Best forex broker

User interface. Everything should be simple and predictable in order to help you to make quicker decisions and be a better trader.

Huge forex bonuses

Best Forex Brokers 2021, best forex broker.

We would like to note that there are several regulatory organizations. As a rule, the more solid and successful the broker, the longer it operates on the market and the more capital traders manage through it, the more organizations assign it an appropriate level of security and transparency.

Best forex brokers 2021

Forex is one of the most liquid financial markets that attract more investors year by year. By 2019, the total daily turnover is equivalent to $5 trillion, having grown from $1 trillion twenty years ago. This knowledge makes it one of the most liquid and attractive financial markets with 24/7 availability. For successful forex trading, a trader needs to choose a “service provider”, namely a brokerage company. This choice should be approached thoughtfully and thoroughly. The correctness of this choice in the future will depend on your financial success. During this year we have written many articles in which we paid attention to the specifics of the work of brokerage companies. We worked for this score for a long time and now we would like to bring it to your attention.

Cysec (cyprus)

ASIC (australia)

FCA (united kingdom)

Bafin (germany)

CNMV (spain)

ACPR (france)

AFM (netherlands)

Leverage up to 1:888

No commissions

No fees on deposits and withdrawals

Negative balance protection

Wide range of accounts

Inactivity fee

Doesn’t offer services to residents in the USA, canada, israel, and iran

Easy to start system

Very solid and welcome customer support service

Many deposit methods are available

High leverage

Offers zero spread account

Inactivity fee

Fees on some withdrawal methods

No bonus offers are available

High withdrawal fee for bank transfers

FCA (UK)

ASIC (australia)

FSB (south africa)

FINMA (switzerland)

DFSA (united arab emirates)

MAS (singapore)

JFSA (japan)

Stop-loss system

Well-designed platform

Over hundreds of markets to trade

Retail clients are not allowed to trade on interbank

Support & sales teams are willing to force you to fund an account immediately

There are various fees are present

FSCA (south africa)

FCA (UK)

ASIC (australia)

JFSA (japan)

BVIFSC (british virgin islands)

Over five certificates from the solid regulators

Multi-languages support (15), the user interface is available on 20+ languages

Social trading features

The US investors are not allowed

No NFA’s certificate

Various fees system

There are not enough trading features

Lack of deposit methods

NFA (US)

FCA (UK)

ASIC (australia)

FSA (japan)

IIROC (canada)

CIMA (cayman islands)

SFC (hong kong)

MAS (singapore)

The US-based regulation

8 regulators’ certificates

Very solid app and PC interfaces

Great variety of currency pairs

Lack of deposit methods

Little leverage

High fees

The limited list of products

High level of the minimum deposit

Low level of the leverage

Withdrawing from PAMM before the period comes will charge additional fees

FSA (denmark))

FCA (UK)

FINMA (switzerland)

ASIC (australia)

DFSA (united arab emirates)

MAS (singapore)

SFC (hong kong)

JFSA (japan)

8 regulators’ certificates

High level of the max leverage

Huge amount of currency pairs

Min. Deposit over $500

Specific trading platform

Inactivity fee, high forex and other fees

FCA (UK)

KNF (poland)

IFSC (belize)

CNMV (spain)

ACPR (france)

Bafin (germany)

High leverage

Relatively fast deposit and withdrawal

Good user interface

FCA (UK)

ASIC (australia)

IIROC (canada)

FMA (new zealand)

MAS (singapore)

High leverage

No minimum deposit requirements

Popular among traders broker

Huge amount of currency pairs (over 300)

20+ years online

Low level of min. Deposit

Exclusive features in charting

The most common option in choosing forex broker

Every brokerage company has some criteria and average features to be compared. Let’s take a look at the main of them:

Affordability. Each brokerage company sets its minimum deposit threshold value for funding. Typically, this amount starts at $100. Novice traders must make a balanced decision for themselves on how much they can afford to lose. At the same time, you should pay attention to whether the broker fits for you, or whether you should choose another one that is more suitable, but with a higher minimum level of the first deposit.

Deposits and withdrawing. This option is no less important than the previous one. You, as a trader, should easily manage your funds and, if necessary, withdraw them quickly and without high commissions. The broker’s money returning duty determines its decency and reliability.

Market coverage. You have to check the availability of trading needed currency pairs.

Trading terms and trading fees. This option is very important because the appetites of forex brokers can vary dozens of times. Before you get started, you should calm down and calculate how much you’ll give to the brokerage company from the moment you start trading until withdrawing your money in a way that is convenient for you.

Trading platforms. There are many of them. They’re a sword and shield of yours. Depends on features that you allow to customize and working speed you’ll be able to experience which one suits you the best. Personal presets are a huge part of your trading success.

Mobile app. A lot of people prefer fully-automated trading robots. Their performance can be checked without a PC. It’s an important option that allows you not to work on a PC and be mobile.

Customer support. It’s a very important option, especially for beginners, but it’s hard to check it without directly contacting the support.

Reputation. It’s an important part because trading is all about trust. If you see people angry at the company, so, you can entrust your funds and feel that your money is in safety.

Regulation. Before getting started, you have to check how the brokerage company works with your country’s laws. A lot of them have got some restrictions. If you skip this step, you’ll probably be able to fund the account, but you’ll have a huge problem with withdrawing.

The base of knowledge. The solid brokerage company provides a lot of courses, as well as, literature and material to let you get a smoother start in forex trading.

User interface. Everything should be simple and predictable in order to help you to make quicker decisions and be a better trader.

Picking the best forex brokerage company: completed guide

Let’s describe more detailed some of the most important brokerage company’s features.

