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Metatrader Brokers (MT4),Oil Trading Forex Brokers

Metatrader (also known as MT4), developed by MetaQuotes, is without a doubt the most popular trading platform for retail forex traders. Its popularity is not without reason, as it provides the average retail trader with some pretty powerful tools. Metatrader is stable, easy to use, and feature-rich. It allows traders to program custom indicators and automated trading systems using its own MQL language, and it also allows for back-testing of strategies. While some professional level tools are missing, and some features are in need of an update, MT4 is a solid platform for discretionary traders as well. Besides, MT5, which addresses many of the version 4 shortfalls, should be coming out soon (you can already preview it on demo accounts with some brokers).

The volatility in the crude oil market is not for the faint of heart, but if good risk management is used, trading in oil contracts can be less wild and still lucrative. Many forex brokers offer CFDs on oil futures from NYMEX (West Texas Intermediate, or WTI) and ICE (Brent Crude). If you are interested in trading crude oil, please look below to find a broker that offers its clients crude oil trading.

 

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InstaForex Review



Charting: Four and Half star Charting Rating
Execution: Three and Half star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four and Half star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

If you are looking for a strong Asian forex broker offering, you are well advised to at least consider InstaForex, as it is one of the most successful brokers to come out of Russia (and that is saying a lot when considering that Alpari and EXNESS are both originally Russian). In fact, InstaForex was named the best broker in all of Asia in 2009 and 2010, beating out some fairly tough competition.


Location:Russia
Guaranteed stop losses:No, all orders are executed at best available price
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:3 pips (0.0003) FIXED
Order processing:ECN

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EXNESS Review



Charting: Four and Half star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

EXNESS is a fairly new entrant into the forex arena, and it offers some very interesting trading conditions. Though there is no actual relationship between the two (as far as we are aware), EXNESS and Alpari which is also of Russian origin, thrive in a jurisdiction where the rule of law is not always respected. While EXNESS is regulated by Russian law, this in itself is not a great comfort for foreign traders. No doubt EXNESS management, much like Alpari, is aware of this and therefore goes well above the call of duty to ensure that clients are treated fairly.


Location:St. Petersburg, Russia
Guaranteed stop losses:No, all orders are executed at best available price
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:0.1 pips (0.00001) on Expert Accounts, 0.4 pips (0.00004) on Classic Accounts, 0.7 pips (0.00007) on Mini Accounts
Order processing:STP (Straight Through Processing)

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Trading Point Forex Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

Trading Point Forex is a relatively new MT4 forex broker that is becoming well established as a result of the solid trading conditions and support services on offer, as well as being regulated by some of the world's most stringent regulatory agencies such as the FSA. Trading Point also ensures client funds safety, by keeping it segregated from company operating capital.


Location:Limassol, Cyprus
Guaranteed stop losses:No, all orders are executed at best available price.
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:1.9 pips (0.00019)
Order processing:All orders routed through dealing desk.

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ICM Trading Review



Charting: Five star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Five star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

ICM Trading (iTrade Capital Markets) is an offshore broker (BVI) that deals primarily in spot forex, but also offers some common CFDs as well as forex options, which is a very nice feature. The number of tradable instruments is not staggering, since the spot forex pairs are limited to 19 pairs, with nothing exotic on offer. These are the most liquid pairs and are the staples of most professional traders, since the low liquidity, high spreads and less reliable research make exotics all but untradable for many traders. Please be sure to also read the WARNING at the bottom of this review.


Location:British Virgin Islands (BVI)
Guaranteed stop losses:Yes, all stop and limit orders are guaranteed against slippage.
Swap-free accounts:All accounts are Shariah compliant, but a charge of $1/mini-lot/day is applicable to all overnight positions
Typical spread on EUR/USD:2 pips (0.0002) FIXED
Order processing:Market Maker

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AvaTrade Review (formerly AvaFX)



Charting: Four star Charting Rating
Execution: Five star Execution Rating
Spreads: Three and Half star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

AvaTrade is based in Israel with a presence in the British Virgin Islands and a major office in Ireland. Established in 2006, the organization appears to be making headway towards becoming an attractive forex dealer. AvaTrade hasn't always had a stellar reputation, but has recently made serious strides in improving their trading conditions, as well as payment processing and customer support.


Location:Tel Aviv, Israel
Guaranteed stop losses:No - orders executed at best available price
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:Market Maker

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HY Markets Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Two star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Henyep Investment (UK) Limited, the father of HY Markets, has been around since 1977, making it one of the most established players in the game. The company is also regulated by the FSA in the United Kingdom, adding another layer of security to clients who conduct business with HY Markets.


Location:London, UK
Guaranteed stop losses:Yes
Swap-free accounts:
Typical spread on EUR/USD:3 pips (0.0003) for Premium, 5 pips (0.0005) for Standard, 7 pips (0.0007) for Mini Accounts
Order processing:Market Maker

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Finexo Review



Charting: Four star Charting Rating
Execution: Two star Execution Rating
Spreads: Three star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Four and Half star Platform Reliability Rating
Support: Three and Half star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: One star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Finexo used to be a "white-label" partner of Saxo Bank, a well known and respected investment bank offering among other things, spot forex trading. They have since been bought out by an Israeli outfit with a company in Cyprus. Unfortunately, the result has been less than positive. Finexo is now a full-fledged bucket shop that any serious investor is advised to steer clear of.


Location:Israel
Guaranteed stop losses:Yes, for orders less than 3 million and outside a pre-determined range
Swap-free accounts:
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:Market Maker

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FXPro Review



Charting: Four and Half star Charting Rating
Execution: Two and Half star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

FxPro is a very well-known and well funded Market Maker. In business since 2006, FxPro has gained a large pool traders by buying up some very prominent advertising space. By providing its own liquidity and keeping all trades in house, FxPro is able to give its clients some of the lowest spreads in the industry (0.8 pips target on EUR/USD) as well as lightning fast execution (most of the time). The key here is, unfortunately, that execution is done at their discretion.


Location:Limassol, Cyprus
Guaranteed stop losses:All orders are executed at best available price.
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:0.8 pips (0.00008)
Order processing:Market Maker

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AFB FX Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

AFB FX is a forex and OTC futures broker based in Cyprus. By far the best feature offered by AFB FX is the availability of Professional Accounts, which offer highly flexible trading conditions. The spreads, margin requirements and virtually all other parameters are negotiable on Professional Accounts, making them the preferred choice among account managers. Having said that though, most of the other accounts also offer trading conditions that are quite reasonable.


Location:Cyprus
Guaranteed stop losses:Yes, limit and stop orders are guaranteed against slippage, except under market conditions
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:0.6 pips (Professional) to 2 pips (Micro)
Order processing:ECN,STP No Dealing Desk

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Baron Forex Review



Charting: Four and Half star Charting Rating
Execution: Three star Execution Rating
Spreads: Four and Half star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Four star Average Rating

Baron Forex, is an offshore forex broker that is regulated by the IFSC in Belize. Being based offshore can bring with it some advantages to forex traders, but at the same time can be risky due to lax (or non-existant) regulation standards in many offshore jurisdictions, as well as limited legal recourse in case a dispute arises. Baron Forex is no exception to this.


Location:Belize City, Belize
Guaranteed stop losses:Yes, stop loss orders are guaranteed against slippage
Swap-free accounts:Yes - no extra charges if trading volume exceeds 1.5 million per 30 day period. Otherwise $20 per 100,000 held over night.
Typical spread on EUR/USD:2 pips (0.0002) FIXED
Order processing:All orders routed through dealing desk.

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