The journey of Forex trading starts with finding the right platform & broker to trade. Despite of having wide range of brokers in the market every trader wants the best option for himself. The trading platform MT4 & MT5 is quite being popular among all the traders. The Meta Trader 5 Platform is a new and improved version of MT4. Many customers hesitate and feel afraid to upgrade to the new version. MT4 has established itself as the leading platform and many clients are reluctant to give in to any changes. However, MT5 comes with new advanced features and the other half of traders is expecting it – if they haven’t upgraded to the latest version yet. Let’s first briefly understand the difference between MT4 & MT5.
The MT4 platform is known for its user-friendly and convenient interface, but MT5 offers additional features like larger icons, wider timeframe range, easier navigation, custom indicators, and more. The symbol could be bigger, but the chart is smaller with MT5. Overall, MT5 retains all the key features found in MT4, with a subtle twist. It has more advanced technical indicators. It also allows downloading of external indicators supported by other platforms. Traders must decide for themselves which platform they prefer and whether they want to upgrade to the new version. One thing is for sure; MT5 is more flexible. Every trader doesn’t provide both platforms but there are brokers who are providing their services on MT4 & MT5.
Factors for choosing “The Best Broker”:
We have listed the factors under below on the basis of which you can select the broker as per your trading needs:
Fees / Commission- This is an important part of considering any broker services. The trader should confirm that whether broker is charging any hidden fees or commission like withdrawal or inactivity fees or not. This type of extra cost will reduce trader’s profit from Forex trading.
Dealing Desk / No Dealing Desk – Execution of the trades is a vital factor of every trading. Traders should check the operating business model of the broker. As in Dealing Desk there is an involvement of “Market Maker” because if there is no one to take the other side of a trade, they’ll take it themselves. Whereas, No Dealing Desk (also known as ECN Broker) connect to a larger pool of traders & larger market where filling order is not an issue.
Spread – Spread is the way to make money for brokers. This can be fixed or variable. Traders should choose the broker who has lowest spread 1 pip or even the ECN brokers may even deliver zero spread.
Products Offering – Before choosing the broker for trading, the trader must see the range of the financial assets they offer. As per one’s need of trading asset, trader must confirm whether the forex client management system platform provides that asset or not?
Types of Accounts Offering – The trading conditions of every trader varies as per their trading knowledge. So, one have to choose the broker who offer different type of trading accounts which should be easily accessible & affordable as per their trading needs.
Deposit & Withdrawals – The method of deposit & withdrawal should be fast & cheap or at no extra cost. One should take care that the broker must provide the various payment methods like PayPal, Netller, debit & credit card etc.
Investment Options – The broker should have investment options to offer as well. There are basically two types of investment options available which is quite popular. One is PAMM & other is COPY TRADING. Both provide the flexibility to invest in Forex trading with less or no knowledge & to earn profits out of it.
Value added Services – The excellent customer support, trading education support, trading tools, articles & the services like availability of economic calendar are an extra advantage for the trader. These value added services makes the broker outstanding from others.
Swap Charges – Trader should choose the broker who charge lowest swap fees that means Forex positions kept open overnight incur an extra fee. This charge results from the difference between the interest rates of the two currencies
The Bottom line of MT4 / MT5
MT5 will sooner or later overtake MT4 because the enterprise widespread, except one of the MetaQuotes competition get there first, it`s only a be counted of when. The reality that MT5 is greater feature-complete, helps buying and selling throughout all monetary markets, and lets in for superior script trying out makes it very attractive to each agents and traders. Allowing hedging for non-US customers turned into an elimination of a chief impediment to sizeable help for MT5. The best final hassle is the dearth of backwards compatibility with MT4 robots and EAs – and that is a hassle this is by no means going to move away.
If you operate MT4 and also you respect it, stay with it as it`s going to stay the enterprise-widespread for a while yet. If you’re new to buying and selling it`s really well worth thinking about going instantly to MT5.
Conclusion & Recommendation
I hope you now understand some of the factors on which every trader should choose the Forex broker as per their need. Choosing the right platform for you from the long list of Forex brokers is not an easy task. But it is very important to get it right. While we can point you in the right direction, only you will know your individual needs. Our recommendation for the best MT4 & MT5 Forex broker in 2022 is “Xtreamforex”. They are providing their services since 2015. It is ECN Broker qualifying all the factors as discussed above. You can go with our recommendation or take it into account above factors, as well as your own trading needs to choose your Forex broker