:1 | IG web and mobile, TradingView, MT4, MT5, ProRealTime, L2 Dealer (group-wide) |
1. Interactive Brokers: lowest cost for US forex
Interactive Brokers prices forex the way professional desks do: quotes aggregated from multiple banks plus a commission of 0.20 basis points per side at the base tier, about $2 per side on a standard lot. That works out to roughly $4 to $5 round turn per 100,000 units. There is no minimum deposit, and the firm is regulated by the SEC, CFTC, NFA and FINRA in the US, plus the FCA, Central Bank of Ireland, ASIC, CIRO, MAS, SFC and SEBI. It scores 35/35 for regulation, 24/25 for costs and 90/100 overall.
Drawback: there is no MT4 or MT5, and Trader Workstation has a steep learning curve, which is why it scores only 8/15 for platforms. It was also fined $250,000 by the NFA in 2023 for retail FX supervisory failures.
2. OANDA: easiest US forex broker to start with
OANDA is one of the few NFA-regulated forex brokers for US residents, and it also holds FCA, ASIC, MAS, CIRO, FSA Japan and KNF licences. The standard account has no minimum, and its own web and mobile platforms are straightforward, with TradingView integration as well. US leverage on majors is 50:1. OANDA was founded in 1996 and has been owned by the FTMO group since December 2025.
Drawback: US costs are higher. The standard account averages 1.4 pips on EUR/USD, and core pricing charges $14 round turn and needs a $10,000 balance. That puts its US commission account at about double the cost of raw-account peers.
3. IG: best for a long track record and broad regulation
IG was founded in 1974 in London, belongs to a FTSE 100-listed group, and holds licences from the FCA, BaFin, ASIC, FINMA, MAS, DFSA, JFSA and FSCA. US clients are served by IG US, regulated by the CFTC and NFA, with a $250 minimum and 50:1 leverage. Its overall score of 91/100 is the highest of the three, driven by a 35/35 regulation score and 15/15 for platforms.
Drawback: forex is spread-only from 0.6 pips, and the latest average EUR/USD spread IG publishes is from 2021, so US costs are hard to verify. Our platform list covers the IG group; we have not verified which of those platforms IG US offers, so check before you open an account. We rank it third for US forex traders because its US-specific cost and platform data is thinner than the other two.
A worked example: one standard lot of EUR/USD
On a standard lot (100,000 units) of EUR/USD, one pip is worth about $10. At OANDA's 1.4-pip US standard average, a round turn costs about 1.4 × $10 = $14. Interactive Brokers' commission on the same trade is about $4 to $5. IG's 0.6 pips is a minimum, so its cost is at least $6 and usually more.
At 50:1 leverage, the margin required is 2% of the position's value. At an illustrative EUR/USD rate of 1.10, a standard lot is worth $110,000, so the margin is about $2,200. A 20-pip move against you would cost about $200. The margin calculator and position size calculator do this for any rate and account size.
How we chose
We filtered our broker ranking for one hard requirement: accepts US clients. Only Interactive Brokers, OANDA and IG pass. Pepperstone, IC Markets, Tickmill, Eightcap and XM do not accept US residents. We then ordered the three by fit for a US forex trader, weighing verified US costs and ease of use, with the WizardTrader score as a tiebreaker. See the full methodology for how scores are built.
What to check before you open an account
- The US entity. Make sure your account is with the CFTC/NFA-regulated entity, not an overseas affiliate.
- Which pricing you get. OANDA's lower-cost core pricing needs $10,000; below that you pay the wider spread-only price.
- Platforms available in the US. Platform lineups vary by region at OANDA and IG.
- Leverage and margin. 50:1 still means a small move can wipe out a large share of a small account. Read leverage and margin explained.
- Regulatory history. Check the NFA's records for any broker you consider.
If you are still deciding between a broker and a funded account, see prop firm vs broker.
Sources
Provider data on this page was verified November 2026 against these sources:
Interactive Brokers
OANDA
- OANDA: regulatory disclosures
- OANDA: pricing
- OANDA: spreads and commission
- Finance Magnates: FTMO closes OANDA deal
IG
Trading involves substantial risk of loss and is not suitable for everyone. Leveraged products can lose money quickly. Past performance does not guarantee future results. This page is general information, not financial advice. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.