We are constantly being asked – ‘which broker should we choose’ or ‘who do you recommend’. We do not necessarily recommend one specific broker as the requirements vary from trader to trader. One trader will want the best spreads available, another will prioritise service levels and low slippage values. One isn’t right and the other wrong, they are both right for their own mind set.
Regrettably there is no one broker that is the best at all the criteria required by traders. It is impossible to be the best in all areas – the broker would go bust very quickly if they offered fantastic levels of service and perfect order fills, coupled with the very tightest spreads. Therefore it is always a compromise and a matter of personal preference. We recommend that you try a few in demo mode and see how they operate, then if happy, take out a small live account and trade over a number of weeks before trading serious money.
One thing is certain though, if you are going to trade automatically, through the use of Expert Advisors, as we advise, we recommend opening an account with a broker who offers a Meta Trader 4 platform and if you are in the UK we recommend that you use a spread betting company to benefit from the tax advantages.
We have a link (banner) on our home page through to Smart Live Markets who offer an MT4 spread betting account for UK traders. To my knowledge this is the only spread betting MT4 platform on the market at present. Smart Live Markets are currently re-branding as GKFX but the link will take you through just the same. They are definitely worth checking out, but will not be right for everybody.
Meta Trader 4 (MT4) is hands down the most popular trading platform on the market. In fact, it is so popular that it is often offered by brokers for free, included with your account.
Meta Trader is a graphic interface that includes charting, market pricing, and a news terminal, if your broker offers it. For the average trader, it works really well for day-to-day trading and is close to perfect for automated trading.
Expert Advisors (trading robots) are easy to load onto MT and to apply to charts. They are also easy to switch off or amend settings when appropriate. There is also a strategy tester included on most MT4 platforms, which allows you to back test the EA before live trading.