Best USA Trading Platforms & Brokers Regulated by SEC

Written by Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: November 5, 2025

Our team of expert traders has tested several regulated and trustworthy US trading platforms and compiled a top list of the best of them. Each trading platform operating in the United States received a quality score based on several factors, including Trustpilot rating, regulation, fees and commissions, available trading platforms, customer service, and more.

The United States is home to one of the toughest financial regulatory environments in the world, which we consider both a blessing and a curse. On one hand, the tight regulations preserve the integrity of the local financial industry, protect consumers, and ensure fair trading opportunities for all market participants. On the other hand, the harsh regulatory climate, paired with the high capital requirements brokerage firms must meet to obtain authorisation, has resulted in a mass exodus of brokers from the country. This impacts US traders, leaving them with a severely restricted choice of licensed trading sites.

With that in mind, trading in the US is mainly regulated by two government agencies. The Securities and Exchange Commission (SEC) oversees the operations of stock exchanges in the country, while the Commodity Futures Trading Commission (CFTC) regulates forex transactions, commodities, and futures. These bodies are assisted in performing their duties by two self-regulatory organisations, the Financial Industry Regulatory Authority (FINRA) and the National Futures Association (NFA).

Licensed brokerage firms operating in the US can legally offer trading in stocks, indices, options, futures, exchange-traded funds, bonds, spot forex, and commodities, among several other financial instruments. US traders can leverage their spot forex and stock positions to gain greater market exposure, but contracts for difference (CFDs) remain illegal in the country for the time being. Continue reading as we explore the financial regulatory climate in the US in further detail. But first, let’s have a look at the ten best brokers that accept US traders.

Regulators	US Securities and Exchange Commission (SEC) Financial Industry Regulatory Authority (FINRA) US Commodity Futures Trading Commission (CFTC) National Futures Association (NFA)
Forex Trading Leverage	1:50
Stocks Leverage	1:4
CFD Leverage	N/A

The best US brokers

Choosing a reliable online broker that meets your individual investment goals and requirements is crucial if you want to gain a competitive advantage while trading from the comfort of your home. To assist you in making the right choice, TradingPedia evaluated all major online brokers authorised to serve US traders.

We compared them side by side and tested their services against several key criteria, including trading costs, software and technology, range of tradable assets, and research and educational content. Using this methodology, we narrowed down the list to what we consider the ten best online brokers on the US market. Our selection includes brokerages suitable for a broad range of traders, from seasoned self-directed investors to rookies who are just starting their online trading journey.

