Terrapin Point is better for seeing all three falls.
Yes, Terrapin Point on Goat Island is your best bet if you want to see all three falls in one view.
Prospect Point Observation Tower is closer to the American and Bridal Veil Falls, but your back is essentially to the big one — Horseshoe Falls. You can see it if you turn around, but it’s not in the same frame. Terrapin Point, on the other hand, sits right at the edge of Goat Island, where the Niagara River splits. From there you get a sweeping panorama: Horseshoe Falls on your right, American Falls and Bridal Veil on your left, all at once. It’s the money shot.
The trade-off is crowds. Terrapin Point can get packed, especially in peak season, but the view is worth it. If you want a quieter spot and don’t care about Horseshoe Falls as much, Prospect Point is fine. But for the full experience, head to Goat Island.
Bring a rain jacket.
