Best Forex Broker in USA in 2022 {ULTIMATE CHOICE}

Best Forex Broker in USA in 2020

In this Best Forex Broker in the USA guide, our experts have got numerous deep factors, which most of the traders don’t consider! That can be harmful!

We’ve covered all regarding top US Forex brokers, provided some Golden tips, and fully helped you throughout this guide.

If you compare the markets of the world on the basis of liquidity, then the Forex market will stay on the top.

There’s great money in Forex trading if you implement ideas perfectly, and even more importantly, choose the right broker that helps you in tracking your proceedings, helps in generating ideas, etc.

Here’s a quick list of the best Forex brokers in USA:

  • Saxo Bank
  • TD Ameritrade
  • CMC Markets
  • City Index
  • Ally Forex
  • Fusion market
  • Oanda
  • FXCM
  • Dukascopy

To trade Forex, and determine profit/loss, you need a perfect online broker! There are tons of them, creating a bewildering situation or you in terms of select the ultimate best for taking your business to heights! 

There’s no place for mistakes in Forex trade. So, let’s lay a strong foundation for your Forex trade!

Best Forex Broker in USA in 2022

Saxo Bank All 9.7 B A+ 9.8
TD Ameritrade All 9.7 A+ A+ 9.6
CMC Markets All 9.8 A+ A+ 9.3
City Index New & Mid level 9.5 A+ A+ 9.2 All 9.5 A+ A+ 9.1
Ally All 9.1 A A 8.9
Fusion market All (Especially New) 9.2 A A 8.7
Oanda All 8.5 B A 8.6
FXCM Mid & Expert level 8.7 A+ A+ 8.3
Dukascopy Mid level 8.4 A A+ 8.2

No matter which Forex you choose from our top below, beneficial will always be on your side! It all depends upon your business level and which broker’s compatibility is the best with your Forex business.

We’ll describe which Forex broker is the best for which business sort, and you’ll be fully knowledgeable within the next few moments!

Here’s our first one – Saxo Bank! So, shall we begin? 

1) Saxo Bank Review – Editor’s choice for the Best Forex Broker in USA

Best for: Those who prefer in-depth research & want a Broad product portfolio. 

Best Forex Broker in USA

Saxo Bank, a great Danish investment bank, began providing online trading & investments in 1992. Several financial authorities from throughout the globe regulate this company. The UK Financial Conduct Authority (FCA) & Danish Financial Services Agency (FSA) are the biggest among those.

It’s a highly reliable global service provider. Its subsidiaries have marked their presence as separate legal entities in numerous regions. They have a tremendous track record, and you always work safely with them.

Their services are tremendous! However, you should go for details with us, because their services change a bit, especially in the case of products and fees.

We’ve deeply researched on Saxo Bank before recommending it in our Best Forex Broker in USA review!

Saxo Bank Fees

Measuring Saxo Bank on trading and non-trading fees as overall, it has deeply impressed! We’ll break it down! On its low fee for mutual funds, stock index CFDs, and Forex, they received great appreciation.

Their fees for stock CFDs, ETFs, and real stocks are also much better than competing Forex Brokers. However, for a few departments’ fees, there are conflicts among the experts. These include features, options, and bond!

On the comparison chart for features, options, and bond, Saxo Bank might look dull, but again, concerning value for money overall, it’s highly appreciable.

Here’s are the Saxo Bank trading fee structure contrasting with its competitors. That might seem a bit expensive, but for enjoying greater quality to support your trading, a few dollars shouldn’t matter!

Benchmark Fee Saxo Bank TD Ameritrade Fusion Markets City Index
EURUSD benchmark fee $15.7 $13.0 $12.8 $12.6 $12.8
GBPUSD benchmark fee $14.8 $9.3 $9.4 $10.5 $9.4
AUDUSD benchmark fee $14.9 $13.3 $7.4 $12.0 $10.1
EURCHF benchmark fee $4.4 $5.3 $2.0 $4.9 $5.6
EURGBP benchmark fee $10.4 $9.7 $7.0 $9.9 $11.8


Saxo Bank core details

Markets, products, and trading platform:

Talking about the product portfolio, Saxo bank is the dominant one! As it covers numerous markets and all asset classes globally, a wide range of Forex traders (from small business to company level) trust Saxo Bank, and why not!

Besides Forex, it provides products including Stock, ETF, Fund, Bond, Options, Features, CFD, and Crypto. As a web trading platform, Saxo Bank is unbeatable! It’s among the best online brokers.

It provides all features one professional prefers, and an advanced order panel is one among them! User Interface is amazing and entirely user friendly. Further, you enjoy a Clear fee report and a fully safe and dependable two-step login.

Saxo Bank charting:

The chart function of Saxo Bank is user-friendly and attractive. There are hardly any complications. There are ~50 technical indicators, and besides that, you can add several editing tools.

You get a trading signal tool which provides a buy/sell signal that’s based on technical indicators. A tremendous third-party – Autochartist powers this feature.

Account opening & Deposit/Withdrawal:

Saxo Bank provides a user-friendly and fully digital process for account opening. Most importantly, it’s available in most of the world. However, in a few nations, the minimum deposit is a bit high, but you’ve got firm plans, that won’t affect you.

