Best Forex Trading Platform US

The best forex trading platforms for US traders give a top UX with easy trading, good trading tools and fast execution. We chose the 6 best platforms and recommend a suitable broker based on trading accounts, spreads and products.

Written by

Justin Grossbard

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.

Edited by

Laura Wolfe

Laura is a freelance content writer focused on financial and legal technology, decentralized finance, cryptocurrency and related topics. Prior to beginning her writing career, she worked as an international disputes lawyer specializing in finance and construction cases in Paris, New York and Dubai. She holds degrees in law from Queen Mary University of London in Paris (LLM) and New York University School of Law (JD), as well as assorted other diplomas in Literature, French and Philosophy from New York University (MA) and the University of Georgia - Athens (BA Hons).

Reviewed by

Riley Adams

As a Senior Financial Analyst for Alphabet with an active CPA, Riley has a vast amount of financial knowledge. He has a Master's Degree in economics at Penn State University and a B.A. & B.S., Economics at the Centenary College of Louisiana. He also owns the website Young and the Invested providing investing advice for young individuals.

Updated: 21/09/2022

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.

Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

Best Forex Trading Platform in the US

Find out the brokers with the top trading platforms in the US

MetaTrader 4 With OANDA - Best US Forex Trading Platform
IG - Best Platform For Charting And Fast Execution
Forex.com - Top Forex Platform For Analytical Tools
TD Ameritrade - Trading Platform With Great Cutting Edge Trading Tools
Interactive Brokers - Good Platform For Mobile And On The Go Trading
eToro - Best Social Trading Platform For Crypto And Stocks

Visit Site

Our Rating

8.83

7.28

8.23

8.17

7.17

Review Of OANDA

FOREX.com review

Review Of IG

Interactive Brokers Review

Review Of eToro

Forex specialist in USA

Choice of trading platforms

Guaranteed stop loss orders

125 Markets
31 Countries
22 Currencies

Social trading
CFD Platform

Regulations and Licenses

NFA or CFTC (USA)

Brokerage

EUR/USD Standard Spread

1.1

1.50

1.0

Commissions (USD Base)

$5.00

0.08%-0.2%

Minimum Deposit

$100

$450

$10

Swap Free Account

No Inactivity Fees

Funding Methods

No Funding Fees

Markets and Instruments

Currency Pairs

68+ (Spot)

55+ (Spot)

80+ (Spot)

105+ (Spot)

Cryptocurrency CFDs*

24 (Spot)

Index CFDs

26+ (Spot)

Share CFDs

1000+ (Spot)

Commodities CFD

2+ (Spot)

Stockbroking

50,000+ (Spot)

1903 (Spot)
221 ETFs

Retail Max. Leverage (USA)

Major Pairs 50:1
Minor Pairs 33:1

Spot 50:1
Futures 6.25:1

Major Pairs 50:1
Minor Pairs 20:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations
*CFD trading is not available in the USA due to NFA and CFTC regulations, American traders spot trade in place of CFDs.

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

MetaTrader 4 only

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Overall

Our Rating

8.83

7.28

8.23

8.17

7.17

Review Of OANDA

FOREX.com review

Review Of IG

Interactive Brokers Review

Review Of eToro

Visit Site

Official Site	Our Rating	Regulation	EUR/USD Spread	GBP/USD Spread	AUD/USD Spread	Execution Speed	Minimum Deposit	Currency Pairs	Crypto CFDs	Retail Leverage	Prof. Leverage
Visit Broker >	8.83	NFA, CFTC IIROC	-	-	-	120ms	$0	68+ (Spot)	-	50:1	100:1
Visit Broker >	7.28	NFA, CFTC FCA, IIROC	-	-	-	160ms	$100	55+ (Spot)	-	50:1	50:1
Visit Broker >	8.23	NFA, CFTC FCA, ASIC	-	-	-	130ms	$450	80+ (Spot)	-	50:1	50:1
Visit Broker >	8.17	NFA, IIROC	-	-	-	120ms	$0	105+ (Spot)	-	30:1	-
Visit Broker >	7.17	ASIC, FCA CYSEC	-	-	-	120ms	$10	-	24 (Spot)

Learn more about the difference between a forex broker and a trading platform and how to choose the best US forex platform for your trading strategy and experience level.

For most US forex traders, the choice of forex broker is likely to hinge on questions relating to the economics of your trading activity.

