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Whether you have built an expert advisor from scratch or bought one online, they all work the same way. They utilise advanced scanning technologies to analyse market patterns and then execute trades based on rules defined by the trader.

If you are wondering what kind of rules can be applied to the automated trading bot, then let us tell you that it can be as easy as telling your EA to enter or exit a trade based on some macroeconomic rules, such as interest rate changes or the government easing its monetary policy. The rules can also be set based on technical indicators like Moving averages. You can also specify the lot size and target profit to be earned before closing the position. And that’s it! Your automated bot will work per your instructions without even a slight deviation.

Pros & Cons Of Forex Auto Trading

There are various advantages and disadvantages of auto trading softwares. Let’s start with the positives first.

Prevents Human Error

As much as we humans like to think we’re capable of making rational decisions, we’re prone to making errors, and in trading, even the slightest mistake can have disastrous consequences. Fortunately, automated trading systems eliminate the risk of human error by following a set of predefined rules.

This means the possibility of unintentionally winning or losing trades due to a missed decimal point or a misplaced stop-loss order is completely out of the equation. Your automated software will do exactly what they’re told without deviating from those instructions. This level of precision ensures that trades are executed flawlessly every time.

Removes Emotions

Trading under stress is one of the biggest challenges that traders face. You have to agree with me on that! Emotions such as fear, greed, and hope can influence how you make your trading decision, leading to unpleasant outcomes as you may make irrational trade decisions. However, the good news is that automated trading systems don’t feel emotions. Instead, they strictly follow the rules and criteria programmed into them. This means you can trust them to be completely free of external biases. They provide traders with a level of discipline and consistency that’s hard to match.

Offers The Ability To Backtest

As a trader, testing and refining strategies is the key to success. However, manual backtesting can be a time-consuming and tedious process. Automated trading solves this problem by providing access to vast historical data to test automated strategies on past market movements. This opportunity is the cornerstone of automated trading, allowing traders to fine-tune their strategies and evaluate their profitability expectations before deploying them in live trading.

Allows For Quick Entry

Forex is a fast-paced market where every second counts. The speed at which a trade is executed can make the difference between winning and losing. Automated trading systems offer a significant advantage by improving entry speed.
While human reactions are subject to delays, forex robots can act instantaneously. This allows them to capitalise on market opportunities that manual traders might have otherwise missed.

Ability To Spot And Seize Limitless Opportunities

In the trading world, keeping an eye on several markets is crucial for spotting lucrative chances. Yet, when it comes to simultaneously monitoring several markets, individuals need more ability. By enabling traders to keep an eye on many markets at once, automated trading provides a solution to this issue.

Even while machines have hardware limits, they are still much more capable than the average trader. Automatic trading systems can monitor several markets and analyse enormous volumes of data in real-time, allowing them to spot successful trade setups and seize opportunities.

Even though auto trading forex offers so many benefits for traders, there is one drawback that one must consider before starting auto trading.

Needs Technical Knowledge To Set Up The Software

An in-depth knowledge of trading principles and programming skills are necessary for developing, testing, and setting up an automated forex trading system.
To create and apply a good trading algorithm, a person must have the relevant information unless they employ a black box system or trade copier. The erroneous programming that results from ignorance can cause large financial losses.

How Does Automated Trading Work In MT4 And MT5

MT4 and MT5 platforms have made automated trading more accessible than ever. These platforms offer a wide range of tools and features that enable traders to build, test and execute their own automated trading strategies.

The ability to benefit from market opportunities in real-time, even when traders cannot monitor the market, is one of the main benefits of automated trading on MT4 and MT5. Traders can maximise trading opportunities by using automated systems designed to assess market data and execute transactions following predetermined criteria.

Moreover, traders can better control risks while doing automated trading on MT4 and MT5. These platforms allow automated systems to be programmed to set stop-loss orders depending on the trader’s portfolio, which allows auto traders to make informed trading choices that are consistent with the trader’s trading strategy. This can assist traders in maintaining discipline and preventing irrational or biased choices that could result in losses.

Also, MT4 and MT5 platforms have access to a sizable pool of liquidity, which can make it simpler to carry out deals swiftly and at reasonable costs. This is particularly crucial for traders who depend on quick execution to profit from market fluctuations.

