To gain profitable returns in Forex trading- an investment strategy involving the purchase and sale of currencies, you need specialized tools like the MetaTrader 4(MT4) platform designed for online trading. This software analyzes financial markets easily while allowing traders control over their trades and accounts’ management processes from one interface. For successful trades, selecting the right forex broker with access to advanced trading tools and educational resources is crucial, failure of which may result in significant losses instead of gains. This comprehensive guide lets you select the best option for your trading goals and preferences.
What to Look for in a Forex Broker
Selecting the best broker with so many options can be difficult. To make an informed choice, you can consider a few important factors. First and foremost, it’s crucial to be sure the broker you select is duly regulated and licensed. This will guarantee that your money is secure and that the broker complies with all legal requirements. The trading platform the broker offers is an additional crucial component to consider. So, MT4 is considered a trustworthy, well-liked trading platform, and if you are interested in finding out more about Forex brokers who use MT4, click here.
Top 5 Forex Brokers That Use MT4
The following are the top five forex brokers that make use of the MT4 trading platform:
FP Markets
Clients of FP Markets, a Sydney-based company established in 2005, have access to a wide range of trading products, including CFDs, FX, commodities, and stocks. They offer a variety of trading platforms, such as MT4, MT5, and Iress, and are governed by the Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC).
The company’s reasonable pricing, with minimal spreads and costs, is one of the benefits of trading with FP Markets. To assist traders in honing their abilities and expanding their knowledge, FP Markets also provides a variety of instructional materials, such as eBooks and webinars. The company has received various honors for its trading services, including the Best Value Forex Broker prize from the Global Forex Awards 2020.
The company’s customer service has received complaints from some customers, which is a drawback. Long wait periods and unsatisfactory responses were some of the complaints made by clients.
Pepperstone
In 2010, Pepperstone, an Australian-based Forex and CFD broker, was founded. It is one of the market’s most well-known and trustworthy brokers, providing services in more than 65 nations globally. One of Pepperstone’s main benefits is its quick execution time, low spreads, and lack of requotes, which makes it a great option for traders who value efficiency and speed.
Another advantage of Pepperstone is its top-notch customer care, offered around the clock via phone, email, or live chat. Additionally, the broker allows traders to select the platform that best meets their needs from various platforms, including MetaTrader 4, MetaTrader 5, and cTrader. Pepperstone has fewer account financing choices and doesn’t accept Skrill or PayPal.
IC Markets
A reputable and long-standing FX and CFD broker, IC Markets was formed in 2007. The Financial Services Authority (FSA) of Seychelles and the Australian Securities and Investments Commission (ASIC) regulate them, protecting customer funds.
One of IC Markets’ main benefits is the low cost of trading, with some of the lowest spreads in the business starting at just 0.0 pip. They also provide a selection of trading platforms, such as cTrader, MetaTrader 4, and MetaTrader 5.
The lack of a broad selection of beginner-friendly training resources on IC Markets means that novice traders may have trouble navigating the platform.
CMC Markets
Offering online trading services in more than 15,000 financial products, including equities, currencies, and commodities, CMC Markets is a provider of financial services. The corporation operates across several continents, including North America, Europe, and the Asia-Pacific.
One benefit is utilizing CMC Markets’ user-friendly interface, which enables traders to carry out trades swiftly and effortlessly. The platform not only has a plethora of trading options but also provides valuable tools to help traders make informed choices. The firm is committed to working in traders’ best interests by minimizing trading expenses through their reasonable spreads and fees.
XM
XM offers traders diverse financial assets, encompassing currencies, commodities, and stock indices. If traders want to test different trade techniques, they can utilize XM’s demo or existing accounts. To ensure customer satisfaction with their preferred platforms, XM supports popular options such as MetaTrader 4, MetaTrader 5, and WebTrader. With an emphasis on innovation and client happiness, XM is dedicated to giving traders the resources they need to be successful in the always-changing foreign exchange market.
Conclusion
MT4 Forex brokers can offer great trading opportunities, but it’s important to carefully vet any potential broker before getting started. Checking that a brokerage is properly licensed and regulated is critical in ensuring safety and security while trading. Knowing the trading conditions a broker offers, including spreads, commissions, and leverage, can help traders identify if the broker suits their particular needs.