Does this brokerage offer a good spread on EUR/USD pairs?
Can I trade with GBP as my base currency?
How many forex pairs does the broker offer?
Will I have to pay an inactivity fee if I take a break?

These questions matter, obviously. We spend hundreds of hours compiling information and writing broker reviews to help you answer them. But they don’t capture a key component of online forex trading: the trading experience.

Tight spreads of 0.0 pips, variety of account types, number of currency pairs and minimum deposit won’t matter, however, if you struggle to develop your trading strategy, analyze market movements, open and close positions or execute trades.

When it comes to trading experience – the ease with which you communicate with your broker and, by extension, the forex market – nothing matters more than your trading platform. Fortunately, most of the best forex brokers, including the best US forex brokers, offer US clients multiple trading platforms from which to choose.

The Best Forex Broker vs The Best Forex Trading Platform?

Before moving forward, let’s take a moment to clarify what we mean by a forex trading platform and a forex broker. While some consider these terms interchangeable, we think it’s important to differentiate between the entity executing your trades, the interface you use to communicate with that entity and the tools you use to analyze the market.

Simply put, your online forex broker acts as an intermediary between you and the exchange market. Depending on your forex trading account type – standard or no-dealing desk – it may also act as a market maker. That means the broker takes the opposite position on some of your trades.

The trading platform, on the other hand, is the interface you use to interact with your broker – to tell it when to open or close a position or execute a trade. Most brokers offer account holders access to a proprietary forex trading platform, however many also allow access to popular third-party platforms via integrations or partner agreements.

Make sense? You can also think of the relationship between a broker and a platform as similar to that of a laptop and a keyboard. Your laptop has the power to access the internet, but you need a keyboard to tell the laptop which website you’d like to visit.

Understanding the differences between forex trading platforms matters because not all platforms support all trading strategies. Social and copy trading, for example, aren’t always possible on some of the most popular platforms, while others don’t permit scalping and hedging. Likewise, some platforms have the tools needed to engage in fully automated or algorithmic trading, such as expert advisors (EAs), but they’re in the minority.

In this guide, we’ll discuss some of the key features of the best forex trading platforms available in the US.

Choosing a US Forex Trading Platform

When deciding which of the US forex trading platforms works best for you, we suggest keeping in mind the following key factors:

What’s my experience level? Beginners might want to prioritize an easy-to-use, intuitive interface and connections with a familiar brokerage. More experienced traders, however, may care more about analytical tools, such as advanced calculators or depth of market view.
What’s my forex trading strategy? If you’re, say, a copy trading enthusiast or a scalper, you’ll need to ensure that the trading platform you select has the functionality you need to execute your preferred trading strategy.
What’s my budget? If your preferred forex brokerage charges a fee to use a third-party trading platform, you’ll need to consider this along with commission fees, minimum deposits and withdrawal fees when calculating the cost of executing a trade. Likewise, some platforms partner exclusively with particular brokers – thinkorswim with TD Ameritrade, for example – which means you may lose out on tight spreads and low commissions elsewhere if you’re wedded to one platform.
Which brokers support my preferred US forex trading platform? While all the online forex brokerages reviewed on this site are fully licensed and regulated in multiple jurisdictions, others may not be. You may also find yourself making tradeoffs in terms of spreads, currency pairs, trading costs or your overall trading experience if you let your trading platform dictate your choice of US broker.

With these considerations in mind, keep reading for our review of the best US forex trading platforms, including key features, functionalities and benefits for US forex traders.

The Best US Forex Trading Platforms

Note that the below is hardly an exhaustive list of trading platforms available to US forex investors. We’ve selected these particular platforms because they enjoy close relationships with the best forex brokers operating in the United States and support a wide variety of forex trading strategies with tools suitable for all experience levels.

MetaTrader 4 is the Most Popular Trading Platform

Available Formats: web platform, mobile app, desktop (including macOS), tablet

Looking for the most trusted and reliable forex trading platform? Look no further than MetaTrader4. Suitable for beginners and professional traders alike, it’s a one-stop shop for all your forex trading needs.

MetaTrader 4’s breadth and depth of features, as well as the straightforward interface, have helped make MetaTrader 4 the most-used trading platform across the globe. The platform also stands out from the competition for its emphasis on customization. It’s a mainstream platform that actively encourages integrations from numerous third-party APIs and other tools.

Developed by MetaQuotes back in 2005, MetaTrader 4 is also amongst the oldest trading platforms developed specifically for online trading by retail investors. Consistent upgrades over the years have kept the trading platform current and innovative, and many forex traders consider it the ‘gold’ standard when it comes to trading platforms.