It goes without saying that having some knowledge and technical proficiency is necessary to build up an automated trading system on MT4 and MT5. In addition to having access to dependable technology and a steady internet connection, traders also require a firm grasp of programming and trading ideas.

FAQs

Can there be mechanical failures in automated systems?
Automated trading systems are nevertheless susceptible to mechanical errors despite their many advantages. Software needs maintenance to function at its best. Therefore, automated trading systems must be periodically supervised to identify and resolve any technological flaws.

Do I need dedicated software for automated trading?
A specialised hardware setup is necessary for automated trading systems to operate well. Using these systems on a typical computer may cause latency problems, resulting in missed or lost transactions.

Can I use VPS for automated trading?
It’s quite useful to employ a dependable Virtual Private Server (VPS) to guarantee connection stability and quick execution around the clock.

Nowadays, copy trading forex is mostly an automated procedure in which traders subscribe to the strategies of other traders blindly and replicate their actions, including starting positions, setting stop-loss and profit-taking goals, and exiting positions. With the popularity of copy trade forex, it is simpler than ever for traders to enter the market and possibly profit. It is crucial to remember that copy trading also contains risks, such as the possibility of losses and the requirement to choose the traders to mimic carefully. Before engaging in copy trading, like with other kinds of trading, it is crucial to do your homework and use caution.

How to Copy Trade?

Copy trading is an exciting way to participate in the markets, but it’s crucial to approach it with a well-thought-out strategy. Make sure to select a reputable platform that is well-regulated, has a history of providing a positive copy trading experience, and is available for forex trading when choosing a platform for copy trading.

Choose a trader who shares your investment objectives and risk tolerance. You can follow a trader with a track record of generating reliable returns or one who has generated more gains.

Always keep in mind that there is risk involved with using someone else’s trading technique, so start with a modest portion of your available funds.

The two primary methods for copying trades are manual and automated. You must carefully monitor the trader’s activities during manual copy trading and manually place identical transactions. In automated trading, however, you may choose a trader to copy, and the platform will automatically replicate their trades into your account.

Whatever approach you decide on, it’s critical to attentively watch your trades and keep an eye on the market.

Is Copy Trading Profitable?

Copy trading can be profitable, but it’s not a guaranteed way to make money. Everything relies on the trader’s approach that is being imitated and the state of the market at the moment. The ability of less experienced traders to experience the markets without spending time and energy learning how to trade is one of the main benefits of copy trading. By mimicking their moves, they may gain from other traders’ expertise and knowledge.

You must remember that no trader can guarantee a profit and that losses are also possible. It is the responsibility of the copy trader to select the copy target properly and to control risk by establishing stop-loss and take-profit levels.

Several platforms now include risk management tools to assist copy traders in managing their assets.

Copy traders should seek out traders with a demonstrated history of long-term success to boost their chances of profitability. Also, it’s crucial to diversify by imitating several traders with various trading methods and strategies. Copy traders may diversify their risk and profit from various market circumstances.

Also, if copy trading is done properly and deliberately, it may be beneficial. It’s definitely not a way to get rich quickly; rather, it’s a tool for traders to benefit from and learn from the experience of others.

Copy Trading Forex and Crypto

The popularity of copy trading in the forex and cryptocurrency markets has skyrocketed recently. Forex copy trading includes traders replicating the trades of more seasoned traders on the forex market, whereas cryptocurrency copy trading is a similar technique in cryptocurrency.

Many traders choose forex copy trading since it is possible to use the specialist software brokers provide. These tools make it possible for less experienced traders to copy the trading strategies of more seasoned traders, improving their chances of success. The Forex market is the world’s biggest and most liquid market, making crypto copy trading a viable choice.

The rising acceptance of cryptocurrencies like Bitcoin and Ripple has boosted cryptocurrency copy trade. Traders may follow and copy the trades of seasoned traders specialising in trading cryptocurrencies like Bitcoin, Ethereum, and Litecoin. On the other hand, the crypto market is quite unpredictable and volatile, making it a high-risk investment.

Copy Trading Methods

Traders now have more options when deciding how to copy other traders.
The simplicity of automated copy trading has helped it become quite popular in recent years.

