US Forex Brokers Using MT4

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MT4 or Metatrader 4 is probably one of the most popular open source trading platforms in the world, which is one of the reasons why US forex brokers use MT4.

One of the main reasons why MetaTrader is so popular is due to over 30 built-in technical indicators, which can help traders to make profits.

Not only that, but there are also thousands of additional technical indicators that can be downloaded and accessed through the MetaTrader codebase and marketplace.

The inclusion of third-party add-ons means traders can actually program and create their own technical indicators to suit their own trading plan and style.

 

An example of a custom add-on is the Stealth Order, which is traded anonymously by other traders.

 

American Forex brokers who use MT4 are:

Forex.com

LMFX

FxChoice

OANDA

IG

ATC brokers

Learn more about the MetaTrader platform

The Metatrader platform features something called “automated ink” that actually trades bots. These robots can perform tasks such as analyzing exchange rates and entering positions based on predefined conditions determined by algorithms.

This is about helping traders become more profitable by allowing the machine to make the tough choices for you, as well as long and tedious accounts.

The Metatrader platform also offers a mobile app that allows busy traders to get away from their desks and take their trades with them, all without losing any jobs!

The mobile app contains three different chart types and nine different time frames as well as thirty technical indicators, market news and a chat box so traders can interact with other traders.

 

Forex Brokers in the United States – The Basics

Forex brokers are companies or firms that give traders access to a platform, allowing them to participate in the buying or selling of foreign currencies.

US Forex brokers using MT4 allow traders to open a position by buying a currency pair and thereby selling the same currency pair for a profit.

 

For example, if I wanted to trade the British Pound for the US Dollar, I would have to buy the GBP / USD pair.

 

The one thing people often forget about brokers is that they need to make money for their service, and they do it in two ways.

 

First, through the spread of supply and demand for currency pairs.

 

For example, if the GBP / USD pair is listed at 1.50020 bid and 1.50030 ask, the spread between these two prices is 10,000 pips.

 

So when a trader opens a position with the broker at the asking price, and then closes his position at a later date than the ask price, the broker charges the amount of the spread.

 

Second, some brokers may charge additional fees for accessing high-end products such as software, and some may charge a per-transaction fee or a monthly fee.

 

Although the competition among brokers is unrelenting, the need to eliminate any kind of fees is crucial in getting traders to join their platform.

 

Some of the popular regulated forex brokers in the United States include:

 

Forex.com: Owned by a NYSE-listed company called GAIN Capital Holdings, which offers tight spreads as well as plenty of technical indicators

OANDA: Oanda offers very competitive spreads without commission and significant market liquidity.

Ameritrade: It does not offer MetaTrader 4 but it does have powerful charting tools capable of monitoring multiple currency pairs simultaneously. All of this also has a social aspect which includes tools to analyze social sentiment.

Regulation

 

It is considered one of the largest financial markets and exchange of digital and foreign currencies

 

This means that there are unique challenges in regulating the market, especially something of this magnitude.

 

You might be wondering how the hell do you organize something so big?

 

Well, there isn’t a single governing body at the top and it oversees everything.

There are in fact a number of government and independent agencies that oversee forex trading around the world. Here are some of the regulators for different countries:

United States: National Futures Association (NFA), Commodity Futures Trading Commission (CFTC)

United Kingdom: Financial Conduct Authority FCA

Australia: Australian Securities and Investments Commission ASIC

Japan: Financial Services Agency FSA

Canada: Canadian Regulatory CommissionSecurities Trading Administration (IIROC)

Cayman Islands: Cayman Islands Monetary Authority CIMA

Hong Kong: Securities and Futures Commission  SFC

Singapore: Monetary Authority of Singapore

These agencies regulate the forex market by setting certain standards that all brokers must adhere to for absolute compliance.

These regulations include registering and licensing with your country’s regulatory authority, as well as participating in frequent audits.

These standards help to ensure that all forex trading operations are not only fair, but also ethical.

 

US brokers using MT4

As I mentioned before, MetaTrader 4 is one of the most popular trading platforms, so it makes sense that US brokers use this platform as well.

Although these are just a few of the US brokers that use the MT4 platform, it is important to do more research on what other features they offer and their terms regarding withdrawals.

Some brokers have been widely reviewed and praised for their spreads, software, and indicators, but when it comes to withdrawals, they let go.

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