Top 10 US Forex Brokers Reviewed

The United States financial services industry is highly regulated. There are many licensing commissions and regulatory organisations responsible for overseeing the industry because of its wide range of available financial products.

Those responsible for online Forex trading are:

  • Commodity Future Trading Commission (CTFC)
  • National Futures Association (NFA)

These two authorities are responsible for overseeing the general operations of many US Forex brokers. It is however important to note that, although the American online Forex market seems to be strongly regulated, the activities of these regulatory authorities are main focused on ethics rather than law enforcement. The online Forex trading system is fundamentally a decentralised industry that runs without a central ruling body for the time being.

Therefore, it is perfectly legal to trade online if you live in the US. If a broker accepts traders from the US, you can trade with them wherever you are. Provided they operate within the legal tenets of their customers’ geographical jurisdictions, brokers will never be penalised for mediating international trades.

Having said that, brokers that have been endorsed by the CTFC and NFA (both US authorities) are believed to be “legitimate” and “regulated” to accept traders in the US. is an online service that helps both new and experienced Forex traders manage their trading successfully by providing valuable resources to inform their decisions.

This article reviews the top 10 Forex brokers currently operating from the US.

LMFX Review

The name is quite new to the currency trading scene but we see a very bright future for LMFX. They are among the top brokers that we tested as an offshore company. They have an excellent support team that is not only accessible but have a quick response time. The company is also customer-oriented. LMFX is the kind of broker that gives other offshore brokers a good reputation.

Licensing and regulation

LMFX is owned and run by Global Trade Partners. The company is incorporated and regulated under the laws of Republic of Macedonia. Their registered offices span the globe including 1000 Skopje, 28 Koco Racin Boulevard with customer support based in Bulgaria. However, they operate as an offshore company and endorsed to trade with US brokers.

Trading platform and accounts

LMFX traders have access to both live and demo accounts. So, whether you are an experienced or novice trader, you have a platform to trade and practice respectively. Traders are also availed US $100,000 in demo funds/demo account. Its Real Money Trading accounts are offered in four types; Premium, Zero, Fixed and PAMM.

FXCM Review

Founded in 1999, Forex Capital Markets was one of the pioneers of online trading. It was listed by Inc.500 as one of the fastest growing companies for three consecutive years. The company has its headquarters in New York and companies in U.K, France, Italy and Australia.

FXCM Trading Account

FXCM has different accounts specifically built for experienced and new FOREX traders. The 5K account is a standard type for experienced traders looking to take advantage of FX trading. The Active Trader account with elite offering is also available for experienced traders and can be opened with $25,000. Traders can also open a mini trading account with an initial £50. This avails them a 50:1 leverage for traders based in the US and 1:200 for traders based outside the US.

Trading Platform and Features

Besides its primary platform, FXCM utilises the renowned MT4 trading platform. Its interface is intuitive and user-friendly, and can be personalised to match user preferences. The products available are: day trading, entry orders, trailing stop/limit orders and stop loss & take profit. Clients of FXCM UK have a hedging feature in No Dealing Desk accounts. FXCM is every trader’s delight.

CMS Forex

Also founded in 1999, CMS Forex began as a rather simple service. However, a combination of smart software developers, professional traders and currency trade experts built it to the sophisticated platform it is today. It is a Market maker broker type and requires a $250 minimum deposit.

Licensing and registration

CMS Forex is registered with various authorities including National Futures Association (NFA), Futures Commission Merchant (FCM), Financial Services Agency (FSA) Japan and the Commodities Futures Trading Commission (CFTC) of the US. This makes them an eligible broker for both America and Japan-based traders.

Trading Platform and Features

CMS allows traders to open a demo account to practice their trading. The difference between CMS’ demo and live account is that the former does not use real capital. Instead, a VT Trader software allows beginners to get used to trading on the live platform. The minimum deposit is $25; this competitively low amount reduces the uncertainty people have about Forex trading as well as makes it accessible to a large group of traders. Maximum leverage is 50:1 with a minimum lot of 0.i. Funding methods are bank wire and check.

forex brokers review was founded by a group of qualified Wall Street professionals. It has built a good reputation for providing some of the best foreign exchange trade services on the web. Among its list of clients include individual traders, fund managers and Community Trading Advisors and many other investment experts. The company’s headquarters is centred in New Jersey and another on Wall Street.

Licensing and registration is registered with US regulatory authorities. They include Future Commission Merchant (FCM), the Commodities Future Trading Commission (CFTC) and National Futures Association (NFA). If you are in the US, rest assured you are trading with a legitimate firm.