With automated copy trading, users only need to choose a trader to follow, and the copy trading software will automatically replicate their trades. New traders who lack the information or experience to make their own trading decisions will find this strategy to be very intriguing. Automated copy trading still entails risks; therefore, traders should carefully examine their level of comfort with risk and establish the right risk limits.

On the other hand, manual copy trading involves a more hands-on approach. The trades must be manually executed by the seasoned trader who is being followed; however, using this system, traders receive alerts of trades made by the trader they follow. While using this strategy will take more time, traders will also have more control over their trades. However, traders must move swiftly to execute the trades since market circumstances can change quickly.

Both automatic and manual copy trading strategies have benefits and drawbacks, and each trader must determine which strategy works best for them. Eventually, choosing the most suitable traders to imitate, establishing the right risk limits, and carefully maintaining one’s own portfolio are the keys to effective copy trading.

FAQs

1. Is Copy Trading Legal?
   Copy trading is legal, but it’s vital to remember that laws might change from nation to nation. Copy trading may be categorised in some jurisdictions as a type of portfolio management or investment advice and, as such, be subject to particular regulatory obligations.
2. Can I Make Money With Copy Trading?
   Copy trading can have great profit potential but comes with risks. The success of copy trading mostly depends on the trader you decide to imitate and your personal risk-management techniques. It is crucial to remember that even experienced traders can make errors and lose money, so there is no assurance of success.
3. Can I Copy Trade With a Small Account?
   Yes, copy trading platforms frequently let users open accounts with modest balances. Before investing, it’s crucial to weigh the potential risks of copy trading and ensure you’re comfortable with the risk level. Another crucial point is that some traders might have minimum investment requirements for their copy trading services.

How To Set Up An Account On MT4?

Setting Up An Account On MT4 (MetaTrader 4) Involves The Following Steps:

1. Choose a broker: MT4 is a trading platform that needs to be connected to a broker to access the financial markets. You need to choose a broker that supports MT4 and offers the financial instruments you want to trade.
2. Download the MT4 platform: Once you have selected a broker, you need to download the MT4 platform. You can download it from the broker’s website, and it is available for Windows, macOS, iOS, and Android devices.
3. Install the platform: After downloading the platform, you need to install it on your device. The installation process is straightforward; you just need to follow the prompts.
4. Create an account: When you launch the MT4 platform, you will see a login window. If you do not have an account, click “File” in the top menu, then “Open an Account.” A new window will appear, and you can select “New Demo Account” or “New Real Account.”
5. Fill in the registration form: You need to fill in the registration form with your personal information, including your name, email address, phone number, and address. You also need to select your account type and leverage.
6. Verify your identity: Some brokers require you to verify your identity before you can start trading. You may need to submit a copy of your ID or passport and proof of address.
7. Fund your account: Once it is set up and verified, you must fund it with capital to start trading. The funding methods may vary depending on the broker, including bank transfers, credit cards, or e-wallets.
8. Login and start trading: After you have funded your account, you can log in to the MT4 platform and start trading. The platform offers several tools and features, including charts, indicators, and expert advisors, to help you analyse the markets and make the right trading decisions.

Which Instruments Can Be Traded On MT4?

1. Forex: The primary asset class available on MT4 is Forex. MT4 allows traders to trade a wide range of currency pairs such as EUR/USD, GBP/USD, USD/JPY, etc.
2. CFDs: Contracts for Difference (CFDs) are also available on MT4. Traders can trade CFDs on commodities like gold, silver, and crude oil. CFDs on indices such as the S&P 500, Dow Jones, and FTSE 100 are also available.
3. Stocks: Stocks are another asset class that can be traded on MT4. Traders can trade stocks from various global exchanges, including NYSE, NASDAQ, etc.
4. Futures: Futures are also available on MT4, and traders can trade futures contracts on commodities like crude oil, natural gas, and precious metals.
5. Options: Some brokers also offer options trading on MT4. Traders can trade options on stocks, indices, and commodities.
6. Cryptocurrencies: With the increasing popularity of cryptocurrencies, some brokers now offer trading in cryptocurrencies on MT4. Traders can trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc.