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Regulators
CySEC (Cyprus, # 109/10), FCA (United Kingdom, # 583263), FRSA (United Arab Emirates, # 220073), FinCEN (United States, # 31000204884179), FINRA (United States, # 298361), FSAS (Seychelles, # SD076), GFSC (Gibraltar, # 1333B), AMF (France, # E2022-038), MFSA (Malta, # C97952), SEC (United States, # 0001753042), ASIC (Australia, # 491139)
Platforms
eToro App, eToro CopyTrader, eToro Investing
1. eToro
Min Deposit
$50 or $100 based on country ($10 for the UK)
Fees
No fees on withdrawals and deposits
A $10 monthly maintenance fee after one year of inactivity
Deposit Methods
Commissions
1% fee on long cryptocurrency positions
Spread
EUR/USD: AVG 1 pips, GBP/USD: AVG 2 pips, USDJPY: AVG 1 pips
Withdrawal Methods
Leverage EU
1:400 (CySEC | Pro Account), 1:30 (CySEC | Retail Account)
Leverage non-EU
1:400 (FSAS | Retail Account)
Instruments
Commodities CFDs, Crypto CFDs, ETF CFDs, Forex CFDs, Indices CFDs, Metals CFDs, Share CFDs, Stock CFDs, US Stock CFDs
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.Options involve risk and are not suitable for all investors. Please review Characteristics and Risks of Standardized Options prior to engaging in options trading. Content, research, tools, and stock symbols on eToro’s website are for educational purposes only and do not imply a recommendation or solicitation to engage in any specific investment strategy. All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results.
*eToro does not offer leveraged CFDs to customers in the U.S.
In business since 2007, eToro is home to a large investor community of more than 30 registered clients worldwide. The brokerage serves customers in over 100 jurisdictions.
Deposits at eToro are free of charge and start at $100. If you’re not ready to commit to a live account yet, you can build your knowledge and experience by opening a free demo account. The demo account comes preloaded with $100,000 in virtual funds, providing plenty of capital for practice.
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Regulators
CFTC (United States, # 0394039), CIRO (Canada), FCA (United Kingdom, # 208159), JFSA (Japan, # 187), MAS (Singapore, # CMS100917), HKSFC (Hong Kong, # ADI249), ASIC (Australia, # 453554), SEBI (India, # INZ000217730), CBI (Ireland, # C423427)
Platforms
Proprietary Mobile, Proprietary Web
2. Interactive Brokers
Min Deposit
$0
Fees
One free withdrawal per month
No inactivity fees
No fees for electronic deposits
Deposit Methods
Commissions
IBKR Lite Accounts
$0 per share for US stocks
$0.005 per share for other stocks
$0.65 per options contract
$0.85 per futures contract
0.08 to 0.20 pts multiplied by the trade size for spot currencies
IBKR Pro Accounts
$0 per share for US-listed stocks, $0.0005 to $0.0035 per share for other stocks
$0.15 to $0.65 per options contract
$0.25 to $0.85 per futures contract
Spread
EUR/USD: MIN 0.2 pips, EUR/USD: AVG 0.2 pips, GBP/USD: MIN 0.2 pips, GBP/USD: AVG 0.4 pips, USDJPY: MIN 0.2 pips, USDJPY: AVG 0.3 pips
Withdrawal Methods
Leverage EU
1:30 (FCA | IBKR Lite)
Leverage non-EU
1:30 (ASIC | IBKR Lite), 1:30 (CBI | IBKR Lite), 1:25 (JFSA | IBKR Lite), 1:20 (MAS | IBKR Lite), 1:500 (Pro Account)
Instruments
Bond Futures, Bonds CFDs, Commodities CFDs, Crypto CFDs, ETF CFDs, Forex CFDs, Indices CFDs, Metals CFDs, Mutual Funds, Share CFDs, Stock Options
Options involve risk and are not suitable for all investors. For more information read the Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD). Alternatively, please contact IB Customer Service to receive a copy of the ODD. Before trading, clients must read the relevant risk disclosure statements on our Warnings and Disclosures page. Trading on margin is only for experienced investors with a high risk tolerance. You may lose more than your initial investment. For additional information about rates on margin loans, please see Margin Loan Rates. Security futures involve a high degree of risk and are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading security futures, read the Security Futures Risk Disclosure Statement.
Interactive Brokers is a NASDAQ-listed online trading platform that serves clients in more than 200 jurisdictions worldwide, allowing them to trade a wide range of financial instruments. From stocks and spot currencies to futures, bonds, and options, Interactive Brokers is an excellent choice for U.S. investors seeking favorable trading conditions.
The brokerage offers exceptionally low pricing, with zero commissions on U.S.-listed stocks. Trading spot metals is also available at Interactive Brokers, where you can purchase gold in quantities as small as a single ounce. Binary-options-style event contracts are available for all major futures markets, offering fixed payouts of $20.
The company provides customers with a robust suite of proprietary platforms suitable for desktop, web, and mobile trading. Two main account types are available, starting with IBKR Lite, which is geared primarily toward casual investors. IBKR Lite gives you access to commission-free trades in stocks and ETFs listed on the largest exchanges in the United States.
IBKR Pro accounts are better suited for advanced investors, who will also benefit from highly competitive trading conditions, including per-share commissions as low as $0.005. It is worth noting that Lite accounts use fixed pricing, whereas the commissions on Pro accounts are tiered and depend on your order size. Both account types have no minimum deposit requirement and incur no inactivity fees.
Interactive Brokers allows customers to manage their risk with a range of advanced order types, including trailing stop, stop with protection, request-for-quote, bracket, and stop-limit orders. The broker also partners with several well-known third-party algorithmic providers, such as Jefferies and Fox River, to deliver additional order types to advanced traders.
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Regulators
Commodity Futures Trading Commission (CFTC)
Securities and Exchange Commission (SEC)
Financial Industry Regulatory Authority (FINRA)
Monetary Authority of Singapore (MAS)
Investment Industry Regulatory Organization of Canada (IIROC)
Platforms
Thinkorswim Desktop, Thinkorswim Web, Mobile Apps for iOS and Android
3. TD Ameritrade
Min Deposit
$50 for ACH transfers; no minimum requirements for wire transfers and checks
Fees
Free deposits
$25 fee for wire transfer withdrawals
No inactivity fee
Deposit Methods
Commissions
No commissions on stock and ETF trades
$0.65 per options contract
$2.25 per futures contract
Spread
From 1.2 for major forex pairs
Withdrawal Methods
Leverage EU
N/A
Leverage non-EU
1:2, 1:3, or 1:4 for stocks (depends on one’s account balance)
Instruments
Stocks, options, ETFs, mutual funds, futures, currency crosses, bonds, certificates of deposit (CDs)
All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.
TD Ameritrade is one of the most popular online brokerages catering to investors in the U.S. market. It provides a comprehensive product offering and facilitates low-cost trading in currency pairs, stocks, exchange-traded funds, futures, options, bonds, certificates of deposit, and mutual funds. Trading stocks and exchange-traded funds is commission-free. Spreads on currency crosses at TD Ameritrade align with the industry average.
The broker uses a proprietary platform called Thinkorswim, which is compatible with most desktop and mobile devices. The platform accommodates the needs of all customers, regardless of the instruments they trade or where they are in their trading journey.
Trading contracts for difference (CFDs) is not available at TD Ameritrade, but U.S. customers who open margin accounts can increase their purchasing power with 1:2 leverage. Higher leverage ratios are available to margin traders with larger balances.
Registering for an individual trading account is a simple, hassle-free process, with customers having access to several familiar deposit options such as ACH transfers, wire transfers, checks, and broker-to-broker transfers. Deposits are free of charge. Withdrawals requested via wire transfer incur a $25 processing fee. The broker targets customers primarily from the United States but also accepts traders from several other jurisdictions, including Singapore and Canada.
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Regulators
CFTC (United States, # 0509630), DFSA (United Arab Emirates, # F001780), FCA (United Kingdom, # 944492), FFAJ (Japan), FINMA (Switzerland, # IG Bank S.A.), FMA (New Zealand, # 684191), FSCA (South Africa, # 41393), JFSA (Japan, # 9010401051715), MAS (Singapore, # 1489), ASIC (Australia, # 515106), BaFin (Germany, # 148759), BMA (Bermuda, # 54814)
Platforms
L2 Dealer, MetaTrader 4, Proprietary Web, ProRealTime, TradingView
4. IG
Min Deposit
$50
Fees
$12 monthly maintenance fee after two years of inactivity
Free deposits and withdrawals
Deposit Methods
Commissions
Zero commission for spot currency trades
Spread
EUR/USD: AVG 1.13 pips, EUR/USD: MIN 0.6 pips, GBP/USD: AVG 2.38 pips, GBP/USD: MIN 0.9 pips, USDJPY: AVG 1.8 pips, USDJPY: MIN 0.7 pips
Withdrawal Methods

