What good is aprofitable trading systemwithout a reliable broker to execute your trades? Finding a Forex broker is a necessary evil if you plan on trading retail Forex. There are some really great brokers out there to help everyday traders, but unfortunately, there are also bad brokers and scam artists as well. Not all brokers are created equal. Some have even been in the news recently forless than upfront dealings with their so called valued customers.
It is really important to do your due diligence and compare Metatrader 4 brokers to find the best one for you. That research could include comparing features and account requirements, speaking to customers service representatives, and reading reviews from current and former customers. If you are a U.S. trader or require an account in the U.S., the Metatrader 4 brokers below are a great place to start your research.
Below is a list of the top 4 quality Metatrader 4 brokers available to U.S. traders:
Update:FXCM has been removed from this list due to recent news. I havent updated this article with a replacement yet.
Founded in 2005, TradeKing is the new kid on the block. TradeKing has brokered Forex tradesfor even less time, only offering Forex trading to its customers after acquiring MB Trading in 2014. Yet, in its short existence, TradeKing has become one of the seven largest brokerages in the United States. Known for providing reliable and inexpensive access to budget minded traders, TradeKing is quickly becoming one of the most trusted names in retail Forex.
Founded in 1995, Oanda has become a trusted name in the retail Forex industry. Oanda is known for providing the Forex community – not just account holders – with many trading decision support tools. They have also received many awards chosen by retail traders, including 4 wins in the 2010 FX Traders Choice Awards. OANDA is known for bringing several technological advancements to the retail Forex industry, and for being one of the first brokers to provide retail traders with spreads under 1 pip.
ATC Brokers opened in 2005 and have been a top brokerage firm for the retail Forex and futures markets. Their vision is to concentrate on how technology relates to trading, and how it can all benefit their trading customers. They are focused on providing new and emerging technologies within the trading industry. In their own words, they have continued to form relationships with technology vendors to expand [their] reach in obtaining the latest technologies that are in the market.
You can trade micro lots beyond the mini lot order (e.g., 0.12 lots or 1.89 lots)
Clients can choose market execution or instant execution
Must have a minimum of $5,000 to open an account
Cannot trade if your account balance falls below $250
Does not offer Silver or Gold trading to U.S. clients
Forex.com uses a Market Maker to execute trades, although they claim to operate in a highly regulated environment where no price adjustments or order delays are allowed, and where 99.9% of orders are executed within 1 second or less.
These top Metatrader 4 brokers can be great picks for anyone looking to trade retail Forex in the U.S. There are different account types, sizes, and the latest in technology to help you grow as a trader.
Many of these brokers also offer YouTube tutorials or webinars to educate you in trading or to assist you in working with their platforms and tools. In addition, many of these Metatrader 4 brokers are connected to social media, like Twitter and Facebook, so you can have even more access to their experts and customer service representatives.
The most important thing when choosing a broker is to know what kind of trader you are, and what your needs will be as you trade. Also, remember that since the laws changed with Dodd-Frank all U.S. traders must use a U.S. based brokerage company. Just take your time and find a registered Metatrader 4 broker that meets your needs.
This article represents my honest opinion of these brokers, and of the other brokers that were considered. I am not being paid to refer you to any of these Metatrader 4 brokers, nor am I being compensated in any other way. You should use this article as a jumping off point only. Like anything else in this business, your own research will go a long way in finding a reliable broker that will meet your specific needs.
If you are not a U.S. customer, there are certainly other companies that you might consider first. However, if you are a U.S. trader, these top 5 Metatrader 4 brokers are a great place to start.
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Looking forward to see a similar analisys for non us traders
Thanks for commenting, Fabricio. I plan to do that in the future.
I called ATC and they said that they do not allow US residents to open an account. Being that the rest are Market Makers, is it now safe to say that retail forex trading is dead? The only place you can find a broker nowadays is in the banana republic.
Not by a long shot, Robert. I need to update this article (thanks for bringing ATC to my attention, BTW).
Also, although I would prefer to use an ECN, using a market maker doesnt necessarily mean youre going to lose money.
If your trading system is profitable (and youre not scalping), theres not a lot a market maker can do to you, except make you slightly less profitable. OANDA, for instance, uses a market maker. However, they are known for treating their traders fairly.
You should also keep in mind that even if you are with an ECN or STP broker, but you are not a profitable trader, you are probably B booked anyway (which means the broker is trading against you).
FXCM got caught B booking traders when they claimed that they dont do that. Im sure theyre not the only ECN doing that.
The takeaway is that you should learn a profitable trading system. Get good at making money and your broker will not find it profitable to trade against you, regardless of who you trade with.
Im confused because if your broker is trading against you how can u win and are there any broker thats not trading against you?
Sorry for the late response, Nathan. There is always someone trading against you. The only difference is that your broker can see your stop loss. If youre a profitable trader, your broker will not trade against you. Theyd lose money.
Most traders arent profitable, so they will be added to their brokers B book and traded against. If you want to stay off of the B book, use a profitable system, dont enter trades without a stop loss, and dont risk too much of your account or overleverage your account by opening too many trades. It also helps if your initial deposit is more than a few thousand dollars, but we all have to start somewhere.
If youre using a scalping system, a market maker will wreck you. With certain trading systems, however, there isnt a whole lot that a market maker can do to derail a profitable trader. SterlingsDay Trading Forex Livesystem, for instance, actually waits for the banks and other smart money to perform stop runs on retail traders. When trading a system like this, youre piggybacking the institutions that actually move the market, so theres not much a broker can do. They dont want to be on the wrong side of those kinds of trades.
I really liked MB Trading, but they got bought. Then I went to FXCM and never had any problem with them. Now Im at OANDA and I can tell a difference. Spreads arent that great and sometimes price goes too far before closing. I came here hoping to find something better. Too bad ATC requires that much money, considering theres no guarantee or insurance (SIPC) on futures/FOREX accounts in the US.
What really sucks is if you were born in the Land of the Free™, even if you dont live there, you can forget about getting a good FOREX account in Europe. They always ask about nationalities, and the moment you put American, instant rejection. It doesnt matter what other citizenships you hold. Like me, I dont live in the US, but unfortunately, that is the only place where I can open a FOREX account. Thanks Obama for the FATCA!
Haha. I like the trademark. I think you and I would agree on a lot of things. Im in the same boat you are in. I used FXCM for years and was perfectly happy with them until recently. Most of the traders that Ive talked to that were using FXCM have switched to OANDA.
I actually havent looked into the trading abroad issue but renouncing your U.S. citizenship may be an option to consider if you plan to be a permanent expatriate.
Regardless, I dont think this current shortage of options will last forever. Whether its through removing restrictions or pure demand, brokers will eventually spring up to accommodate the needs of traders.
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