The platform boasts an extensive range of technical and drawing tools to help with market analysis, as well as sophisticated EAs. Write your own indicators or rely on pre-written scripts. MetaTrader 4 has hundreds of free and pair EAs available. In addition to this. Need even more custom options? MetaTrader 4 allows you to integrate a range of third-party software solutions to do even more with the platform.

Our Recommended Broker – OANDA

Available Formats: web platform, mobile app, desktop, tablet

While OANDA’s in-house trading platform, relies on TradingView for advanced charting and technical analysis, it nevertheless provides a solid trading experience with easy-to-navigate web, mobile, desktop and tablet formats; industry-standard technical analysis tools, including advanced charting and depth of market pricing starting from 0.8 pips for EUR/USD standard lots.

We’ve included OANDA in this list due to its commitment to maximizing the experience of MetaTrader 4 users. US clients of OANDA who prefer to trade on MetaTrader 4 have the option to do so via a proprietary plugin offered with two designated account types: MetaTrader 4 and MetaTrader 4 Premium.

View OANDA Review >>Visit OANDA >>

Both accounts provide access to the platform’s Signals tool for social trading and copy trading, experienced investors will likely prefer the ‘Premium’ option for its more extensive array of technical analysis and charting tools, which include mini charts, alert trading, keyboard trading, tick chart trading, EAs and one-cancels-the-other orders.

Specifically, US forex traders benefit from the following features when trading via MT4 with OANDA:

Depth of market pricing and spreads as low as 0.6 pips on typical EUR/USD order sizes. The smaller the order size, the tighter the spread. This benefit is available through OANDA MT4 premium upgrade with the mini terminal;
Access to OANDA’s suite of technical analysis packages as a plug-in to MetaTrader 4. This allows clients to execute trades directly from the interface, use intraday market scanning tools, set up automated alerts for specified patterns;
Access to MT4 open order indicator. With it, traders will view aggregate current buy and sell orders placed by OANDA clients for a better assessment of market sentiment;
Ability to develop, optimize and use automated trading strategies with the help of MQL4;
Fast order execution with no dealing desk intervention and no re-quotes;
Good mobile trading options – access to 32 overlay indicators, 11 drawing tools and 9 chart types with OANDA’s mobile apps for iOS and Android devices.

Trading Accounts

OANDA’s US clients have a choice of two account types for forex trading: Spread Only Pricing and Core Pricing.

The Spread Only Pricing account has variable spreads that start at .6 pips for EUR/USD and charge no commission on round-turn trades. Instead, you’ll pay a spread fee to cover execution costs.

Core Pricing account holders benefit from a tighter minimum spread of .1 pips due to ECN-style trading with straight-through processing but pay commission costs. Core Pricing accounts carry a commission of USD$10 per standard lot for a round-turn trade.

American account holders also benefit from OANDA’s rebate program. Designed to reward high-volume traders, the program offers cash-back or reduced commissions ranging from USD $5.00 to US$15.00 per million traded.

Other Trading Platforms With OANDA

Available Formats: web platform, mobile app, desktop, tablet

OANDA Trade, the broker’s proprietary platform, offers US clients a range of interesting features, including integration with TradingView for chart trading, charting analysis with MotiveWave and technical analysis powered by Autochartist. While most proprietary trading platforms don’t allow automated trading, OANDA Trade supports algorithmic trading via Algo Labs, powered by Quant Connect.

OANDA Trade’s additional features don’t end there. Dow Jones Select FX Select gives US forex traders a high-level, real-time view of the financial markets, and the platform includes extensive forex trading education materials to help you develop a trading strategy or improve overall performance.

Partner agreements with specialist software providers give OANDA Trade users options for even more special features via APIs. Access to multi-charts online trading software means professional-level technical analysis with over 300 trading strategies and indicators, as well as more than 20 data feeds from 10 brokers. The CQG FX app provides access to the most recent market data and is backed with robust charting and analysis tools.

Oanda Trading Products

Americans trading forex with OANDA can choose from 68 currency pairs, including ten majors and 58 minors, exotics and crosses.

