Two best forex broker in the United States are Oanda forex broker and IG forex broker. Below we’ve assembled some information that should help you make a decision on which forex broker is best for you if you live in the United States. While there are many forex brokers in the US, we highly recommend these two. Have a look.
Oanda – Best forex broker in the United States
OANDA Corporation is a registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC), and a Forex Dealer Member (FDM) of the National Futures Association (NFA # 0325821).
OANDA Europe Limited is authorized and regulated by the Financial Conduct Authority in the UK, No: 542574.
OANDA (Canada) Corporation ULC is regulated in Canada by the Investment Industry Regulatory Organization of Canada (IIROC).
Oanda broker it’s also regulated in Australia and Asia-Pacific.
Oanda offers the following financial market products to trade:
Oanda broker offers 2 account types, the Standard and Premium account. Both accounts offer all forex and other financial market products to trade. You can use all platforms to trade and enjoy other features and benefits such as 24/5 support, analysis dashboard, joint account, and corporate account.
Dedicated relationship manager, unlimited free wire transfers, and priority service queues are available only in the Premium account. The minimum amount of balance is $20,000 for the Premium account. For the Standard account, there’s no minimum account balance required.
For security reasons, the Oanda broker requires account verification. You can use the following documents to verify your account.
- Driver’s license
- ID card
- Permanent resident card
- Employment authorization card (the US only)
- Other Valid Government Issued ID (Hunter’s License or Armed Forces Card)
- Bank or credit card statement
- Utility/gas/water bill
- Telecommunications bill
- Driver’s license
- Pay Stub
- Insurance bill, statement, or letter
- Tenancy/lease agreement for residence (entire document required)
- Bill, statement, or letter from tax regulator
When it comes to spreads, Oanda doesn’t offer very low spreads. Pairs as EUR/USD have spreads from 1.6 pips Other pairs as exotic and cross-pairs have widened spreads.
An inactivity fee of $10 per month will be charged if you don’t trade in a period of 12 months.
Oanda charges a commission fee of $5.00 per 100,000 lots traded.
Oanda offers 4 platforms to trade, Oanda Web, Oanda Desktop, Oanda Mobile, and MetaTrader 4 (download Oanda mt4 here). The platforms offer advanced charting functionality powered by TradingView. US traders will get access to indicators, professional trading tools that will offer you a customizable trading interface.
With one-click, you can open and close positions or modify your current open positions. Besides the tools and indicators, you can keep up-to-date with news and the market calendar available on the platform. All trade requests will be instantly processed with no delay or manual intervention.
Advanced risk management systems offer protection from unexpected price swings during volatile markets. As we mentioned, you can use the platform on desktop, mobile (iPhone, Android, Ipad), or web browsers.
How bout Oanda fxtrade practice?
Oanda also offers an Oanda forex demo account that you can try out for free. Click here.
Deposit & Withdrawal
Oanda allows deposits and withdrawals with the following payment methods:
- Debit/Credit Card
- Bank Wire Transfer
- Electronic Bank Transfer
Oanda does not charge deposit fees to US traders. When it comes to withdrawals, Oanda charges withdrawal fees depending on the payment method that you will use.
Deposit requests through PayPal, Debit/Credit Card will be processed instantly. Deposits with Bank Transfer can take several business days to be processed.
The withdrawal process can take several business days too.
To get in touch with the support team, you can use the live chat, email, or phone. The support team its’ available 24 hours a day and 5 days a week.
For any questions about any services you may have, you can visit the FAQ page.
IG Forex Broker – Advanced trading platforms
IG is a registered RFED and IB with the Commodities Futures Trading Commission and a member of the National Futures Association (NFA ID 0509630).
IG Group is also regulated by the UK’s Financial Conduct Authority (FCA).
IG broker offers only currency trading with Forex products to trade. The list of forex market pairs includes major pairs, cross-pairs, and exotic pairs.
IG broker requires verification, so you’ll need to provide the following documents:
- ID card
- Driver Licence
- Bank Statement
- Pass Book
- Utility Bill
- Rates Notice
- Credit Card
The verification process can take more than 1 business day to be reviewed.
IG offers spreads that start from 0.8 pips. Here’s the table of spreads on major forex market pairs.
|Currency Pair||Min spread||Avg spreads|
Compared with other brokers, IG charges an inactivity fee if there’s no trading activity for 2 years or more. A fee of $12 will be charged each month.
Per each position with 100,000 standard lots, a fee of $10 will be charged. IG also charges a swap fee known as an overnight fee.
IG provides advanced trading platforms available on Windows, Mobile, and Tablets. The platform can be used for free and you can trade all forex pairs. You can manage your trades by closing, modifying, or opening new positions with a single click. The alerts feature allows you to not miss any trades by alerting you when the price changes.
You can also set up buy and sell orders with automatic alerts. A wide range of indicators are included on the platforms and you can also add additional indicators. You can build your algorithms or import expert advisors to the MetaTrader 4 platform. All charges can be customized and adjusted according to your preferences.
Besides the forex trading platform, the IG broker offers forex trading signals. The signals platform allows you to view all signals with charts attached to them. Each signal contains technical and fundamental analysis. The signals come from 2 third-party apps, Autochartist and PIA-First.
Deposit & Withdrawal
IG requires a minimum deposit of $250 and a maximum amount of $99,999 per day. You can use the following payment method to fund your account or withdraw funds from your account:
- Credit Card (Visa and MasterCard)
- Bank Wire Transfer
- Automated clearing house (ACH)
Deposits with Debit/Credit Card are instantly processed. Bank Transfer can take more than 1 business day. Bank Wire withdrawals can take up to 24 hours to be processed. On weekends it can take more than 1 business day.
IG Broker offers support only through email, and phone. Currently, there’s no support offered through live chat. But, you can use Twitter to send questions to the IG support team.
The help center includes detailed information on IG services and products.