Foreign currency exchange is what is known as an “evergreen market”, like the stock market or commodities market.

That means that it will always be around as long as there is an economy.

But why is that? The stock market will always be around because there will always be groups of people looking for investments (either monetary or otherwise) from others to help with projects.

The commodities market will always be around because, whether food or clothes, people need stuff.

Just as companies of people need investment, and just as individual people need stuff, communicating nations of people need currency. There are many theories on how currency finds its value. 

Many believe it is a shorthand for barter. Others believe it is a representation of its owner country’s potential for violence. But from an investor’s point of view, the reason currency works is irrelevant.

The important thing is that currency does work. It works in lots of different ways, rather than one single way, and sometimes it works differently in one place than it does in another. 

That is what foreign currency exchange looks to make a profit off of. And that is why apps like MetaTrader exist.

Table of contents:

• What is MetaTrader
• How Does MetaTrader Work
• Who are the Best MetaTrader Brokers
• 1. BDSwiss – Best Overall Broker
• 2. IC Markets – Best for Automated Trading
• 3. Admiral Markets – Best Day Trading Broker
• 4. Black Bull Markets – Best Broker for New Traders
• 5. Pepperstone – Best Cryptocurrency Broker
• 6. Multibank Exchange – Best Commodities Trader
• 7. Errante – Best Mobile Broker
• 8. RoboForex – Best Affiliate Program
• Conclusion

What is MetaTrader? 🔎️

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MetaTrader is an online trading tool that is used by a majority of the foreign currency exchange community. It is the tool that basically all professional foreign currency exchange brokers use.

There are lots of trading platforms out there. But while many include foreign currency exchange as an option, not as many focus on foreign currency exchange specifically. And even among those that do focus on foreign currency exchange, they do not offer the breadth of options MetaTrader does.

All online trading is based off of innovations made in real-life trading. Many trading apps, platforms, and services try to “streamline” foreign currency trade by taking away its most complex options.

MetaTrader endeavors to represent online trading as closely to real trading as it can. This means giving the user options that are not always advisable or user friendly. 

In short, MetaTrader gives you the freedom to make your own mistakes. But how does it do this?

How Does MetaTrader Work? ➡️

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MetaTrader works by utilizing three “trade execution modes”. These modes are:

1. Instant Execution
2. Execution on Request
3. Execution by Market

1. Instant Execution

Instant Execution executes the trade at the price set by the broker of the trade. In that case, a broker will offer an open trade on the market for a certain price. Instant execution trading is when you take that trade for the price the broker set up. 

This is the form of trading most online apps use. In a lot of cases the apps will not offer anything else. There is no haggling, no trust, no expectation of future deals and no recognition of past deals that might change the price to something higher or lower. That is why the next two modes of trading matter.

2. Execution on Request

The next mode of trade is execution on request. This mode of trade puts one step of decision-making in between you and the trade. In this case, the broker offers the trade to the open market, but without a price. You indicate your interest in the product the broker offers, at which point you see the price.

Only once you show your interest to the broker do you see the price, at which point you can accept or reject the price. The significance of this is that it allows the broker to adjust the price in response.

This is a somewhat indirect way of letting different people within the market communicate. If the broker really wants to, they can contact you and offer a price that is adjusted to try and capture your interest.

And on the flip side, you can also contact the broker with a similar deal. This is one of the things MetaTrader brings to the table that other apps do not: The ability to communicate.

3. Execution by Market

The last of the modes of trading is execution by market. This is a mode of trading in which rather than you, the trader, going to the market to spend money, the market instead comes to you. 

Everything works somewhat similarly to execution on request, except rather than you sending the request to the broker, the broker is the one that contacts you. They offer you a security at a certain price. Again, you decide whether or not the price is anything you are interested in paying.

And again, if it is not, you can say no and wait for them to either adjust the price or move on. 

There is a reason why this form of trading does not come up on many apps: People are oftentimes concerned that any trade that a broker offers them is going to be somehow linked to a scam.

