Best Forex Mt4 Ea 2020

Best forex mt4 ea 2020

If you want to venture into forex or CFDs trading, choosing a broker can be a big headache.

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For a successful trading career, you should select a reliable broker. It’s no secret that most companies promise a huge return on investment, so it becomes difficult to know the legitimate ones.

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This brings to the question, how do you choose a reputable forex broker in 2020 ? There are a few things to keep in mind throughout the selection process.

The easiest way to differentiate a best forex broker 2020 and a scam is checking whether it’s regulated or not.

This shows the company has met the operating requirements like maintaining segregated accounts for clients and having adequate capitalization.

Also, dealing with a regulated broker protects the client’s funds. Examples of reputable regulatory agencies include ASIC (Australia), FCA (UK), SEC and CFTC (USA), FINMA (Switzerland), JSDA (Japan), SEBI (India), CySec (Cyprus), etc.

They provide a set of guidelines to protect traders from scams and financial manipulation.

Traders get into forex and CFDs trading to make money. If there’s a slight chance that your money will get stolen, you should not collaborate with such brokers. Before you make any deposit, you must inquire how long they have been in the business. Also, read online reviews to evaluate the willingness to resolve issues.

Since you’ll trust the broker with your money, you should seal any loopholes. Of course, you don’t have to be an expert to tell whether the company is legitimate or not.

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Whatever favorable conditions are offered, you should never ignore the regulation.

Choose a broker that offers unparalleled customer service. The company should recognize the individual needs of a trader and respond to them professionally.

In addition to that, the representatives should be proficient in many languages to cater to the needs of all clients. The broker should create a platform where clients will feel comfortable speaking in their native language. This means that your problems will be met quickly and immediately.

The best broker should offer several ways to communicate with the team – email, chat, phone calls, etc. Stay away from companies that provide a frustrating auto attendant. If you’re not sure about the quality of customer support, you should give a quick call to see how they respond.

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Also, pay close attention to the representative’s ability to answer questions and the waiting time. Ask questions regarding the company details, leverage, spreads, regulations, etc.

  • Trading instruments offered

Brokers should provide a wide variety of markets to trade like stocks, CFDs on commodities, ETFs, precious metals, Bitcoin, etc. Unlike in the past, you can now a wide range of instruments in a single forex account.

This will give you a better chance of trading what suits you best.

  • Consider the trading platforms and software

This is the gateway to the market. A good broker should offer several trading platforms.

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In most cases, the platform is provided by third parties. Choose those that offer reliable terminals like MT4 and MT5. These platforms are highly functional and easy to use. What’s more, you can install indicators, tools, programs, robots, etc. You should not ignore brokers that provide web terminal. This is a convenient option for traders who want to execute trades from their computers.

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The platform should be visually pleasing and should have all the tools for technical and fundamental analysis. Although some brokers will create their proprietary trading platforms, you should ensure they have clear buy/sell buttons. A poorly designed platform can lead to tons of mistakes that could lead to loss of your hard-earned money. But before you settle for a specific platform, be sure to test how the demo account works.

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It’s worth mentioning that what you choose will determine trade execution. Of course, you want your positions to be executed at the best market rate.

Brokers make money through spreads and commissions.

Those that use commissions charge a percentage. You should be aware of how much you’ll be charged before you enter the market. Those companies that claim they don’t charge commissions tend to widen their spreads – it’s just a marketing gimmick.

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When you enter a trade, you’ll lose a few pips of the value of the currency. A high spread reduces your chances of making a profit. Nowadays, brokers use all sorts of language to win traders.

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Even if a company offers low spreads, it could widen during the release of high impact news (ECB, NFP, FOMC, etc.). Therefore, running for such a broker is not always a smart move.

Also Read: Best Forex Brokers For Scalping With Low Spread

Another way of looking at spread is by checking whether the broker offers fixed or floating spread.

