5 Digits Forex Brokers

 

All Forex brokers has 4 digits quotes, however, recently a lot brokers are starting to offer 5 digits quotes because they believe that 5 digits quotes offer more details and information for traders. The last digit is use for signifying a partial of a pip.

Here's pros and cons of 5 digits Forex Brokers:

 

Pros:

-5 Digits quote is obviously more accurate. You are able to play with half a pip or a partial amount of a pip. This allows scalpers to trade with more choices and freedom.

-Traders enjoy a tighter spread. For example, a typical spread is 2 pips, with 5 digits Forex brokers, you are able to get a tighter spread at around 1.8. It might seem not much, but when your trades are big enough to accumulate a large sums, this could really count into some amount. So the tighter spread, the better.

 

Cons:

-Traders who have familiar with 4 digits quote may find 5 digits price quote a bit confusing.

-If you are using an Expert Advisers, you will have to code your EA again so that it fits into the 5 digits quote system. It'll be a big trouble if you don't know much about programming.

 

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Rating:5 (1 vote cast)

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  • Founded on: 2011
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  • Founded on: 2005
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  • Website Address: www.everestmarkets.com
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