This is an understandable concern. The market gives people the freedom to scam others and be scammed themselves. This practice really took off in the 1980s, when communication technology made it so where trades could happen at practically all hours of the day.

In a state of perpetual business, a trader is a lot more likely to take deals that appear good but are actually misrepresentations of value. After all, any given security is only worth what someone will pay for it. Therefore, no one in the market has an obligation to represent themselves honestly.

But while that obligation does not exist as a matter of policy, it does exist as a matter of social fact. Anyone who goes around abusing execution by market trades is going to immediately be pegged as a scammer by the rest of the market. MetaTrader even has tools for reporting scams.

And there are perfectly legitimate ways of using execution by market to make trades. Anyone who tries to make habit out of scamming people will spend their whole lives running from the rules.

In short, be aware of the possibility of scams, but do not take that possibility as reason to abandon all execution by market trades simply because they might be a scam.

Who are the Best MetaTrader (MT4) Brokers? 🔝️

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Now that you understand what sets MetaTrader apart from other foreign currency exchange apps, let’s get into the brokers that are the most trustworthy and best for making a profit in the marketplace.

It is important to note what a broker does. A broker in MetaTrader is someone that sells foreign currency that MetaTrader connects you to.

Many brokers will give out licenses of MetaTrader software in order to facilitate the connection between themselves and the traders they wish to sell to.

Here are our top eight MetaTrader brokers for 2024.

1. BDSwiss – Best Overall MetaTrader Broker

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Due to their size and the power of their money, their offices in France have the FSC looking over them, while their offices in the United Kingdom are subject to scrutiny by the FSA.

Because of this, they make an effort to be one of the leading names in responsible trading. If a BDSwiss broker offers you a trade, you can expect it to be both lawful and good for all parties involved. 

What do They Offer on Their Website?

This is reflected on their website as well. They have everything that a trader could want, including knowledgebases and resources for analyzing the market. 

Both of these are equally as important. A knowledgebase of trading fundamentals is important for getting new traders on board with the terminology and common practices. But once a person becomes more advanced they are going to need more specialized information.

BDSwiss updates their analytics and trade news every day. They also hold frequent web seminars, hosted by people who have a perspective to share on the market. These range from people with tips on trading, to theories on how to correlate data for better analysis. 

BDSwiss trades in over 20 languages, dozens of foreign currencies, and at an astonishing rate. All of this combined with their community tools makes them easily the best overall broker.

2. IC Markets – Best for Automated Trading

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Because of their focus on automated trading, IC Markets focuses on two things: Breadth and responsiveness. This is why they have over 60 different foreign currency products, as well as involvement in more than 20 commodities and 700 stocks.

In short, it is practically guaranteed that no matter how your bots are set up, they will find something they can trade in. As of March 2021, their worldwide trading volume was more than $1 trillion, which should tell you just how expensive and lucrative their brokerage can be for automated traders.

Naturally, they have a knowledgebase of how to get started. But this knowledgebase is a bit different than others. It involves two subjects above all others: How to make a trading bot, and how to get one.

While the knowledgebase focuses on trading to a degree, it primarily does this to give you an idea of how to get your bot working. Which makes sense: Why overburden yourself with information on how to trade when you are going to rely on a bot to do it for you?

Of course, you need at least some trading knowledge in order to make a bot at all. 

And it should be stated that while its information on how to trade effectively is not as wide or deep as other services, it is not as if the information is bad. It is more like there is not much of it.

This makes IC Markets an ideal start for anyone looking to get into automated trading.

3. Admiral Markets – Best Day Trading Broker

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Their goal is usually not to make consistent income, but more commonly to establish a long term retirement fund. Catering to such investors is a lucrative business, while day traders that make a living off of their investments are expected to stick primarily to old-school channels of investment.

Admiral Markets is a broker that is looking to fill the niche of a high-tech broker for day traders.

How Admiral Markets Serves Day Traders

Based in Europe, Admiral Markets focuses on trading in CFDs. This allows them to connect to dozens of currencies, hundreds of ETFs, and thousands of stocks for high speed trades executed every day.

