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.
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.
- Forex.com – GAIN Capital Holdings is a company incorporated in the state of Delaware, USA, and is the parent company of Forex.com. This Canadian customer friendly Forex broker has a fairly high minimum deposit amount of $2,500, but they are fully licensed and regulated by the CFTC (US), NFA (US), FCA (UK), SDA (Japan) and the ASIC (Australia). You can rest assured that your investments and trading funds are secure with this market leader. A leverage of up to 200:1 is available to all traders
- FXCM – The companies that make up the Forex giant that is FXCM are regulated in several jurisdictions. The licensing authorities include FCA (UK), CFTC (US), NFA (US), SFC (Hong Kong) and CONSOB (Italy), ACP (France) and AMF (France) and the ASIC (Australia). They are known for going the extra mile to give their customers a fully rounded online and mobile trading experience. The leverage on offer at FXCM is 200:1.
- 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.
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