Leverage EU
1:222 (BaFin | Pro Account), 1:30 (BaFin | Retail Account), 1:30 (FCA | Retail Account)
Leverage non-EU
1:30 (ASIC | Retail Account), 1:200 (BMA | Retail Account)
Instruments
Bond Futures, Bond Options, Bond Spread Betting, Bonds CFDs, Commodities CFDs, Commodity Futures, Commodity Options, Commodity Spread Betting, Crypto CFDs, Crypto Options, Crypto Spread Betting, Currency Futures, Energy CFDs, Energy Futures, Energy Options, Energy Spread Betting, ETF CFDs, ETF Options, ETF Spread Betting, Forex CFDs, Forex Options, Forex Spread Betting, Index Futures, Index Options, Index Spread Betting, Indices CFDs, Interest Rate Futures, Metal Futures, Metal Options, Metals CFDs, Metals Spread Betting, Share CFDs, Stock CFDs, Stock Options, Stock Spread Betting, US Stock CFDs, US Stock Options, US Stock Spread Betting
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.
IG is a world-leading broker that offers low-cost trading in more than 80 major, minor, exotic, and emerging currency pairs. The company serves U.S. clients under a license issued by the Commodity Futures Trading Commission (CFTC). The broker is also a member of the National Futures Association (NFA), which further enhances its credibility and reputation. IG charges no commissions on foreign-exchange trades and provides spreads as low as 0.8 pips, enabling customers to save on trading costs.
Apart from its robust, proprietary, browser-based platform, IG facilitates trading through ProRealTime and MetaTrader 4. Customers have access to multiple time frames, customizable technical indicators, and chart-trading functionality. Those unfamiliar with the company’s proprietary software can test it by opening a free demo account funded with $10,000 in virtual funds.
Traders can build their knowledge and skills by participating in free online courses, seminars, and webinars. The broker provides brief, easy-to-digest lessons and complements them with interactive exercises, videos, and interesting facts about the financial markets. Each lesson available in the IG Academy ends with a short quiz, enabling traders to identify and address their weak spots. Suitable courses are offered for all experience levels, from beginner to advanced.
Customer support is available via live chat, and the site also features a comprehensive help section that answers the most common questions new customers may have. Deposits and withdrawals incur no additional costs, but inactive traders are subject to a $12 monthly maintenance fee if their accounts remain dormant for two or more years.
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Regulators
CFTC (United States, # 0339826), CIMA (Cayman Islands, # 25033), CIRO (Canada, # StoneX Financial (Canada) Inc.), CySEC (Cyprus, # 400/21), FCA (United Kingdom, # 446717), JFSA (Japan, # 2010401047199), MAS (Singapore, # StoneX Financial Pte. Ltd.)
Platforms
MetaTrader 4, MetaTrader 5, Forex.com
5. Forex.com
Min Deposit
$100
Fees
Free deposits
$25 for domestic wire-transfer withdrawals below $10,000
A $15 monthly maintenance fee after one year of inactivity
Deposit Methods
Commissions
No commissions on Standard accounts
A $5 fixed commission per $100,000 in traded volume for Commission accounts
Spread
EUR/USD: AVG 1.3 pips, GBP/USD: AVG 1.8 pips, USDJPY: AVG 1.6 pips
Withdrawal Methods
Leverage EU
1:30 (CySEC), 1:30 (FCA)
Leverage non-EU
1:30 (ASIC), 1:50 (CFTC), 1:200 (CIMA), 1:30 (CIRO), 1:200 (MAS), 1:400 (Pro Account), 1:25 (JFSA)
Instruments
Bond Futures, Bond Options, Bonds CFDs, Commodities CFDs, Commodity Futures, Commodity Options, Crypto CFDs, Crypto Options, Currency Futures, Energy Futures, Energy Options, ETF CFDs, ETF Options, Forex CFDs, Forex Options, Index Futures, Index Options, Indices CFDs, Interest Rate Futures, Metal Futures, Metal Options, Metals CFDs, Share CFDs, Stock Options
FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Increased leverage increases risk.
Forex.com is a CFTC-regulated broker that offers a well-rounded selection of tradable instruments, including spot forex, gold, silver, futures, and options. The broker focuses on providing a seamless trading experience through an easy-to-navigate proprietary platform that supports trading in 82 currency crosses and precious metals.
Clients have access to multiple order types, configurable watchlists, and single-click trading. The proprietary software features an economic calendar and advanced performance analytics tools that enable users to review their past trading behavior. This browser-based platform is also packed with state-of-the-art drawing tools. More than 80 technical indicators are available, along with over ten chart types.
MetaTrader 4 is a viable option for Forex.com customers who open Standard accounts. The third-party software supports free VPS hosting and gives users access to the MetaTrader Market, where they can purchase automated trading robots known as Expert Advisors (EAs). By comparison, the proprietary platform offers a choice of Standard, Commission, and STP Pro accounts. Either way, traders can explore the markets from any device of their choice, as both platforms are compatible with desktop and mobile devices.
The broker is fully transparent about its trading costs and offers tight variable spreads starting at 1.2 pips for commission-free Standard accounts. Spreads are even lower, at 0.2 pips, for Commission accounts; however, clients are charged a $5 commission for every $100,000 they trade. The client-centric broker provides outstanding customer support via a dedicated live chat facility. Forex.com customers who set up live accounts can transact using widely available payment methods such as debit cards, bank wires, and ACH transfers.
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Regulators
Commodity Futures Trading Commission (CFTC)
Securities and Exchange Commission (SEC)
Platforms
Web Proprietary Platform, Active Trader Pro, Fidelity Solo FidFolios, Stocks by the SliceSM
6. Fidelity Investments
Min Deposit
No minimum account requirements
Fees
Free deposits and withdrawals
No inactivity fee
Deposit Methods
Commissions
Zero commissions for US-listed stocks and ETFs
$0.65 for options contracts
Spread
Unspecified
Withdrawal Methods
Leverage EU
Unspecified
Leverage non-EU
9% - 13.32% margin requirement
Instruments
Stocks, fractional shares, options, mutual funds, ETFs, precious metals, certificates for deposit (CDs), Initial Public Offerings (IPOs), bonds