On its user-friendly interface, you get multiple deposit/withdrawal options, which are all free of charge. Thankfully, a Credit/Debit card is available.

Our verdict

You’ll mostly find Saxo Bank topping the lists of Best Forex Broker in the USA, because of the convenience level and range of features it provides. Most importantly, you enjoy multiple features, but no complexity at all.

It provides a perfectlydesigned trading platform, and besides that, it’s backed by great research. If you want to cover several international markets and all asset types, then you’ll definitely love Saxo’s product portfolio

The fees for bonds, futures, options might be high for some. You don’t get 24/7 customer support, but in contrast, there’s much on offer.

Saxo Bank is among the best online brokerage companies because of several factors. Just open your account, and enjoy its well-developed service regularly responding to the customers’ requirements.

Best Forex Broker in USA Experts’ overall score: 9.8

2) TD Ameritrade Review

Best For: Those who want all convenience related to Forex trade, at low fees, and no computerization on resources.

Best Forex Broker in USA in 2020

Blooming and prospering since 1978, TD Ameritrade has come up as the one among the largest US-based stockbrokers. Top-tier regulators including, Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading Commission (CFTC), and Securities and Exchange Commission (SEC) regulate it.

This Forex broker has a banking background and also carries a clean long track record. That’s why TD Ameritrade is the Best Forex Broker in USA regarding safety.

TD Ameritrade Fees

Besides Great customer support, the low trading fees factor is a huge attraction here! You enjoy free stock and ETF trading. Among the biggest advantages with TD Ameritrade over Saxo bank is its low fees for Forex, bond, and options. However, a mutual fund is on the bit expensive side.

Here’s a chart depicting how low is the fee of TD Ameritrade, in contrast to several competitors.

Benchmark Fee TD Ameritrade Saxo Bank Fusion Markets City Index
EURUSD benchmark fee $13.0 $15.7 $12.8 $12.6 $12.8
GBPUSD benchmark fee $9.3 $14.8 $9.4 $10.5 $9.4
AUDUSD benchmark fee $13.3 $14.9 $7.4 $12.0 $10.1
EURCHF benchmark fee $5.3 $4.4 $2.0 $4.9 $5.6
EURGBP benchmark fee $9.7 $10.4 $7.0 $9.9 $11.8


TD Ameritrade core details

Markets, products, and trading platform:

No matter you’ve decided from features to stocks, and most importantly, Forex, TD Ameritrade highly assists your trade. While researching for our Best Forex Broker in USA guide, two features of TD Ameritrade highly impressed our experts. These are Robo-advisory services and social trading.

Undoubtedly, TD Ameritrade is amazing for your Forex trade, but there’s even more flexibility here. Features, options, bonds, Funds, ETF, and Stock also come in its product listing.

If you prefer staying away from complications, TD Ameritrade’s web-based trading platform will highly attract you. It’s a clean design with a brilliant user-interface. However, you can’t customize this platform.

TD Ameritrade charting:

You’ve got an amazing set of charting tools with TD Ameritrade. There 400 technical indicators to use, and besides that, editing its charts is super easy. TD Ameritrade offers the widest array of indicators in the whole market! If you are a hard tracker of your Forex business, this broker is perfect for you.

Account opening & Deposit/Withdrawal:

Account opening is pretty convenient with T.D. Ameritrade. If you’re a new client, you’re permitted to change from numerous different account types. There’s no minimum deposit for U.S. citizens. We wished for a fully-digital process for account opening.

Account funding is pretty user friendly with T.D. Ameritrade. Besides that, under deposit fees, you have to pay nothing. However, if you prefer wire transfer withdrawals, then the charges might displease you.

Our Verdict

T.D. Ameritrade has earned great fame, and become one among the top-ranked U.S. online brokers. Introducing commission-free trading in Nov-Dec 2019, T.D. Ameritrade doesn’t charge any commissions of ETF and Stock trades. This commission-free trading has boosted their popularity even more!

Education and research are at the top here, and that’s why new Forex Traders have got amazing reviews for T.D. Ameritrade. Also, there’s no deficiency of tools.

Talking about the best desktop trading platforms, Thinkorswim is one of them. All new Forex traders do come across at least a few conclusions and issues, and if you are the one rolling on with T.D. Ameritrade, you’ll be answered pretty fast!

Listing its drawback took no time, as they are few. It doesn’t provide electronic wallets and debit/credit cards. After that, high financing (margin) rates affect some decisions. The Product portfolio covers no other market than the U.S.

However, giving T.D. Ameritrade is shot is recommendable. You enjoy a demo account, and if you’ve freshly entered the Forex market, its education tools will highly assist you.

Best Forex Broker in USA Experts’ overall score: 9.6

3) CMC Markets Review

Best For: Forex and CFD traders in need of great research tools 7 wide-range educational resources  for low fees.

Best Forex Broker in USA in 2020

CMC Markets began its journey in 1989, and since then, it has done tremendously well in the market as a Forex broker. It’s listed there on the Stock Exchange of London, and several global authorities regulate it.