View OANDA Review >>Visit OANDA >>

Our Rating

The overall rating is based on review by our experts

8.83

Spreads

7 / 10

Leverage

8 / 10

Trading Platform

9 / 10

Risk Management

10 / 10

Range of Markets

9 / 10

Customer Service

10 / 10

IG Trading Platform Has Top Charting And Fast Execution

Available Formats: web platform, mobile app, tablet

With a pared-down, web-based interface that won’t overwhelm beginners and powerful charting tools to support more sophisticated investors, IG’s in-house trading platform has something for everyone. Easily customizable, IG offers users the option to create and save preferred layouts, as well as create custom watchlists.

IG’s US clients won’t have access to all the same tools as the UK and Australia-based traders, but all the core tools and functions are there. Traders have the option of placing three different order types, as well as “take profit” and “stop-loss” options to maximize gains and minimize losses.

Where IG really stands out, however, is its charting options. Built using HTML5 (the best technology for most browsers), the platform has at least 28 technical indicators and 19 compatible drawing tools for in-depth analytics. You can even trade directly from the charts.

An infinite number of timeframes are available, and traders can compare up to four in a single chart. Charts can also be split into multiple frames to better help you visualize different markets and include extra monitoring tools. Along with watchlist and price alerts, US forex traders can opt to integrate third-party solutions like Autochartist or PIA First for trading signals.

IG also offers US clients significant advantages when it comes to execution speeds. The forex market changes rapidly, and staying ahead of the curve in a high-risk, high-volatility environment can help avoid slippage which can mean the difference between big profits and big losses.

Research tools are also available such as economic calendars and Twitter. If you like your news streamed then Reuters is also available.

IG’s direct market access means it provides electronic communication network (ECN)-style trading conditions, with speeds comparable to straight-through processing (STP) on some accounts. It’s not quite real-time trading such as you might get with direct access to the forex market, but it’s awfully close.

Recommended Broker – IG Markets

With 71 forex pairs, IG Markets has one of the most comprehensive range of currency pairs of all brokers in the US. US forex traders also pay no commission when trading on a standard account – only the spread.

Spreads start from 0.8 pips for selected currency pairs but otherwise have a minimum of 1.0 pips. IG also claims their spreads for EUR/USD (the most popular currency pair) are up to 20% lower than their main competitors.

Other Trading Platforms With IG Markets

For those who appreciate the benefits of an IG trading account, but prefer a more powerful interface for trading, IG Markets has a few options.

If your forex trading strategy includes extensive chart trading and automation, then ProRealTime is a worthy alternative. With over 100 indicators and an unlimited number of timeframes, ProRealTime has the depth and breadth of information required by those who need a rich market analysis experience. ProRealTime also makes automation accessible via its no-code solution, as well as advanced backtesting.

While IG does charge a fee to trade using ProRealTime, you’ll pay nothing for the first 30 days. Once your free trial runs out, you’ll pay only during months in which you execute fewer than four trades.

And, of course, IG offers access to MetaTrader 4 – the world’s most popular forex trading platform. While using the broker’s proprietary platform always offers advantages, MetaTrader 4 may have more appeal for traders already accustomed to its interface, or who want to avoid committing to a specific broker’s ecosystem.

View IG Markets Review >>Visit IG Markets >>

Forex.com Trading Platforms have Top Analytical Tools

Available Formats: web platform, mobile app, tablet

A leader in online trading for almost two decades, it’s hardly surprising that Forex.com has developed some of the most powerful, flexible analytical tools available. US forex traders enjoy access to the same comprehensive suite of charts and calculators as their international counterparts, including automated market analysis via Trading Central, Forex.com’s proprietary EA tool and advanced charts powered by Trading View.

Suitable even for professional traders, Forex.com’s advanced charting features an extensive array of chart types, timeframes and technical indicators and drawing tools. Users have the option to save preferred chart types and variables for future use, as well as compare multiple financial markets with overlays.

Even beginners will appreciate Forex.com’s charting tools however, as the uniformity across web and mobile platforms with forex.com ensures a consistent trading experience. The ability to customize virtually every aspect of a chart – from indicators to colors to size – ensures maximum clarity and legibility for even novices trading on a demo account.

Recommended Broker – Forex.com

Forex.com offers US forex traders a choice of two trading account types: Standard and MetaTrader 4. Both accounts carry no commission costs but also have limited trading platform options. Specifically, US clients will need to choose between the Forex.com proprietary trading platform, MetaTrader 4 and NinjaTrader.

US forex traders will want to consider the costs and fees associated with each account type before proceeding. Commission and STP Pro accounts carry commission costs for each standard lot of 100 thousand that apply when you open or close a position. While the USD$5.00 fee isn’t significant – USD$10.00 round turn per standard lot – it can add up for high-volume traders.

