United States
Updated:
CFTC-regulated and NFA-member forex dealers — a very short list, because the barriers to entry are the highest in the world.
Brokers in United States
Interactive Brokers
US brokerage regulated by the CFTC, FCA, ASIC, and other top-tier authorities, offering forex, stocks, options, futures, and ETFs with no minimum deposit.
- Trust score
- 8/10
- Legal simplicity
- 1/10
- Min. deposit
- 0
AAATrade
AAATrade is a CySEC-regulated broker offering ECN accounts, competitive spreads, and a broad instrument lineup, backed by trader seminars and an affiliate program.
- Trust score
- 6/10
- Legal simplicity
- 6/10
- Min. deposit
- 500
OANDA
OANDA is a multi-regulated forex and CFD broker with no minimum deposit, MT4 plus its own desktop, web, and mobile platforms, segregated client funds, and Islamic account options.
- Trust score
- 8/10
- Legal simplicity
- 1/10
- Min. deposit
- 0
Forex.com
Forex.com is a StoneX-owned broker regulated by the FCA, ASIC, CFTC/NFA, IIROC, FSA, and CIMA, offering MT4, DMA, and proprietary-platform accounts from a $100 minimum deposit.
- Trust score
- 9/10
- Legal simplicity
- 2/10
- Min. deposit
- 100
Skilling
Skilling is an STP broker with a $100 minimum deposit, copy trading, and segregated client accounts. It offers a wide range of forex, CFD, and crypto instruments plus an affiliate program.
- Trust score
- 5/10
- Legal simplicity
- 5/10
- Min. deposit
- 100
FIBOGroup
FIBOGroup is a CySEC- and BVI-regulated broker offering PAMM investing, trust management, Islamic accounts, and telephone trading, alongside seminars, daily analysis, and a wide range of instruments.
- Trust score
- 7/10
- Legal simplicity
- 7/10
- Min. deposit
- 0
Plus500
Plus500 is a CFD broker offering a $100 minimum deposit, Islamic accounts, and services for US customers, regulated by the FCA, CySEC, and ASIC among other authorities.
- Trust score
- 8/10
- Legal simplicity
- 2/10
- Min. deposit
- 100
Axi
Axi (formerly AxiTrader) is a multi-regulated forex and CFD broker offering MT4 trading with no minimum deposit, copy trading and Islamic accounts.
- Trust score
- 5/10
- Legal simplicity
- 5/10
- Min. deposit
- 0
Admiral Markets
FCA-regulated forex and CFD broker offering ECN accounts, daily market analysis, and trader training, with a $200 minimum deposit.
- Trust score
- 5/10
- Legal simplicity
- 5/10
- Min. deposit
- 200
AvaTrade
AvaTrade is a globally regulated forex and CFD broker offering copy trading, Islamic accounts, and segregated funds, backed by free seminars and daily market analysis.
- Trust score
- 5/10
- Legal simplicity
- 5/10
- Min. deposit
- 100
The United States has the most restrictive retail forex regime of any major market, and it is restrictive by design. The result is a market with very few brokers, all of them substantial, and no realistic offshore alternative.
The requirements
- $20 million in adjusted net capital for a retail foreign exchange dealer. This single number is why the US has a handful of retail forex firms rather than hundreds.
- 50:1 leverage on major currency pairs and 20:1 on minors, set by the NFA.
- The FIFO rule. Positions in the same instrument must be closed first-in, first-out, which makes hedging — holding opposing positions in one pair — impossible. Traders arriving from MetaTrader elsewhere find their strategy will not run.
- No CFDs. Contracts for difference cannot lawfully be offered to US retail clients at all, on any asset.
Regulation sits with the CFTC, with the National Futures Association as self-regulatory body. Every firm and every associated person must be NFA members, and NFA BASIC gives the public a searchable record including every regulatory action a firm has ever faced. It is the best free due-diligence tool in the industry.
Why offshore is not the answer
A broker soliciting US residents without CFTC registration is acting unlawfully, and the enforcement is real. More importantly for the trader, an unregistered offshore firm offers no recourse whatsoever: no NFA arbitration, no reparations process, no segregation you can verify. Firms that claim to accept US clients from an offshore licence are advertising the absence of every protection the US regime provides.
Tax
This is where US traders have a genuine choice most countries do not offer. Forex gains default to Section 988 treatment as ordinary income, with losses fully deductible against ordinary income. Traders may elect out into Section 1256, where gains are split 60% long-term and 40% short-term regardless of holding period — often a lower blended rate, but with the loss treatment that goes with capital treatment. The election must be made properly and in advance, and it interacts with mark-to-market and trader-status questions. This is worth a CPA who handles traders specifically.
Checks
Search the firm on NFA BASIC and read the regulatory history, not just the registration status.
Frequently Asked Questions about Forex brokers in United States
What Makes the US Forex Market Unique Compared to Other Regions?
US regulation, enforced by the CFTC and NFA, caps leverage at up to 50:1, raises brokers' compliance costs, and limits how many firms can legally serve US clients — a stricter setup than in the EU or Asia.
How Do US Regulations Affect Forex Trading?
CFTC and NFA rules limit leverage, add compliance costs for brokers, and reduce the number of broker choices available to US traders, in exchange for a more closely supervised market.
Are There More Forex Brokers Available in Other Regions Compared to the US?
Yes. Regions with lighter regulation, such as the EU or parts of Asia, host more forex brokers than the US, where CFTC/NFA compliance requirements limit the number of firms that operate.
How Do Leverage Limits in the US Compare to Other Countries?
US retail forex leverage is capped at up to 50:1, versus limits as high as 500:1 in some other major markets.
What are the Advantages of Using Trade Forex Broker Ratings in the US Market?
Broker ratings let US traders compare regulatory status, leverage limits, and trading costs across the smaller pool of CFTC/NFA-registered brokers, simplifying the choice.
How Frequently Are Trade Forex Broker Ratings Updated?
Broker ratings are reviewed periodically to reflect regulatory and market changes, so traders should confirm current details directly with a broker before signing up.
Are Trading Costs Higher in the US Due to Regulations?
Often, yes. Meeting CFTC/NFA compliance requirements raises brokers' operating costs, which can translate into higher fees for US clients compared to less regulated markets.