Investing involves risk, including risk of loss. Before investing, consider the investment objectives, risks, charges, and expenses of the mutual fund, exchange-traded fund, 529 plan, Attainable Savings Plan, or annuity and its investment options. Contact Fidelity for a prospectus, offering circular, Fact Kit, disclosure document, or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Investments, or Fidelity for short, is an established financial services provider with over 70 years of experience in the financial markets. The history of the Boston-based company dates back to the mid-1940s, when it was known as Fidelity Management & Research (FMR). Today, Fidelity Investments has more than 42 million clients worldwide and offers them a broad assortment of financial services. These range from financial advice, wealth management, and retirement plans to online trading in stocks, options, and ETFs.
With such an impressive track record, it is no surprise that Fidelity is the go-to broker for many U.S. traders who demand competitive pricing, quality, and superior order execution. The company boasts an outstanding selection of tradable products and a broad range of research tools that allow customers to make better-informed trading decisions. Trading in fractional shares is also possible at Fidelity, a feature few brokers can boast. The broker’s browser-based platform is well-suited for beginners, while experienced investors can trade via the more advanced Active Trader Pro. The latter offers several advanced order types, including trailing stops and conditional orders.
Smartphone users can stay on top of the markets with the help of Fidelity’s award-winning mobile app, available for Android and iOS devices. Customers benefit from competitive margin rates that start at 9% and can trade U.S. stocks and ETFs commission-free. Transactions to and from your live trading account are possible via familiar payment methods such as ACH transfers, PayPal, and wire transfers, but deposits via debit or credit cards are not supported. The broker charges no deposit, withdrawal, or inactivity fees and has no minimum deposit requirements.
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Regulators
Securities and Exchange Commission (SEC)
Financial Industry Regulatory Authority (FINRA)
Commodity Futures Trading Commission (CFTC)
Platforms
Power E*TRADE Web Platform, Mobile Apps for Android and iOS
7. E*TRADE
Min Deposit
No minimum deposit requirement
Fees
No maintenance fees for inactive accounts
Free deposits
Free ACH withdrawals
A $25 fee for bank wire withdrawals
Deposit Methods
Commissions
$0 commission on US stocks, mutual funds, and ETFs
$0 commission for US Treasury bonds
$0.65 per options contract (or $0.50 for clients who open 30 or more options, ETF, or stock contracts per quarter)
$1.50 per futures contract
Spread
N/A
Withdrawal Methods
Leverage EU
N/A
Leverage non-EU
1:2
Instruments
Mutual funds, futures, options, stocks, bonds, ETFs, certificates of deposit (CDs)
Important Note: Futures and options transactions are intended for sophisticated investors and are complex, carry a high degree of risk, and are not suitable for all investors. For more information, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure Statement for Futures and Options prior to applying for an account.
E*TRADE is one of the most established financial service providers operating in the United States. Founded in the early 1980s, the company offers a broad range of services, including retirement planning, wealth management, and professional investment advice. Now part of Wall Street behemoth Morgan Stanley, E*TRADE is also considered a trailblazer in online retail trading. The company’s operations are overseen by top-tier regulators such as the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
E*TRADE delivers an industry-leading experience, allowing clients to trade stocks, bonds, futures, options, ETFs, certificates of deposit, and mutual funds. Customers can open individual, joint, or custodial brokerage accounts, and there are no minimum funding requirements. Stock trading is affordable with this brokerage, as no commissions are charged on U.S.-listed equities. Trades in U.S. Treasury bonds are also commission-free. Options cost $0.65 per contract unless you execute more than 30 stock, options, or ETF trades every four months, in which case the commission drops to $0.50 per contract.
These financial instruments are accessible through a sleek proprietary platform that requires no additional software downloads. The broker also supports mobile trading via highly intuitive native apps for Android and iOS devices. The platform is equipped with sophisticated tools for technical analysis and risk management, including multiple chart types and more than 30 drawing tools. Additionally, the broker charges no deposit or inactivity fees, but withdrawals via bank wire transfer may incur an additional $25 fee.
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Regulators
Securities and Exchange Commission (SEC)
Financial Industry Regulatory Authority (FINRA)
Platforms
Proprietary Platform, Mobile Apps for iOS and Android
8. Robinhood
Min Deposit
No minimum deposit requirement
Fees
Free deposits
Free bank transfer withdrawals
1.5% fee for instant debit card and bank account withdrawals
No maintenance fees for inactive accounts
Deposit Methods
Commissions
$0 commissions for options contracts
Spread
N/A
Withdrawal Methods
Leverage EU
N/A
Leverage non-EU
50% minimum margin
Instruments
Cryptocurrencies, options, stocks, ETFs
All investments involve risk, including the loss of principal. The past performance of a security, cryptocurrency, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not ensure profits, or protect against loss. Customers should consider their investment objectives and risks carefully before investing in securities or buying/selling cryptocurrencies.
Robinhood is a reliable financial services provider that offers commission-free trading in stocks, cryptocurrencies, options, and exchange-traded funds. Its registration with the Securities and Exchange Commission (SEC), paired with its FINRA membership, makes it a safe destination for U.S. traders. Customers can expect to pay no commissions or spreads on their trades. Robinhood profits mostly from margin lending, interest on clients’ cash balances, and payments for order flow (PFOF). The company receives compensation for routing client orders to various market makers and liquidity providers for execution.
Trading fractional shares and ETFs is both possible and very affordable at Robinhood. Fractional shares are available for all stocks with a market capitalization that exceeds $25 million. The stocks must also be priced at $1 or more per share to be eligible for fractional trading. Robinhood is friendly to novice investors because it has no minimum account requirements. You can start with as little or as much money as you can afford.
