Therefore, they warn traders to avoid them because they are inferior to the more popular regulators like FCA, CySEC, ASIC, etc. We examine a wide range of features and evaluate forex brokers based on our own data-driven MetaTrader-specific variables. We determine whether the broker offers the full platform suite offered by MetaQuotes Software Corp, and we look for a number of supplementary features that can distinguish MetaTrader broker offerings.
WesternFX – We make real-time trading happen!
Anyone can easily register for this practice account and receive the login details almost immediately. It is free because the account is preloaded with virtual money which can be used for trading practice or perfecting a strategy. WesternFX is the trading name of ‘Western Group Inc.’ which is a financial services firm incorporated in St. Vincent and the Grenadines. It is regulated by the Financial Services Authority of St. Vincent and the Grenadines (FSA-SVG). FacebookLinkedInInstagramPinterestTwitterYouTubeOver the years, CFD trading has gained a lot of traction among the masses, becoming one of the most reliable markets thanks to the benefits that they offer.
Popular Forex Broker Reviews
It offers diverse trading options in the currency market, making it a go-to platform for many traders. This Forex company review aims to provide a comprehensive analysis of WesternFX, focusing on its features, benefits, and drawbacks. There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Founded in 2000, MetaQuotes Software Corp is the developer of MetaTrader4 (MT4) and MetaTrader5 (MT5) software.
Prime account
WesternFX is a forex and CFD broker founded by experienced traders who were frustrated by the inadequacies of the existing brokers. So, they decided to set up a model brokerage firm to revolutionize the brokerage industry. Though incorporated and regulated in St. Vincent and the Grenadines, WesternFX has its headquarters located in Toronto, Canada. WesternFX provides multiple deposit and withdrawal methods, including Bank Wire, VISA, MasterCard, FasaPay, MegaTransfer, Neteller, Payza, PerfectMoney, and UnionPay.
Is automated trading with MetaTrader risky?
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. All content on ForexBrokers.com is westernfx handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
If you’d like to learn more about how CFDs work – or you’d just like to see our list of the best CFD trading platforms – check out our full-length guide to the Best CFD Brokers and Trading Platforms. If you are want to copy forex trades from copy trading signal providers, you’ll need to find a reliable forex broker. Check out my guide to the best brokers for copy trading to see my top choices for brokers that offer copy trading, or read my guide to the best trading signal providers. Choose the right broker for you that offers MT4 (or MT5), and then download the broker’s version of the platform directly from the broker’s website to start trading (or practicing with a demo account).
Customer Support
Unable to install the desktop version or use the mobile application? Place any type of market and pending orders, trade currencies, stocks and futures with one click from a chart or Market Depth, as well as perform comprehensive market analysis using 30 technical indicators and 24 graphical objects. All this is available anytime and anywhere where there is Internet access. If you want to get in contact with WesternFX you can do so by using the online submission form, simply fill in your query and you should get a reply via email. There is also a phone number available as well as individual email addresses for General Informal, Customer Support, Deposit/Withdrawal and also a contact name for Skype.
The minimum amount required to open an account is $25 which gets you the Standard account, if you want a different account the next requirement is for the ECN account which is $250. More than 7,000,000 unique visitors come to the website every month — here you will find answers to any questions about the MQL4/MQL5 languages, strategy testing, indicators, robots and trading in general. The top 10 gainers are listed and the award goes to the top gainer of the month. Traders can make use of the Deal size calculator, Pivot Calculator and Fibonacci calculator.
MetaTrader 4 is a third-party trading platform that connects to a broker for forex trading. MetaTrader 4 is the most popular third-party platform for trading forex. MT4 alternatives do exist; cTrader is another popular third-party trading platform. I’ve been using cTrader for over five years – check out my cTrader guide to learn more. Having used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for more than a decade, I wanted to create a comprehensive guide for traders.
While it looks and feels similar to MT4, MT5 is a faster, more modern trading platform. Check out our MetaTrader 5 guide to learn about the platform’s advanced features and https://forexbroker-listing.com/ to get a behind-the-scenes look at mobile, web, and desktop versions of the platform. Always choose MetaTrader brokers that are highly regulated in reputable jurisdictions.
You can compare details information about different type of account from table bellow. The Standard and Prime accounts do not have any added commissions as they use a spread based system that we will look into later in this review. The VIP, ECN and Zero Spread accounts have an added commission for each trade. Unfortunately, what the commission amount is is not known to us, we looked through the site and the terms of service but could not see any concrete information on how much they are, just that they exist.
- We offer all of our customers a comprehensive range of trading options specializing in FX and CFDs (Contracts For Difference), precious metals, energy and indices.
- It is also important to note that different instruments and assets have different starting spreads, so while EURUSD may start at 1.4 pips, other assets like GBPJPY may start slightly higher.
- Our top pick for MetaTrader in 2024 is IC Markets, which offers the full MetaTrader suite alongside competitive pricing, add-on trading tools, and quality market research.
- Demo trading account is one of the famous words in the trading space everyone is aware of that and it is a great way to get your feet wet in forex trading.
Using data from our forex broker comparison tool, here’s a comparison of the MetaTrader platforms offered by the best MT4 brokers. You will be required to login to your registered email and click on the link from WesternFX to verify your email. Now, you can login to the trader’s room where you can verify your account, make deposits, download the trading platform and do a whole lot of things.
In addition to CFDs and forex trading, MT5 can support stock trading and futures trading, making it more of a multi-asset platform. MT5 also includes advanced functions like utilizing cloud storage to run strategies and to conduct backtesting. With MT4, backtesting must be done locally or through a virtual private server (VPS). MetaQuotes Software does not release any figures that reveal the number of brokers that use MT4. That being said, our research found that there are at least 3,006 (counted on mobile) MetaTrader 4 (MT4) servers, and an even larger number of MetaTrader 5 (MT5) servers globally. The number of actual brokers will be fewer than the number of servers, as many brokers will offer multiple servers in order to cater to different groups of clients and across various locations.
To determine the best MetaTrader 4 brokers for 2024, we researched and tested each individual broker’s MetaTrader offering. Today, MT4 and MT5 have extensive documentation, codebase, and articles to help developers create algorithmic trading systems. The MetaQuotes Language (MQL) syntax enables programmers to create automated scripts and trading systems.
Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). To sign up for a live forex account or demo trading account with a MetaTrader broker that offers MT4 or MT5, see our list of reviewed brokers above to choose a broker that best suits your overall trading needs. Forex brokers may offer the MetaTrader 4 and MetaTrader 5 platforms for free, but will still charge fees for trading (regardless of the platform you choose). Whether your broker will charge you a commission, spread, or a combination of such trading costs depends entirely on the broker and its account offering. MetaTrader 4 is completely free to use, whether you have a demo or live account.
It can be lost so it can actually protect accounts from Margin Calls and Stop Outs during drawdown periods.c. For example, a given broker may maintain one server in London and another in Australia, or a different server for each of their account types. This bonus is awarded to every deposit above $50 and it is capped at $2,000 for each client.
WesternFX utilizes the MetaTrader 5 (MT5) platform for its trading operations. This platform is available on both PC and mobile versions, providing traders with flexibility and convenience. The MT5 Forex Broker offers over 30 forex currency pairs, gold, silver, CFDs, oil, indices, shares, and commodities.
