Hi people!
I would like to hear your experience with T4Trade and help me decide which account type is best for me. I’m not very experienced and instinctively, I chose their standard account. I mostly do day trading, and for now, trade only forex majors.
Is this account a good fit for forex day trading? As far as I understand, the spreads are not bad, but when I see the average spread of 1.8 pips, shown in the account comparison table on their website, it seems a bit high.
And another thing I noticed: sometimes, mostly late at night, the spreads suddenly become very wide. Is this normal?
Good or bad, any feedback is welcome!
Look, the standard account can work for daytrading, it’s not bad at all, especially if you only trade forex. If I was trading only forex and nothing else, I wouldn’t even bother with checking out account types. The difference in spreads and costs between accounts, and even if you want, between brokers, is minor.
So, if you already have and use the standard account, just keep going and don’t stress too much about account types. Most of the time the grass isn’t greener on the other side 
But in the case of t4trade, you should have chosen the Privilege account and i will tell you why. The spreads are better and this platform has a different concept when it comes to min depo requirements. With other brokers the requirement usually depends on the account type, the more advanced the account the larger the deposit.
T4trade has minimum requirements for the payment method being used. This means that with the same deposited amount, you could open both, the standard and the privilege account type. Knowing that the privilege has better terms, it’s logical to go with the better one.
This was really useful and reassuring. I think I’m going to keep it this way for some time. But could you tell me more about why spreads are widening overnight? Is this the same as with other brokers? I mostly trade late at night because I have a day job. And if you don’t mind, could you tell me what the best time to trade forex is if you are trading this asset category, too?
First, about the widening of the spreads overnight. This is a standard occurrence with all brokers - the market sets prices, and brokers simply reflect live market prices. So, if your broker is not a market maker, then this is normal. The spreads widen because there is no volatility. There are very few people (and central banks, commercial banks and other financial institutions) active during these hours. Why? Because it’s outside of the major sessions, or outside of the market hours for the US, London, Tokyo exchanges.
I don’t know your exact time zone, but you can check against the opening and closing times for these sessions.
Now, what is the best time to trade forex? Shortly, when there is high volatility, and the highest volatility in forex happens during the overlap of the US and the London session. But you can comfortably trade from the opening of the London session to the closing of the US session.
Hope I was clear enough. If not, feel free to drop a comment.