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Hakiza

What should I look out for in Metatrader 4 Forex Brokers?

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Explain how I should understand the Metatrader 4 Forex Brokers, please.
 

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Hi Hakiza,

Metatrader 4 is well-known Forex brokers, and you can largely depend on Forex robot traders for successful trading in the Forex market. Most brokers will frustrate you with small spreads and expensive costs, which are not worth paying for. Before you select your broker, you need to check certain aspects.
One characteristic of Metatrader 4 broker you should look out for is by checking if the broker is straight-through processing or a Direct market access broker. If the broker is straight-through processing, it means that he/she does not act as a market maker and usually will never take the contrarily of your trade. If they go the reverse of your deal, then they will make you experience a loss. The direct market access will instantly execute your trades.
You also need to check on the spread that your broker is offering you. Some brokers tend to exploit you by charging a lot of money in a spread. It would help if you looked at a trader who will offer you a lower fixed spread no matter how liquid the markets are.
You also need to check the terms and conditions set. Some Metatrader 4  broker will not allow you to trade using Forex robot traders. The broker will also not allow you to withdraw your funds using the robots.
You need to select a MetaTrader 4 broker who will offer you a demo account to practice with before you invest your real money in the Forex market. 

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