Whichever MT4 broker you use, you’re going to transact on the same MT4 network, so what exactly varies from another by choosing one broker?
The multitude of MT4 brokers have five significant distinctions, which we have articulated below as questions for you to consider:
- Trusting the broker
In our opinion, how trustworthy they are is the most critical factor when picking a broker, which is why we have only featured brokers supervised by a primary financial regulator, such as the Financial Conduct Authority or CySEC. To safeguard their consumers, these regulators enforce strict measures on brokers.
- Eligibility of trading options
Each broker decides which assets through their MT4 terminal are eligible to exchange. Although selling both major and minor currency pairs is popular for most brokers, some brokers provide a broader range of other classes of securities, such as exotic pairs, stocks, and cryptocurrencies. It’s worth testing if your broker offers this on their MT4 platform if you have a specific collection of instruments that you want to exchange in mind.
- How much is it going to cost me to exchange them?
Each trader has a particular range of spreads, commissions, swap prices, and costs, which would affect how much it would cost you to deal with them. To measure how much you’ll cost per exchange with each dealer, it’s still worth doing the math.
We have already worked out these estimates for your ease in our reviews of each broker. You will read them by clicking on ‘Broker ratings’ at the top of this page in the navigation bar.
- Trade operations
For a deal to take effect, you must be both a buyer and a seller in any deals you make. Your broker has to pair you with a seller of the same instrument when you open a buying position in MT4.
By choosing the opposite side of the exchange, most brokers can play the position for you to conduct the trades you want. Brokers that do this are considered ‘market makers.’
Other traders pair you, referred to as ECN brokers, with another dealer or bank that wants to sell in the same direction.
All forms of execution have pros and cons. ECN dealers also have large minimum deposits and have rates that are more suited to skilled high-volume traders. In contrast, commodity suppliers seem to be more appropriate to traders who choose to exchange smaller volumes. To read more about market makers and ECN traders, you should follow these ties.
- Rates and Fees
Any restrictions, such as minimum and gross deposit rates, maximum free exchange amounts, and minimum trade sizes, would be enforced by the broker.
It might be worthwhile to verify if your broker allows this if you are trying to trade for especially large or low sums of capital, as MT4 may reveal errors if you attempt to open trades or deposit amounts that are incompatible with the limits established by your brokerage.
Of necessity, there are other items to consider, such as if the broker is in your timezone (as the time in MT4 is fixed to your broker’s timezone and cannot be changed) or whether the broker supports your chosen funding strategies. Still, these considerations pale insignificance about the points above.