There are many researchers and surveyors who have thoroughly studied the forex brokers. Since 2012, there have been more than 160 brokers in South Africa. No matter what the age, MetaTrader 4, or MT4, is still and will be the most popular forex trading platform all around the globe. There are several forex brokers in South Africa who support the same. They are also an expert trading team that is mostly cited in the local and international media. As of now, the MT4 platform is something that is not available anymore in the Google play store for iPads and iPhones. You can check online about Best MetaTrader Brokers. Besides that, clients who have a MT4 app that is installed earlier will no longer be able to use it, including receiving updates, and novice users will not be able to install the app on their devices either.
Is MT4 being phased out?
Besides all of that, MT4 trading platform is now getting replaced by the MT5. But still, all around the globe, it is one of the most famous trading platforms. Plus, the best forex brokers in South Africa will be offering it. It is because so many agents are offering the MT4, and people or traders are looking for a huge range of super MT4 brokers for different budgets and importance. The researchers have compared the cost of trading, the speed of execution or operation, the number of forex groups, the broker offers, and so on. You can also look online for welcome bonus forex trading here. The researchers have also examined the broker quality, like the technical client support, and ensured that they are completely regulated to make sure the traders are safe.
Comparison Factors to Consider –
There are several factors that one needs to take into account when comparing MT4 brokers, as these are the factors that will impact your trading costs and experience. First is the account types that, needs to be considered. Most of the forex brokers that have or are using the MT4 in South Africa have several types of accounts, but some of their accounts are such that they will not support the MT4 platform option. So, make sure that the account that you want to use supports MT4. Next, factor is regulation. Many of the brokers in South Africa who use MT4 are regulated by the FSCA (financial sector conduct authority). So, the brokers who are regulated are audited on a regular basis, and they should keep traders’ funds in South Africa. Plus, most will offer negative balance protection to many traders.
Method of Execution and the Speed
Besides all of that, trading with brokers who off-shores, like most often those who are registered in Seychelles, British virgin island of Mauritius would imply fewer protection. When it comes to execution, MT4 brokers will use immediate execution, the STP execution, or the market execution instantly. Trading with an STP execution or an instant execution would mean that you would be trading against the wishes of your broker. So, when you lose money, they will profit, and the reverse follows. Whereas, market execution can have an execution speed that is slow, but one of the things is that you will not be trading with a 3rd Party, nor your broker will. If you are using scaling strategies or automated trading, then your execution should be fast.
Costs of Trading –
Also, make sure that you check the trading cost of your MT4 account. Besides that, your trading account’s implementation method in particular can have an effect on your trading costs. STP execution and instant execution accounts will mostly have the trading costs included in the spread, while market execution accounts most of the time have commission linked. When you select your MT4 account, make sure to verify the price against what was advertised.