CMC Markets has got everything to gain your trust, and regarding features and overall pricing, CMC Markets highly impresses you. We’ve listed in on our v guide because it has low forex fees.

Secondly, they don’t ask for any fees regarding deposit and withdrawals (international and same-day transactions are exclusions).

The web and mobile trading platforms of this broker highly satisfy you. Customization is too easy, and features will surely thrill you! We loved its advanced order panel.

Besides that, education and research are better than several competitors. The set of tools is huge as well, making CMC Markets cool enough for experienced Forex traders also.

However, the account verification brings some complications and might take longer. Products portfolio is a bit limited, but most of the Forex traders won’t complain regarding that. The big advantage for Forex traders is that CMC Markets lays more emphasis on Forex than anything else.

CMC Markets Fees

In the department of fees, CMC Markets truly deserves full marks. 0.7 pip is the minimum fee for Forex, $10 stock trades. Minimum spreads on major Forex pairs appear similar, but the fine print unleashes minor holding cost variations, which might impact bottom lines.

Certainly, it’s easily affordable for most Forex traders. If you’re a low-skilled or new Forex trader, CMC Markets offers an amazing fit by providing useful educational resources, free live accounts, etc. Isn’t that amazing?

Besides that, 50 bond instruments are available. With longer ­term portfolio management, these amazing bond instruments open all sorts of new opportunities.

CMC Markets core details

Markets, products, and trading platform: 

Through its executives regulated in leading global financial centers, CMC Markets offers Forex traders a huge range of financial products. Its Next Generation trading platform is truly appreciable. You enjoy numerous innovative trading tools and charting.

Being a CMC Markets client, there’re the biggest product catalogs available. It carries 200+ index/commodity markets & 300+ currency pairs! Isn’t that cool?

Spread betting, and Cryptocurrency CFD trading needs no special interface, and betting is seamless. You enjoy the Next Generation trading platform for mobile, tablet, web, and technically ­oriented clients; it’s very pleasing, especially those looking to upgrade from MetaTrader 4.

CMC Markets charting:

 It features advanced charting consisting of 80+ indicators/overlays, 35 drawing tools, and 12 chart types, which are highly appreciable. Further, you enjoy highly customizable watchlists & a streaming Reuters feed

You can pop out the chart to build or optimize complex desktop layouts as per need. There’ are few things entirely unexpected, such as price projection and pattern recognition tools! There’s a built­-in connection to the trader’s forum, which is client-based.

The charting experience was impressive. Although you get just 29 of the 81 technical indicators on the mobile app, still, that’s a great offering in contrast to many of CMC Markets’ rivals, which lack technical indicators altogether sometimes.

Account opening & Deposit/Withdrawal:

Regarding the account opening, you’ve got everything! This process is entirely-digital and short enough to baffle anyone. Minimum Initial Deposit is zero dollars here! You enjoy the amazing feature of Free withdrawal through wire transfer.

CMC Markets permits you to withdraw funds right from the account online by tapping on the ‘Payments’ icon and then choosing the ‘Withdrawals’ tab. It’s that simple! For any issues regarding withdrawal, you can call their Client Management team or just use the chat.

Our Verdict

As a new client, you can open Live accounts with no deposit, permitting you to explore and test. 24/5 local phone support, e-mail support, support libraries, a comprehensive FAQ, etc. make the client’s life easy!

No matter you’re a low-skilled or high-skilled Forex trader, you’ll certainly love to work with CMC Markets. They run 13 satellite offices for four major continents for assisting licensed operations in other venues. Concerning user reviews, they are highly positive, and users can’t resist praising CMC Markets on FB, Twitter, etc.

There are broadly attractive feature sets for institutions and professionals. Our team of Forex experts concludes that CMC Markets are entirely dependable and the best Forex broker in certain fields.

Best Forex Broker in USA Experts’ overall score: 9.3

4) City Index Review

Best For: Those Forex traders searching for great research tools and low Forex Fees.

Best Forex Broker in USA in 2020

City Index is among the oldest and most trusted global Forex broker, operating since 1983. It’s the brand name of GAIN Capital, and it’s listed on the Stock Exchange of New York.

Top-tier financial authorities regulate it, including the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), and the Financial Conduct Authority (FCA).

It’s among the best Forex brokers in the USA regarding safety, and they hold a pure white track record. Due to the regulation of top-tier financial authorities and consequently high trust, the client base of City Index is huge.

City Index Fees

The fee structure proves to be beneficial for one side, which is a Forex trader, while for Stock CFD, we can’t use the same words. On top of that, there’s an inactivity fee! However, if you’re an active Forex trader, the inactivity fee won’t affect you.

Stock index CFD fees are considerably low, and the withdrawal fee is also zero! Did you love that or not?

For providing a clear picture of City Index’s Forex fees, we’ve calculated a Forex benchmark fee for huge currency pairs. This comparison will help you. The catch-all benchmark includes spreads, commissions, and financing costs for various brokers.