Features of MT4

1. Charting: MT4 offers an extensive range of charting tools, including customisable chart types, 21 timeframes, 38 built-in technical indicators, and 44 graphical objects.
2. Trading Tools: MT4 provides traders with advanced tools such as automated trading systems, algorithmic trading, and real-time quotes.
3. Multi-Language Support: MT4 is available in several languages, making it accessible to traders worldwide.
4. Security: MT4 uses 128-bit SSL encryption to secure all transactions and data, providing a high level of security for traders.
5. Expert Advisors: MT4 allows traders to create and use Expert Advisors (EAs), automated trading systems that execute trades based on pre-set rules.
6. Backtesting: MT4 allows traders to backtest trading strategies using historical data to determine their effectiveness before using them in live trading.
7. Communication: MT4 provides traders with real-time communication tools like email, chat, and alerts to stay informed about market changes and news.
8. Mobile Trading: MT4 is available on mobile devices, allowing traders to access their accounts and trade.
9. User-Friendly Interface: MT4 has a user-friendly interface, making it easy for traders of all levels to navigate and use the platform effectively.
10. Community: MT4 has a large community of traders who share trading strategies, offer support, and provide insights into the market, making it an excellent resource for traders to learn and grow.

How To Install MT4 Indicators?

Installing Additional MT4 Indicators Involves The Following Steps:

1. Download the indicator: Search for the MT4 indicator you want to install and download it. You can find many indicators on various websites and forums.
2. Open the MT4 platform: After downloading the indicator, open the MT4 platform on your computer.
3. Open the data folder: Then click the ‘Open Data Folder’ option by going to the File menu on MT4.
4. Open the MQL4 folder: In the data folder, locate the “MQL4” folder and open it.
5. Open the indicators folder: In the MQL4 folder, locate the “Indicators” folder and open it.
6. Copy the indicator file: Copy the downloaded MT4 indicator file from the folder where it was saved and paste it into the “Indicators” folder.
7. Restart the MT4 platform: Close and restart the MT4 platform for the indicator to be recognised and appear in the navigator window.
8. Locate the indicator: In the MT4 platform, locate the “Navigator” window and scroll down to “Indicators.”
9. Add the indicator to the chart: Drag and drop it from the “Navigator” window onto the chart you want to use.
10. Customise the indicator settings: Once the indicator is on the chart, you can customise it to suit your trading strategy.

Note: Some indicators may require additional files or software to be installed. Always read the installation instructions with the indicator to ensure a successful installation.

FAQs

1. Can anyone trade on MT4?
   Yes, anyone can trade on MT4. However, you need access to a trading account with a broker supporting the MT4 platform.
2. Is MT4 the best trading platform?
   The best trading platform is subjective and depends on personal preference and individual trading needs. While MT4 is a popular choice among traders, other platforms may suit your needs better.
3. What are some common mistakes that beginners make when using MT4?
   One common mistake beginner traders make is overcomplicating their trading strategy by using too many indicators or trading multiple instruments simultaneously. Avoiding emotional trading and sticking to your trading plan is also important.
4. How can I improve my trading skills on MT4?
   To improve your trading skills, it’s important to educate yourself on the markets and trading strategies. You can read books, take courses and practice trading on a demo account forex before using real money.

Benefits Of The White Label Forex:

Because of the fierce competition in the forex market, it might be difficult for new players to establish themselves and gain market share. The white label Forex programme, which has several advantages for companies of all kinds, is one answer to these problems. So, let’s look at the advantages of white label forex:

1. The most significant advantage of white label forex programme is cost reductions. The development costs and time to market for new businesses can be significantly lowered by integrating an existing trading platform and back office infrastructure. Small and medium-sized businesses, who might need more means or knowledge to create their own trading platform from the start, may find this very helpful.
2. The ability to develop a unique brand identity is another big advantage of the white label Forex software. Businesses may create a unique identity that distinguishes them from competitors by personalising the platform with their own logo and branding components. In the long run, brand loyalty and attracting new clients are essential for success in the forex market.
3. The white label Forex programme offers its partners ongoing support and maintenance, cost savings, and branding chances. This may be especially helpful for newcomers to the market who might need more skills or knowledge to handle sophisticated technological challenges on their own.
4. Businesses may have access to various resources and support services through a partnership with a reputable white label brokerage platform, including guidance on the best solutions for their particular needs and assistance in resolving issues.