Clients can increase their purchasing power through margin with minimum margin requirements set at 50%. Robinhood uses a proprietary browser-based platform that is both easy to work with and highly efficient. Customers can stay connected to their Robinhood accounts while on the go via sophisticated native apps compatible with iOS and Android. Robinhood is also registered with the Securities Investor Protection Corporation (SIPC), which means investors are protected with up to $500,000 in the event that their securities or cash balances held by the company are lost.
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Regulators
CIRO (Canada), FCA (United Kingdom, # 961286), FINRA (United States, # 289063), FSCA (South Africa, # 50863), MAS (Singapore, # 202116981M), SEC (United States, # 0001709585), HKSFC (Hong Kong, # BNG700), ASIC (Australia, # 536980)
Platforms
Proprietary Mobile, Proprietary Web
9. WeBull
Min Deposit
$0
Fees
Free ACH deposits if successful
An $8 fee for deposits with domestic wire transfers and $12.50 for international wire transfers
A $25 fee for withdrawals with domestic wire transfers and $45 for international wire transfers
No inactivity fee on dormant accounts
Deposit Methods
Commissions
$0 commission on stock and ETFs trades
Spread
100 basis points
Withdrawal Methods
Leverage EU
N/A
Leverage non-EU
1:4 for day trades
1:2 overnight buying power
Instruments
Agriculture futures, Crypto futures, Currency Futures, Energy Futures, ETF Options, ETFs, Fractional Shares, Index Futures, Index Options, Interest Rate Futures, Metal Futures, Mutual funds, Spot Bonds, Spot Stocks, US Stock Options
All investments involve risk, and not all risks are suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss in a down market. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing.
Webull is one of the youngest financial service providers in the US market, as it was launched in 2017 by Wang Anquan, a former technology director at Alibaba Group. Despite its relatively short history, the company has already attracted the attention of traders and has more than 13 million registered users at the time of publication. The success of Webull is hardly surprising, considering the company facilitates commission-free trades with ETFs, stocks, and options. It introduced cryptocurrency trading in 2020.
Trading with this SEC-authorized broker is possible through an easy-to-use web platform that grants you instant access to the financial markets. A downloadable version of the proprietary software is also available. Downloading the platform is recommended because it gives you access to a broader range of features and functionalities.
Customers of Webull can take advantage of advanced charting tools that enable them to identify and follow the latest market trends. More than 50 technical indicators and over 60 technical signals are available to savvy traders, allowing them to elevate their trading experience. The platform’s layout is configurable, making it easy for users to tailor their trading activities to their individual investment goals and style.
At Webull, you also have the opportunity to test new strategies before risking any real money. The company provides a virtual stock-trading simulator that closely replicates the experience of investing in the real-world stock market. As for payments, your options are limited to ACH and bank wire transfers. Transactions initiated via wire transfer may incur hefty fees, which is one of the few downsides of trading with Webull.
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Regulators
Financial Industry Regulatory Authority (FINRA)
Platforms
Zacks Trade Pro, Client Portal, Mobile Apps for iOS and Android
10. Zacks Trade
Min Deposit
$2,500 minimum required balance
Fees
A $15 maintenance fee for accounts whose balance is below $25,000
One free withdrawal per month
Subsequent withdrawal fees: $1 for ACH transfers, $10 for bank wire transfers, $4 for checks
No deposit and order cancellation fees
Deposit Methods
Commissions
$0.01 per share for ETFs and stocks valued at more than $1 per share
1% of the trade’s value with a $1 minimum for ETFs and stocks valued at less than $1 per share
$1 for first options contracts, plus $0.75 for additional contracts
From 0.12% to 0.18% for cryptocurrencies, depending on the monthly trade volume
Spread
Unspecified
Withdrawal Methods
Leverage EU
Unspecified
Leverage non-EU
1:2 for overnight positions
1:4 for day trades
Instruments
Stocks, ETFs, options, corporate and government bonds, mutual funds
Margin trading involves risks and is not suitable for all investors. Trading on margin can result in interest charges and the possibility to lose more than what is initially invested. In some instances you may need to deposit additional collateral to maintain certain margin requirements. Please review our Margin Trading Risk Disclosure, Day Trading Disclosure, and Portfolio Margin Disclosure on our Account Disclosures page to understand the risks associated with trading on margin.
Zacks Trade was established in 1978 by quantitative-equity expert and MIT alumnus Len Zacks. Regulated by the Financial Industry Regulatory Authority (FINRA), the company attracts U.S. traders with its competitive commissions and powerful tools that facilitate independent investment research. U.S. customers can choose from a broad range of financial instruments, including ETFs, mutual funds, stocks, cryptocurrencies, and options.
All these instruments are tradable via a robust downloadable platform compatible with macOS, Microsoft Windows, and Linux. This fully customizable software is equipped with scalable charts and more than 120 technical indicators. Trading directly from charts is supported as well. Additionally, Zacks Trade provides its clients with instant access to over 20 research subscriptions from leading market analysis providers such as Morningstar and Thomson Reuters.
Customers can also trade on tablets or smartphones by installing the broker’s native apps from the App Store or Google Play. The apps are packed with useful features that enable you to stay on top of the financial markets while on the go. You have access to major earnings and ratings statistics, valuable market insights, and real-time stock price changes. Prospective clients can test the broker’s services via free paper trading accounts.
New customers must transfer at least $2,500 to begin their investing experience with Zacks Trade. This minimum is exorbitant, to say the least, and significantly exceeds the industry average. On the positive side, deposits are free at Zacks Trade, where you can top up your live balance with familiar payment options like checks and bank wire transfers. Each customer is entitled to one free withdrawal per month, with subsequent requests incurring additional fees of $1 to $10, depending on the method used.