Market regulators

Here we go “regulation”. In our opinion, this is the most important and fundamental option in the broker’s work, directly related to how much investors will trust it with their money. Regulators are interested in the stability of the forex market and the transparency of financial transactions. Due to the huge volume of assets (more than $5 trillion), there is always a risk that drug dealers, arms dealers, corrupt officials, and other dishonest people and organizations want to use forex as a laundry machine for their capital.

The list of the most influential regulators look like:

NFA (the national futures association) in the united states;

ASIC (australian securities and investments commission) in australia;

Cysec (cyprus securities and exchange commission) in europe;

FCA (financial conduct authority) in the united kingdom.

There are other regulators, such as those based on offshore islands. We believe that companies that have received certificates in offshore jurisdictions cannot be as reliable as brokers who received them from our listed regulatory authorities.

Types of the provided accounts

There are few types of account brokers can offer.

The first type is a live account. You fund it and trade for real money. Everything you do on the account becomes your gain or loss.

The second type is a demo account.

Most demo accounts are designed to let new traders try the service, see how a brokerage company works and can test the application of various strategies before investing in real money in trading.

Platform for trading

Choosing a trading platform you’re most comfortable working with is no less important than choosing a broker. The main thing for the trader is not only that the platform lets you easily manage every day’s duties, but also the broker supports the work with this platform.

Ctrader and metatrader are the most popular across the traders’ platforms. Metatrader provides two versions of it: metatrader 4 and metatrader 5. These platforms are quite complicated for beginners. Ctrader is a wise simpler one and fits for every skill of traders from professional ones to brand new investors.

You should also pay attention to how convenient and fast the android or IOS based applications. It can be either a proprietary application from a broker or a metatrader one.

Forex broker types

There exist several types of brokers: market maker brokerage companies and direct market access ones. DMA brokers separated into two types ECN and ECN/STP.

Electronic communication network (ECN) brokers allow you to trade only between other traders. So if no liquidity is on the market, your trades will get slippage, and you get a requote. ECN system removes the base of the potential conflict of interests between a trader and brokerage company.

Using ECN allows you to trade throw large financial institutions or global banks. The traders got access to the interbank market directly to see a clear picture of what’s happening in markets.

ECN/STP. Straight through processing is the technology used by ECN brokers for placing trades on the market. FIX (financial information exchange) protocol uses to place orders to the counterparty.

The FIX protocol is needed to decrease the needed time for performing trades, reduces slippage and make sure that traders get the best possible price. Some of these brokers can prevent requoting and reduce slippage.

Depending on trades and trader account the system decides what performing method is the best for the customer.

STP is applied when there’s enough liquidity to a particular trade. If there’s a lack of it, ECN takes liquidity from the inner network.

ECN/STP combination allows traders to perform their deals faster.

Market makers (dealing desks). It’s a type of brokerage companies where the company becomes a market maker the brokerage company always provides needed liquidity but, as well as, always trade against its customers that can be a reason for a conflict of interests.

Conditions for trading

Leverage is necessary so that traders with small capital can benefit from trading. This capital gives loans to a liquidity provider through a forex broker directly to a trader to expand trading volumes. The trader himself or herself is fully responsible for these funds and their return. Leverage is usually displayed in a ratio format, for example, 100:1, which means that one unit of trader’s money for one hundred borrowed units. This also means that trading volume will increase one hundred times. Using large leverage significantly increases the risk of trading. In turn, many regulators can limit the maximum allowable leverage that a broker can offer its clients.

Spreads are measured in pips and show the difference between buying and selling one currency to another in a currency pair. This is a kind of brokerage commission for access to the market. You can also get a lot of very important information from the spreads.

For example, the closer the buy and sell prices are, the more profitable it’s for a trader to work with this broker for these currency pairs. That’s why, often, traders choose different brokers for different currency pairs.

Trading assets

The better than the average broker has got over 40-50 forex pairs to trade.

The hedging option is designed to have insurance in case of adverse market conditions. One of the most common strategies is direct hedging. Brokers themselves do not always support this option for their clients.

Scalping strategy

The scalping strategy allows the trader to profit from quick, usually associated with news, price changes. This strategy is designed to make a profit in a short period of time until the market calms down. Traders applying this strategy usually trade during the day and close all their deals in the evening.

Frequently asked questions

What should I do the first looking for the forex brokerage company?

First of all, you have to take a look at the amount and availability of demo accounts. The new investor has to know what’s going on in the market, how to customize metatrader or one of the other platforms. It takes some time before you get ready to fund the first real account of yours. Usually, demo accounts expire quickly, so you’ll be able to renew it (them) to practice more. During this period you have to read some books about trading strategy and you should pick one that fits you the best. As well as, books there are infinity video courses and various webinars from educational to “the next week trading goals” ones.

How do I know the brokerage company is good for me?

So… it’s the complicated question to answer to. First of all, if you’re a beginner, check the availability of demo accounts. The second one is the fees. It’s very important to know exactly from the start how much money you’ll have to pay from each, as an example, $1000 profit from the moment of having this amount of money on the account for withdrawing it by the payment system that fits you the best. The third one, check the broker’s certificate. You’d better start working with the forex broker that has got a certificate provided by the regulator from your area, where your country from in order to not mess up with financial regulators, as well as, the texas department.

These three are must follow criteria.

How often a brokerage company trades against me?

It’s the wrong question. The broker will be trading against you only if you’re willing it choosing a brokerage company with market maker type. If you’re not okay with that, ask the broker’s support to know what kind of the brokerage company they really are.

Where is a broker’s profit?

How we told before market makers get money trading against you. If we talk about all trading companies in general, all brokerage company makes money from the difference between buying and selling prices, as well as, for charging fees and commissions.

May I deposit my account by bitcoin?

Brokerage companies are interested in providing various payment methods for their customers. Usually, bitcoins are acceptable, but other cryptocurrencies are not. Don’t forget most of the brokerage companies allow withdraw only by the payment method you fund the account for avoiding money laundering.

Fxdailyreport.Com

The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together.