Benchmark Fee City Index Saxo Bank TD Ameritrade Fusion Markets
EURUSD benchmark fee $12.8 $15.7 $13.0 $12.8 $12.6
GBPUSD benchmark fee $9.4 $14.8 $9.3 $9.4 $10.5
AUDUSD benchmark fee $10.1 $14.9 $13.3 $7.4 $12.0
EURCHF benchmark fee $5.6 $4.4 $5.3 $2.0 $4.9
EURGBP benchmark fee $11.8 $10.4 $9.7 $7.0 $9.9

City Index Core Details

Markets, products, and trading platform: 

Discussing Markets and Products, you’ll feel like City Index is left behind while comparing to our top 3 in this Best Forex Broker in USA countdown.

This is so because, in Markets and Products, there are certain limitations. You can only trade with Forex, CFDs, and Cryptos. If you’re looking for the real stocks, bonds, and ETFs, then sorry, they aren’t available.

Now, how can that affect Forex traders? Certainly, it can’t! You’ve got 84 currency pairs here, which are more than TD Ameritrade (77), and equal to (84).

Further, easy and wide range customization options for the City Index web trading platform surely bring joy to Forex traders. It’s entirely user-friendly. Besides that, a lot of order types are there. However, a two-step login is missing here. 

City Index charting:

Concerning charting, City Index has truly nailed its job. Editing its charts neither bring tension nor consume time for editing. Besides that, 50 technical indicators assist you.

Are you fresh at Forex trading, and not having enough technical knowledge? No worries at all! Just spend 2-3 days with City Index charts, and you’ll find yourself perfect for it.

Account opening & Deposit/Withdrawal:

While our research, we opened an account at City Index. Firstly, we were not charged anything, and secondly, it took just a day. Regarding account opening convenience, City Index deserves out of undoubtedly.

Concerning deposit and withdrawal, City Index provides numerous options, and most importantly, they’re both free of cost. On the flip side, they don’t permit you the withdrawal with some credit cards. They roll on with 9 base currencies.

Our Verdict

Top-tier financial authorities, including UK FCA, are regulating City Index tremendously. Low Forex & Stock Index CFD fees are huge attractions here.

High-quality research tools bring great help and start feeling the right ease from the time you open an account here. Deposit/Withdrawal are never of hassle.

The product portfolio limitations might concern a few, but we don’t consider those limitations as deal-breakers. Regarding desktop platform usability, we give it 3.9/5 for ease. No worries, you’ll get habitual.

As there’s no fee for inactivity and withdrawal, and as you enjoy “no minimum balance” convenience, we find City Index worth giving a trial!

Best Forex Broker in USA Experts’ overall score: 9.2


5) Review

Best For: Highly active trader as active trading leads to lower trading costs.

Best Forex Broker in USA in 2020

As the name determines, is heavily focused on bringing as many benefits and convenience to Forex brokers as possible. is GAIN Capital’s brand name and is listed on the Stock Exchange of New York.

Several highly dependable and fully experienced financial authorities regulate this broker. These authorities include the U.S. Commodity Futures Trading Commission (CFTC) & Financial Conduct Authority (FCA) of the U.K.

Client funds stay segregated from’s funds, helping safeguarding client’s money when the company faces financial issues. Fees

There are very few Forex brokers who support less active traders this well. charges are inconsequential in case you’re taking just some trades per month. So, if you’re an infrequent trader, is a tremendous fit for you.

However, middle-level traders might not find the best one due to higher spreads and fees. Guaranteed stop losses are available, but you need to pay. Typical stop losses assist you in controlling risk but are subject to slippage.

Pricing is transparent on; you can conveniently find them. Besides that, functional demo accounts are available free of cost. You, as a potential client, get time to pricing structure’s assess before committing real capital. That’s highly appreciable, though!

Opening an account needs 50 units of the account currency. For e.g., in the U.S., an account can be opened with $50 min.

Benchmark Fee Saxo Bank TD Ameritrade Fusion Markets City Index
EURUSD benchmark fee $12.6 $15.7 $13.0 $12.8 $12.8
GBPUSD benchmark fee $10.5 $14.8 $9.3 $9.4 $9.4
AUDUSD benchmark fee $12.0 $14.9 $13.3 $7.4 $10.1
EURCHF benchmark fee $4.9 $4.4 $5.3 $2.0 $5.6
EURGBP benchmark fee $9.9 $10.4 $9.7 $7.0 $11.8 Core Details

Markets, products, and trading platform:  

No matter you’re an occasional longer-term trader or an active day trading professional,’s trading platforms highly accommodates you.

For a desktop experience, select anything between MetaTrader 4 (MT4) or advanced trading platform, or MT4 mobile app or just go with the web trader for an on-browser-based experience, you’ve got everything! 

Making trade goes convenient (not making money) regardless of whether you use a downloadable advanced trading platform or web trader.

U.S. clients can access to 83 forex pairs and unleveraged gold/silver. In case you reside outside the USA, you can access all the Forex pairs conveniently, and CFDs on stocks, commodities, and indexes. For those living in the U.K, Cryptocurrency trading is available.

City Index charting:

Within the platforms, you can conveniently access charts, economic calendars, see positions, news, as well as trade/order history. Further, you can access research reports and trade signals and market analysis from user-friendly analysts.

