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Original Research340 brokers analyzedUpdated 2026

85.0% of Online Brokers Don't Accept US Clients — Here's Why

We analyzed 340 online brokers worldwide and found that 289 of them block clients from the United States — more than any non-sanctioned country. This study examines why, which brokers still accept Americans, and what US regulations drive this restriction.

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Quick Answer

85.0% of the 340 brokers tracked by BrokerRank restrict US clients due to CFTC/NFA compliance costs exceeding $20M/year. Only 51 brokers (15.0%) accept US clients — primarily CFTC/NFA-registered platforms like Interactive Brokers and Forex.com.

See full data below

Key Findings

  • 85.0% of the 340 brokers analyzed restrict US clients — more than any non-sanctioned country.
  • Only 51 brokers (15.0%) accept US clients, primarily CFTC/NFA-registered platforms.
  • US compliance cost exceeds $20 million annually — the main reason international brokers avoid the market.
  • US traders face a 1:50 leverage cap on major forex pairs, vs 1:500+ available in offshore jurisdictions.
  • CFTC-regulated brokers that do serve US clients are among the highest-rated in our database.

340

Brokers Analyzed

289

Block US Clients

51

Accept US Clients

85.0%

% Restricted

Most Restricted Countries by Brokers

Number of brokers (out of 340) that block clients from each country.

🇦🇫 AF
289
85.0%
🇺🇸 United States
289
85.0%
🇱🇾 LY
260
76.5%
🇷🇺 Russia
259
76.2%
🇨🇦 Canada
258
75.9%
🇸🇴 SO
256
75.3%

Note: Sanctioned countries (Iran, North Korea, Syria, Cuba, Sudan, Myanmar) are excluded — 100% of brokers block them.

Why Do Most Brokers Block US Clients?

Dodd-Frank Act Compliance

The 2010 Dodd-Frank Wall Street Reform Act requires any broker serving US clients to register with the CFTC and become an NFA member. Annual compliance costs exceed $20 million, including capital requirements of $20M+ for forex dealers. Most international brokers can't justify this expense.

FATCA Reporting Requirements

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report US account holders to the IRS. Non-compliance results in a 30% withholding tax on US-sourced income. The reporting burden is a major deterrent for smaller brokers.

Leverage Restrictions

The CFTC limits retail forex leverage to 1:50 on major pairs and 1:20 on minors. Compare this to 1:500 in Australia or 1:unlimited at some offshore brokers. Lower leverage means less trading volume and less commission revenue per client.

Litigation Risk

The US legal environment exposes brokers to class-action lawsuits, regulatory fines, and enforcement actions that are far more aggressive than in other jurisdictions. CFTC fines regularly reach tens of millions of dollars for violations that would draw minor penalties elsewhere.

Max Forex Leverage by Jurisdiction

Lower leverage limits in the US mean less revenue per client for brokers — a key reason many avoid the market.

United States
1:50
European Union
1:30
United Kingdom
1:30
Australia
1:30
South Africa
1:200
Offshore (Seychelles, Vanuatu)
1:500+

Leverage shown for major forex pairs (EUR/USD). Minor and exotic pairs have lower limits in regulated jurisdictions.

How the US Became the Most Restricted Market

A timeline of key regulatory events that progressively shut US traders out of the global broker market.

2000

CFMA — Commodity Futures Modernization Act

Establishes the CFTC's authority over retail forex. Requires forex dealers to register as Futures Commission Merchants (FCMs). Many smaller US brokers begin closing.

2008

Financial Crisis — Regulatory Crackdown Begins

Collapse of major financial institutions triggers global regulatory overhaul. US lawmakers push for stricter oversight of all retail trading products.

2010

Dodd-Frank Act — The Turning Point

Limits retail forex leverage to 1:50 (majors) and 1:20 (minors). Raises minimum capital requirements for forex dealers to $20M. Dozens of international brokers stop accepting US clients overnight.

2010

FATCA Signed into Law

Foreign Account Tax Compliance Act requires all foreign financial institutions to report US account holders to the IRS or face 30% withholding tax. Creates massive compliance burden for non-US brokers.

2014

FATCA Enforcement Begins

FATCA reporting deadlines take effect. Brokers without IRS compliance systems permanently exit the US market. The exodus accelerates.

