A further issue is that a slightly different range of assets is offered within the same account types depending upon whether MetaTrader 4 or MetaTrader 5 is used, meaning choice of platform requires some consideration of which assets you want to be able to trade. Where a choice between the two platforms is available, it can be helpful to review the pros and cons of each to determine which is the better fit for you. Broadly speaking, it can be well argued that MetaTrader 4 is more suitable for trading Forex while MetaTrader 5 is better suited for trading stocks and commodities.
The other major difference between the two platforms is that MetaTrader 5 complies with the U. This effectively makes precise hedging impossible. Both MetaTrader 4 and MetaTrader 5 are available on all operating systems, tablet, mobile, app-based or web-based. Many users feel the apps tend to run with less glitches on a PC or laptop compared to the web version. It is relatively easy to use and intuitive, and in any case, its look and feel is extremely similar to MetaTrader 5 which was designed and marketed by the same parent company.
MetaTrader 4 allows hedging.
It uses a programming language called MQL4. It is also able to conduct multiple simultaneous back tests on more than one asset. MetaQuotes launched this some years ago as a successor to their wildly successful MetaTrader 4 platform. It is relatively easy to use and intuitive, and in any case, its look and feel is extremely like MetaTrader 4 which was designed and marketed by the same parent company. MetaTrader 5 does not allow precise hedging, although some traders work around this effectively by making a stack of trades in the same asset where each trade has a slightly different position size.
Most brokers only provide the out-of-the-box version, which remains sub-standard without necessary upgrades. It was released more than fifteen years ago, but it maintains the most significant market share. More than 20, EAs and custom indicators are readily available from the integrated market. Many are free of charge, but traders should avoid them, as they generally do not deliver promised results.
There are numerous high-quality upgrades for a price that can transform the core MT4 version into a cutting-edge solution. The most visible drawback of the MT4 trading platform is its user-interface.
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It remains among the worst among all platforms. The third-party upgrades change that and add invaluable functionalities to it. Since the FXTM MT4 already comes with more than half a dozen upgrades, traders remain ahead of most brokers who only offer the core version but market it as a leading trading platform. An often overlooked feature is the copy trading function embedded in the trading platform. Traders can browse all strategy providers from the Signal tab, where complete details are available.
Why are traders choosing FOREX.com?
Most strategies have a monthly subscription cost but no profit-sharing. All MT4 WebTrader clients remain identical, regardless of the broker. The user interface is marginally improved but remains notably behind that of proprietary alternatives. It does not support automated trading solutions or third-party upgrades, making it a choice for manual trades only who have no advanced requirements.
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For new retail traders, it may be the ideal entry-point to trading. It remains an easy-to-learn trading platform, light on system resources, and provides manual traders with the essential tools necessary to get started. Manual traders will operate from an average trading platform, light on resources and light on functions. Committed traders should consider skipping it.
Most proprietary trading platforms at brokers fail to compete with the MT4 desktop client but provide a significantly more competitive alternative at a download-free webtrader. FXTM has two standout features: firstly, its strong regulatory regime in two major industry centers which enjoy high levels of regulatory protection the U. Regulation in the U. FXTM Invest is a copy trading program which simply allows customers to let their account mirror the trades of selected Strategy Managers. At the time of writing, there are over strategy managers to choose from, so there is plenty of choice.
The seminars are real-life meetup events which are held around the world, at the time of writing they were scheduled close to once per week. The webinars are of course virtual and are conducted in a variety of languages and scheduled at a rate of approximately three each week.
At the time of writing, webinars were being conducted in Bengali and Vietnamese as well as English.
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We were most impressed by the detailed material on a range of trading strategies which can be hard to find. Having said that, it is comforting to know that if you do need help, you will be able to get hold of someone competent quickly who will take responsibility for fixing whatever your problem is. Traders can contact a rep at different departments in several international locations via email of telephone. Live chat is also available. With the Brexit transition period ending this year, it is unclear if the FCA will continue to restrict bonuses and promotions, or if it will allow brokers to offer them.
Before requesting a bonus or participating in a promotion, it is paramount to read and understand the terms and conditions. Many traders just accept any capital boost and are often confused when they are unable to withdraw their full account balance or make a withdrawal and see their bonus capital removed. They mistakenly blame brokers in reviews for misconduct but violated the terms and conditions under which the incentive exists.
FXTM offers a refer-a-friend bonus to assist with its marketing efforts, available until the end of Existing clients will receive a unique referral link, which they will use to attract new clients to FXTM. After the referred trader executes A dedicated Forex contest section is maintained, where FXTM introduces demo and live account contests. Demo contests continue to gain popularity among new retail traders, as real cash prizes in the form of deposits into a live trading account, represent the most common reward.
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Many contests last between one week and one month, allowing traders numerous chances to qualify for one, and boosting their capital base. The account opening process with FXTM is quite good and speedy even in their highly regulated locations. You can expect to get your account open and ready within two days from beginning the account opening process. Clients only need to navigate through a few screens where they submit a few details and choose the type of account they want to sign up for.
It is worth noting that residents of the U. In addition to providing personal and account details, new clients are required to verify their identity and prove their place of residence, as is customary. The process is completely digitized. FXTM caters primarily to new retail traders and has many traders from emerging economies. It is the only international broker offering trading accounts in the Nigerian Naira. Given its diverse client base, often from low-income countries, a somewhat complex account structure with various minimum deposits is in place. The two main categories are standard accounts and ECN accounts, which have three and four sub-categories, respectively.
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It is an ideal substitute for the demo account and allows new traders to practice in live trading conditions. Regrettably, the trading conditions are unacceptable due to high spreads except for equity CFDs. Forex traders face excessive mark-ups, geared towards broker profitability, another standard operating procedure among market makers. Traders are asked for a higher minimum deposit across the board in the advertised ECN account types. Typical ECN accounts offer raw spreads for a commission. Though traders may be momentarily confused by so many account options, the range of choices and low minimum deposits offer excellent trading opportunities.
FXTM imposes no additional fees on any deposit beyond what the deposit mechanism itself may charge. A very wide range of deposit and withdrawal methods are supported by FXTM.
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Major credit cards are also accepted, and bank transfers can also be used. Withdrawals can be made using the same methods. Unfortunately, FXTM charges a withdrawal fee for most withdrawal options. FXTM signals can be accessed easily for all depositing traders, directly in the trading platform. The signals include a choice of four take-profit levels and protective stop loss recommendations so that traders can trade intelligently based on their financial goals.
Forex signals can be more advantageous than auto trading or social trading, as they give traders an ability to make their own decisions about how to govern their portfolios and not leave their funds up to others. FXTM makes its money from spreads and commissions charged on trades and an overnight financing mark-up. FXTM provides several methods for depositing and withdrawing funds. Transactions may be conducted through Western Union, Skrill, FasaPay and Neteller as well as credit cards and bank wire transfers.