There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners. Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve.

Top recommended forex brokers for beginners

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

How to choose the best forex brokers for beginners

Top best forex trading brokers for beginners

There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed.

What should you consider when choosing the best forex brokers for beginners?

1) regulation
regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the national futures association (NFA) and commodity futures trading commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation.

In the european union, brokers are subject to the mifid regulatory protocol. The financial conduct authority does the business in the united kingdom. It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet.

The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection.

2) customer service
A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, call me back and live chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication.

3) transparent trading process
one practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away. Forex capital markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field.

4) trading software
top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes.

5) education portal
the best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders.

6) social trading
finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks. So if a forex broker offers social trading, such a broker is well on its way to being described as one of the best forex brokers for beginners.

Our recommended: join etoro social trading connects over 5 million traders worldwide

You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above.

Related articles of best forex broker for beginners

Best forex brokers and online trading sites for beginners 2021

Top rated:

So, you’re about to embark on the world of forex trading and you’re looking for the best forex brokers and the best resources for beginners, right?

We know very well what it means, we have been there.

In this post I didn’t (purposely) insert dozens of brokers or sites.

The best strategy to effectively start (and continue) is to keep everything as simple as possible and stay focused on a few items at a time (or just one, even better).

“simplicity” is the key word.

Few sites, few resources, few choices, but of course, they are only among the best possible.

And hey… don’t forget we have our own forex market guide for beginners, that will explain with super easy words how this market works. Check it out.

Best forex broker and trading platforms for beginners 2021

The first thing you need is a good forex broker. Among our personal list of the best forex trading platforms for beginners we have.

1. Etoro

Want to try something different from the classic brokers? Then etoro may be right for you. Etoro is the best social trading network in the world.

Basically, with etoro you don’t simply open a normal trading account, but you enter directly into a real social network, populated only by investors, many of whom are professionals.

You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.

The only thing you don’t have at your disposal is an efficient platform like the MT4, but you can only use the etoro webtrader, which is still a good product. Added to this, you have an unlimited opportunity to practice with the etoro demo account which is unlimited and functions just like the real thing.

The other really positive point when it comes to trading on the etoro platform is that it is well renowned as being one of the most user-friendly social trading platforms in the business.

Next on our list of top forex brokers for beginners is another huge name in the industry. XM has been around for many years and is an instantly recognizable top brand in the sector. This brand recognition alone can help in attracting a diverse range of new traders.

There is also plenty to be attracted to with XM. They offer a range of account types, several of which are designed with new traders in mind including the XM micro account. This can be opened with as little as $5 minimum deposit. This means it offers a really easy way to get started with forex trading and you can also use their unlimited demo account.

On top of this, there are great swap-free options if you require an islamic trading account and an abundant education section to keep you learning, with a selection of webinars, videos, and informative tutorials.

3. Avatrade

Avatrade is another top name and well-trusted in the industry. The irish headquartered broker boasts regulatory oversight from a number of the different top bodies in the industry around the world and this is music to the ears of any new trader. They are also one to offer fixed spread trading from 1.3pips so you always know your trading costs.

Their demo account is top quality and available for a 21 day period and with a minimum deposit starting from just $100 then you don’t have to worry about the high start up costs. Negative balance protection from the broker also means you can never lose more than your account balance. Added to that and perfect for learning the ropes, is the avaprotection feature. This, when enabled, actually protects you from losses for a certain period. Ideal for when you are first starting or the market is volatile.

4. FBS

FBS is next to feature on our listing of the best forex brokers if you are new to trading. Again FBS is a broker that allows you access to great value when starting out in the industry. This is showcased by their cent account that can be opened for just $10 minimum deposit and still with the excellent trading conditions you would expect from a top broker.

Another great addition is that of FBS copy trading through their own proprietary platform that can be fantastic for following the trades of others if you are not confident in being out on your own. This is not yet available to european traders though. In that case, you could try the 30-day extendable demo account for an extremely accurate practice with no risk.

FBS is one of the best choices if you want a top named broker with a very low deposit starting point.

5. Oanda

Oanda is the next top broker for beginners to make our collection. There are a number of reasons why this canadian broker can be considered one of the best around. Among these is the fact they bring a huge wealth of experience. From 23 years in the industry, they have also continued to adapt so they remain one of the most user-friendly brokers around. Another hugely attractive point for new traders is that oanda do not have any minimum deposit requirement at all. This and allowing positions lower than $1 to be opened is a great way to manage your risk.

At your disposal here you will also have an unlimited demo account you can open, and if you are non-european then you can link your oanda account with zulutrade to enable a range of copy trading possibilities.

They are perfect if you want to trade with one of the industries biggest brokers at very low risk levels.

6. Hotforex

Next up for consideration as a top forex broker if you are a beginner is hotforex. Like all the names on our list, they are a household name to traders in the industry and a broker with international links around the world. You will be welcomed here with an unlimited demo account providing all the same tools as real trading, and a variety of account types starting from a minimum deposit of $5 -$50. Al round great value for a new trader.

You will have several trading platform options here too from metatrader, though a very popular choice among new traders is the user-friendly and intuitive copy trading platform from hotforex. They also provide a really supportive learning environment with video tutorial, webinars, and more to help you improve as well as keeping your balance safe with negative balance protection employed around the world.

7. IC markets

IC markets also makes the list as a top australian forex broker and a fantastic choice for new traders in the industry. They provide for lightning fast trade execution through their ECN systems and a trading cost that is hard to beat with spreads from 0 pips. All of this is available with a zero minimum deposit, ideal to get you started.

If you are into copy trading, then you can also link your zulutrade account here, but perhaps most importantly for new traders, the educational structure is really great. There are stacks of information available including videos to help you learn and grow in forex trading. You can implement some of these ideas with the unlimited IC markets demo account and even take advantage of the low spreads that are perfect for learning about forex scalping.

