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MT5 Forex Brokers

 

MT5(released in 2010) & MT4 (released in 2005)

  • Despite some improvements in MT5, currently MT4 is more popular among traders & developers, it’s also the primary trading platform offered by most forex brokers. The reasons are as follows:
    • Existing resources. When MT5 was released in 2010, MT4 was already very popular, and had been in the market for 5 years. There are a lot of indicators & EAs developed for MT4 with MQL4 as coding language.
    • No backwards compatibility.Indicators & EAs(Expert Advisors) written with MQL4 do not work on MT5, and can not be ported to MT5. For those EAs to work in MT5, developers will have to rewrite all of their codes in C++ & MQL5. Many developers also had only learned to code in MQL4, they don’t have experience with MQL5.(MQL4 is relatively easier and newbie friendly for average traders. MQL5 require experience in object oriented programming languages such as C++, Java)
    • Compared to MT5, MT4 is stable and already good enough for a lot of traders.
    • It is used by more people, so the community support is also better.

MT5 improvements include:

  • built-in ecomonic calendar
  • More chart timeframes
  • Additional technical indicators
  • 2 more types of pending orders
  • Can support more market,for example, stocks, commodities(If the broker offer those market).

InstaForex

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Company: InstaTrade LLC; InstaTrade Investment Company Ltd.

 

Warning:

  • January 13, 2015:  French AMF published a updated list of forex brokers that offer forex trading service in France without authorisation of AMF.  InstaForex is on the list.  
  • June 9, 2014:  The Ontario Securities Commission warned against InstaForex, because  instaforex “is not registered to engage in the business of (i) trading in securities or (ii) advising anyone with respect to investing in, buying or selling securities”  in Ontario. 

YouTradeFX

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Company: YouTrade Capital Markets PTY LTD; Youtrade holdings Limited BVI (reg.#1539926); International Youtrade Investments MA Ltd.; You Trade Holding (Cyprus) Ltd.; Warning: 2013.9:  The license for International Youtrade Investments MA Ltd in Mauritius had been suspended.(FSC Mauritius Public Notice: Notice is hereby given that, in accordance with Sections 27(1) and 74(6)(a) of the Financial Services Act 2007 (the “Act”), the […] Continue Reading →

IronFX

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Company: IronFX Financial Services Ltd Warning: 2015-8-10:  The Brazilian CVN had issued a warning against IronFx.   2015-11-27:  Cysec had announced a €335,000 Euro fine against IronFx.    Continue Reading →