Best US Forex Brokers for 2022.
The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.
Trading forex (currencies) in the United States (US) is popular among fx traders. Before any fx broker can accept US forex traders as clients, they must become registered as Retail Foreign Exchange Dealer (RFED) by the financial regulatory body, the Commodity Futures Trading Commission (CFTC) and also regulated by the National Futures Association (NFA) as a Futures Commission Merchant (FCM). The NFA website is nfa.futures.org. We recommend US residents also follow the CFTC on Twitter, @CFTC.
The CFTC is a federal regulatory agency that was established by Congress in 1974 with jurisdiction over the commodity futures (derivatives) markets. The same legislation authorized the creation of the registered futures associations, and in 1982 the NFA started as a self-regulatory organization for the US derivatives industry. For a historical breakdown here is a link to the NFA's webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best US Forex Brokers for 2022.
To find the best forex brokers in the USA, we created a list of all CFTC registered brokers, then ranked brokers by their Overall ranking. Here is our list of the top forex brokers in the United States.
- Best overall broker, most trusted - Great overall, best for professionals - Excellent all-round offering.
Best Forex Brokers US Comparison.
Compare US registered forex brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
Forex Broker Accepts US Residents Average Spread EUR/USD - Standard Minimum Deposit Overall Visit Site IG Yes 0.828 £250.00 5 Stars Visit Site Interactive Brokers Yes 0.600 $0 5 Stars N/A FOREX.com Yes 1.100 $100.00 4.5 Stars Visit Site.
If you live in the United States, you can read our picks for best U.S. forex brokers, featuring likes, dislikes and a bottom-line summary for each broker.
How to Verify CFTC Registration.
To identify if a forex broker is CFTC-registered and regulated by the NFA, the first step is to identify the NFA ID number from the disclosure text at the bottom of the broker's US homepage. For example, here's the key disclosure text from FOREX.com's website.
FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826).
Next, look up the firm on the NFA website to validate the current status of the id number. Here is the official NFA page for FOREX.com.
More Forex Guides.
Methodology.
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
About the author: Blain Reinkensmeyer As Head of Research, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in The New York Times, Forbes, and the Chicago Tribune, among others.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 01/10/2022 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the "Contact" link at the bottom of this page.
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IG - 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
OANDA - CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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