Drawbacks Of White Label Forex

The white label Forex programme also has certain disadvantages, so weighing them before choosing to utilise this method is crucial.

1. The cost of operating the platform is one of the main disadvantages of the white label Forex software. Creating a trading platform from scratch might be expensive, but white label companies’ fees can also mount up over time. This includes flat-rate and volume-based fees, reducing earnings and making it more difficult for new brokers to get a foothold in the market.
2. Another potential drawback of the white label CFD programme is the lack of control over the trading platform. Although providers will adjust the platform to the broker’s needs, there needs to be assurance that it will meet the broker’s or their target clients’ expectations. If the platform functions differently than planned, this may cause annoyance and dissatisfaction and, perhaps, the loss of customers.
3. Another factor to consider is the dependence on the platform’s owner. White label brokers could be charged extra for these services because the trading platform needs constant upgrades and upkeep. This may be excessive and bothersome, especially if the provider is uncooperative or needs to offer adequate assistance.

Now that you know the pros and cons of a white label solution, it is worth noting that the benefits and drawbacks can vary depending on the provider. While some providers may offer excellent support and customisation options, others may be less reliable or provide a platform that does not meet the broker’s or clients’ needs. As such, it is important for entrepreneurs to thoroughly research potential providers and weigh the pros and cons before committing to a white label solution.

What Features Should A White Label Trading Platform Have?

A top-notch trading platform that accommodates white label forex brokers’ and their clients’ demands are crucial for success in the cutthroat Forex industry. The platform provider should supply several essential characteristics when looking at a white label in the forex solution.

• The provider must, above all, deliver first-rate customer service. This involves responding quickly and effectively to suggestions and issues. The need for excellent technical assistance has grown in recent years due to the growth in client expectations. Choose service providers who offer 24/7 assistance and dedicated customer managers.
• Security is another critical feature when choosing a white label forex solution. With crypto and FX trading, handling and safeguarding consumer trades is paramount. Ensure the provider offers robust security measures and a transparent privacy policy. It is also good if the provider makes their records available to the public.
• The trading platform should be regularly updated and developed to meet evolving client demands and security standards. Look for reputable software companies that frequently implement hotfixes and add new features to their platform. It is also important to update the platform to work flawlessly on the latest operating systems.

FAQs

What Distinguishes Fully Customised Forex Solutions From White Label Forex?

White label forex broker solutions are pre-built systems that brokers may brand but do not allow for complete customisation. On the other hand, fully customised forex solutions are made-to-measure solutions designed from the bottom up to match the unique demands of a broker. While fully customised solutions offer greater flexibility and control over the platform’s features and functionalities, forex white label solutions can be cost-effective for those looking to launch their own trading brokerage.

Is It Possible To Use My Own Liquidity Providers With A White Label Forex Brokerage Solution?

It’s true that a lot of white label forex solutions let brokers incorporate their own liquidity providers. Those wishing to provide competitive pricing and accelerate trade execution may find this advantageous. However, the forex white label platform must enable third-party integration, and the liquidity providers must adhere to all applicable regulations.

What Assistance Can I Expect From An Fx White Label Platform Provider?

A white label forex platform provider’s degree of assistance might differ. The most important factor in choosing a supplier is if they give full support, including technical help, marketing support, and frequent upgrades and maintenance. To assist brokers enhance their trading techniques and draw in more clients, certain providers could also give training and educational tools. While comparing various platform providers, carefully enquire about the quality of help they provide and check broker reviews to see how satisfied they are with the service.

Advantages of Trading on MT5

• The upgrades have made MT5 more user-friendly with a modern layout, intuitive design and it has kept the simplicity intact.
• Many new features such as economic calendars are integrated to the MT5 trading platform.
• You can customise the units of measurement and time which is something new.
• The index charts also contain a brief history of automated orders that can be directly viewed.
• You can also see the market history just like an order book.
• MT5 provides a more stable and faster connectivity to servers.
• MT5 as a trading platform is more stable in comparison to MT4.
• Higher speed and accuracy for order execution.
• Hedging is easier on MT5.
• Available on a bunch of different devices and browsers with greater compatibility.
• Users are free to add more tools and custom indicators in addition to the built-in ones.
• Algo trading or automated trading gets better when done with advanced technology of the MT5 trading platform.

