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Top 4 Best Forex Broker in USA (2022)

A man learning how to read volume charts

In this post, we are going to walk you through some of the features used in determining the best forex broker for you.

If you are a good forex trader based in USA, you will probably know that choosing the best forex broker in USA has so many advantages.

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Best forex broker gives you access to higher market options, lower charges, and most importantly, makes you feel secure with your investment.

While choosing your broker, it is very important that you look for one licensed by the government and with a high trust score so that even if they run into trouble, you can easily find a way to get your money back.

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It is not all brokers operating in US that are licensed by the government, and you can hardly detect this. That is why it is important you follow along in this post as we will be reviewing the different forex brokers in USA.

The best forex broker in USA is totally different from the best globally. This is because when checking globally, a variety of factors far more than what we will consider here will be taken into account. You can check out our post on the best forex brokers globally by clicking here. It is really awesome.

In our research for the best forex broker in USA, we tried over 10 different forex brokers in USA and also approached over 20 different experienced traders, whose feedback was used in this post.

Before any forex broker in USA accepts any client, he(the client) must be a “Retail Foreign Exchange Dealer (RFED)” certified by the Commodity Futures Trading Commission (CFTC).

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The Commodity Futures Trading Commission (CFTC) is a US regulatory agency that oversees the jurisdiction of the commodity market (including forex). It was established in 1974.

Factors used in picking the best forex broker in USA.

Certain factors need to be considered while choosing the best forex broker in USA. As individuals differs in personality, there is no certified best forex broker. What we do instead is to work you through some of the factors that can help you make your choice.

Here’s a summary of the factors used in determining the best forex broker in USA:

  1. Transaction Cost
  1. Regulations
  1. Account features
  1. Trading platform
  2. Customer service
  3. Number of currency pairs

Best Forex Broker in USA in 2022

The best forex broker in the USA is the one that has low transaction costs, vast currency pairs, good customer service, and above all, a license from the government.

Here is a list of the best forex brokers in the USA.

  • IG – First-class web trading platform
  • TD Ameritrade. Offers US-based trader thinkorswim, a desktop trading platform
  • FOREX. com – All-round offerings.
  • Nadex – No pattern day trader rule

1) IG.

IG is a globally regulated and trusted trading platform that provides traders with a comprehensive set of trading and research tools, industry-leading education, competitive pricing, and a diverse range of tradeable assets.

IG is the top 1 best forex broker in USA in 2022, thanks to this outstanding all-around experience. You can visit their website by clicking here

Pros:

  1. First-class web trading platform
  2. The minimum deposit is £250.0.
  3. Good for mobile trading.
  4. Outstanding platforms and tools
  5. Competitive pricing
  6. Offers over 75 currency pairs

Cons

  1. Slow customer support
  2. Portfolio is limited.

2) TD Ameritrade

TD Ameritrade’s thinkorswim platform offers US-based forex traders the ultimate trading technology experience, with over 70 currency pairs to trade and a plethora of tools, research, and education. You can visit their website by clicking here.

Pros

  1. Commission-free stock
  2. Free research.
  3. Good trading platform
  4. The minimum account deposit is $0.
  5. Good customer support.
  6. large currency pair selection.

Cons

  1. No fractional shares.
  2.  No credit/debit cards and electronic wallets for money transfer
  3. Only US-based market are traded.

FOREX. com

Forex. com is a popular broker in the USA and is best known for providing traders with an all-round offering. It offers its traders a variety of trading tools.

In addition to that, Forex. com offers Metatrader4 to its customers, and this has make it gain a huge number of investors over recent years.

While not a discount broker, FOREX. com is a trusted brand that delivers an excellent trading experience for forex and CFD traders across the globe.

Pros.

  1. The market is open five days a week, 24 hours a day.
  2. There is high liquidity.
  3. Total Forex Pairs Offered: 84
  4. Low fees
  5. You can employ leverage.
  6. There’s profit potential from rising and falling prices.

Cons

  1. Limited portfolio
  2. Good for mobile only, Not cool for pc
  3. High stock CFD fees

4) Nadex

Nadex has low fees, as well as a riches of educational resources and is fully regulated.

Nadex does not charge commissions as an exchange. The company instead charges a flat fee of $1 per contract. Other fees include a $25 transaction fee for domestic and international transactions, as well as no inactivity fees. You can visit their site by clicking here

Pros

  1. Trading fees are absolutely low.
  2. High spread
  3. variety of educational resources.
  4. Good customer support

Cons

  1. The tools for research are limited.
  2. No bonus on offer.

Comparison of the best forex broker in USA.

In comparing the best forex brokers in the USA, we centered on features like minimum deposit, trust score, license, and number of trading pairs. These features are what majorly determine the ranking of the different forex brokers in USA.

Here’s a comparison of the Top four best forex brokers in USA.

FeaturesIGTD AmeritradeForex.com Nadex
US licenseLicensedLicensedLicensedLicensed
Total trading forex pairs100758470
Minimum deposit£250.00$0.0$100$250
Trust score99939894

Conclusion

There are a lot of factors to consider in determining the best forex broker in USA. The one that I deem best may not be the one you prefer.

As we provided some of the factors that determines the best forex broker in USA, it is very important that you go through them and use those factors in making choice.

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