2018

ESMA Leverage Cuts in EU

European Securities and Markets Authority limits EU leverage to 1:30 for major forex pairs. EU brokers, already blocked from the US, now face restrictions in their home market too. Offshore entities proliferate.

2021

ASIC Leverage Cuts in Australia

Australia follows EU model — leverage capped at 1:30 for retail. The global trend of tighter regulation makes the US market even less attractive for international brokers to re-enter.

2024–26

Status Quo — 83% Block the US

With compliance costs exceeding $20M/year and leverage caps limiting revenue, the vast majority of global brokers have no plans to enter the US market. Only 58 out of 345 brokers accept American clients.

US Restrictions by Regulator

Percentage of brokers under each regulator that block US clients.

RegulatorBrokersBlock US% Blocked
FCA806278%
ASIC544685%
CySEC504794%
SEC401333%
FSA373492%
MAS332473%
SEBI1919100%
FSCA181794%
CFTC1200%
FSC1212100%

US-regulated brokers (SEC, CFTC, NFA) naturally accept US clients. FCA, ASIC, and CySEC-regulated brokers overwhelmingly block them.

Brokers That Accept US Clients (2026)

Only 51 out of 340 brokers in our database accept US clients. Here are the top-rated ones.

#1Interactive Brokers
Interactive Brokers
4.4
· Greenwich, USA
Visit
#2Forex.com
Forex.com
4.4
· Bedminster, USA
Visit
#3IG Group
IG Group
4.3
· London, UK
Visit
#4OANDA
OANDA
4.1
· New York, USA
Visit
#5eToro
eToro
4.0
· Tel Aviv, Israel
Visit
#6Plus500
Plus500
4.0
· Haifa, Israel
Visit
#7TradeStation
TradeStation
3.8
· Plantation, USA
Visit
#8Moomoo
Moomoo
3.7
· Palo Alto, USA
Visit
#9E*TRADE
E*TRADE
3.6
· Arlington, USA
Visit
#10Robinhood
Robinhood
3.6
· Menlo Park, USA
Visit
#11Webull
Webull
3.6
· New York, USA
Visit
#12Fidelity
Fidelity
3.6
· Boston, USA
Visit

Related Reading

Methodology

This study analyzed 340 online brokers listed in the BrokerRank database as of 2026. For each broker, we reviewed their Terms & Conditions, regulatory filings, and onboarding processes to determine which countries are restricted from opening accounts.

Country restrictions were classified based on the broker's primary entity. Some brokers operate multiple entities (e.g., a CySEC-regulated EU entity and an offshore entity) — restrictions apply to the primary regulated entity.

"Sanctioned countries" refers to Iran, North Korea, Syria, Cuba, Sudan, and Myanmar — all 345 brokers in our database restrict these jurisdictions.

Cite This Research

Journalists and researchers are welcome to reference this study. Suggested citation:

"According to BrokerRank's analysis of 340 online brokers, 85.0% do not accept clients from the United States, making it the most restricted non-sanctioned country for online trading."
— BrokerRank Research, US Broker Restrictions 2026. brokerrank.net/research/us-broker-restrictions

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Frequently Asked Questions

Why do most brokers not accept US clients?

US financial regulations (Dodd-Frank Act, FATCA) require brokers to register with the CFTC and NFA, maintain high capital reserves, and report to the IRS on behalf of US clients. The compliance cost exceeds $20 million annually, making it unprofitable for most international brokers to serve the US market.

How many brokers accept US clients?

Out of 340 brokers analyzed by BrokerRank, only 51 (15.0%) accept US clients. These are primarily US-regulated brokers like Interactive Brokers, Forex.com, OANDA, and major US platforms like Fidelity, Schwab, and Robinhood.

Can US citizens trade forex legally?

Yes, US citizens can trade forex legally through CFTC/NFA-registered brokers. However, leverage is limited to 1:50 on major pairs and 1:20 on minors, compared to 1:500 or higher available to traders in other countries.

What happens if a US citizen uses an offshore broker?

Using an unregistered offshore broker is not illegal for US citizens, but it carries significant risks: no regulatory protection, no access to dispute resolution, potential tax reporting complications, and the broker may freeze or confiscate funds at any time without legal recourse.

How to Cite This Research

This data is free to cite with attribution to BrokerRank. Please link back to the original study.

BrokerRank. "85.0% of Online Brokers Don't Accept US Clients — Here's Why." BrokerRank, 2026. https://brokerrank.net/research/us-broker-restrictions