Downsides of MT5

• Some of the advanced features and tools need time and practice to get used to and this may be a challenge for beginner traders.
• No longer available on the app store but you can use the web terminal instead which is available on both android and ios devices.

How to Download MT5?

First of all, you will need an operating system or device which is compatible with MT5. MT5 is designed to be compatible with a number of operating systems and devices. Hence, that will not be a problem for most traders. Downloading MT5 from a broker’s site will be easier, as brokers will be giving you a link to the MT5 version integrated with their platform. You can download the setup files for PC and run it for installing the MetaTrader 5. You can also find the MT5 app provided by your broker for mobile trading.

How to Add Indicators on MT5?

You can add custom indicators to your MT5 platform by downloading them from the market tab of the toolbox window. Then, you can find all the downloaded indicators in the installation folder. Indicators will be there on the indicators folder and you can manually install them.

1. Download and install MetaTrader 5: Supreme Edition.
2. Download indicators from the Market tab of the Toolbox window.
3. Manually install the indicators from the Indicators folder in the MetaTrader 5 installation folder.

How to Trade CFDs with MT5?

MetaTrader 5 is a perfect choice for someone who is interested in trading CFDs on forex, crypto, stocks and indices. The multi-asset trading platform allows you to easily navigate through different markets with ease and monitor the prices of different trading instruments through the market watch. You can even place orders directly from the market watch window using the one-click trading option. The charting tools are advanced which makes MT5 a better platform for trading CFDs.

FAQs

Is the MT5 Trading Platform Free?

Yes, MT5 is completely free and there are no charges applied for demo or live trading. The spreads/commission in case of live trading would depend on the broker you choose.

Can a Beginner Use MT5?

MT5 is very user friendly and intuitive. Even a complete beginner can easily use MT5 if they spend enough time for demo account practice on the advanced trading platform.

Which Broker is Best for MT5 Trading?

Not many brokers offer MT5 at the moment in comparison to MT4 which is offered by almost each and every forex broker. So, if you wish to use MT5 for trading, you can look for brokers who provide it and then choose the best one based on other factors such as regulation and trading conditions offered.

Is MT5 Better Than MT4?

Although many traders still prefer to use MT4 due to its simplicity, MT5 is surely better when it comes to speed and many other aspects.

Types of Trading Calculators

• Position size calculator/ Lot size calculator
  A first time trader in the forex market may find the concept of position sizing confusing at first. Calculation of position sizes can seem like a lot of work for a total beginner. But, position sizing is an important aspect of trading. Determining the optimal position size is also a part of risk management in forex. The trade position you take up will decide how much money you are risking in a trade. So, a trader has to pay a lot of attention into deciding the ideal position size for each trade.And a position size calculator can perform this calculation in no time. It is also referred to as a lot size calculator as the position size in forex will be specified in lots. You can just specify the risk percentage you are comfortable with for a single trade, the type of position, stop loss level and account balance in the position size calculator. And then it will tell you the perfect position size based on the risk level specified by you. Usually the trading calculator returns the value in standard lot number so that you can easily apply it on your trades.
• Pip calculator
  Just as the name implies, a pip calculator is used for calculating the pip value of the currency that you wish to trade with in forex. Pip is the unit of measurement for the smallest exchange rate change that can happen in a currency pair. Traders also plan their trades using the number of pips to specify the profit earned in a trade. Pips play a major role in determining the end result of a trade and hence a pip calculator is an essential part of the trading calculator. You just have to specify the base currency and previously calculated position size in the pip calculator and it will calculate the value of a pip in the currency.
• Profit calculator
  The function of a profit calculator is quite simple. It calculates the trading results in terms of profits or losses.You can calculate this by specifying the entry price and exit price for the trade positions. This will be useful in planning your trades based on the risk of loss and possibility of profit.
• Margin calculator
  Before opening a trade position, you need to make sure that there is sufficient margin in your account to keep that trade running. This is especially important when a trader avails leverage from their broker. If the margin levels are not met the broker will send a margin call notification to deposit more funds to meet the margin level requirement. And your positions will get automatically closed if you fail to do so.

Other Key Functions of a Trading Calculator

Besides the above functions, the online forex calculator or trading calculators also have some other basic functions that are useful for trading with ease. This includes the following.

