Forex Brokers with MetaTrader 4 (MT4)

Richard Montana | November 9, 2022

I have been using the MetaTrader 4 (MT4) platform for over 15 years. It was the first forex platform that I installed and have never felt the need to switch to anything else, even the newer and more advanced MT5 platform. I can do all of my manual and automated trading in the MT4 platform without any hassle and have developed plenty of my own MT4 trading tools over the years which I still use to this day. If you are an existing user or thinking of getting started with the MT4 platform, this handy MT4 guide can help you understand more about the platform and what it can do for you.

What is MetaTrader 4 (MT4)?

MetaTrader 4, commonly referred to as MT4, is one of the most popular forex trading platforms and is used by millions of forex traders all over the globe. You will find that it is the go-to trading platform and app for the majority of forex brokers, all of whom provide it to clients free of charge. You simply pay the broker a spread and sometimes commission fee for trading on the MT4 platform.

MT4 was developed by MetaQuotes Software and released in 2005. They are a leading provider of industrial software products for financial markets. Since then, the MT5 platform has been released but still many forex traders prefer the MT4 platform, myself included.

This may be because it was the first platform that I became accustomed to using but it is capable of doing everything that I need it to and much more. I have noticed more and more brokers are switching over to MT5, which may be inevitable with the limited support MetaQuotes provide to MT4 nowadays.

If you want to analyse charts for trading signals to buy and sell currency pairs, then MT4 is the ideal platform. It is user-friendly and packed with trading tools for analysing the markets and making informed trading decisions. You can use it to trade manually and run automated forex strategies known as expert advisors, or EA’s for short.

No matter what idea you have for a forex strategy, chances are that you can bring it to life in the MT4 platform. If that is not by using the built-in indicators, you can develop your own using the MQL programming interface that is available within the MetaTrader 4 platform. Alternatively, you could always hire a freelancer to code it for you.

That’s without even mentioning the MQL market place that is loaded with thousands of free and paid trading tools including indicators, forex signals, forex robots, custom scripts and more. The possibilities with the platform are almost endless.

Key MT4 features

  • Intuitive interface
  • 9 chart timeframes
  • 3 chart types
  • 30+ built-in indicators
  • Drawing tools and graphical objects
  • Instant, pending and limit orders
  • Manual and automated trading via EA’s
  • Strategy tester to back test forex robots (EA’s)
  • Create, save and load trading strategy templates
  • Thousands of free and paid add-ons
  • Trade on desktop, web and mobile devices
MetaTrader 4 (MT4) Platform

MetaTrader 4 (MT4) Platform

What is an MT4 forex broker?

An MT4 forex broker provides you with the MT4 platform so that you can analyse all of your favourite currency pairs and other financial instruments for trading signals. You need to pay them the difference between the bid and ask price (spread) and sometimes a small commission fee for placing a trade. However, this is a small price to pay when you consider trading forex online would not be possible without a broker to send the order through to the market.

Do I need a forex broker for MetaTrader 4 (MT4)?

Yes, you cannot trade forex in a live environment on the MT4 platform without an MT4 forex broker. Thankfully, a large majority of forex brokers have made MT4 the platform of choice. I think this is good because it is a very easy to use platform that has more than enough features and functionalities to meet the needs of even the most demanding of forex traders.

Another good thing about there being plenty of MetaTrader 4 forex brokers is that you do not need to learn how to use a new platform whenever you switch brokers. It could be frustrating having to start from scratch if your broker was to go out of business or if you just found better conditions elsewhere. Once you know how to use the MT4 platform, you have hundreds of brokers to choose from.

It is worth mentioning that you can get a free forex demo account in the MetaTrader 4 platform without needing to go through a broker. Whilst this is limited to demo trading using virtual funds, it can be a great way to familiarise yourself with the MT4 platform and see if it is for you before making a commitment to a forex broker.

How do I open an MT4 account with a forex broker?

It is a really straightforward process that shouldn’t take more than a few minutes to complete. You just need to choose a forex broker and completer a short application form. If you are applying for a demo account then you should get your details immediately. Some brokers also provide instant live accounts but you might need to wait for confirmation. You can then download the MT4 desktop platform, trading app or login to the MT4 WebTrader using your account details provided by the broker.

Who is the best forex broker for MetaTrader 4?

There are lots of good forex brokers with the MT4 platform. You will find regulated brokers and offshore forex brokers. You can find brokers whose main focus is forex and those who will provide thousands of other trading instruments. Then you have copy trading forex brokers where you can copy the traders of others. Other important things to consider include account types, spreads, commission, type of broker, funding options and more. Please see a selection of our best MT4 forex brokers in the table below if you are looking for some inspiration.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.
AvaTrade Review

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.
IG Review

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.
Pepperstone Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.
IC Markets Review

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.
XM Group Review

ASIC, CySEC, DFSA, IFSC

$5

2009

1:888

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
6.
City Index Review

ASIC, FCA, MAS

$100

1983

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
7.
BlackBull Markets Review

FMA, FSPR

$200

2014

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
8.
Eightcap Review

ASIC, VFSC

$100

2009

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
9.
FP Markets Review

ASIC, CySEC, SVGFSA

$100

2005

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
10.
FXTM Review

CySEC, FCA, FSC, FSCA

$10

2011

1:300

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Conclusion: what MetaTrader 4 forex broker should I use?

It sounds obvious, but you should use an MT4 forex broker that provides everything that you need. With so many forex brokers providing the MetaTrader 4 platform free of charge, there is no reason why you should feel pressurised into opening an account with any particular broker. Take your time to browse around and look for a broker that ticks all of the boxes for you.

You can instantly rule out brokers with minimum deposits that are above what you can afford. Then you can further narrow your search according to payment options depending on how you plan to fund your account. If security is important to you, then you might want to avoid brokers who are not regulated in your location. All of these factors and others, should leave you with a good selection of the best MT4 forex brokers for you.

If you want to learn more, you can check out our MetaTrader Guide and Best MetaTrader Brokers to help you along the way.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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