Fixed spread does not change, so you’ll know how much you are charged before you enter a trade. On the other hand, variable spread changes when the market is volatile. If you’re looking for certainty of the trading costs, you should consider fixed spreads. However, if you want to pay low spreads when there’s no volatility in the market, floating spreads are the best.

Don’t forget the overnight interest rates offered by the broker.

Perhaps the biggest advantage of trading in the forex market is that you can trade on a margin. Leverage refers to the ability to control a large number of funds even when your account size is small.

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For instance, you can control a $, 1000 position at just $100. If the leverage is 200:1, you can trade up to 200 times the amount in your account. Margin refers to the amount you deposit with the broker to open a position. Most brokers require 0.25%, 0.5%, 1%, 2%, etc. Before you choose forex and CFD brokers 2020, you should consider the margin and leverage.

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Your goal is to ensure you get the maximum functionality of your account. When you use high leverage you’ll get more money when you have a successful transaction.

Also Read: High Leverage Forex Brokers

  • Dealing vs. Non-dealing desk

A dealing desk broker processes the trader’s instructions within the company while a non-dealing desk broker uses a third-party. There are two types of non-dealing desk brokers – STP and ECN.


For STP, the trade is passed to the market maker’s dealing desk. With ECN, the trades are processed immediately you hit the buy/sell button.

Since both STP and ECN are intermediaries, you may want to choose a broker that executes your orders instantly.

  • Deposit and withdrawal options

If you’re a beginner, you should choose a broker that allows you to use the minimum allowable amount.

Unlike in the past, you can make an initial deposit of $10 for a cent account. This will allow you to harness your skills. Be sure to avoid brokers that set a high amount as the initial deposit. But for comfortable trading, you may need $200 or $300 as the startup capital.

Also Read: Forex Brokers with Low Minimum Deposits

Besides that, you should look at the deposit and withdrawal options.


A good broker should allow you to send money via bank wire, credit card, Neteller, Skrill, and other electronic methods.

In addition to that, you should confirm the fees for the service. This brings us to another question, how long do the funds take to reflect in your trading account? As a trader, you don’t want to lose on some investment opportunities.

Finally, it doesn’t make sense to trade and make a profit only to be denied access to your funds. With a reputable broker, you expect a hassle-free withdrawal method.

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The easiest way to get this information is to check online reviews. If there are so many complaints on access to funds, then that’s a red flag.

Another way is to make a small deposit and try to withdraw. If you experience a delay in payment, don’t give in to any compromises.

The best forex broker should offer many accounts to choose from.

But there’s a caveat to this. Having many accounts doesn’t mean they are successful. Apart from the standard account type, you can also choose a micro, mini, premium, or VIP accounts.

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While most micro accounts are capped at $100, some brokers allow a minimum deposit of $10. With a mini account, you can polish up your trading skills without risking too much.

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Intermediate and VIP accounts may accept $1000 and above. The idea is to choose an account that aligns with your trading goals.

  • Educational materials offered

If you’re new to trading currencies and CFDs, you should educational materials at your disposal.

This will help you learn and profit from your investment. The first step is to understand the terminologies. And as you continue trading, you can access trading tools to you make a wise investment decision. Most novice traders give up when they blow up their accounts after every deposit.

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A reputable broker offers lots of information in terms of webinars, seminars, and e-courses at no extra cost. The quality and amount of information will depend on the broker you select.

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Only sign up with a broker with a library of articles on CFDs and forex.

  • Consider your trading style

Whether you’re a scalper or a position trader, you should choose a broker who fits in your trading style. Scalpers want to profit from small changes in prices while position traders hold their orders for a prolonged period. Unfortunately, not all brokers allow scalping.

Be sure to check if there’re trading restrictions with the company you choose.

Final thoughts

If you want to be a successful forex trader in 2020, you should consider the above factors.

A good forex trader should guarantee the security of funds and personal information. To avoid disappointments down the road, you should figure out the strengths and weaknesses of the different companies. This will also ensure a hassle-free trading experience.