The USA has a highly regulated financial services industry. Due to the diverse range of financial product available, there are many different regulatory authorities and licensing commissions tasked with overseeing the financial services industry in America.
The ones most relevant to online Forex trading include the Commodity Futures Trading Commission (CTFC) and the National Futures Association (NFA). These two regulatory bodies oversee the general running of many US-facing Forex brokers.
The important thing to understand here is that, although the US online Forex market appears heavily regulated, this particular regulatory system is more of a system of ethics than a direct legal guideline when it comes to the world of online trading. Online Forex trading is essentially a decentralised industry that operates with no central governing body at this time. Therefore, similarly to many other global territories, it isn’t illegal to trade online if you live in the US. If a broker has the means to accept traders from the US, you may trade with them. It’s that simple. Traders will never be penalised for this action as it’s seen as the broker’s responsibility to ensure that they operate within the legal boundaries of their customers’ residing jurisdictions.
With the above said, brokers that have been approved by the CTFC (US) and the NFA (US) are however seen as “legitimate” and “regulated” brokers that can accept US traders.
Top 10 US Forex Brokers
Recommended US Forex Brokers for US Traders
We have reviewed and listed a collection of our highest recommended Forex Brokers that accept US customers. Each meets our strict criteria such as having a wide range of banking options, a reliable trading platform and fantastic customer service. Should you require any additional information on any of these brokers, please read our detailed reviews for each one. US traders can be safe in the knowledge that any of the brokers listed below will provide a secure and reliable trading experience that you will want to return to time and time again.
- LMFX – Global Trade Partners Ltd, the parent company of LMFX, is incorporated and regulated by the laws of the Republic of Macedonia. This means they are US friendly, and offer US citizens a wide range of banking options. Their minimum deposit amount is a low $50, and their max leverage amount is 1000:1 is available. One of the key strengths of LMFX is their attentive account management, who are highly capable and make even the most complex issue a hassle free experience. They are highly recommended.
- OandA – OandA is in fact licensed in Canada by the IIROC. They have also been granted licenses to operate by the CFTC (US), NFA (US), the FCA (UK), the Monetary Authority of Singapore and also the Dubai Financial Services Authority. They offer a low minimum deposit amount and a leverage of 50:1.