Trading regulations in the US

The United States has the most developed economy on a global scale, with a gross domestic product of $25.46 trillion for 2022. The country is also home to the NASDAQ and the NYSE, the world’s largest stock exchanges in terms of market capitalisation. Despite this, US traders often struggle to find reliable online brokers as very few firms are authorised to serve customers from the local market.

This shortage can be attributed to the hostile regulatory environment in the country. Financial services providers are subject to rigorous supervision and must meet extremely high minimum capital requirements to obtain operating licences in the US. With that said, trading in stocks, spot currencies and commodities, futures, options, exchange-traded funds, and bonds is legal in the country. The provision of contracts for difference (CFDs) is prohibited under US financial legislation because of the high risk these speculative instruments entail.

Forex trading regulations in the US

The Commodity Futures Trading Commission (CFTC) is the primary regulatory agency that monitors the commodities markets in the United States, and this includes foreign exchange transactions. The Commodity Exchange Act has granted the federal agency supervisory powers over all financial transactions that involve over-the-counter foreign currency options and futures. The agency’s regulatory responsibilities broadened further after the Dodd-Frank Act passed into law in the wake of the 2008 global financial crisis.

The CFTC established the National Futures Association (NFA) in 1981 and tasked it with the registration of all companies and persons that want to conduct business with derivative instruments in the country. The self-regulatory agency monitors compliance and takes disciplinary action against registered firms and individuals that violate the law. It safeguards the interests of local investors and helps maintain the integrity of the US derivative markets. The entity additionally provides arbitration services to registered brokers and local investors, assisting them in resolving forex- and futures-related disputes.

The NFA defines retail customers as all persons whose cumulative assets are valued at less than $10 million. OTC foreign exchange transactions can be offered only by registered entities, including US-based banks, financial holding companies, futures commission merchants (FCMs), and retail foreign exchange dealers (RFEDs). These entities must receive authorisation from the CFTC and the NFA before they can legally transact with customers from the US market.

NFA-registered brokers must provide customers with standardised risk disclosures that inform them about the risks associated with foreign exchange trading. Said risk disclosures must additionally include information about the percentage of profitable and unprofitable customer accounts during the respective quarter.

If a broker-dealer establishes that an individual customer lacks the necessary expertise and experience to trade forex, it must provide additional information that allows the client to determine adequately whether they should enter into forex transactions. With that said, registered broker-dealers cannot provide individual recommendations or trading advice to clients who are deemed unfit to trade forex.

The Dodd-Frank Act stipulates that forex broker-dealers must have $20 million or more in equity to receive operating licences in the United States. These minimum capital requirements are significantly higher than in other jurisdictions and have forced many brokers to exit the US market after Dodd-Frank passed into law. As for the maximum leverage available to local forex traders, it is capped at 1:50 for major currency crosses and 1:20 for minor currency pairs.

Stock trading regulations in the US

Stock trading on US soil is regulated primarily by the Securities and Exchange Commission (SEC). The agency was established shortly after the collapse of the NYSE in the late 1920s, which marked the beginning of the Great Depression. The agency monitors the operations of all securities exchanges in the country, safeguards the interests of investors, and works to prevent market manipulation.

The SEC strives to ensure equal opportunities for all participants in the stock market and maintains a special database called EDGAR to this end. Abbreviated from Electronic Data Gathering, Analysis, and Retrieval, EDGAR gives investors free access to invaluable financial information about all publicly traded companies in the US.

The SEC also has the mandate to supervise the Financial Industry Regulatory Authority (FINRA), an independent regulatory body that oversees the operations of all securities companies authorised to conduct business in the country. FINRA is responsible for fostering market transparency, scrutinising securities firms for compliance with the rules, and educating investors. The self-regulatory agency has the authority to take disciplinary action against violators, levy fines, and order compensation payments to qualifying investors. The independent agency collects regulatory fees from member securities firms rather than using taxpayer money.