8. NAGA trader

Another social trading network, this time of different concept, is naga trader.

Naga trader is defined the “tinder of trading”, but in this case you don’t swipe people, but rather trades of other investors, with the possibility to copy them if you like.

Naga trader, in addition to a very advanced social network, has even developed a “trader radar” feature to find the traders subscribed in the network that are geographically near you.

Basically, being a beginner, you can easily find other traders with whom to share experience and advice. This works as a fantastic alternative to etoro for many new traders in the industry. One of the biggest benefits is the fact that together with having no minimum deposit, cryptocurrency deposits are also allowed.

This can be perfect if you already have a crypto balance or are looking for another top alternative to etoro.

9. FXTM

With FXTM we again have one of the top ECN forex brokers in the world. They have a major name and presence in forex trading worldwide but cater especially well to traders in africa. When you arrive here as a new trader, you will find a huge selection of 6 account types available. This includes a cent account with a $10 minimum deposit, ideal for starting out.

When you are ready, the fast order execution ECN trading account is available with a $500 minimum and you can also choose to try out the FXTM copy trading platform if that is more your thing. The broker is well supported by a solid educational system to help you keep learning and its support of african traders and base currencies in NGN and others make it the best choice for new african forex traders.

10. Instaforex

Last but not least to feature as a top forex broker for beginners is instaforex. Again, they are active around the world but particularly popular with asian traders. An unlimited demo account is immediately available here to help you learn the ropes as a new trader, and even then, the minimum deposit starts from an amazingly low $1. If you already are working with zulutrade then you can link your accounts with instaforex if you are a non european trader too.

Increasing the appeal of this broker is the fact that if you are a new trader to them, you can access a full trading course to continue your development. This could be invaluable to your trading future and make instaforex a great choice for asian traders and other beginners alike.

Best online forex trading sites and resources for beginners

Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.

You need information, and you need top quality.

1. Babypips

You won’t find anywhere else on the web with a better beginners course than the babypips one, called school of pipsology.

Here you can find everything from the very basics, from what forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.

If you want a summarized version of the first part of the school of pipsology, you can consult our guide how forex market works.

2. Investopedia

The forex market is part of a much larger and complex world, the world of financial markets in general.

On your long journey, you will definitely come across terms and concepts you don’t know the meaning or the function of.

Don’t worry, investopedia has ALL the answers to your doubts. You will see what we mean when you use google to search for information and you always find investopedia among the first positions.

3. Forexfactory

The experience of participating in a forum is a very important helping hand in your path of growth, from beginner to expert.

In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.

The forexfactory forum is definitely the biggest and most populated one in the world of forex. Here you can really find some great resources. Sign up and utilize it as much as possible.

Choosing a forex broker for beginners: 5 tips

Armed with all the best information and training, here are five final tips to remember when choosing your first forex broker:

1. Demo account service

Opening a demo account is the best way to get a true feel for both a broker and the trading platform. It is completely no risk practice with virtual funds only, though demo accounts function just like the real thing so it is ideal.

For a complete forex beginner, look for a broker with an unlimited demo account to give you the most practice time. If you are feeling confident, then 30-90 days may be fine. When you feel you have the hang of it, you can open a real account, but remember that opening a demo account does not oblige or tie you to that broker in any way.

2. Low minimum deposit

Typically, the standard minimum deposit with many top forex brokers is $200. With that said, the market is very competitive so you can now find some brokers as above, with no minimum deposit at all, or one that is very low. This means, lower risk for you and is something you should be on the lookout for.

3. Risk management services and tools

One of the key things you want to make sure of as a forex trader, is that you are protected. As a new trader, you may not know all the points about each regulation yet. You should know though that things like negative balance protection, segregated funds, and margin stop losses, are all positive features for your protection. These are all mandatory within europe and the UK thanks to ESMA regulations. Outside these areas though, be sure to research the regulator of your broker first.

4. Education section

We never stop learning. Especially if you are new to forex trading, make sure you find a top broker with a great educational infrastructure, and be sure to use it. This means taking the lessons, watching the videos, attending the webinars, and everything they offer. Learn about the platforms too as this can stand you in good stead for the future with many brokers using the same trusted trading platforms like MT4, MT5, and ctrader.

5. User friendliness

Nobody likes a complicated layout when they are learning something new. Look for a broker that makes the process easy to understand and as user-friendly as possible. Etoro, their site, and proprietary platform is a good example of one that is very good in this respect.

Not feeling confident? Try copytrading!

If you still have not built the confidence, or maybe you just want to save time, or sit back and let others do the trading. In that case, why not try copy trading? This allows you to literally copy the trades of others and earn or lose depending on the profit and loss of that person.

There are a variety of ways to copy trade, they may be built into the broker platforms like etoro, or could be offered by third-party brokers like zulutrade. They are one of the best copy trading platforms around.

You can open an account with them and connect it with your regular broker account to start copying other traders as long as you have a balance of at least $100. As you will have seen above, zulutrade has connections to many of the top forex brokers if copy trading is more your style.

Did you know that thanks to social trading you don't have to be a trader to earn like one? OPEN AN ZULUTRADE ACCOUNT AND TRY!
74-89% of retail CFD accounts lose money

Fxdailyreport.Com

Many forex traders prefer to work with ECN brokers because it means more liquidity, faster execution, and accurate pricing. According to some experts, true ECN forex brokers are the real future as far as forex trading is concerned. If you are new to forex trading, this may be confusing to you. Read on to learn more about ECN forex brokers, the advantages of trading with them, and a few top true ECN forex brokers.

ECN forex trading – what is it

ECN translates to electronic communication network and it enables forex trading. In this electronic system, the orders entered by the market makers are distributed to several third parties. The orders may be executed in part or full.

