Best Forex Trading Platform US

Forex.com Trading Platform has 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 Analyser, 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.

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MetaTrader 4 is the Most Popular Trading Platform

Available Formats: web platform, mobile app, desktop (including Mac OS), 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 customisation. 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.

Recommended Broker – Oanda

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

While Oanda’s in-house trading platform, the imaginatively-named Oanda Trade, 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, however, 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.

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.

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 charges 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.

Other Trading Platforms

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.

OandaTrade’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.

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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, TDAmeritrade’s US clients can trade 70 forex pairs, 13 stock indices, over 300 EFTs 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.

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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 behaviours 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, EFTs 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 EFTs 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.

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