Their commodities are focused on industry essentials: Metals, energies, and agriculture, making them the ideal commodity broker for someone looking to invest in high yield securities.

One of the best parts of their operation is that there is a difference between the amount you have to commit to investing and the amount that you have to commit to actually trading.

Most apps and services require a baseline investment of a few hundred dollars. Admiral Markets requires only one euro to invest, with a 100 euro minimum in order to trade with them.

This also allows them to trade with absolutely no commission fees or transaction costs. 

Admiral Markets are regulated by the Estonian Financial Supervision Authority. This has garnered it a huge amount of trust from the foreign currency market, as Estonia is known as a “digital state”.

That means that Estonia is far ahead of the rest of the world when it comes to the digitization of its bureaucracy. Citizenship, voting, and other forms of governance are handled through the internet.

That means that for a company like Admiral Markets to be supervised by their financial authority, Admiral Markets has to respond to the oversight of an incredibly responsive governmental body.

In short, Admiral Markets would not be around in its current form if it did not follow the rules and treat its clients with respect. This extends to its dealings in the UK, Cyprus, and the United Arab Emirates.

Admiral Markets is a great broker to work with if you have an interest in day trading using a market in Europe or the European landmass.

4. Black Bull Markets – Best Broker for New Traders

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There was a point in time where Australian and New Zealand-based brokers were considered to be too remotely located to do any sort of proper business with the rest of the world.

After all, if you are a stock market trader in the 1940s, how do you even contact a broker in the Oceania region? If you are someone in Australia or New Zealand, how do you trade with someone in New York?

Australia and New Zealand in the Digital Age

It was not until the internet came about that these questions had really practical answers. Now, Australia and New Zealand have both seen themselves transform into a locus of forex exchange.

Their history with the United Kingdom allows them to trade with Europe, while their physical proximity with southeast Asia allows them to trade with that sphere of currency and influence as well.

And because they can deal equally with both of those spheres, the United States has taken an interest in them. This means that Black Bull Markets is, in an odd way, perfectly situated for all markets.

And this shows with how many securities they have available. They offer foreign currency, obviously, but also deal in all manner of stocks. From the shares themselves, to options, futures, and CFDs.

But perhaps the best feature of Black Bull is that while they have a huge breadth of options to use in making your trades, they do not overwhelm you with them. They have a series of short video tutorials hosted on their site to help you navigate through the web of different markets and securities.

Their interface supports this ease of use as well. It is a difficult balance to strike, but Black Bull does a great job of letting you know that there is a wide world of trading without ever forcing it onto you.

What Does Black Bull Focus On?

This is because Black Bull has a strong focus on helping beginner traders. This can be most clearly seen in their pricing structure. You can get a standard account with a $200 minimum, a prime account for $2000 minimum, or an institutional account meant for businesses for $20,000 minimum.

The intention behind Black Bull’s different accounts is that they allow you to grow into them. You are not expected to put $2000 into foreign currency trading on your first day trying it out.

Instead, the option is there as something to consider. You can see this in its knowledgebase, which references how deals are made at higher tiers of trading without actually forcing you to learn or practice these higher tiers. The idea is that you will one day become comfortable with them.

Naturally, this makes Black Bull Markets a little more expensive than most brokers. But if you are a new trader that has ambitions of growing your skills and portfolio, then there is no broker better for you.

5. Pepperstone – Best Cryptocurrency Broker

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But these days you would be laughed at for remembering that this was ever the case. It is pretty easy to imagine why these two disciplines have blended together so easily: As far as the trader and the broker are concerned, both crypto and foreign currencies are equally immaterial.

This fact is something that Pepperstone acknowledges effortlessly. Where most platforms cordon off cryptocurrencies away from foreign currencies, Pepperstone places them in the same market.

That attitude extends to how they structure their knowledgebase. Crypto is examined right alongside foreign currency. For people who prefer trading in cryptocurrency but want to expand into foreign currency, it’s like a dream come true to see a broker treat foreign currency like it is totally normal.

Pepperstone does have trade commissions, but they are very transparent about why they are there and what they do. It also means that they keep away crypto trading bots, meaning they have a great customer service system. 