The ECN network connects liquidity providers (for example, major banks) and retail traders through an online broker. The ECN network makes use of a sophisticated technological system referred to as financial information exchange protocol (FIX protocol). The ECN brokerage makes money by charging a commission on each trade. So, for higher returns, the network has to encourage trades to do more transactions.

True ECN forex brokers

info	bonus	open account
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: $100 spread: starting 0 pip leverage: 500:1 regulation: FCA UK, FSA (seychelles), cysec	visit broker

Advantages of trading forex with top true ECN forex brokers

There are many advantages of trading with ECN brokers. Some of the key advantages are as follows:

If you choose to trade forex on an online platform provided by an ECN broker, you can be sure of the fact that others will not get to know as to who you are. Anonymity enables you to execute trades using neutral prices which reflect the true market conditions. The client’s trading direction – based on certain strategies, tactics, or market positions – will not bias the broker.

Instantaneous execution of trades

As trading takes place on the basis of prices, you get the best executable prices and the order gets confirmed immediately. Further, there are no re-quotes because ECN brokers are no-dealing desk brokers.

This type of broker does not offer fixed spreads. They offer variable spreads. This is because ECN forex brokers do not have any control over the bid/ask spread. Therefore, they cannot offer the same spreads at all times.

If you follow a risk management system or trading model of your own, you can connect the same to ECN brokers’ data feed. This means that you will have access to the best bid/ask prices and certain other data.

Access to liquidity providers around the globe

With ECN brokers, you get access to global liquidity providers such as leading world banks and other financial institutions.

Finally, an ECN forex broker only matches the trades between the participants. They cannot trade against their clients. This is something very important. Many people are people worried about brokers, especially the market makers, trading against them.

There are not many drawbacks as far as ECN brokers are concerned. They charge a fixed fee as commission, but it is cheaper and more transparent compared to that charged by the market maker. Another disadvantage is that it is difficult to calculate stops and targets on an ECN platform. This is because the prices keep changing and they offer variable spreads. The possibility of slippage is also there, particularly when sessions overlap.

Tips on how to choose a true ECN forex brokers

Now that you know a little bit about forex trading with ECN brokers, you might want to know how you can choose a true ECN broker. It is highly recommended that long-term traders should consider working with ECN brokers as they do not trade against customers. As with anything else in life, all brokers are not the same you can find out if the broker is really an ECN broker or not by asking the following simple questions:

Does the broker make any mention of a dealing desk anywhere on their website?

Does the broker change the spreads during news announcements? You may have to open a demo account and a real account in order to find this out. A true ECN broker will never change the spreads during news reports.

Is the broker offering fixed spreads or variable spreads? True ECN forex brokers never offer fixed spreads. They offer only variable or floating spreads.

What about negative slippage? The answer to this question is a no in the case of true ECN brokers.

Having understood how to identify true ECN brokers, here are some of the recommended true ECN forex brokers you can consider working with:

Best bitcoin brokers 2021

The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Now over twelve years old, bitcoin continues to grow and mature as an alternative asset. After peaking at over $18,000 per coin in late 2017, bitcoin retreated in price, then surged back to claim record price highs above $28,000 in late december 2020. As of publishing, the total value of all bitcoin is nearly $500 billion.

This guide explains what bitcoin is, how to buy bitcoin, and summarizes the best cryptocurrency brokers to trade bitcoin cfds.

What is bitcoin?

Bitcoin is a form of public internet money or electronic cash, known as cryptocurrency. It was first launched on january 3rd, 2009 after its design was published in a white paper. Bitcoin’s supply is limited, and every bitcoin comes into existence through mining, where anyone from the public can verify transactions to help secure the network.

Thanks to its use of blockchain technology, all transactions are public. Furthermore, bitcoin is highly-resistant to any form of censorship, and forged transactions are impossible.

Best bitcoin brokers for 2021

Based on over 105 different variables, here are the best forex brokers to buy cryptocurrency, such as bitcoin.

Etoro - best overall for crypto trading

Swissquote - trusted global brand, diverse offering

IG - excellent offering, most trusted

City index - great all-round offering

Avatrade - multiple trading platform options

XTB - best customer service, great platform

HYCM - over 60 crypto cfds offered

Best overall for crypto trading - visit site

Etoro is excellent for cryptocurrency trading and copy trading and is our top pick for both categories in 2021. Furthermore, etoro offers a user-friendly web platform and mobile app that is great for casual investors, including beginners. (75% of retail investor accounts lose money) read full review

Trusted global brand, diverse offering

Traders willing to pay a premium to have their brokerage account held with a swiss bank choose swissquote for its competitive, multi-asset offering. Swissquote's cryptocurrency trading and wallet service are available from its etrading account, but is segmented away from its forex and CFD trading offering. (79% of retail investor accounts lose money) read full review

Excellent offering, most trusted - visit site

IG is the ultimate forex broker, finishing 1st overall in our 2021 ranking. Alongside finishing third for platforms & tools and second for research, IG finished best in class (top 7) for cryptocurrency trading, offering of investments (19,000+ tradeable instruments), commissions & fees, education, mobile trading, and professional trading. (75% of retail investor accounts lose money) read full review

Great all-round offering - visit site

Backed by GAIN capital, city index is a trusted brand that traders choose for its advanced trading platforms, excellent mobile app, diverse market research, education, and extensive range of markets. (73% of retail investor accounts lose money) read full review

Multiple trading platform options - visit site

Avatrade is a trusted global brand best known for offering traders an extensive selection of trading platform options. Our testing found avatrade to be great for copy trading, competitive for mobile, mostly in line with the industry average for pricing and research, and a winner for investor education. (73% of retail investor accounts lose money) read full review

Best customer service, great platform - visit site

As a trusted multi-asset broker, XTB offers traders outstanding customer service and an excellent trading experience overall thanks to the xstation 5 trading platform. 25 cryptocurrencies are offered. (82% of retail investor accounts lose money) read full review

Over 60 crypto cfds offered - visit site

While its storied history is impressive, when it comes to trading forex and cfds across its global brands, HYCM fails to impress. Effective spreads are high across all account options, and research and education are sub-par. That said, HYCM offers over sixty cryptocurrency CFD pairs. (71% of retail investor accounts lose money) read full review

How do you buy bitcoin?