It’s a similar story for the STP Pro account, with the brokerage charging a volume-based commission based on lot size. That said, commission costs decrease the more you trade, in keeping with an account designed for professional traders. Be prepared, however, this specialist account requires a minimum deposit of USD$25 thousand and runs only the homegrown Forex.com trading platforms and trading view. (That means no MetaTrader 4 or TradingView.)

Other Trading Platforms

In addition to Trading with Forex.com, traders with Standard and Commission accounts can choose between MetaTrader 4 and NinjaTrader.

Opting for MetaTrader 4 has several advantages, including access to EAs to automate your trading and additional indicators beyond those native to the platform. TradingCentral for extra charting and Reuters for news services and market research are also available.

If your trading strategy favors scalping, however, NinjaTrader 8 may be the better bet. In addition to depth of market views, the trading platform offers trading directly from charts, one-click trading, simultaneous orders across accounts and cancellation at different prices. NinjaTrader also simplifies order entry with hotkeys and provides a range of order types, such as order-cancels-order (OCO).

Used by over 500,000 users, this platform empowers you with top-notch charting and analysis. With over 100 pre-built indicators and access to 1000s of extra indicators as add-ons, you won’t be found wanting when it comes to market analysis features to find the support and resistance level. These indicators are supplemented with Market Analyzer, a feature unique to NinjaTrader that identifies opportunities in real-time.

The platform does provide all the tools you need to build automations – and unlike MetaTrader 4, do not require EAs. Traders familiar with C# can write their own automation script for custom indicators using NinjaScript, while those with less technical savvy have access to a point-and-click, no-code option.

View Forex.com Review >>Visit Forex.com >>

thinkorswim has Cutting-edge Trading Tools

Available Formats: web platform, mobile app, desktop

Acquired by TD Ameritrade and the Charles Schwab Group in 2009, thinkorswim – and its powerful INVESTools suite of solutions – now come standard with a TD Ameritrade investment account – and only a TD Ameritrade investment account. Similar to MetaTrader 4 with many of the same features, thinkorswim edges out the popular third-party platform with its addition of some attractive features, such as depth of market views.

For those looking for an upgrade on the MetaTrader 4 trading experience, thinkorswim’s powerful trading tools may outweigh the limited choice in brokers. Because when it comes to home-grown trading and analytics solutions, thinkorswim has the charts, calculators and EAs to support just about any trading strategy.

Beginners looking to hone their online trading skills can trade virtually using the paperMoney simulator to practice, while more advanced forex traders using a rolling covered call option strategy can automate the management of covered calls using the Strategy Roller tool. Meanwhile, algorithmic traders have access to over 400 technical studies on which to base an automated trading strategy via thinkScript. Scalpers benefit from advanced charting, as well as speedy execution thanks to the trading platform’s ECN-style execution system.

Given the number and power of in-house tools thinkorswim offers US-based traders, the absence of third-party integrations or social trading doesn’t feel like much of a loss.

Recommended Broker – TD Ameritrade

TD Ameritrade’s main strength lies in its range of trading products. As account holders with a full-service brokerage, TD Ameritrade’s US clients can trade 70 forex pairs, 13 stock indices, over 300 ETFs and 37,000 mutual funds. For those interested in exploring derivatives and other products, TD Ameritrade’s offerings include cryptocurrency, futures and futures options, options and over-the-counter global stock trading.

View TD Ameritrade >>Visit TD Ameritrade >>

IBKR Mobile for Trading On the Go

Available Formats: web platform, mobile app, tablet

Interactive Brokers, more often known as IBKR, wins out over other platforms for on-the-go trading with a mobile app designed to make trading from a smartphone or tablet as accessible as a web app or desktop. Though perhaps better known to US-based forex traders for its stock and exchange-traded funds (ETFs) offerings, the IBKR Mobile platform also allows US clients to trade options, futures and other non-forex products across over 135 financial markets.

Unlike some mobile app editions of popular trading platforms, IBKR Mobile has the handheld user experience built-in from the ground up. The clean, mobile-optimized interface doesn’t skimp on information, however, nor technical analysis and charting tools.

SmartRouting ™ scans markets to find the best ECN or market center to route orders to. Block Trading Desk helps money managers who need to execute large orders at the best prices. Impact Dashboard helps you identify which stocks are best for Environmental, social and governance (ESG) trading.

