US forex brokers compared
| Broker | Minimum deposit | EUR/USD pricing | Currency pairs | Platforms | Best for |
|---|---|---|---|---|---|
| tastyfx | $0 | From 0.8 pips, no commission | About 86 | tastyfx, MT4, MT5, TradingView, ProRealTime | Most traders |
| FOREX.com | $100 | From 1.2 pips, or 0.1 pips plus $7 per $100k | About 80 | FOREX.com, MT4, MT5, TradingView | Choice of pricing |
| OANDA | $0 | From 1.4 pips, or core pricing plus commission | 68 | OANDA Trade, MT4, TradingView | Beginners |
| Interactive Brokers | $0 | Raw spreads plus 0.08 to 0.20 bps ($2 minimum) | About 100 | Trader Workstation, IBKR Desktop, IBKR Mobile | Large and multi-asset traders |
| Charles Schwab | $0 | Around 1.4 pips, no commission | 65+ | thinkorswim | Existing Schwab clients |
Spreads are the brokers’ advertised figures as reported by independent reviewers in September and October 2026. Actual spreads vary with market conditions.
How we chose these brokers
Every broker on this list is registered with the CFTC and is an NFA member, which we checked against the NFA BASIC database. We then compared trading costs on EUR/USD, the range of currency pairs, platform choice and minimum deposit.
We did not open accounts or place trades for this guide. The figures come from the brokers’ own websites and independent reviews, and were checked in October 2026. Our ratings are our own judgment of how well each broker suits a typical US forex trader.
What US forex traders need to know
- Leverage is capped. US brokers can offer up to 50:1 on major pairs and 20:1 on everything else. International brokers often advertise 500:1 or more, but they cannot legally offer it to you.
- No hedging and FIFO. NFA rules stop you holding long and short positions in the same pair in one account, and your oldest position in a pair closes first.
- No CFDs. US retail traders cannot trade CFDs on forex, stocks, indices or crypto. See can US citizens trade forex and CFDs for the full rules.
- Offshore brokers are a risk. Brokers that take US clients without registering break US rules, and you would have little protection if they refused a withdrawal.
Spread only vs commission accounts
US brokers charge in one of two ways. On a spread only account, the cost is built into the gap between the buy and sell price. On a raw spread account, the spread is much tighter but you pay a separate commission.
On a standard lot of EUR/USD (100,000 euros), each pip is worth about $10. A 0.8 pip spread therefore costs roughly $8 per standard lot. Raw spread accounts usually work out cheaper once you trade often or in larger sizes, while spread only accounts are simpler to understand and suit occasional traders.
How to check a broker is registered
- Go to the NFA BASIC database.
- Search for the firm by name or NFA ID.
- Check that it is listed as a Retail Foreign Exchange Dealer or a Futures Commission Merchant, and that its NFA membership is current.
- Look for any regulatory actions or arbitration cases listed against the firm.
Frequently asked questions
Which forex broker is best in the USA?
For most traders we rate tastyfx the best overall, thanks to low spread only pricing, around 86 currency pairs and support for MetaTrader 4, MetaTrader 5 and TradingView. FOREX.com and OANDA are close alternatives.
Which forex brokers accept US clients?
Only brokers registered with the CFTC and NFA. The main ones are tastyfx, FOREX.com, OANDA, Interactive Brokers and Charles Schwab.
What is the maximum leverage for forex in the US?
50:1 on major currency pairs and 20:1 on all other pairs. These limits are set by the CFTC and apply to every US registered broker.
Can I use MetaTrader 4 in the US?
Yes. tastyfx, FOREX.com and OANDA all offer MetaTrader 4 to US clients, and tastyfx and FOREX.com also offer MetaTrader 5.
How much money do I need to start trading forex in the US?
tastyfx, OANDA and Interactive Brokers have no minimum deposit, and FOREX.com asks for $100. Charles Schwab has no minimum to open an account, but forex trading requires separate approval. In practice, starting with an amount you can afford to lose matters more than the minimum.
Why don’t brokers like Pepperstone or XM accept US clients?
They are not registered with the CFTC and NFA, and most of their products are CFDs, which US retail traders are not allowed to trade.
Sources: broker websites; NFA BASIC; CompareForexBrokers US broker reviews (October 2026); BrokerChooser (September 2026).