Speaking of compensation, all stock brokers overseen by FINRA and the SEC must apply for membership in the Securities Investor Protection Corporation. SIPC is similar to the Financial Services Compensation Scheme (FSCS) available to retail traders in the UK. It entitles all customers of FINRA-registered brokerages to compensation if the firms they are dealing with are forced into insolvency.

The maximum financial restitution under SIPC is capped at $500,000 per client and includes up to $250,000 in compensation for cash investments. Other than that, SIPC is not a regulatory body and, as such, has no remit when it comes to investigating securities-related crimes or fraud.

Under SEC requirements, each day trader who deals with securities such as stocks is expected to maintain a minimum equity balance of $25,000. The regulator defines day trading as opening or closing positions within the same trading day. An exception is made when day trades constitute 6% or less of the overall trading transactions you conduct within this period. Investors who fail to maintain the minimum required equity have their day-trading activities suspended.

The maximum leverage available to day traders based in the US is capped at 1:4. For example, a day trader can open cumulative positions totalling $200,000 with a live balance of $50,000. Clients who maintain open positions overnight are restricted to a maximum leverage of 1:2.

CFD trading regulations in the US

Contracts for difference (CFDs) are high-risk speculative instruments that enable traders to potentially profit solely from price fluctuations without purchasing any underlying assets. These derivatives involve leverage that allows you to gain greater exposure to the markets without putting up the full value of your open positions, at least not upfront. In essence, CFD traders borrow money from their brokers to inflate the size of their trades and must return the borrowed capital if they exit their leveraged positions at a loss.

As you can probably tell, CFD trading involves a significant amount of risk, especially for inexperienced retail investors. CFDs are legal in many jurisdictions; however, the US is not one of them. Trading in this type of derivative is prohibited by the SEC and the CFTC. The primary reason behind the ban is that CFDs are traded over the counter, which means they do not go through authorised exchanges like the NYSE, for example.

This makes them less transparent and more difficult to regulate, not to mention they can cause inexperienced traders to slip quickly into debt when huge market swings occur. Interestingly, the prohibition does not extend to cover even riskier derivatives such as the so-called binary options. Also known as ‘yes-or-no propositions’ or ‘cash-or-nothing options’, binary options return fixed payouts if a trader predicts whether the value of a given asset will rise above or drop below a predetermined amount.

Binary options expire automatically and there is no further decision-making on behalf of the trader. Binary options trading involves an element of gambling and is illegal in many jurisdictions, including the UK, Belgium, Australia, Canada, and Israel. The SEC advises against trading binary options at online platforms that lack official authorisation from US regulators.

At the time of publication, only three entities are authorised to provide binary options on the local market. These include the Chicago Mercantile Exchange, the Cantor Futures Exchange, and the North American Derivatives Exchange. All other entities that offer this high-risk derivative to local traders are violating US law.

US Trading Regulations FAQ

1. What are regulatory fees?

2. Are US traders taxed on their profits?

3. Is spread betting legal in the US?

4. Do US online brokers permit hedging?

5. Are US traders entitled to compensation if their broker declares insolvency?

Funding and withdrawing from US trading accounts

The range of available payment methods generally depends on which US broker you sign up with. The most common options typically include cards, wire transfers, and cheques, although some trading sites also work with globally available digital wallets like PayPal. Each payment method has its advantages and disadvantages regarding costs, transaction limits, and processing timeframes. We cover all these aspects in more detail below.

Depositing to US trading accounts

US traders face a more limited choice of options when it comes to funding their live accounts, especially when compared to other jurisdictions such as the UK. Most brokers operating in the country facilitate card deposits, with Visa, Maestro, American Express, and Mastercard being the most broadly supported card brands. Card deposits are typically instant and cost you nothing, but the minimum transferable amounts vary, depending on your broker. Some brokers, like Fidelity, have no minimum deposit requirements for card payments, while others impose minimums ranging from $10 to $250.

ACH (Automated Clearing House) and wire transfers are the most common options for depositing traders from the US. While both methods allow users to move funds between banks, ACH transfers are slower because they must pass through an interbank network for verification before the payment goes through. By comparison, wire transfers are faster since the funds go directly from one bank account to another without passing through an intermediary network for verification. Domestic wire transfers are usually completed within the same business day, but they are associated with higher costs that are bank-specific.

Some US-friendly brokers, like Fidelity and eToro, accept deposits with digital wallets such as PayPal. E-wallets are a great choice for traders who wish to move funds to their live balance without sharing any personal or banking information like card or bank account numbers. They must provide only their PayPal details to initiate a deposit. One drawback associated with PayPal is that it requires you to register upfront and then top up your e-wallet balance via a bank transfer or a card. Nonetheless, the trouble is well worth it, as PayPal allows for secure and instant deposits without additional transaction costs.

Most US brokers accept electronic cheques, but mailing a cheque is also possible in some cases. The limits and processing fees are determined by your bank. Cheques sent by mail are less time-efficient as they normally require three business days, sometimes even more. Additionally, you must notify your broker in advance when mailing your cheque. Deposits with electronic cheques are faster – they normally go through within the same business day.

Common deposit methods offered by US brokers
Type of method	Usual limits per transaction	Processing timeframes	Processing fees
Cards	$0 to $250	Instant	Free
ACH transfers	$10 to $100	Up to 4 business days	Free
Wire transfers	$10 to $500	1 business day for domestic transfers	Depends on your bank
E-wallets	$0 to $10	Instant	Free
Cheques	$0 to $10	1 to 3 business days	Generally free

Withdrawing from US trading accounts

As a rule of thumb, US brokers tend to return their clients’ withdrawals to the originating source of funding. Traders who wish to cash out their funds to a different payment method from the one they used for depositing are subject to additional verification procedures. The withdrawal methods generally overlap with those available for deposits, paper cheques being the only exception as they are rarely supported for cashing out.