The platform’s Option Spread templates, allow traders to compare the risk and rewards of different strategies by dragging and dropping tiles on the screen. The interactive Order Entry Wheel uses a similar drag-and-drop interface to allow futures traders to easily open positions for a variety of instruments.

For those concerned about the security risks associated with trading primarily via smartphone or tablet, IBKR mobile provides multiple layers of security, including two-factor identification and Face ID to protect your stored personal data, transaction records and credit card information.

Recommended Broker – Interactive Brokers

IBKR stands out from other online forex brokers in a few ways that may make it more attractive to forex beginners and other, less experienced investors. The brokerage doesn’t allow trading on margin, which means retail traders have no access to leverage.

Rather than a Standard account, IBKR instead offers retail traders an account known as IBKR Lite, which operates on a commission basis. The more you trade in a given month, the less you’ll pay for each standard lot in the following month.

IBKR Lite account holders may find the broker’s forex options limited, with only 25 currencies. The broker does, however, have over 100 currency pairs available for cross pairing, as well as a wide range of bonds, stocks, options and futures.

Interactive Brokers Other Trading Platforms

Several other trading platforms are available in addition to the IBKR mobile platform.

Trader Workstation is Interactive Brokers most powerful trading platform which makes sense since this is the only platform you can download onto your (Windows) desktop. Research is available in the form of

The Fundamentals Explorer is a useful research tool that provides an overview of critical financial information and ratios, essential company facts, relevant historical data and analysts’ forecasts BookTrader allows you to create, modify and transmit your orders within the book price ladder using a single instrument. FXTrader is an order management tool that aggregates quotes from 14 major interbank dealers.

A wealth of tools for trading options and portfolio management tools are also available

IBKR Client portal is a lite version of Trader Workstation but for web browsers

GlobalTrader and Impact allow trading of stocks from 90 markets across the globe using your mobile. It is also suitable for crypto and funds trading. Impact is much the same but has an emphasis on sustainable stocks.

View Interactive Brokers Review >>Visit Interactive Brokers Markets >>

eToro is a Great Social Trading Platform for Crypto and Stocks

Available Formats: web platform, mobile app, tablet

As one might expect from the broker best known for going all-in on social trading and copy trading, eToro’s proprietary platform emphasizes ease of use for forex traders of all experience levels. eToro doesn’t yet offer forex trading to US customers – Americans opening accounts with the brokerage are limited to trading cryptocurrency and bitcoin, but its trading platform offers a number of unique features worth exploring.

Unlike more traditional forex brokers, eToro didn’t bother with a desktop version of its trading platform, perhaps surmising that its average customer wouldn’t bother with something so clunky as a monitor and a PC tower. Instead, eToro is all in on web and mobile-optimized trading experiences that cater to the ‘social’ aspect of social and copy trading.

A wall-style feed of comments, tips and suggestions from eToro’s ‘community’ of investors takes pride of place in the platform interface, giving US clients insight into how successful eToro retail investors and professional traders around the world perceive the forex market in real-time.

The broker has also invested heavily in developing a sentient data collection tool to monitor top traders on the platform and synthesize their behaviors into a broadly applicable trading strategy. According to eToro, the highly-specific nature of the data collected allows it to provide beginner and intermediate traders with more accurate, useful sentient data.

Being a specialist in social trading, of particular interest is CopyTrader and SmartTrader. CopyTrader allows you to find, follow and copy other traders in the eToro network. Smart Trader is like copy trading with indices, with this feature trading baskets are created based on popular themes.

More experienced traders may find the platform lacking, however. In addition to the limited range of products eToro offers US account holders – only cryptocurrency, ETFs and stocks – the trading platform also lacks a desktop format or third-party integrations for more powerful platforms. US clients of eToro accustomed to using MetaTrader 4 or MetaTrader 5 will be disappointed, in particular.

Recommended Broker – eToro

While eToro’s US clients can’t currently trade forex on the platform, they do have access to a curated selection of 42 cryptocurrencies, 76,000 ETFs and 2,500 stocks. The brokerage also gives traders the option to invest in Smart Portfolios: curated indices comprising stocks of similar types, such as manufacturing, software, medical technology or media services.

Note that margin trading isn’t permitted for traders based in the US, however, account holders can opt to fund their accounts with crypto wallets. Commissions for crypto trades will run you 1% to open a position and again to close, however, ETFs and stocks have no commission cost when trading.

View eToro Review >>Visit eToro >>

*Your capital is at risk ‘68% of retail CFD accounts lose money’

About the author: Justin Grossbard