One thing that has perplexed is that no Offshore Brokers offer server-side trailing stop orders like you get with TDAmeritrade ThinkorSwim platform. I think there are a few US licensed Forex brokers that offer trailing stop orders. But it appears all offshore brokers it’s only possibly running Metatrader which needs to be running all the time to activate the stop loss when the trailing target is hit.
I did find that for cryptocurrency Cryptohopper offers some pretty good advanced order settings including traiing stops with a trigger setting but it looks like they are only compatible with Binance US and Coinbase Pro for US Clients.
There’s some hell load of restrictions imposed in the US when it comes to forex trading and this is no surprise either. Solution? Go for international brokers who’re regulated and will let you trade independently.
I agree with you that not many US brokers provide MT5 platform. Even I had an account with Oanda but they offer low leverage and also just like you said they provide only 1 platform. So that’s why I changed my broker and now I am using Turnket forex. They provide 3 platform MT4. MT5 and ActTrader. I use their MT5 platform and it works smoothly with tight spreads and quick trade execution.
Rightly said, it is difficult to find brokers which offer MT5 platforms to US clients. I have used forex.com and turnkey forex and they are two of the rare brokers which provide MT5. I had an account with forex.com since a long time but I didn’t know about turnkey forex until last few months as it was recommended to me by my friend. I must say that it’s spreads are very low and trade execution on the platform is pretty good.
I do not think that it has anything much to do with the MT5 licencing. A lot of brokers have stopped accepting US clients . But Oanda, Forex.comand Coinexx are some of the brokers that offer MT5 platform and do accept the US clients as well. You can look them up.