You can conveniently trade directly from charts. Just hit or right-clicking the buy and sell buttons you find on the chart’s top. This guides you to an order window where you can set the stop loss, entry, and profit targets.

The charting is not as convenient in mobile as a desktop/laptop. A few features are missing out there.

Account opening & Deposit/Withdrawal:’s account opening can happen with a low minimum balance, and it takes 2 days. Traders can add/withdraw funds from the mobile app. Besides, you can create watchlists, access news, view trade history, and view charts.

There aren’t any additional fees charge with for deposits. There are free withdrawals, ACH payments, and checks. U.S. wire transfers below $10,000 suffer a $25 fee. All other wire transfers are $40.

Our Verdict is undoubtedly the best Forex broker in the USA on some grounds. As some great financial authorities, including US CFTC and UK FCA, are regulating it, the trust level is high. Many tradable currency pairs, high-quality research tools, low Forex fees form the positive side here.

Under drawbacks, popular assets, including real stocks or bonds, aren’t available. Operating the desktop platform perfectly needs some practice. You feel free regarding the trial, as withdrawal fee or inactivity fee (until after one year) doesn’t exist. 

Best Forex Broker in USA Experts’ overall score: 9.1

6) Ally Review

Best For: Those who prefer short a stock or trade on margin.


If you’re into stock trading on margin/short sale,  Ally Invest financing rates will highly please you. Whenever you short a stock or trade on margin, margin rates or Financing rates are charged. In simple words, you borrow money/stocks from your broker for trading.

Now, you certainly have to pay interest for whatever money/stock you borrowed. That’s what we call financing rate, and these form a significant proportion of your Forex trading costs. In our Best Forex broker in USA countdown, Ally Forex charges the least for this (8.8% only).

Ally Forex Fees

The good thing is, Ally Invest fund fees are pretty low. It has low non-trading fees as well. You can put a zero under account fee, inactivity fee, withdrawal fee (in case you use ACH transfer), and deposit fee as well. 

However, the withdrawals to other banks via wire transfer makes you shed $30. We tested ACH. Hence, we had zero withdrawal fee.

Ally Forex Core Details

Markets, products, and trading platform:  

If you prefer trading with numerous asset classes, beginning from stocks, Forex, to other options, Ally Invest is perfect for you. The product selection doesn’t cover anything outside the U.S. market. Forex trading is available via a separate Ally Forex account only, but that doesn’t actually annoy! 

Under products, you’ve got stock, ETF, Bond, Options, and Fund. its trading platform comes with a convenient search function, and is user-friendly. Good customizability adds to the convenience.

Ally Forex charting:

Regarding charting, Alley Forex is a good boy! If you want quality support for option strategies, and find good fundamental data for stocks, you’ve got a handy charting tool here.

However, limitations are there regarding research tools, but only the champion Fore traders will call that a negative. For low and mid-level Forex traders, these many research tools are enough!

Account Opening & Deposit/Withdrawal:

With “no minimum amount” luxury, the account opening is a 100% digital process, with zero hassle. However, it might consume up to 3 days, and that’s where it gets beaten from other Forex traders in our list. We wish that Ally Forex brings that time below 2 days in the upcoming time.

So, what type of accounts Ally Forex permits to open? Well, it includes Individual, Joint, Business, Retirement, Education Saving, Pension, Custodial Accounts, and Managed Portfolios.

In case you prefer investing in portfolios or trade on margin, the minimum deposit can exceed. The other negative is, you can’t open Ally Invest account form outside the U.S. For Margin account, $2,000 is the minimum deposit, and for the Managed Portfolios, it’s $100.

Our verdict

Alley Forex is tremendous for learners. The educational material includes Platform tutorial videos, Webinars, General educational videos, and high-quality educational articles.

Being listed on a stock exchange, having a banking license, providing financial statements, and, most importantly, regulated by a top-tier regulator prove to be in favor of Ally Invest’s safety.

Its low trading and non-trading fees are big attractions, and so is the easy and fully digital account opening process. Forex trading is available via a separate Ally Forex account only, provided by GAIN Capital (

Overall, Ally Forex truly deserves a spot in this Best Forex broker in the USA Guide, with all the convenience and positive it brings to you!

Best Forex Broker in USA Experts’ overall score: 8.9

 7) Fusion Market Review

Best For: Those looking for a cheap yet reliable broker for their Forex trade.


Here comes the Australian Forex broker giant, which has always stood on expectations. It’s a late one, though, began operating in 2010, and since then, it’s regulated by Vanuatu Financial Services Commission (VFSC) and the Australian Securities & Investments Commission (ASIC).

If you ask about the Best discount Forex broker in 2020, it’s none other than the Fusion market, and we concluded that after deeply analyzing 100+ online brokers. We tested their live accounts as well. Its customer service is tremendous, and trading and non-trading fees are low.

Fusion Market Fees

Due to low Forex fees and charges, it receives many appreciations globally. You have to pay neither a withdrawal fee nor an inactivity fee. On top of that, you don’t have to pay any low Forex fee, either.

We compared Fusion Markets’s fees with a couple of rivals, including IC Market and Pepperstone. This comparison was made considering objective factors, including client profile, fee structure, products offered, etc. Fusion Market was a full-power triumphant here.

