If you live in the US, it can be very hard to find a forex broker. Many brokers are wary of operating in the US at all due to the strict regulations in place there. Even worse, some of the brokers that do allow US accounts are not complying with the regulations at all, and pose a serious risk to traders.
In order to help you out, we have identified 5 forex brokers that provide service to US citizens. We have reached out to each of these brokers to set up a new account, and all of them confirmed that US accounts are welcome.
1. Ally Invest
Ally Invest provides a selection of trading platforms to suit every type of trader, as well as the ability to trade from a mobile device. Ally has recently acquired TradeKing and MBTrading, adding even more assets to their service and solidifying their position as one of the best forex brokers for US citizens. Ally also provides 24/7 customer service.
2. Turnkey Forex
Turnkey is a very simple broker, focusing on providing the lowest spreads possible and low commissions and fees. They also provide a unique social trading network, which is especially great for beginning traders, as it lets them interact with and learn from experienced professional traders.
3. Adamant Finance
Adamant Finance is another quality low-cost forex brokerage service, with great trading platforms and support from their professional brokers. Adamant accepts a wide variety of payments, including Bitcoin.
4. Gain Capital
Gain Capital is one of the biggest currency brokers in the world. They have a network of over 30 liquidity providers, allowing them to offer the most competitive spreads and margins possible.
Oanda is another great forex broker that offers everything a trader could need. They have multiple trading platforms, and have won many awards including best client satisfaction and best mobile platform.
Another option for American traders to consider when looking to get into forex trading is to simply trade currency futures or options. Trading futures and options are very similar to trading the currency pairs themselves on the foreign exchange, and it can be done with almost any major broker.