Metatrader 4 / 5 compatible brokers

[Willie Trombone]

I'm looking to set up my first metatrader account. Any suggestions for metatrader compatible brokers with good fee structure for part time trading?

Any help is appreciated!

 

[MKFrost]

Go look at Pepperstone. They offer all you'll ever need in a broker. Been with them for three years now and have 9 accounts with them and never had a problem and or any issued.

* Properly registered with relevant authorities and regulatory bodies in Australia [they're based in Melbourne]

* True ECN platform with some of the lowest spreads you will find. I was with an institutional broker in the UK for years and the spreads offered by Pepperstone is around 40% lower than they could offer me,

* Very fast execution speeds and single click execution up to 100 lots on most currency pairs [100 lots i.e. volume of US$10m],

* Offer both fixed spread and variable spread type accounts. Commission on variable spread accounts are a bit on the high side but if you sign up through an introducing broker you can get around 13% of the commission back each month. If you do go with them then sign up through Aslan brokers, been with them for around three years now and never had a problem with rebates not being paid,

* Funding of account is painless and all automated so is the withdrawals which usually take around 48 hours for funds to land this side,

* Segregated accounts available but depends on your account balance,

* PAMM services also available if investing more than $25k [i.e. trading multiple account at the same time],


Guess I can go on and on but believe me when I say that they are one of the top brokers out there today in terms of security of funds as well as honesty. Plenty of fly by nights in this business so do your homework.

http://pepperstone.com

PS: If you need help in setting up your platform just give me a shout.

 

[Willie Trombone]

Go look at Pepperstone. They offer all you'll ever need in a broker. Been with them for three years now and have 9 accounts with them and never had a problem and or any issued.

* Properly registered with relevant authorities and regulatory bodies in Australia [they're based in Melbourne]

* True ECN platform with some of the lowest spreads you will find. I was with an institutional broker in the UK for years and the spreads offered by Pepperstone is around 40% lower than they could offer me,

* Very fast execution speeds and single click execution up to 100 lots on most currency pairs [100 lots i.e. volume of US$10m],

* Offer both fixed spread and variable spread type accounts. Commission on variable spread accounts are a bit on the high side but if you sign up through an introducing broker you can get around 13% of the commission back each month. If you do go with them then sign up through Aslan brokers, been with them for around three years now and never had a problem with rebates not being paid,

* Funding of account is painless and all automated so is the withdrawals which usually take around 48 hours for funds to land this side,

* Segregated accounts available but depends on your account balance,

* PAMM services also available if investing more than $25k [i.e. trading multiple account at the same time],


Guess I can go on and on but believe me when I say that they are one of the top brokers out there today in terms of security of funds as well as honesty. Plenty of fly by nights in this business so do your homework.

http://pepperstone.com

PS: If you need help in setting up your platform just give me a shout.

You're a star MKFrost! Appreciate the help! I guess my next question(s) relate to tax and declaration of income from trading. Is it straight forward? I assume I don't need to register anything with the Aussie authorities (sorry if this sounds silly, I'm very green!). Would income be declared as normal income from investments in SA? And do I only declare value of withdrawal to ZAR transaction?

 

[MKFrost]

You're a star MKFrost! Appreciate the help! I guess my next question(s) relate to tax and declaration of income from trading. Is it straight forward? I assume I don't need to register anything with the Aussie authorities (sorry if this sounds silly, I'm very green!). Would income be declared as normal income from investments in SA? And do I only declare value of withdrawal to ZAR transaction?

Profits made from trading will be seen as income as you are speculating so it will not be seen as a capital gain. Any profit will thus be added to your normal income and taxed accordingly. You will have to declare this income as a provisional tax payer so you will pay tax end August and end February and a final payment again before [I think] February the next year etc.. [see SARS's website for more info on provisional tax].

You will also have to apply to SARB [Reserve Bank] if you plan on bringing profits back on a monthly basis. Not to sure how this works but I know if you frequently bring money in that you need to apply with them. Application takes around 6 weeks and costs R1,800. I only had this done recently as I was never aware of this. Had my auditor sort this out.

Pepperstone will email you a monthly statement at the end of each month [you can also obviously draw statements as and when you please from the platform]. I just print these and hand them to my auditor to sort out. When I make a withdrawal I pay 50% into my normal accounts and place the other 50% on a fixed deposit either abroad or with Capitec locally. This 50% is for tax [only need 40% max but I split it half/half]. So I earn interest on my tax portion for around 6 or so months before I have to pay it over to SARS.

 

[agentrfr]

I've been burnt by pepperstone in the past. I'd avoid them if I were you. But hey, that's just me.

