Best Forex Trading Platform for US Residents

Best Forex Trading Platform for US Residents

With daily transaction volume exceeding $5 trillion a day, the forex market is the 800-pound gorilla of the trading industry.

Its size dwarfs leading stock markets such as the NASDAQ, the London Stock Exchange, or even the New York Stock Exchange. The huge volumes of the forex market make it attractive for an extremely diverse array of financial actors. State governments and central banks are just as likely to be in the market as are large financial institutions or individual day traders. 

Below, we analyze and review the best forex trading platforms for individual traders looking for reliable trading experience.

JForex 3 by Dukascopy

JForex 3 is a popular and highly programmable forex trading platform from Dukascopy. Dukascopy is a Swiss online bank which has a robust experience providing online trading services to forex traders around the globe. Its JForex 3 stands out for its completeness of features. It offers forex charts, 270 indicators, good support for automated trading, and more. Traders can write automated trading programs using the accessible and widely-used Java programming language. JForex 3 is cross platform, able to be used on Mac, Windows, and Linux.

MetaTrader 4

One of the most popular trading platforms in the world, MetaTrader 4 was launched by MetaQuotes Software in 2005. The platform is ideal for forex traders due to the plethora of forex indicators and other add-ons available. Forex traders can also use the proprietary MQL4 programming language to write automated trading algorithms. While MetaTrader 4 packs a ton of features, its simplicity and ease of use is second to none. MetaQuotes Software has an updated version of its software, MetaTrader 5. However, MetaTrader 4 remains the favorite trading platform for many independent traders.


Thinkorswim by TD Ameritrade

With over 400 indicators and technical analysis tools, Thinkorswim is a powerful trading platform for forex traders. Offered by TD Ameritrade, a leading online broker, the platform can be accessed on both desktops and mobile devices, helping to keep you on top of the markets. Data syncs automatically across platforms so you always have up to date information. Along with its support for trader chat rooms, video feeds, and other advanced features, this platform is one of a kind.

SaxoTraderGO by Saxo Bank

Saxo Bank, the makers of the SaxoTraderGo trading platform, is a brokerage provider with over $15 billion in assets under management. Its SaxoTraderGo platform is one of the industry’s best performers in terms of reliability and availability of expert-level research. The web-based platform has around 50 ready-to-go indicators, trade signals, charts, and support for a wide range of asset classes. These include FX options, spot FX, CDFs, ETFs, and others. The platform has a well-designed user interface that puts emphasis on the price action. Saxo Bank offers brokerage and data services to support your trading.

To Consider Before Your Purchase

Take your experience level into account when selecting the right platform for you. If you want a beginner-friendly platform, then the easy to use MetaTrader 4 or SaxoTraderGo might be the best fit. For more advanced forex traders, JForex 3, with its Java language programming ability, or ThinkOrSwim, might work better.

Our Notes

  • JForex 3: Dukascopy offers a 20% commissions discount to heavy traders.
  • MetaTrader 4: Available as a free download, broker support depends on your broker. 
  • ThinkOrSwim: You can get technical indicator push notifications to your mobile device when your threshold conditions are hit.
  • SaxoTraderGO: A desktop version, SaxoTraderPro, is also available, but may require further data subscriptions.

What Do They Say on Other Sites

“Over the past 18 months or so I have opened 7 different small accounts with different tier 1 brokers, to take them to the test in a real trading environment. Saxo Bank is by far the best broker in my opinion, and I am now heavily considering moving my main account over to this broker.” (Pelle on TrustPilot)

“Saxo Bank proved impossible to reach whichever way I tried. It was a well working technical machine, but since it was impossible to determine whether the securities I bought were registered in my name or not, I decided to terminate my patronage.” (Niels on TrustPilot)

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