There are three primary ways to buy and sell cryptocurrencies like bitcoin:

1. Buy bitcoin (the underlying asset) - the most common way to buy bitcoin is to buy physical bitcoin from an online bitcoin exchange such as etoro. Your bitcoin is then held and secured in a digital wallet provided by the broker.

2. Buy a bitcoin CFD (contract for difference) - another popular way to trade bitcoin is to use cfds. With a CFD, you do not own the underlying bitcoin. Instead, you are betting on the direction that bitcoin’s price will go, either up or down, and profiting when you are right.

3. Buy an exchange-traded note (ETN) - while far less common and not available in many countries, exchange-traded notes (etns) are very slowly growing in popularity. Etns are similar to exchange traded funds (etfs), meaning they trade like stocks on a formal stock exchange. Like etfs, etns aim to mirror the price of the underlying asset they track. For more on bitcoin etns, including pros and cons, see this guide from xena exchange and this guide from ETF.Com.

How much does it cost to trade bitcoin?

Fees for buying bitcoin can become quite high across many websites and un-regulated exchanges, which is why we only suggest using a regulated broker. While fees may vary to buy bitcoin, the costs will consist of any per-trade commission, along with the difference between the bid/ask price, known as the spread.

The fees to trade bitcoin generally start at anywhere from 0.002% to as much as 2% of the trade value, depending on where you trade and the trade size.

Brokers that charge a commission will usually have lower spreads, while commission-free brokers will have higher spreads to make up for the difference. For example, if you buy $25,000 worth of a bitcoin CFD, with a spread of $50, that would be commission equivalent 0.002% of the trade value. In other words, whether via spread or commission, bitcoin involves trading costs.

What does a bitcoin broker do?

Bitcoin brokers enable you to buy or sell cryptocurrency. Without a broker, you cannot safely trade cryptocurrencies like bitcoin. To avoid scams, using a trusted broker is crucial when you are trading bitcoin.

What is the best forex broker to trade bitcoin?

For bitcoin CFD trading, including the ability to go long or short, we recommend forex brokers such as IG or city index due to their competitive pricing. Conversely, traders who wish to purchase the underlying physical bitcoin will find that etoro is a great option, followed by swissquote bank.

Which forex broker offers the most cryptocurrencies to trade?

Our research found that etoro offers the most cryptocurrency pairs to trade. With etoro, investors can buy and sell bitcoin (underlying asset), trade crypto cfds, and even copy trade other investors. Behind etoro, other crypto brokers that offer dozens of cryptocurrency cfds to choose from include XTB and HYCM.

Which crypto exchange is the safest?

Among brokers offering bitcoin underlying, swissquote, regulated as a swiss bank, is the safest broker. Founded in 1996, swissquote is publicly-traded (SIX: SQN) and regulated in four tier-1 jurisdictions. Behind swissquote, IG is another safe broker for bitcoin trading. While not a regulated swiss bank, IG is publicly traded (LON: IGG) and regulated in six tier-1 jurisdictions.

How much is one bitcoin worth?

Powered by blockchain technology, the price of one bitcoin reached a new all-time high above $28,000 in december 2020. The price gains were mostly attributed to new institutional investors entering the market and buying bitcoin.

I first wrote about cryptocurrencies in 2013 when bitcoin was still a novelty. Yet, as I’m writing this, the combined market cap of cryptocurrencies is over $600 billion, with bitcoin accounting for over 70%. According to data from coinmarketcap, the price of bitcoin fluctuates widely across various trading venues.

Is buying bitcoin risky?

Despite the potential for large gains, buying bitcoin remains risky. The main risk is significant volatility (price swings). For example, if you buy bitcoin and the price drops by a lot, it can create a substantial loss of your money. Adding any leverage (trading with borrowed money) will only further increase the risk when buying bitcoin.

Also, bitcoin remains a complex financial product. Many investors have lost money by losing their private keys, whether through exchange hacks or not securing them properly in self-hosted wallets. Using a regulated, reputable broker is essential for safely trading bitcoin.

How do I know if a crypto broker is regulated?

To avoid scams, you should only use regulated bitcoin brokers. To verify a broker's regulatory status, first, determine the broker's legal name and country, then find the appropriate regulator website to look them up. For example, a broker in the UK must be authorized and regulated by the financial conduct authority (FCA). Here on forexbrokers.Com, we track, rate, and rank brokers across 20 international regulators.

How do you sell bitcoin short?

To speculate that bitcoin's price will fall, you must open a forex brokerage account with a broker that offers bitcoin cfds. Using a contract for difference (CFD), you can open a sell order (bet the price will go down) and then place your trade. To make a profit, the price of bitcoin must fall. If bitcoin rises in price, you will lose money.

If cfds are not available, using a futures or options contract can be an alternative way to bet against bitcoin. However, bitcoin futures and options are very complex instruments, not widely available, and should only be traded by professionals.

Should I buy physical bitcoin or use cfds to trade bitcoin?

If you are a long-term cryptocurrency investor, buying the underlying physical bitcoin is the safest and lowest-cost way to invest in bitcoin. For more active, short term trading, contracts for difference (cfds) can be suitable. Just remember, cfds are not ideal for holding long-term positions (months or years) because the financing charges add up.

Is trading cryptocurrency legal?