Pepperstone is the foreign currency broker for people who are interested in (or knowledgeable about) the cryptocurrency market. But just know that this focus does mean they do not answer to a regulatory body like some of the other brokers on this list do.

6. Multibank Exchange – Best Commodities Trader

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Other countries use oil, while still others use lead, lumber, or water. But some smaller countries, particularly in resource-rich regions such as the Congo and Uganda, use tin or iron.

This means that trading in those commodities can operate on the same principles as trading in those countries’ currencies. But while MetaTrader has the means to trade in commodities, not all brokers are interested in buying or selling them. That means that you need a commodity focused broker.

That is where Multibank Exchange comes in. With a website that looks like it is out of an 80s stock market magazine, you can immediately tell that its core interest is in making a profit above all else.

Where Does Multibank Exchange do Business?

As you might have guessed from the name, Multibank Exchange is a broker that works with banks all over the world. This means it has some of the tightest regulations on it among the brokers on this list, with oversight by the Australian Securities and Investments Commission, BAFIN in Germany, and others.

They also offer a variety of different account types to suit your investment needs and the strategy that you have developed for yourself. These range from $50 accounts to $5000 accounts.

Among these accounts is even an option that focuses on tradable athlete success. This is, in so many words, an account that focuses on the international athletic gambling industry.

Not many brokers are going to give you access to this, on top of things like copper, tin, aluminum, and other such commodities. But like we said earlier, this is a broker that prioritizes profit above all else.

That means that wherever profit is to be made, Multibank Exchange will be there to give you a way into it. Naturally, this comes with a few drawbacks as well, so you should go in informed.

For one thing, trading in commodities is technically similar to foreign currency, but only if you know what commodities you should trade in. In order for the commodity to follow similar rules as foreign currency, that commodity has to actually be linked to a currency.

Not every currency is linked to a commodity either. In fact, many currencies are linked to the American dollar, including Australian currency. Many middle eastern currencies are linked to the dollar as well.

Africa and south east Asia are the regions with the most currencies linked to a commodity that does not lead back to the United States’ dollar. There is a reason for this, and no one really likes it.

Why African and Asian Currencies are Different

In 1971 the United States went off the gold standard. In that same year, tons of countries linked their currencies to the United States’ dollar rather than any commodity of their own.

Technically speaking, the USD is not linked to anything. It has its value set internally by a body of the US government called the Federal Reserve. But in reality, the USD is linked heavily to its trade in oil.

That means that any currency that is linked to oil, linked to the US dollar, or linked to a currency that is linked to either of those things, will all be part of the same constantly changing set of rules. If you want to invest in a currency that moves independently from that web of influence, you need commodities.

7. Errante – Best Mobile Broker

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Understandably, MetaTraders is so complex and multi-faceted in its design that it can basically never be made into a mobile app. To do so would strip it of more functionality than the convenience would add.

But while MetaTraders itself cannot be turned into a mobile phone app, there are brokers who have made their own mobile apps that are able to interface with Metatraders. One of these is Errante.

What Makes Errante Unique?

Errante is a broker based in Cyprus. Similar to Hong Kong or Signapore, Cyprus is an island nation with a strong economy and a history in dealing with both the United States and the Soviet Union.

That was back during the Cold War, however. Nowadays it is an ecommerce capitol, hosting companies that have stake in markets all over the world. Errante is one such company, and its reach is far and wide.

In foreign currency alone Errante is involved in more than fifty markets all over the planet. Most of these can be traded 24 hours a day, with minimum price fluctuations being marked at every hour.

These trades are facilitated by high speed data centers on every continent. They are there to make sure that no matter where you are or when you are trading, you can get as many transactions done in a minute as you can. This makes it a great broker for people who employ bots in their trading too.

But the best part of Errante’s brokerage is that not only does it let you trade at a high speed from any country on any continent, but that it lets you do that from your phone. Its phone app is easy to use with just a little setup from their website and your own MetaTrader app.

