There are numerous forex brokers that operate under U.S. regulations. However, within the U.S. there are only two institutions that regulate the forex market (according to Investopedia): The National Futures Association and the Commodity Futures Trading Commission. Keep reading to learn more about the top U.S. forex trading companies.
Oanda
Oanda is a very popular forex trading broker offering competitive spreads. It features no commissions, and has deep market liquidity. Oanda’s trading platform gives its traders an array of tools to enhance their trading potentials. You’ll find the following tools through Oanda:
- Advanced analytical tools
- Forex news
- MT4 plugins
- Training videos
Interactive Brokers
Interactive Brokers has a global presence, and is well known for its low trading costs. It also pairs high-level execution with risk management tools to enhance the trading experience. Much like Oanda, Interactive Brokers offers several trading tutorials, making it an ideal trading platform for both beginners and advanced traders.
TD Ameritrade
Combining powerful charting tools with crucial technical indicators, TD Ameritrade has become extremely popular among forex traders. It also features multiple currency pairs and the ability to analyze social sentiment from Twitter. To further improve the trading experience, TD Ameritrade offers third-party research tools from Market Edge and Morningstar.
Ally Invest
If you’re looking for a US forex broker that offers comprehensive research and analysis tools, then you’ll definitely want to consider Ally Invest. It also features competitive pricing, along with a vast selection of educational resources. Furthermore, it offers 24/5 market access, as well as a practice account for those wanting to test investing approaches.
How to Choose a US Forex Broker
The foreign exchange market is the world’s largest financial market, reports Investopedia. To become a forex trader, you must select a forex broker, because it doesn’t have a central marketplace. The forex broker will help you conduct your trading activity. To ensure you pick the best forex broker, it is important to do your due diligence by conducting lots of research.
First and foremost, you’ll want to look at the regulatory compliance of a broker. A reputable broker will hold membership with the National Futures Association, along with registration through the U.S. Commodity Futures Trading Commission, says Investopedia. You’ll also want to take a look at the account options offered by the broker. Account specifics to consider include:
- Leverage and margin
- Initial deposit
- Commission and spreads
- Ease of deposits and withdrawals
- Currency pairs offered
- Customer service
- Trading platform specifics
Another key to choosing the best trading platform is to find one that offers lots of training tutorials. Also important is to find one that offers demo or practice accounts. This allows you to test certain trading strategies before you put them to use with real money.
