hey, i’m opening a live account in the coming months with Oanda and i’m just curious about the cost of it … i know Oanda doesnt care if i win or loose on their platform cause they are going to get paid either way ( bout 5 cents once or twice a week on my dummy account i see when i log on … but i was going to maybe use metatrader 4 and i don’t know if there are any hidden cost that i need to know about cause i don’t want to wake up 1 morning and see my account down 2 or 3 % … cause i’m just starting with a mini account … maybe 1,000.00
or should I just keep oanda java version and just use metatrader 4 as a charting software cuz on the oanda java doesnt have monthly charts and that is how i trade
Using MT or any other trading platform your broker offers will not cost you anything.
Brokers make available the technical means to trade free of charge to their clients … makes sense, doesn’t it? If you can’t trade, the broker will not make any money.
Depending on the broker and account type you use, they make their money either only from the spread or from a combination of (a tighter) spread plus commission (ECN account).
So don’t worry, you can use MT, the broker’s webtrader (if any) or any other trading platform they offer on their website without additional cost.
MetaQuotes (the company behind MetaTrader) make their money by taking a fraction of a pip on each trade via your broker, so some brokers have a slightly higher spread in MT4 compared to their proprietary software. But you’d be hard pushed to notice it and it isn’t worth worrying about. Just use whichever platform you prefer to trade from.
If you trade the monthly charts and Oanda’s java doesn’t have it, then choose the MT4 platform instead. The cost of using MT4 is almost inconsequential, especially since you’ll be aiming for huge pips with your monthly charts.
Well… not quite. Some brokers do charge extra for using different platforms such as MT4. The cost is usually inconsequential but there is a cost, nonetheless. If I am not mistaken, FXCM permits users to use MT4 for “free” as long as your balance remains above $5,000, otherwise they deduct $30 from your account at the end of the month. Other brokers, as mentioned, hit you with a slightly higher spread.
MetaTrader isn’t in business for the fun of it. They want their money. How they get it varies from broker to broker.
thats sorry if fxcm does that cause a lot people doesn’y make a lot of money from doing this on the side then they swoop in and take your profit … im with oanda mt4 but when i open my account like today i open my account and under swap it gives my balace update and then under that it says interest 0.28 then -0.13 then 2.78 -1.28 but im up 125.51 at the moment what is that tho
I just wanted to address some confusion here. There is no monthly fee to use the MT4 platform with FXCM. The $30 monthly fee you are referring to is for access to a Virtual Private Server (VPS), not the MT4 platform. If your FXCM account has a balance of $5000 or more, then the monthly fee is waived and you get VPS access for free. Also, keep in mind that VPS use is optional. Many FXCM clients use the MT4 platform without subscribing to use a VPS.