• Exchange rate calculations – Exchange rate differences between currencies are the base for forex trading. Hence, calculating the conversion rate of currencies is a basic but important function that can be seen in most online trading calculators. Check out the best us30 profit calculator here.
• Fibonacci calculator– A fibonacci calculator may not be there in every trading calculator but some brokers do provide them for helping traders to use fibonacci retracement levels for planning their trades. So, traders can use this fibonacci calculator to use the fibonacci indicator for trading.
• Pivot calculator– This is another additional function and not all trading calculators come with a pivot calculator. However, they are useful for calculating entry prices, exit prices, stop loss and take profits levels in trades.

FAQs

Is an Online Forex Trading Calculator Free to Use?

Yes, they are free as most brokers provide these trading calculators as part of the trader’s toolkit on their platform. These online trading calculators are free to use and convenient as well.

Which is the Best Trading Calculator for Beginners?

All trading calculators are beginner friendly and anyone can learn to use them without much effort. Just make sure the broker you choose provides all essential functions in the trading
calculator and you are good to go.

How Do You Calculate Profit in Trading?

You can use the forex profit calculator for calculating the trading results. You can find it in most trading calculators offered by brokers online.

How Do You Use a Forex Calculator?

Using a forex calculator is quite easy once you have a trading plan to follow. You can just specify the values in the forex calculator and it will return accurate results in no time.

Why Do We Use a Trading Calculator?

A trading calculator is convenient and easy for traders to get done with some essential calculations that are required before entering a trade.

Advantages Of Regulated Forex Brokers

• They are constantly monitored by the regulatory bodies that they registered with, which makes them more trustworthy.
• You are more likely to get negative balance protection with regulated brokers.
• Regulated forex brokers’ platforms may have better functionality along with a responsive customer support team. Offshore brokers may also provide this but when it comes to regulated brokers, they are obliged to meet the standards set by the regulatory body.
• Choosing a regulated forex broker is a good practice to trade on the safer side.
• The regulatory bodies will be there to protect the interests of clients who are trading with a forex broker regulated by them.
• Regulated forex brokers usually have a wider clientbase and tend to be more popular which often makes them better when it comes to customer service.

Disadvantages of Regulated Forex Brokers

• Some regulated brokers will limit leverage offered to retail traders.
• Trading with a regulated forex broker does not make trading 100% safe even though the regulatory status adds to the trust element.

Which Are Popular Regulatory Bodies?

There are quite a few top tier regulatory bodies that regulate forex brokers and trading with any broker who is registered with these well-known authorities will give traders a sense of security. Some brokers may state that they are regulated but often they are only partnered with lesser known authorities which does not add much value to the regulatory status. So, it is important that the regulated forex broker you choose is registered with a tier-1 regulatory authority in the first place

Now, let’s have a look at the top tier regulatory bodies that you should know about while choosing a regulated forex broker.

FCA

FCA or Financial Conduct Authority is a top-tier regulatory body for UK forex brokers. So, traders who reside in the UK can look for a FCA regulated broker as it makes them a licensed forex broker in the United Kingdom. FCA can be rightfully referred to as the number one regulatory body due to the high standards set by them.

CySEC

CySEC is the short form for Cyprus Securities and Exchange Commission which is the top most regulator for the EU and Cyprus region. The functions of CySEC are very much similar to FCA and this makes CySEC regulation relevant for forex brokers offering services in the EU.

ASIC

ASIC stands for Australian Securities and Investment Commission. As the name implies, this regulatory body is in charge of giving licence to forex brokers offering their services in Australia. ASIC has a key role to play in the forex industry as many of the global forex brokers are based in Australia.

FSCA

FSCA or Financial Sector Conductor Authority is the top regulatory body that grants licence to forex brokers offering their services in South Africa. There are many forex traders located in South Africa and they can look for a FSCA regulated forex brokers for a better trading experience.

Conclusion

There are some more regulatory bodies that regulate the activity of forex brokers operating in different regions. We have only covered the top 4 authorities as these are the most common regulations obtained by forex brokers on a global level. To sum it up, I want to say that regulatory status is an important criteria that one must consider while choosing a forex broker. Beginners need to do some research in this topic as it can help them in making a wise choice when it comes to selecting the most ideal forex broker.