Now, just cherish the fee comparison chart below, and know-how cheap, this Australian Forex broker is, in contrast to the American giants.

Benchmark Fee Fusion Markets Saxo Bank TD Ameritrade City Index
EURUSD benchmark fee $12.8 $15.7 $13.0 $12.6 $12.8
GBPUSD benchmark fee $9.4 $14.8 $9.3 $10.5 $9.4
AUDUSD benchmark fee $7.4 $14.9 $13.3 $12.0 $10.1
EURCHF benchmark fee $2.0 $4.4 $5.3 $4.9 $5.6
EURGBP benchmark fee $7.0 $10.4 $10.4 $9.9 $11.8

Fusion Market Core Details

Markets, products, and trading platform: 

Fusion Markets provide access to numerous currency pairs (that’s what a Forex trader loves) and some CFDs. However, a few popular asset classes are missing, such as ETFs, real stocks, funds, etc.

You can also trade with stock index CFDs, cryptos, and commodity CFDs as well. However, stock and bond CFDs aren’t available. Research and educational tools are somewhat limited. 

With a  Fusion Markets account, one can conveniently trade products, including Gold, Silver, Platinum, Zinc, Copper, etc. You get up to 500:1 leverage on offer, no dealing desk execution, as well as the ability to go long/short with low expenses. 

You can use just the research tools of the MetaTrader 4 trading platform.

Ally Forex charting:

Research tools are available in numerous languages, pretty much like the MetaTrader trading platform. We went through the free of cost research tools available, which covered the charting tools.

Regarding charting tools, ally Forex is cool, but not the best. 31 technical indicators are there besides other technical tools, including trendlines and Fibonacci retracement. Newbies might find some features difficult here. Remove an indicator from the chart proved to be tricky for us while researching.

Some were outdated, as well. But overall, Ally Forex charting is cool. 

Account opening & Deposit/Withdrawal:

Both account opening and customer service are quick. Attaining approval for your account consumes just one day. It took the same time for us. Without any minimum deposit hassle, you can open an account, digitally!

Fusion Markets won’t charge any fees for deposits and withdrawal (most options). You can use credit/debit cards, electronic wallets, and bank transfer for transferring your money. However, withdrawal is a bit slow in our case.

Our verdict

Fusion Markets is undoubtedly a tremendous Forex broker. You enjoy low trading and non-trading fees. You’ve got flexibility regarding Deposit/Withdrawal, and the account opening process is also pretty quick. Products offering is tremendous for Forex trade.

Access to numerous currency pairs will glow the faces of Forex traders, and besides that, there’s much more for them. If you’re OK with the limitation of research and educational tools, a bit slow withdrawal, and a bit tricky functions of the chart (you can get used to it), then Ally Forex proves to be a cool and well-assisting Forex trader for you.

Best Forex Broker in USA Experts’ overall score: 8.7

8) Oanda Review

Best For: Who want equal facilities and convenience on Desktop/Laptop and Mobile.


Oanda is an American Forex broker operating since 1996. UK’s Financial Conduct Authority (FCA) and US Retail Foreign Exchange Dealer (RFED) regulate it.

As there are into business for 20+ years, they perfectly know what Forex Traders want and how much pricing will prove to be OK. On papers, Oanda broker seems somewhat beaten from the Australian giant Alley Forex, but in reality, the customer reviews for both the Forex traders seem similar.

Let’s know why Oanda became a port of this best Forex broker in USA countdown!

Oanda Fees

We rank Oanda Fees as “Generally Low” after contrasting it with rivals and consulting the users. Comparison of Forex brokers on the basis of trading fees is challenging, undoubtedly. For narrating our Best Forex broker in USA guide, we compared various US forex brokers in an advanced way.

We calculated all typical trade’s fees for chosen products, and as Forex was the priority, we kept a bigger score portion in that department. We picked famous instruments within each asset class, which generally Forex brokers offer. Oanda broker scored well in terms of fees.

Nontrending, CFD, and Forex fees are pretty low, while the withdrawal fee is a bit high for bank transfers. We compare forex benchmark fees to that of FXCM and Pepperstone.

Benchmark Fee Oanda FXCM Pepperstone Saxo Bank TD Ameritrade City Index
EURUSD benchmark fee $15.9 $16.5 $14.9 $15.7 $13.0 $12.8
GBPUSD benchmark fee $11.9 $13.0 $12.5 $14.8 $9.3 $9.4
AUDUSD benchmark fee $8.3 $17.3 $11.9 $14.9 $13.3 $10.1
EURCHF benchmark fee $7.1 $4.6 $3.7 $4.4 $5.3 $5.6
EURGBP benchmark fee $10.7 $12.2 $10.6 $10.4 $10.4 $11.8

Oanda Broker Core Details

Markets, products, and trading platform: 

Oanda in only focused on Forex and CFDs. That’s a big benefit, because that way, you’ll get better flexibility and range of options/tools for your Forex business. Talking about products, you’ve got 71 Currency pairs, 16 Stock index CFDs, 31 Commodity CFDs, and 6 Bond CFDs.

