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The 4-digit forex broker is more accurate than the 5-digit broker. This price is actually 1.32120, while a 5-digit broker has a 0 behind it. This means that it is more precise, though it can also be more tightly bound. Traders can benefit from this accuracy. There are some downsides to 4-digit forex brokers. Read on to learn about them and how to choose a broker that suits your needs.
The smallest fluctuation in price is called a pip. A 4-digit forex broker can offer a 10-pip quote. These smaller price changes are much easier to calculate with a 4-digit quote. However, you should still know that the spread for these types of brokers is 0.00001 EUR. If you are using a 5-digit broker, the spread will be EUR 0.00001 or one pip. This difference is significant, as a change of one pip can mean a substantial amount of profit.
A good broker will have a regulator that can help you settle disputes that arise in the trading market. An example of this would be an e-mail system or a phone support service. A 4 digit forex broker will have a lot of options for dealing with such situations, so you should be able to find a broker that meets your needs. Once you find a broker that has a good regulatory body, it's time to start trading with that broker.
If you're a new investor, you may want to stick with a 4 digit broker. They have the higher liquidity and are more flexible in trading. But if you're looking for more precision, consider using a 5 digit broker. Its volume lot is not as high, but you'll be able to make more money. However, you'll need to choose a broker with a good reputation and plenty of experience.
A 5-digit forex broker will offer you a wider range of instruments and trading conditions. While the foreign exchange market has no laws, the same principles apply. For example, five pips on a 4-digit broker will show as 50 pips on a 5-digit broker platform. However, a 5-digit price quote may show up as any fraction from 0 to nine. Hence, the price of a currency pair may move up from 1.45623 to 1.45674 if you trade 50 pips on a 5-digit broker platform.
As a rule of thumb, a 4 digit forex broker should offer you high liquidity and low commissions. These brokers will give you access to the largest selection of currency pairs and spreads in the financial markets. The price quotations can be as accurate as one pip and are a great source of information for savvy traders. In addition to these benefits, you'll find the best promotional offers for the financial markets on the website of forex geek.
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