In some jurisdictions, cryptocurrency is banned or illegal to purchase, trade, or own. Meanwhile, in other countries, it is perfectly legal. For example, in the united states (US) and united kingdom (UK), it is legal to buy cryptocurrency from regulated brokers. However, cfds are illegal to trade in both countries. The UK ban on bitcoin cfds went into effect on january 6th, 2021.

How do you safely store bitcoin?

If you do not want to keep your bitcoin with your online broker, you need to store it safely. To secure your bitcoin, you must choose a hot (online) or cold self-hosted (offline) wallet.

Personally, for a hot wallet (online, internet-connected), I use blockchain.Com, which provides a mobile and web-based version. For cold storage, I use ledger, a hardware device that allows you to keep the bitcoin private key offline (including creating a backup recovery phrase in written format).

Do I need a broker to buy bitcoin?

Yes, always use a regulated bitcoin broker to buy bitcoin. Using a regulated broker, you will protect yourself from scams, and your bitcoin will be secure. To avoid scams, never buy bitcoin from someone directly on a third-party website or marketplace.

Summary

Here's a summary of the best forex brokers for crypto trading.

Methodology

For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex risk disclaimer

"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this website (www.Forexbrokers.Com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with forexbrokers.Com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses forexbrokers.Com or any of its reviews, products, or services. Forexbrokers.Com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While forexbrokers.Com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by forexbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.

Best metatrader brokers 2021

Having used metatrader 4 (MT4) and metatrader 5 (MT5) for more than a decade, I wanted to create a comprehensive guide for traders. In this guide, I will breakdown the best brokers for metatrader 4 and answer the most common questions about the trading platform.

This MT4 guide starts with basics that will help beginners and then progresses to more advanced topics, such as social copy trading and using automated trading systems.

Best metatrader (MT4) brokers

IC markets - best overall for metatrader

FP markets - full metatrader suite, competitive pricing

XM group - metatrader with custom indicators

Pepperstone - metatrader suite with addons

Fxpro - metatrader suite, average pricing

Vantage FX - metatrader suite, great pricing for higher balances

Swissquote - metatrader suite, swiss bank

Best overall for metatrader - visit site

IC markets caters exceptionally-well to algorithmic traders through its commission-based accounts. Third-party research and trading tool plugins are part of the IC markets metatrader platforms offering, making it our number one metatrader broker in 2021. (74-89% of retail investor accounts lose money) read full review

Full metatrader suite, competitive pricing - visit site

FP markets' low effective spreads (raw ECN account) combined with its platform add-ons and access to over 130 tradeable symbols is a winning combination in 2021. Like other best MT4 brokers, the full metatrader suite is available. (the vast majority of retail investor accounts lose money) read full review

Metatrader with custom indicators

XM group is a vanilla metatrader broker that offers the complete metatrader suite, along with a few notable upgrades to enhance the experience, in addition to custom indicators. Trading tools aside, XM group’s research offering is rich with depth and variety, challenging industry leaders such as IG and saxo bank. (77.55% of retail investor accounts lose money) read full review

Metatrader suite with addons - visit site

While pepperstone offers a small set of tradeable products, it provides one of the largest selections of third-party platforms, including multiple social copy trading options. Pepperstone's smart trader tools module, developed by FX blue LLP, brings a dozen platform add-ons that enhance the default metatrader experience if you have a balance of over AUD 500. (between 74-89% of retail investor accounts lose money) read full review

Full metatrader suite, average pricing - visit site

Besides offering the full metatrader suite, fxpro stands out for its execution methods, with both agency and market-maker execution available by account type. While not a discount broker, fxpro does offer an active trader program that can help high volume traders reduce their trading costs. (80.59% of retail investor accounts lose money) read full review

Metatrader suite, great pricing for higher balances

Vantage FX offers the full metatrader suite, which includes the smart trader add-ons. While not a discount broker on its main accounts, if you deposit $20,000 to access the PRO ECN account, vantage FX offers low effective spreads with commission comparable to pricing leaders. (74-89% of retail investor accounts lose money) read full review

Metatrader suite, swiss bank

Traders willing to pay a premium to have their brokerage account held with a swiss bank choose swissquote for its competitive, multi-asset offering. Like its competitors, swissquote offers the full metatrader platform suite. (79% of retail investor accounts lose money) read full review

Metatrader 4 brokers list

Is metatrader 4 a broker?

No. Metatrader 4 is a third-party trading platform that connects to a broker for forex trading. Metatrader 4 is the most popular third-party platform for trading forex. Alongside MT4, ctrader is another popular trading platform.

Instead of metatrader, some brokers build their own custom trading platforms in-house. Based on assessing 27 brokers in our 2021 review, the best forex brokers offer proprietary platforms.

Metatrader platforms comparison

Using data from our forex broker comparison tool, here's a comparison of the metatrader platforms offered by the best MT4 brokers.

Feature	IC markets visit site	FP markets visit site	XM group	pepperstone visit site
proprietary platform	no	no	no	no
desktop platform (windows)	yes	yes	yes	yes
web platform	yes	yes	yes	yes
social trading / copy-trading	yes	yes	yes	yes
metatrader 4 (MT4)	yes	yes	yes	yes
metatrader 5 (MT5)	yes	yes	yes	yes
ctrader	yes	no	no	yes
duplitrade	no	no	no	yes
zulutrade	yes	no	no	no

Who created metatrader?

Founded in 2000, metaquotes software corp is the developer of metatrader4 (MT4) and metatrader5 (MT5) software. The metatrader suite, which is licensed by brokers and offered to traders, is one of the most widely used trading platforms for retail forex and cfds trading globally.

How do I get a broker for metatrader?

We spent three months testing 27 different forex and cfds brokers, then compiled a list of the best metatrader 4 brokers. Our top pick for 2021, IC markets, offers the full metatrader suite alongside competitive pricing, add-on trading tools, and quality market research.

