Saturday, October 1, 2022

Expert Tips on How to Select MT4 Brokers

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Do you need to choose your first trading platform? Most experienced traders recommend starting from Metatrader services, to be more precise, from MT4. Read on to learn about the main features and benefits of this platform and get easy-to-follow prompts on how to find the best broker for trading.

Metatrader platforms are known for their automated trading features mainly. In other words, they allow their users to earn from trades with minimum experience and at minimum time and effort expense. For that, one can make use of trading bots, advisors, signals provided by expert traders, as well as a huge selection of customizable charts.

The most frequent question about these platforms is: “What is the difference between MT4 and MT5?”. A short answer is that MT4 is designed for Forex trading and oriented towards beginners in the first place, while MT5 offers a wider selection of assets (including futures, stocks, CFDs) and a range of advanced features for professionals. Thus, if you are new to trading, an optimal choice is to use MT4.

Also Read: How to Trade Forex for Beginners: 10 Tips to Bear in Mind

After you make a decision concerning the platform, the next step is to look through MT4 brokers working on the market and choose the best one. According to the rules, you are not allowed to execute trades without such an intermediate. In practice, the choice criteria will depend on your personal needs, but we will mention universal ones: a license, an assortment of available assets, a selection of trading instruments, availability of advisors and bots, minimum deposit limits, fees, spreads, lot sizes, execution speed. Still, even if the service chosen suits all your requirements, testing it via a demo account is an obligatory safety measure.

In the end, we would also like to mention a few brokers worth considering: RoboForex, IC Markets, FxPro, Tickmill, Exness.

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