MetaTrader 4 and MetaTrader 5 are popular trading terminals offered by many brokers around the world. Different providers offer different instruments and conditions for trading via the platform. Here are five brands worth considering in 2020.
Traders in India are advised to work through well-established companies. All of these companies are authorized and regulated following the industry norms.
1. Swissquote: Comprehensive Access
Swissquote Bank Ltd. gives access to currency pairs, commodities, bonds, CFDs, and more. Headquartered in Gland, Switzerland, it is a true industry veteran that has been working since 1996. The broker is regulated by DFSA (Dubai Financial Services Authority), FINMA (Swiss Financial Market Supervisory Authority), and SFC (the Securities and Futures Commission of Hong Kong).
The range of instruments is very broad and suitable for all kinds of traders. The broker provides comprehensive support and protection. However, minimum deposit requirements are relatively high ($1,000), and clients from some countries may not open accounts.
2. FXTM: Full Range of Services
FXTM is a global brand that includes three different entities (ForexTime Limited, ForexTime UK Limited, and Exinity Limited). Each is authorized in its jurisdiction.
The provider complies with requirements of different industry watchdogs: CySEC (the Cyprus Securities and Exchange Commission), the FCA (the Financial Conduct Authority in the UK), the Financial Sector Conduct Authority (FSCA) in South Africa, and the Financial Services Commission of the Republic of Mauritius.
Clients of FXTM can trade 250+ financial instruments through MetaTrader 4, MetaTrader 5, and the company’s own app. Both versions of MetaTrader can be downloaded from the site for free, and the web version is also provided. The company offers both ECN and standard accounts, demo and live trading account options.
Clients receive uninterrupted support, a wide range of educational resources, analysis and news, and more.
There is no shortage of data for lucrative trading decisions. Copy trading is also available. These are features of a trustworthy and responsive MetaTrader 4 broker.
3. Tickmill: Decent CFD Broker
Tickmill is another broker regulated by the CySEC and the FCA. It is also overseen by the Seychelles Financial Services Authority (FSA). This broker is based in the UK, and it is focused on CFD trading through MetaTrader 4. There are over 80 CFD instruments tied to different underlying assets: currencies, market indices, commodities, and bonds.
Three types of trading accounts are available: the Pro Account, Classic Account and VIP Account. Clients may also practise in the demo mode, and Islamic swap-free accounts are available.
Contracts for Difference are highly leveraged instruments, which means trading is very risky. MetaTrader 5 is not supported, and stocks are not available.
However, the range of research tools and analytical aids, favourable trading conditions and multiple licenses make this broker a good choice.
4. XTB: 3000 Instruments
Headquartered in Belize, XTB has an impressive number of licenses. Aside from the CySEC and the FCA, it is authorized by CNMV (Comisión Nacional del Mercado de Valores) in Spain, IFSC (International Financial Services Commission), and KNF (the Komisje Nadzoru Finansowego).
Clients may choose between MetaTrader 4 and the company’s proprietary platform called xStation 5. Over 3000 instruments are offered across 6 classes of assets:
Forex, market indices, commodities, stock CFDs, ETF CFDs, and CFDs on cryptocurrencies like Bitcoin. However, the number of Forex pairs is limited compared to rival brokers. The company does not provide 24/7 support.
5. OctaFX: For Beginners and Pros
This provider is registered in Saint Vincent and the Grenadines. It offers Forex ECN trading and CFDs on market indices, cryptocurrencies, and metals. All versions of MetaTrader (4 and 5) are supported, and clients can use the signature app called OctaFX Trading.
The range of instruments is different for different account types. There are options for newbies and experienced traders. Copy trading is available. OctaFX does not offer individual Stock CFDs, and payment options exclude Neteller, Skrill, and Bitcoin.
Conclusion: Choosing a Broker for MetaTrader
The MetaTrader 4 and MetaTrader 5 platforms are supported by many brokers worldwide. They are packed with analysis tools, risk management features, and aid that facilitate profitable decisions.
Traders should choose regulated companies that have official registration and license from a reputable authority. Make sure they offer the instruments you need, and minimum deposit requirements are acceptable.