Investing in forex is probably one of the simplest money markets to get into. Open and fund an account with a registered agent or broker to get started. Choosing the best forex brokers accepting US clients in 2021 to trade forex requires some preliminary study to determine which one is best suited to your trading requirements and degree of experience.

• Forex.com

Pros: This broker offers over 80 different currencies to trade and 91 other forex pairings, including major, minor, and exotic pairs. Their lowest initial deposit is $100, which is lower than the industry average. There are no fees for withdrawals, deposits, or account maintenance. Digital wallets, credit and debit cards, and bank money transfers are all options for deposit and withdrawal. Their trading systems are simple to use and may be accessed via the web, mobile device, or desktop computer.

Cons: According to guidelines, this broker does not offer CFDs to US clients; therefore, cryptocurrencies can only be purchased through CFD trading. Some popular trading tactics, such as social and copy trading, are not permitted. It can take anywhere from one to three business days for them to validate your details once you open an account. If you do not log in to your account for a year, Forex.com will charge you a monthly dormancy fee.

• eToro

Pros: eToro has over 2,000 commodities and a $100,000 sample account with paper trading. Bank wire transactions, for example, are free, whereas bank cards cost $300. Withdrawals are free, and the minimum is $30, which is lower than the industry norm. You can use social trading, which is a popular trading method that isn’t always available.

Cons: The US dollar is the only account main currency. They accept deposits in 14 different currencies, although a conversion fee may be computed on their website. After 12 straight months of dormancy, they levy a $10 monthly inactivity fee. A $200 minimum investment deposit is required, with a $5 withdrawal fee. If you trade through their platform, you won’t find many configurable tools, charts, workspace, or other features.

• IG

Pros: You can trade 80 different currency pairs with IG. IG has many educational resources, including risk mitigation, analytic tools, trading insights, strategy, organization, and a glossary. There is no deposit fee, and you can fund your account with bank cards, transfers, or digital wallets. There is no minimum investment, and a sample account with $20,000 in virtual funds can be opened.

Cons: For consumers who have been inactive for two years, IG charges an inactivity fee. After the idle time, it costs a total of $12 per month. It takes 1 to 3 business days to open an account. They charge exorbitant currency conversion costs, with a usual price of 0.5 percent. International deposits, as well as those not made in US dollars, are subject to fees. When they calculate the nightly trading fee, they incorporate an admin fee.

• Ameritrade

Pros: TD Ameritrade offers various account types to suit a variety of needs and financial objectives. This broker’s minimum investment is 0. Fee-free payments and transfers are available via bank wire transfers. If you choose to trade via the internet, you will be greeted by a user-friendly interface that offers good security via a two-step login. You may trade on the go by downloading your program on your tablet or smartphone.

Cons: There aren’t many options for depositing or withdrawing money. If you wish to transfer money, you can’t use a credit card, debit card, or digital wallet. For many traders, the fact that TD Ameritrade primarily trades US markets can be negative. They also nearly exclusively serve clientele from the United States. This broker now offers live chat as part of their customer care, in addition to calling, emailing, faxing, and visiting them in person.

• Saxo Bank

Pros: You can trade over 40,000 products and 182 FX instant pairs with Saxo Bank. Your account will be validated in less than three working days, and you will be able to begin trading. They offer a demo account that allows you to trade with real-time quotations and $100,000 in the paper currency for 20 days. Deposits can be made with a credit card, debit card, or bank money transfer in one of 26 base currencies.

Cons: The minimum deposit for Saxo Bank is $10,000, which is above standard. An inactivity fee of $100 will be assessed after six months of idleness. Their prices are higher than other firms if you trade securities, futures, or options. There is no electronic wallet option for depositing or withdrawing funds. Saxo Bank provides solid basic research; however, you will have to pay if you require past data or other core information.

• OANDA

Pros: OANDA offers 38 major, minor, and exotic currency pairings. On several of the biggest pairs, their smallest spreads start at 0.9 pips. If you need to trade on the go, you can get their program on your phone, tablet, or computer. They accept credit cards, debit cards, bank wire transfers, and payments as deposit alternatives. They provide a practice account and have no minimum initial investment or transfer fees for the first month.

Cons: Other than forex and CFDs, they do not provide any other assets to their consumers. Even though they specialize in CFDs, they do not offer CFD fees lower than the industry average. If you want to credit your account using a wire transfer or PayPal, you’ll have to pay a high cost of $20. PayPal will charge you a processing fee as well as a percentage of your deposit. Finally, if you download your trading program to your phone, you will not access security features such as Face ID or touch login.

Conclusion

Because your forex broker will be your major trading associate, you should carefully select one to ensure that they are reliable and meet your trading needs. Open a practice account with an online broker you consider to be a suitable fit.

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