Best Online Forex Broker With MT4 – How to Choose?
The Decision Starts With Where You Live
If you live in the U.S, or are a U.S citizen living outside the U.S without a 2nd Passport, then your options are very limited from the start. I know it was supposed to be the land of the free but it appears that is not the case! If you are hold a U.K residency then you have an extra option of what is called “Spread Betting” which is a tax free way to trade. They call it “Spread Betting” but functionally on MT4 it is no different than SpotFX and both options remain open to you. For almost everyone else on the planet you are not limited like the U.S citizens but you don’t have the option of Spread Betting either, since UK residents don’t have to use the Spread Betting option they are also included in your group so it is you I will address first.
Everyone Except U.S Citizens
Gone are the days of needing to go with a Market Maker and here are the days of better technology and ECN/STP options via MetaTrader 4. Although there are still Market Maker options they are slowly fading away and being replaced with True ECN style solutions. Your first decision is to decide which you would like to go with and this decision is an easy one, it boils down to this question. Do you want to trade with a company that needs you to lose to make money from you? or do you want to trade with a company that makes commissions from your trading win or lose? I am sure you all chose the latter so your search is narrowed down to an ECN style MT4 Broker.
Your choice in ECN style trading means that you just need to compare commissions, spreads and technology between this type of broker. Your best choice is clearly going to be the smallest spreads and lowest commissions with companies that are sporting the latest technology and fastest servers. I have already narrowed down your search on my Forex Brokers Using MetaTrader page but I will post my #1 pick here also. With this broker I have seen spreads during live trading on the EURUSD at 0.0 pips so you really can’t beat that. Their commissions are the tied with the lowest I have seen and their servers and overall technology is top of the line.
U.K and Ireland Residents Only
If you hold a residency in either the U.K or Ireland then you can still use the MetaTrader 4 True ECN Account that I just mentioned above. You also have the option of using a spread betting broker which will make your earnings exempt from the tax man (talk to your accountant to get all the details before you start). There are several MT4 options for spread betting and these companies make most of their money from the spread, kind of like a built in commission which is much higher than the aforementioned ECN option. They do also trade against you which makes them more of a market maker and that is the price you must pay to take advantage of the tax benefits. It is because of that last fact that it makes sense to go with the largest, most well funded, and long standing option you can find.
U.S Citizens Are Not Left Out Completely
If you are a citizen of the U.S then you have been very limited by your government controls over you. You are not completely left out though and for the time being I have found an option that is somehow managing to get around your limitations and offer you an ECN style option similar to what I presented above. I can’t say for sure if this will be permanent or not but for now it has survived a long time since everyone else banned you. They are more expensive on the commissions side of things but they do still accept you so give them a try.
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