Trading Platform and Features

Traders who choose to register with online will find it a simplified and convenient process. There are various account packages; minimum, standard and managed accounts which require minimum deposits of $250, $2,500 and $5,000 respectively. broker type is ECN/STP and Market Maker. It also has a demo account that comes with $50,000 for 30 days. The maximum leverage is 200:1 with minimum lot of 0.01. It also has a spread of 1.5 (EUR/USD). Payments can be done via bank checks, debit card and cheque.

UK Forex Brokers review

Easy Forex

Easy Forex is an innovative pioneer in the Forex trading industry. It was among the first brokers to set the standards for online Forex trades and transactions. Founded in 2003, Easy Forex was developed by a versatile group of industry experts from the banking, trading and internet marketing sectors. The website is highly resourceful and offers access to major currency markets worldwide.

Licensing and registration

Although it was initially founded in Cypress, Easy Forex is registered in the USA with Commodities Futures Trading Commission. The brokerage firm is a member of The National Futures Association (NFA).

Trading Platform and Features

Easy offers a demo account for practice so that novices can easily transit into the world of foreign currency trade. The simulating program is a no-risk, no-cost way to venture into trading. Setting up a live account with Easy Forex requires a minimum deposit of $250. There is also room of customised large deposits. Max leverage and minimum lot are 200:1 and 0.01 respectively. Spread is 1.5 and payment methods include bank wire, check and debit card.

Forex Club

Forex Club is a brokerage firm that focuses on newcomers to the Forex industry. As a result, most of its services include informative and educational resources. With their services, beginners can understand the trading process better. They include step by step guides, live chat sessions and free webinars. The Forex Club also owns the ExpressFX platform which is a simplified platform that provides a fairly risk-free trading environment for novices.

Licensing and registration

Founded in 2005 by CEO Michael J. Felice, the firm is based in New York and is registered with Commodity Futures Trading Commission and is currently a member of the National Futures Association (NFA). The Forex Club is active in more than 50 countries.

Trading Platform and Features

Being a platform for beginners, the Forex Club provides a robust service that makes trading easy for its customers. A trading account can be opened with a credit card. Live accounts require as low as $10 to begin. People who wish to open with more are entitled to special bonuses. For example, a $100 deposit (or higher) guarantees an additional $100 bonus margin, while a $300 + deposit gives traders an unrestricted market signal. Leverage ratio is 1:100 (EUR/USD).

US Forex Brokers Reveiw

Interactive Brokers

The company’s first operations began in 1977 by Thomas Butterfly. In addition to Forex trading, the company offers various services for its customers including wire transfer, cheques for US denominated funds, and online bill payment cheques. However, Interactive Brokers does not accept credit cards for fund deposits.

Registration and Licensing

Interactive Brokers is licensed with Commodity Futures Trading Commission (CFTC) and is also a member of the National Futures Association (NFA). Although it originally started as a conventional trading firm, its Forex services are up to par with its more contemporary peers.

Trading Platforms and Features

The minimum deposit for opening a live account with Interactive Brokers depends on who opens the account. People 21 years old and below are free to open a trading account as long as they meet the $3,000 minimum deposit. Brokers and advisor clients are expected to open with a minimum deposit of $5,000. Individuals must deposit at least $1000.

Gain Capital Group

Gain Capital was founded in 1999 and has since grown to become a formidable Forex broker with a presence in 140 different countries. Among its subsidiaries is which is also a top Forex broker in the United States. Gain Capital has a proprietary trading platform that is well-designed for every user. Experienced and novice trader will find an account type that is tailored to their level of trading expertise.

Registration and licensing

In tradition with its original trading practice, Gain Capital is registered with the Future Commissions Merchant (FCM), Commodities Futures Trading Commission (CFTC) and National Futures Association (NFA).

Trading Platforms and Features

Unlike its subsidiary,, traders need a minimum of $100,000 to open a trading Gain Capital Forex account. A free practice account is provided for learners. The leverage ratio is 50:1 and the minimum lot is 1. The spread ratio is 0.2 and payment is by bank wire, check or credit card.

OandaFX Trade

OandaFX is already popular for its online FX conversion rates. The company offers a simplified method of FX trading for both experienced and novice traders. Founded in the mid-90s by Dr. Michael Stumm, it launched its online trading platform in 2001. OandaFX claims to handle over a million queries daily.

Registration and Licensing

The company is incorporated in Delaware and registered with the U.S Commodities Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM). It is also a member of the National Futures Association (NFA).

Trading Platforms and Features

The unique thing about trading with OandaFX is that it doesn’t require a minimum deposit amount. Traders are welcome to open an account with any amount. The account set up is easy and can take as ten minutes or less. It is a Market maker broker type with a leverage ratio of 50:1 and a minimum lot of 1e-05. It has a spread of 1.2 and traders can make or receive payments via debit card, bank transfer or cheque.