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(Pocket-lint) - Before any Forex broker can accept US forex traders as clients, they must become registered as a Retail Foreign Exchange Dealer (RFED) by the financial regulatory body, the Commodity Futures Trading Commission (CFTC).

They must also be regulated by the National Futures Association (NFA) as a Futures Commission Merchant (FCM).

1. Oanda – Best overall Forex broker in the USA

Overview

OANDA is a well-known and respected name in the financial industry. It has a good regulatory record, and it supports third-party tools, which adds value to the overall service.

Oanda provides varying sign-up bonuses and promotions, it is worth checking their website for available promotions. 

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Pros and Cons

Pros

Cons

User-friendly trading platform

High withdrawal fees

Low trading fees

Low minimum deposit

Features

Feature

Information

Regulation

FCA, NFA, CFTC

Minimum deposit from

None

Average spread from

1.6 pips

Commissions from

$0.01 USD per trade

Deposit/Withdrawal Fees

$1000 Sign Up Bonus

Maximum Leverage

1:50

Bonuses

Various promotions

Customer Support

24/5

2. IG – Best USA Regulated Forex Broker with super low spreads 

Overview

IG is a global leader in online trading and now recognized as the world's top CFD provider thanks to its extensive product catalogue, affordable fees, long-standing business operations, and strong industry reputation.

Pros and Cons

Pros

Cons

Excellent customer support

Demo account is only available to use for 30 days

Advanced suite of technical indicators

Secure and well-regulated trading environment

Features

Feature

Information

Regulation

FCA, FSCA, CFTC, NFA

Minimum deposit from

No minimum deposit

Average spread from

0.8 pips

Commissions from

£3.00 - £8.00 per trade for all types of assets

Deposit/Withdrawal Fees

None

Maximum Leverage

1:50

Bonuses

None offered

Customer Support

24/6

3. Forex.com– Best for Beginners US Traders

Overview

Beginner traders in the United States can take advantage of Forex.com's adaptive, configurable, and user-friendly trading platform.

New traders will receive a sign-up bonus of up to 20% of their initial deposit, with the bonus able to reach a maximum of $5000.

Pros and Cons

Pros

Cons

Low trading fees

High stock CFDs

Free deposit and withdrawal

Features

Feature

Information

Regulation

KNF, FCA, CySEC, IFSC, CFTC, NFA

Minimum deposit from

$100

Average spread from

1 pip on commission-free accounts/0.1 pip on STP accounts 

Commissions from

0.08% of trade value with $8 minimum

Deposit/Withdrawal Fees

$30 on withdrawals of less than $50

Maximum Leverage

1:50

Bonuses

Sign-up bonus of 20% on $100 USD

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4. TD Ameritrade– Locally operated USA Forex broker 

Overview

With TD Ameritrade, commissions are zero, instructional programming is top-notch, and the broker has a user-friendly mobile app that can accommodate the demands of a novice investor as well as an accomplished day trader who wants to open positions in many asset classes. 

Pros and Cons

Pros

Cons

Comprehensive selection of trading instruments

Long withdrawal times

Wide variety of trading platforms

Features

Feature

Information

Regulation

SEC, FINRA, CFTC, NFA

Minimum deposit from

None

Average spread from

1.2 pips

Commissions from

$0.65 per contract for options

Deposit/Withdrawal Fees

Yes

Maximum Leverage

15% margin

Bonuses

None currently

Customer Support

24/5 

5. ATC Brokers – Top US Forex Broker with premium client support

Overview

ATC Brokers provides traders with the well-known MT4 trading platform, as well as more than a dozen currency pairs and CFDs.

ATC Broker's MT4 Pro plugin is custom-built to distinguish its service from other MT4 providers, and its customer service is superior to that offered by other brokers.

Pros and Cons

Pros

Cons

MT4 Pro provides advanced trading features

No Islamic Accounts available

Tight spreads available

Features

Feature

Information

Regulation

CFTC, NFA

Minimum deposit from

$2000

Average spread from

0.03

Commissions from

$10 per standard contract

Deposit/Withdrawal Fees

Yes

Maximum Leverage

1:50

Bonuses

None currently

Customer Support

24/5 

Frequently Asked Questions

1. How do I verify a broker is regulated by the CFTC?

You can go to the CFTC’s official website to check for a broker’s official regulation

2. Is forex trading legal in the USA?

Yes, Forex trading is legal in the USA under the regulation of the CFTC and the NFA

3. Does the National Futures Association (NFA) regulate the USA forex trading industry? 

Yes, the NFA regulates all retail foreign exchange dealers in the USA

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