While many trading apps are easy to use, what really sets Errante apart is how it translates the complexity of MetaTraders into an app. Because you set up what tools you are using beforehand, you will be able to access MetaTrader’s depths without having to navigate its complexity.

What is its Affiliate Program Like?

This is all accessible through their forex white label program. This is a partnership program that requires a demo and an application process. That means that no everyone is going to be able to get in, but the requirements are not steep. It is more about keeping out unscrupulous bodies.

Foreign currency is the trade avenue of choice for many people trying to launder dirty money, so this application process keeps that from happening. This is necessary for Errante to conform to the wishes of all the different financial review agencies that scrutinize it, so in the end it keeps you secure.

Use Errante if you want a phone app that lets you trade anywhere that is also fast and secure. Since foreign currency is most frequently used by financially minded people that travel, being able to trade it from your phone is a convenience that is second to none in terms of profitability.

8. RoboForex – Best Affiliate Program

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Many people see that and become confused. “Why does the broker get some of the money I made?” they wonder. Or sometimes they point out, “But I’ve never seen my broker take my money…”

Why Your Money is Being Taken from You

If you look at the contract or terms of use of any MetaTraders license, however, you will be sure to see language that indicates how much of the money you make with that license you are really entitled to.

That number will never be 100% of the money. Oftentimes it will not even be 10% of the money.

RoboForex comes highly recommended for having one of the best affiliate programs. Most brokerage firms are targeting the retail investor. That means they are looking to serve that investor that does not make their income from investing. These investors are usually less educated in the investment industry.

Because of that, those companies will have contracts that entitle them to most of their customers’ earnings simply because the customer will not know any better. Those retail investors do not have any other options for connecting to the marketplace, so they have no negotiating power on this point either.

Most Brokers are Unfair

RoboForex is different because it is transparent about how its payout structure works. It tells you exactly how much it is going to take. But that transparency would not be worth anything if it still took all your earnings. RoboForex also offers a “loyalty bonus”. This means that the amount you make will grow.

You start out getting 10% of the profits you make from foreign currency trading. This might not sound like a lot, but it is more than twice as much as most brokers offer in the fine print of their contracts.

As you trade more and make more you also get a higher percentage out of your trades. This technically caps off at 20%, but it can go higher with negotiations that are available to active and profitable traders.

In case you did not guess this yourself, that is the inverse of how most brokers work. In a lot of cases, brokers will put forward a contract with an appealing percentage for your trades. They will tell you that you take home 8% of what you earn. But as you earn more, that percentage gets smaller and smaller.

The end result is you making about the same amount no matter what you trade. 

What becomes clear the more you look at this is that most brokerage firms are looking to make retail traders into their short-term, unofficial, and unpaid work force. The brokerage firm connects you to the market. Then, it sits back and reaps the benefits of your trades. It does not do anything itself.

What Makes RoboForex Different?

RoboForex at least lets you profit off of your own labor. And on top of that, they provide avenues for becoming more profitable as well. This is great incentive to not only pick RoboForex over the competition, but to make diverse and profitable use of it. 

Lest you wonder, RoboForex also has the tools to learn how to do this and a clean interface. Its only issues are the lack of strong app support and comparatively limited markets when pitted against the bigger names of the industry. It is also less well regulated, but again only by comparison.

Use RoboForex if you are looking to blur the lines between retail trader returns and professional trader returns. You never know, you just might make it big off of a few good investments.

Conclusion 💡️

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Getting a MetaTrader broker is a big step for anything getting into foreign currency exchange.

When you are just starting out in the industry, it can feel like you are finally graduating from high school to go from using unregulated platforms or speculating on other markets to becoming really official.

For that reason, it is critical that you choose the right one. Most forms of trading have tons of tools and brokers, and in those markets (like stocks and commodities) they are so highly specialized that it is hard to tell which one is good and which one is bad unless you know very clearly what your needs are.

In foreign currency exchange, however, it is a lot easier to draw the line between a good broker and a bad one. All of the brokers on this list are good, but depending on how you are looking to trade some are going to be better than others. It is all about knowing what your limits are in the market.

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