Once you decide on a broker you want to use for MT4, you simply open and fund a brokerage account. Thereafter, you can start trading forex and cfds with MT4. Alternatively, most brokers offer demo accounts so you can use virtual funds to practice trading before funding with real money.

What is the difference between MT4 and MT5?

Metatrader 4 (MT4) is based on a prior generation (version) of software, whereas metatrader 5 (MT5) is the latest version. In addition to cfds and forex trading, MT5 can support stock trading and futures trading, making it more of a multi-asset platform.

MT5 also includes advanced functions like utilizing cloud-storage to run strategies and to conduct backtesting. With MT4, backtesting must be done locally or through a virtual private server (VPS).

Overall, while MT5 looks and feels similar to MT4, MT5 is a more modern, faster trading platform. Despite the underlying advantages of MT5, MT4 is still more widely available and used.

Metatrader charts

Both metatrader 4 and 5 provide an easy-to-navigate layout. For charts, 31 different charting tools are provided alongside 51 technical indicators, providing traders a good starting point for performing basic technical analysis.

In terms of layout, customizable chart templates can control how default charts appear. Traders can save all their charts into a profile so the entire workspace is backed up, including all trend lines and chart configurations.

Lastly, it is worth noting that a web-based version of both MT4 and MT5 are available, although the web-based versions are not offered by all brokers and do not support automated trading as the desktop versions do.

Does metatrader support copy trading?

The signals market available on the MQL5 community enables users to copy the live trades of approved signal providers. Also known as social copy trading, each signal provider charges a different subscription fee for access.

Does metatrader support automated trading systems?

Yes. Expert advisors (eas) are used in the MT4 and MT5 platform to run automated trading systems. An EA will either be a copy of the original .MQ4 file that contains the source code, which can be modified, or it will be an .EX4 (executable) file of the same code, which cannot be tampered with and is often chosen by those who want to distribute their strategies without revealing their source code.

Most eas have a range of customizable parameters that let users specify the position size and risk/reward-related attributes, among other elements, that may be configured before automated trading is enabled.

Does metatrader support developers?

Today, MT4 and MT5 have extensive documentation, codebase, and articles to help developers create algorithmic trading systems. The metaquotes language (MQL) syntax enables programmers to create automated scripts and trading systems.

The proprietary MQL language supports custom scripts, utilities, libraries, indicators, and automated trading strategies known as expert advisors (eas). The metatrader developer ecosystem continues to evolve each year.

Does metatrader support backtesting?

Backtesting, or using historical data to assess how a strategy would perform in the past, is an important part of assessing the quality of any automated trading system. With MT4 and MT5, backtesting enables traders to see how an EA would have performed over a historical period of time for a requested instrument, e.G., currency pair.

When an EA is built and then tested on historical data for the first time, this is known as testing on out-of-sample data, which means the EA has never used these historical prices (in which case the result will not have the benefit of hindsight).

What are the risks of backtesting?

While backtesting is used by traders, it is also used by the signal creators too. Some developers may optimize their strategies over a historical data set (i.E., run it multiple times over the past three months of EUR/USD tick data) on purpose, which can lead to curve-fitted results.

While there can be some benefits to optimizing a strategy using historical data, results of a curve-fitted strategy can be misleading as only the best trades are cherry-picked, and the results of forward-testing the same strategy can be significantly different. Therefore, forward-testing a strategy can be even more important than backtesting it, before the value of results can be assessed.

Is automated trading with metatrader risky?

Yes. Experts, which are automated trading systems in MT4 and MT5, are built by traders and rely on backtesting to prove their profitability. As the famous market adage says, "past performance is not indicative of future results." the problem with automated strategies is that they rely on the benefit of hindsight bias. The reality is that very few trading systems are profitable over the course of an entire year.

Therefore, while there can be pros to using an automated strategy, traders must be aware of the pitfalls and know how to assess any strategy before using it to manage their investment capital.

Here are several tips to help you select a good automated trading strategy:

Research and learn the trading methodology (strategy) the expert advisor follows for their automated strategy.

Backtest the strategy across multiple instruments/timeframes, if possible, and examine its historical performance (if available).

Compare the subscription cost and historical performance to similar automated strategies.

Once you decide on a strategy, test the strategy with a small amount of capital first, then slowly increase your investment size over time.

Which MT4 broker is the best?

When it comes to forex trading on metatrader 4 (MT4) in 2021, the best MT4 broker is IC markets. IC markets offers the full metatrader suite alongside competitive pricing, add-on trading tools, and quality market research.

Is metatrader 4 only for trading forex?

The metatrader 4 (MT4) platform is predominantly for forex trading. However, depending on the broker, MT4 often comes with a range of other symbols such as cfds on indices, commodities, futures, energies, and metals.

What are "expert advisors" in metatrader?

When using metatrader platforms, such as metatrader 4 (MT4) or metatrader 5 (MT5), there are automated trading systems known as expert advisors (eas), or experts for short. Experts are not humans. Instead, they are the automated trading systems created by traders to execute a trading strategy.

Final thoughts

When selecting a metatrader broker, traders should consider the trustworthiness of the broker (where it is regulated), the number of tradeable securities offered, pricing, customer service quality, and any available addons offered beyond the default metatrader experience.

All in all, metaquotes has proven itself to be a trusted leader in developing forex and multi-asset trading platforms for online forex brokers and retail traders globally.

To sign up for a live forex account or demo trading account with a metatrader broker that offers MT4 or MT5, see our list of reviewed brokers above to choose a broker that best suits your overall trading needs.

Summary

Here's a summary of the best forex brokers for metatrader.

Methodology

Forex risk disclaimer

So, let's see, what we have: the brand-new and the most extended list of forex brokerage company in 2019 is here! We’d like you to make a correct decision about choosing the brokerage company to work with. We’re always with you in the forex ocean. At best forex broker