You can conveniently set the leverage manually, and that’s awesome! Competing brokers such as Pepperstone and FXCM don’t host this feature. The feature is situated under the ‘Deposit & Withdrawal’ tab and find it is easy.

The tools are scattered over its pages, which you’d take some time to get familiar with. Some of the important research tools include MarketPulse, News, Economic analysis, Oanda labs, Algo Lab, and technical analysis.

Three words we’ll use for Oanda’s web trading platform here, which are: safe, user-friendly, and highly-customizable. At Oanda, you can conveniently select from two trading platforms: MetaTrader 4 or Oanda’s own platform.

Oanda charting:

Oanda brings you some amazing charting tools. These charts are pretty responsive, and simple to edit. Most importantly, you can use over 70 technical indicators. Chart switching time was good, and these charts aren’t hard to understand, no matter you’re a newbie!

Account opening & Deposit/Withdrawal:

Like most others in our Best Forex broker in USA guide, Oanda also doesn’t let you bother about deposit fee. Your debit card is usable for depositing.

If you keep bank transfers aside, withdrawal is free in most cases. In case you withdraw to your card over once a month, you’ll have to pay a fee. The good news is – Withdrawal is free for PayPal!

Our Verdict

For ensuring the growth of your Forex trade fast, you need a broker whose fees are great, has a good web trading platform for making you comfortable quickly, powerful research tools, good flexibility in charts, and a good set of tools and customization. Oanda is providing you all that!

Limited product portfolio (only Forex & CFDs are available) might bother a few. Further, in contrast to others, customer support is slow here. That was among the core reasons we placed Oanda in the bottom 3 in our Best Fore broker in USA countdown.

No minimum deposit and no inactivity fee (which comes into play after 2 years) surely attract Forex traders to give a try.

Best Forex Broker in USA Experts’ overall score: 8.6

 9) FXCM Review

Best For: Those wanting good control over customization, extensive research tools, and ready to pay a big high.


FXCM stands for Forex Capital Market, and it’s a UK-based broker that’s great for Forex and CFDs traders. FXCM’s establishment took place in 1999, and the Jefferies Financial Group are its main shareholder. Yes, you find Jefferies Group listed on the Stock Exchange of New York.

The fact that brings assurance regarding safety is that FXCM has an investment banking background. XCM is among the safest brokers, having a long track record.

Top-tier financial authorities regulating it are the Australian ASIC and UK FCA. The good thing is that FXCM accepts customers from numerous nations across the world.


FXCM charges low trading fees, and non-trading fees can be classified as average. Account opening, deposit, or withdrawal fees don’t exist. However, you’ll have to shed a $50 fee after a year of inactivity.

The fee level is low for assets like GBPUSD (average spread cost is 1.8 pips), and S&P 500 CFD (average spread cost is 0.38 pips), while for EURUSD(average spread cost is 1.2 pips)it’s medium.

Here’s a chart indicating the fee values and comparison for you.

Benchmark Fee FXCM Oanda Pepperstone Saxo Bank TD Ameritrade City Index
EURUSD benchmark fee $16.5 $15.9 $14.9 $15.7 $13.0 $12.8
GBPUSD benchmark fee $13.0 $11.9 $12.5 $14.8 $9.3 $9.4
AUDUSD benchmark fee $17.3 $8.3 $11.9 $14.9 $13.3 $10.1
EURCHF benchmark fee $4.6 $7.1 $3.7 $4.4 $5.3 $5.6
EURGBP benchmark fee $12.2 $10.7 $10.6 $10.4 $10.4 $11.8

FXCM Core Details

Markets, products, and trading platform: 

the drawback here is that the products’ leverage levels are unchangeable. That’s certainly a drawback because newbies might suffer a high risk of trade due to this. The preset leverage levels are somewhat high, but experienced Forex traders might not find that an issue. 

FXCM offers a tremendous social trading service via Zulutrade, which is a third-party service. You can access it via Zulutrade’s own trading platform.

Those who prefer customization of their platform will find FXCM sweet. There are several order types to use. However, the search function could be better. Regarding user-friendliness, we gave it 4.1/5.

Oanda charting:

Technical analysis tools matter a lot of all Forex traders because there’s much data that should be right at your fingertips. Thankfully, Oanda has tremendous technical analysis tools to offer. You enjoy market screener and good charting.

You can access the FXCM research tools from the FXCM Plus platform. Now, that’s a separate portal, which might bring some inconvenience in the beginning. Further, charts are alright, and nothing to complain about there. You’ve got Good customizability with the charts, and that’s appreciable.

Account opening & Deposit/Withdrawal:

While opening the account on FXCM, you feel no hassle! No benchmark for minimum balance either. For non-EU nations, the minimum deposit limit is $50, while in Europe, it’s $360 (£300). Yes, the account opening process is digital. The drawback here is slow account opening time than average.

You can open four types of accounts here.

  • Individual – Active Trader
  • Individual – Standard
  • Joint
  • Corporate

Withdrawal is free. At FXCM, 3 base currencies are available for selection. These currencies are USD, EUR, and GBP. However, withdrawal is slow, and it might consume 3 days. Most importantly, withdrawal is free of cost.