Currently I use the Australian branches of FXOpen and Alpari. (http://www.fxopen.com.au/) (http://alpari-forex.com/).

Neither are perfect, but at least they are honest. They'll give you decent spreads and fill orders quickly. Both have presense in the UK which is where I host my VPS, so it works well for me.

As for tax, it is simply normal income for what you bring in. If you withdraw regularly, follow Frost's advice above.

 

[SauRoNZA]

Why is everyone specifically using Australian branches of everything? Is there something I'm missing?

Is it just a cheaper currency to convert to or what?

 

[MKFrost]

Why is everyone specifically using Australian branches of everything? Is there something I'm missing?

Is it just a cheaper currency to convert to or what?

Your account can be in essentially any currency so 'cheaper to convert to' is not a factor. My accounts are held in GBP and USD.

For me it was just that the broker I decided on was located there. No other specific reason. Was with brokers in the UK before that.
One just need to make sure that your broker is based in a country where things are well regulated, especially the banking industry, and that the broker itself is properly registered with all the relevant authorities and or regulatory bodies.

What happened in Cyprus a while back is a good example of why I say this.

 

[SauRoNZA]

So there are no worthy South African options I take it?

Only ones I know are FXDD and FXCM.

 

[Willie Trombone]

I've been burnt by pepperstone in the past. I'd avoid them if I were you.

I'm interested in the details of this.
Thanks!

 

[brucem]

Both have presense in the UK which is where I host my VPS, so it works well for me.

Which vps do u use?

 

[Willie Trombone]

So can I sue Telkom if I stop a short and the system doesn't get the message because of this ADSL line?

Eish... things are slow today.

 

[MKFrost]

So there are no worthy South African options I take it?

There is a broker here in SA. Cannot remember the name, will see if I can find it. From what I remember however spreads are awful. Also, you need a broker with liquidity otherwise you will end up with orders stuck in the market if the broker is not a true ECN/STP broker. That means you will close a trade and it will just hang and hang until such time as there is a counter trade for it.

 

[MKFrost]

Just a word of warning to anybody who reads here.

Be very selective in selecting your broker and take everything you read with a 'bag' of salt. There are many brokers I will also warn you about but yet many traders are happy with them. I think all traders have had one or other bad experience with a broker at a time.

I recommended Pepperstone and I have had a nightmarish experience with them about two years back. However, they sorted it out after giving them all the facts and refunded me in full without issues. So you will find plenty of stories about brokers being the scum of the earth while others sign their praise. So instead of recommending a broker one should maybe look into what should a broker offer you as a bare minimum.

First things that come to mind for me:

* Stable country with strong financial system i.e. USA, UK, Aus, HK, Singapore etc..

* Well established regulatory bodies with actual bite should it be required,

* Broker must be registered with such directly and not through a third party i.e. piggy backing on a holding company or other's licence.

* Must offer a true ECN/STP environment and not be a market maker i.e. take the opposite of the trade,

* Must have deep pools of liquidity i.e. be linked to the major players i.e. Deutsche bank, HSBC etc.. this is vital,

* Have 24/5 support by means of online chat, phone and or email,

* Offer segregated accounts i.e. hold client funds seperate from company funds thus under clients name. If broker goes tits up your funds are safe.

* Offer automated process i.e. deposits, withdrawals, leverage adjustments, inter account transfers etc. Nothing worse than wanting to move funds to another account and having to wait 24 hours or for their next office hours before somebody does it for you.

Will add some more a little later.

 

[MKFrost]

FXCM.

I will stay well away. Do your homework.

http://online.wsj.com/news/articles/SB10001424052702304255604579406640141660638

 

[brucem]

Thanks MKFrost, this is all such valuable info!

 

[SauRoNZA]

I just have to say thank you to MKFrost for being an absolute wealth of information and probably taking time out of his day to be astoundingly knowledgeable in my direction today with a private conversation.

I thank you Sir!

 

[MKFrost]

Thanks MKFrost, this is all such valuable info!

I just have to say thank you to MKFrost for being an absolute wealth of information and probably taking time out of his day to be astoundingly knowledgeable in my direction today with a private conversation.

I thank you Sir!

Its a pleasure.

Found this list with most of the brokers offering Metatrader4. List is alphabetical and per country and give some more information per broker i.e. minimum deposits etc.. Not sure how accurate but should be a good starting point to find brokers.

http://www.100forexbrokers.com/mt4forexbrokers

 

[Willie Trombone]

Indeed - +1 MKFrost
Appreciate your taking the time.