Best Forex Brokers US 2026
The full list of 5 CFTC-regulated forex brokers serving US retail traders. Every broker below is an NFA member, holds RFED registration, and is capped at 50:1 leverage on major pairs.
Why CFTC and NFA Regulation Matters
The Commodity Futures Trading Commission and the National Futures Association run one of the strictest retail forex regimes in the world. Every broker on this page is a CFTC-registered Retail Foreign Exchange Dealer (RFED) and an NFA member - which means they hold a $20 million minimum net capital requirement, file quarterly financial statements, and must disclose counterparty risk on every trade.
The trade-off is leverage. US retail traders are capped at 50:1 on major pairs and 20:1 on minors under Dodd-Frank rules, and the NFA's FIFO rule stops you hedging the same pair. What you give up in leverage you get back in the tightest broker oversight available anywhere - and with only 5 RFEDs serving retail clients, the shortlist below is the entire legal market.
IG US
NFA #0509637 | CFTC-Registered RFED | Also FCA, ASIC, BaFin
Every broker on this page is an NFA member under CFTC oversight. Retail forex dealers must keep $20 million in minimum net capital and publish quarterly financial statements. There is no SIPC or FDIC cover on forex accounts - the NFA capital requirement is the main protection for US traders.
All 5 CFTC-Registered Forex Brokers
Every broker holds current NFA membership and RFED registration. The 50:1 leverage cap on major pairs applies to all of them.
| Broker | Min Deposit | Spreads | Platforms | NFA ID | |
|---|---|---|---|---|---|
IG USReviewed | $250 | 0.6 pips | IG Web Platform, MetaTrader 4 | #0509637 | Visit → |
OANDA | No minimum | 0.6 pips | OANDA Web, MetaTrader 4 | #0325821 | Visit → |
FOREX.com | $100 | 1.0 pips | MetaTrader 4, MetaTrader 5 | #0339826 | Visit → |
Interactive Brokers | No minimum | 0.2 pips | IBKR TWS, IBKR Web | #0258600 | Visit → |
Charles Schwab (thinkorswim) | No minimum | Variable | thinkorswim, Schwab Web | #0281502 | Visit → |
IG US is the only broker on this page with a full TradeTheDay review. NFA membership is public record - check any broker at nfa.futures.org before you fund.
US Forex Brokers: FAQs
Is forex trading legal in the USA?
Yes, retail forex trading is legal in the United States but tightly regulated. Brokers must register with the CFTC (Commodity Futures Trading Commission) as a Retail Foreign Exchange Dealer (RFED) and become members of the NFA (National Futures Association). Most international brokers - including AvaTrade, Pepperstone, and eToro - do not hold RFED registration and therefore cannot legally accept US retail clients.
Which brokers legally accept US retail forex traders?
The complete list of CFTC-registered brokers serving US retail clients is short: OANDA, FOREX.com (StoneX), IG US, Interactive Brokers, and Charles Schwab (thinkorswim). Every one of them must hold $20 million minimum net capital and publish quarterly financials. Verify any broker's NFA registration at nfa.futures.org before funding an account.
What is the maximum leverage for US retail forex traders?
US retail traders are capped at 50:1 leverage on major currency pairs and 20:1 on minor and exotic pairs. The caps come from the Dodd-Frank Act (2010) and are enforced by the CFTC. That is far below the 500:1 some offshore brokers advertise, and it is non-negotiable for CFTC-registered brokers serving US residents.
What is the FIFO rule and does it ban hedging?
The FIFO (First In, First Out) rule, enforced by the NFA, requires that when you hold multiple open positions in the same currency pair, the oldest position closes first. In practice this prohibits hedging - holding simultaneous long and short positions in the same pair. Most offshore brokers allow hedging, which is why some US traders look outside the regulated market.
Can US traders use offshore brokers for higher leverage?
Some offshore brokers accept US clients and offer higher leverage, but it carries serious legal and financial risk. The CFTC actively pursues enforcement actions against unregistered brokers soliciting US clients, and US residents have limited recourse if an offshore broker fails or acts fraudulently. The leverage caps exist to protect retail traders - treat anything above 50:1 as a red flag.
Are US forex accounts protected by SIPC or FDIC?
No. SIPC covers securities accounts and FDIC covers bank deposits - neither protects retail forex accounts. However, CFTC-registered RFEDs must maintain minimum net capital of $20 million and file quarterly financial statements with the NFA, which is the main protection for US forex traders. Always check a broker's NFA BASIC record for disciplinary history before trading.
Find the Right US Broker
Only 5 CFTC-registered brokers can legally serve US retail traders. Use the broker matcher to shortlist by deposit, platform, and features - or start with the full IG review.
Use the Broker Matcher →Read the IG ReviewAll brokers on this page are NFA members. Verify registration at nfa.futures.org.