Our verdict

Trusting FXCM is highly beneficial for Forex traders in various ways. Technical research tools are of tremendous quality, and most importantly, they’re perfectly organized. Account opening certainly can’t be more straightforward than this.

However, FXCM just offers CFDs, Forex, and crypto CFDs. Regarding Forex, there’s hardly anything to complain about. Their mobile platforms have a margin of bettermentAs FXCM isn’t making you shed money for a trial, don’t hesitate to try it!

Best Forex Broker in USA Experts’ overall score: 8.3

10) Dukascopy Review

Best For: Those looking to lay the foundation of a mid-scale Forex trade, and bothering more about safety and assistance over anything else.


Mathematician Dr. Andre Duka laid the foundation of Dukascopy Trading Technologies Corp, in 1998. Veronika Makarova was his tremendous partner, and in 2004, the Swiss brokerage house was found in Geneva.

Discussing the safest Forex trade broker out there, Dukascopy stands tall. It has always gained a high trust score from various Forex experts. Why not? After all, the Swiss Financial Market Supervisory Authority (FINMA ) & the Japanese Financial Services Authority (JFSA) are the regulators of Dukascopy.

It operates a bank as well, which has 148 Million Swiss Franks worth assets on its balance sheet of mid-2019. There are a total of 653 symbols on offer for trading across numerous markets that cover CFD and Forex trades. These symbols include 593 CFDs and 60 Forex pairs.

Dukascopy offers cryptocurrency trading as well, with CFDs on huge crypto assets.

Dukascopy Fees

Regarding trading costs, Dukascopy stands in competition among the top Forex brokers supporting active trading programs and automated trading.

We deeply analyzed and compared the pips, and The all-in cost equals to 1 pip. Now, that’s comparable to the best brokers with commission-based pricing, like the top position holder in our Best Forex broker in USA guide: Saxo Bank.

Regarding commission & fees, our experts rated Dukascopy 4.3/5, and that’s impressive.

Dukascopy Core Details

Markets, products, and trading platform: 

Dukascopy is on the last spot in this Best Forex trader in the USA countdown because of its narrow market offering for trading. Regarding Commissions & Fees, Mobile, Crypto Trading, Platform & Tools, and Overall, it’s tremendous, but concerning markets, it’s far behind the competitors.

Besides Forex, the product list includes Crypto, Indexes, Bong, Energy, Stocks, ETF, and Commodities. The major platforms here are Innovative JForex 3 for advanced analysis and Classic MT4.

Dukascopy charting: 

You enjoy advanced charting here. There are well-organized menus and hundreds of indicators. Like most of the other Forex brokers on our list, limited customization and fewer charting features are there for mobile.

While researching, we didn’t find complexity with any of the charts of Dukascopy. We tested the same with some non-technical folks, and surprisingly, they didn’t complain any complexity either. Regarding customization options for the chart, we’d give it a 4/5 score.

Account opening & Deposit/Withdrawal:

We describe the account opening at Dukascopy easy and convenient.  The real thing is to know what happens after account opening.

There’s no limitation regarding research materials, and there’s much  for Forex traders of various levels. However, building skill levels for the freshers might be somewhat challenging because of weak educational resources.

After opening an account, you’ll come across a nice and user-friendly interface, where you’ll feel as if you’ve been using this since ages, it’s that simple!

The bottom line is: Dukascopy is undoubtedly highly reliable, but if you’re inclined towards learning more about Forex trade, weak educational resources bother you, then better go with Saxo Bank or TD Ameritrade.

Our Verdict

Smaller traders with growing accounts would prefer sticking around with Dukascopy due to a generous upgrade path to lower costs and a robust community.

However, smaller-than-average product catalog won’t suit all trading styles, especially the high-end Forex traders, but for the mid-scale Forex trader, Dukascopy proves to be perfect.

Best Forex Broker in USA Experts’ overall score: 8.2

Best Forex Broker in the USA: The Conclusion

Here’s a flashback, explaining which Forex trader would be the best for whom!

  • Saxo Bank – Best for those who prefer in-depth research & want a Broad product portfolio.
  • TD Ameritrade – Best for those who want all convenience related to Forex trade, at low fees, and no computerization on resources.
  • CMC Markets – Best for Forex and CFD traders in need of great research tools & wide-range educational resources for low fees.
  • City Index – Best for those Forex traders searching for great research tools and low Forex Fees.
  • – Best for highly active trader as active trading leads to lower trading costs.
  • Ally – Best for those who prefer short a stock or trade on margin.
  • Fusion Market – Best for those looking for a cheap yet reliable broker for their Forex trade.
  • Oanda Forex – Best for who wants equal facilities and convenience on Desktop/Laptop and Mobile.
  • FXCM – Best for those wanting good control over customization, extensive research tools, and ready to pay a big high.
  • Dukascopy – Best for those looking to lay the foundation of a mid-scale Forex trade, and bothering more about safety and assistance over anything else.

Note: Choosing the right VPS is as important for Forex, as a reliable broker. Cherish  – Best & Cheap Forex VPS Ultimate List!

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