As a consequence of curiosity induced by the pandemic, far more people are becoming aware of the ease with which they can turn to the stock market due to the abundance of forex trading platforms that are available for them to use. A forex trading boom can be observed as having occurred over the past year; Ameritrade reports visits to its website have nearly quadrupled since January.
As more people turn to the stock market, attempting to dabble in day trading to replace lost income throughout the pandemic, it is important to use the best trading platforms to do so. Cody Rose is the founder of DayTradingTrainer.com, a website that offers two primary services: consulting and trading signals. He has created the following evaluation of the best forex trading platforms in the US using his knowledge of the sector.
IG is a widely regulated and trusted platform around the world; it offers traders the perfect combination of excellent trading tools, economic pricing, fantastic education and an array of tradable assets. This platform is regarded by many as the best overall broker due to the incredible all-round experience that it provides its users with.
Having been founded in 1974, IG has built up both its reputation and expertise through decades in the financial industry; it is publicly traded and is a safe broker (i.e. low risk) for forex due to its regulation in six tier-1 jurisdictions. IG ranks as the most credible forex broker across all jurisdictions considered.
The broker offers competitive prices across the board due to its magnitude; whatever product the customer should choose to trade, they will be able to do so at a fair price. On top of this, a vast supply of market research from in-house and third party researchers is provided to customers to make the most informed decision possible.
Gain Capital, or Forex.com as they are more commonly known, is famous for its provision of a well-balanced offering of services to forex traders. It is publicly traded and offers a vast array of trading tools. Furthermore, since it offers MetaTrader4 (MT4) to its customers, it is the ideal choice for investors of all levels of experience.
There are many advantages to this platform. Firstly, it is licenced in many jurisdictions with an extremely high level of regulation. Moreover, whilst not a discount broker, Forex.com is a well-trusted name that provides an incredible experience for trading forex around the world. Additionally, the platform also earned Best in Class awards across four categories, including: Platform and Tools, Education, Mobile Trading and Offering of Investments.
With a great number of markets available, the multi-assets that Forex.com offers certainly excel the most on its desktop (Advanced Trading) and browser (Web Trading) platforms. The bottom line with this service is that it provides Forex and CFD traders with a plethora of choices across a number of regulated offerings globally.
DayTradingTrainer.com is a relative newcomer to the industry that is making waves. This product offers two primary services: consulting – pertaining to topics such as buying/selling different assets, market analysis and investment techniques and exchange interfaces (amongst others) – and trading signals generated by an in-house, professional algorithm for the most popular cryptocurrencies.
The signals are extremely precise and continue constantly – 24 hours a day, 365 days a year. Signals cater to scalp and swing traders with time frames that stretch from every five minutes to daily. The company uses their private discord community to distribute these signals in real time, and even have trading view charts that can be downloaded.
This website is being heralded far and wide as the site where layman retail investors and traders can organise professional one-on-ones and seek the answers to their questions through DayTradingTrainer’s consultation team. This website offers a resource to people who would previously have had to rely on strangers on random forums and advice from youtube; this service aims to provide professional guidance and education to the public.
Thinkorswim is the desktop trading platform of TD Ameritrade, which combines spectacular design with efficient functionality. This service provides virtually anything a trader of any level could desire, including real-time scanning, trade alerts and live CNBC tv; on top of this, it offers virtually every technical indicator known to man for charting.
This online product combines the ability to trade over 70 pairs of currencies with an array of education, tools and research to provide US forex traders with the ultimate experience. The company was founded in 1975 and is regarded as a very low-risk broker for forex trading because it is regulated in five tier-1 jurisdictions.
Ameritrade’s hard and continued work on its desktop and web trading platforms ensured its position in the top 7 Best in Class for a number of categories such as: mobile trading, research and trust score and platforms and tools. Forex Brokers was so impressed with thinkorswim’s product that it awarded it their Best Desktop Program.
On balance, all of these platforms present viable options to traders of all levels of experience. Whilst IG and TD Ameritrade are well established, renowned companies in the industry, new competitors such as DayTradingTraining.com offer a fresh alternative to the new crowd induced to day trade by the pandemic.
At the end of the day it is up to each trader’s discretion to decide which platform is best for them to use, but it is likely many will find use of the specialist advice of DayTradingTraining.com, which has been specifically tailored to the layman.