Withdrawals to cards are possible in most cases, and the minimum requested amount usually starts at $10. However, some brokers, like IG, do not impose minimum requirements on card withdrawals. Another benefit of using cards for this purpose stems from the absence of extra processing fees. Most US-friendly brokers do not charge any additional fees when traders withdraw back to their cards.

US traders can also ask to have their funds returned via ACH or wire transfers, which usually take at least two business days. ACH and wire transfer withdrawals rarely incur additional fees on the brokers’ side, but the banks processing the payments may charge you extra. The minimum you can request via wire transfer is often higher and starts at $100, although the exact limits are broker-specific.

Some US-friendly trading sites, like eToro and Fidelity, facilitate withdrawals with PayPal. We recommend you opt for this e-wallet if your chosen broker supports it. PayPal withdrawals seldom take more than a couple of days to reach you. Withdrawals with PayPal have lower minimum limits and are not associated with additional processing fees. Whichever method you choose, make sure it is registered in your own name, or else you will not pass the verification process.

Common withdrawal methods offered by US brokers
Type of method	Usual limits per transaction	Processing timeframes	Processing fees
Cards	$10 (no minimum at some US brokers)	2 to 5 business days	Free
ACH transfers	$100.00	Up to 5 business days	Bank-specific
Wire transfers	$100.00	2 to 5 business days	Bank-specific
E-wallets	$10.00	1 to 2 business days	Free

US trading platforms

After testing all major brokers that operate legally on the US market, we established that most of them rely on proprietary software built from the ground up to satisfy the unique requirements of their customers. Each proprietary platform comes with bespoke features and specifications, so testing the software via a free paper-trading account is highly recommended.

Most brokers facilitate direct in-browser trading via web platforms, allowing customers to access their accounts and manage their positions from any desktop or mobile device they choose. Others, like Zacks Trade, offer downloadable in-house software compatible with all major desktop operating systems such as Microsoft Windows, macOS, and Linux.

Third-party platforms are sometimes offered in conjunction with proprietary software, with MetaTrader 4, ProRealTime, and TradingView ranking as the most commonly available options. Stay with us as we delve deeper into the specifics of each of the three popular third-party platforms.

ProRealTime

Some CFTC-authorised brokers, like IG, give US clients the option to use the popular third-party platform ProRealTime. This software is geared toward the needs of chartists and day traders looking to perform advanced technical analysis. ProRealTime accommodates them with powerful tools designed to make their decision-making process easier. Users can take advantage of more than 100 technical indicators that allow skilled analysts to evaluate everything from volatility to potential price fluctuations.

Automatic trading is also possible with ProRealTime. Traders can create custom algorithms and use them to execute orders around the clock. You can also back-test new trading strategies before you implement them in the real markets. Additionally, users have access to real-time economic news and comprehensive trading reports. Trading from charts is supported as well.

Another advantage of using ProRealTime is that it enables you to place orders according to trend lines rather than relying solely on price movements. The platform impresses with an efficient and intuitive interface that makes trading a breeze for both beginners and experienced traders. Given all this, it is unsurprising that the platform’s developers report over 87% of all ProRealTime users improve their overall trading performance.

MetaTrader 4

Designed by MetaQuotes, MetaTrader 4 (MT4) is the world’s leading platform for retail foreign exchange trading. The platform is free to download and use. Trading via the browser-based web version is also an option. Mobile apps compatible with Android 5.0 and iOS 11.0 are available on Google Play and the App Store as well. More than 750 brokerage firms rely on this platform at the time of publication, including US-friendly brokers like IG.

MT4 is a viable option for both beginner and advanced traders as it pairs user-friendliness with useful functionalities that enable you to take full control of your trading experience. The platform is renowned for facilitating exhaustive technical analysis. Traders have access to 30 technical indicators that enable them to identify market trends and make more accurate predictions about future price movements.

The platform is also suitable for chartists as it allows them to open up to 99 charts simultaneously, according to MetaQuotes. As many as 31 graphical objects are available, and users can execute trades with a single click of the mouse button. The supported timeframes start from one minute and go all the way up to a month. MetaQuotes recently updated the MT4 terminal to include an economic calendar for users looking to perform adequate fundamental analysis.

TradingView

TradingView is regarded as one of the best charting platforms available. It offers a comprehensive range of functionalities, including over 15 chart types, customisable timeframes, and more than 90 advanced drawing tools. It boasts an exhaustive database for technical analysis, with over a hundred pre-built technical indicators and thousands of public indicators. Creating indicators that correspond to your individual needs is straightforward thanks to TradingView’s elegantly minimalist programming language, Pine Script.

Traders who opt for this platform will never miss out on the opportunity to profit from favourable market conditions, as TradingView enables them to create configurable alerts based on indicators, prices, and strategies. Various pre-built alert types are available, including crossing, entry and exit channels, greater-than, and greater-less alerts. Additionally, users can take advantage of special alerts for trend lines, arrows, info lines, and rays.

The platform doubles as a community whose members can exchange advice and discuss various trading strategies. It enables you to hone your skills with paper trading before you are confident enough to join the real market action with a live account at an affiliated broker. Speaking of which, some of the most prominent brokerages in the US work with TradingView, including Forex.com, Ally Invest, Oanda, and Alpaca.

Best United States Trading Platforms