Best Forex Brokers with MetaTrader 4 (MT4) in 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best MT4 brokers based on our analysis:
- 1
IC Markets - Best Forex broker with MT4 - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses. - 3
AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 4
- 5
Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 6
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 7
CMC Markets - Low trading fees. Wide range of markets and products. Access to the popular MetaTrader 4 and CMC Markets platforms. - 8
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 9
- 10
ActivTrades - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides.
MT4 is a platform that offers traders extensive capabilities for market analysis, trading strategy automation, and executing trades in the international currency market.
Top 10 Forex Brokers for MetaTrader 4
This rating will assist traders in selecting the most suitable broker for their investment needs. Different Forex brokers with MT4 offer varying trading conditions, and the complete list will help you compare them and choose the most appropriate one.
1. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading assets.
Cons
- Lack of diversity in types of trading accounts.
- Withdrawals are only available via bank transfer, which can prolong the process for an extended period.
3. AvaTrade
AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.
Pros and Cons of AvaTrade
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
4. Vantage
Vantage broker offers various trading instruments and platforms, making it attractive for multiple traders. The availability of extensive analytical tools and educational materials can benefit novice traders looking to deepen their knowledge.
Vantage could be a good choice for intermediate and advanced traders seeking a variety of trading instruments and platforms.
Pros and Cons of Vantage
Pros
- Wide range of trading assets.
- Diversity of trading platforms.
- Free VPS.
- Extensive analytical tools.
Cons
- There are complaints about the quality of technical support in the reviews.
5. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
6. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
7. CMC Markets
CMC Markets has been a reliable CFD and Forex broker in the business for a long time. Top-tier financial authorities regulate the company, offers an excellent trading platform, and has low commission fees.
We believe it is an excellent choice for beginners and experienced traders. CMC Markets is a good option if you are seeking a trustworthy broker with extensive experience.
Pros and Cons of CMC Markets
Pros
- Low trading fees.
- Wide range of markets and products.
- Access to the popular MetaTrader 4 and CMC Markets platforms.
- Extensive analytical materials.
- Comprehensive educational materials.
Cons
- Limited account options.
- Inactivity fee.
- No online chat.
8. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Pros and Cons of AMarkets
Pros
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
9. Admirals
The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
10. ActivTrades
ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5 and TradingView platforms.
However, for traders with more specific requirements, such as a variety of trading accounts or individual conditions for professional traders, ActivTrades may be less attractive.
Pros and Cons of ActivTrades
Pros
- Wide range of trading assets.
- A wide variety of trading platforms.
- Extensive training materials including webinars, videos, articles and guides.
- Professional Support Team.
Cons
- Lack of diversity in trading accounts.
How to Choose the Best Forex Broker for MT4?
Selecting the best broker can be challenging. Therefore, we provide a list of criteria to consider when making your choice:
- Broker's Reputation. Research the company's reputation and read reviews and ratings from other investors.
- Regulation. Ensure the broker is licensed and regulated by appropriate authorities to secure your investments.
- Trading Conditions. Assess the trading conditions, including account types, commissions, spreads, minimum deposits, etc.
- Tools and Resources. Ensure the broker provides sufficient trading tools and resources, including access to various markets and analytical tools.
- Customer Support. Evaluate the quality of the broker's customer support, including availability, communication methods, and the competence of support staff.
- MT4 Compatibility. Ensure the broker operates with the MetaTrader 4 platform and provides stable market access through this trading terminal.
Considering these criteria, you can select a reliable MT4 Forex broker that meets your needs and helps you succeed in trading.
Who is the MetaTrader 4 Trading Platform Suitable For?
The MT4 trading platform suits various traders, both beginners and experienced.
For beginners, MetaTrader 4 offers extensive opportunities for learning and trading practice, including access to demo accounts, free educational materials, and analysis tools.
Experienced traders will find MetaTrader 4 a robust platform with numerous features for automating trading strategies, using technical analysis, and managing risks.
MT4 is also ideal for speculators who wish to trade in the international currency market and have access to various instruments such as currency pairs, indices, stocks, and commodities.
MetaTrader 4 remains one of the most popular trading platforms and can be used by different types of traders with varying levels of experience and trading goals in the Forex market.
Features of Trading on MT4
Trading on the MetaTrader 4 platform offers numerous features that make it convenient and practical. Here are some of these features:
- Wide Range of Products. MT4 provides access to various markets and instruments, including currency pairs, indices, stocks, and commodities.
- Technical Analysis. MetaTrader 4 includes many technical analysis tools, such as charts, indicators, and strategy automation tools.
- Automated Trading Strategies. With the MQL4 programming language, you can create trading robots and indicators that automatically execute trading operations.
- Reliability. MetaTrader 4 is known for its reliability, offering rapid trade execution and high protection against fraud.
- Mobile Trading. MetaTrader 4 Mobile apps for Android and iOS allow traders to trade from anywhere, anytime.
- Social Trading. The terminal supports social trading, which enables users to share experiences and copy successful trades of other traders.
Trading on MetaTrader 4 is efficient and convenient due to its wide range of tools and capabilities for technical analysis, system automation, and mobile trading.
Comparison of MT4 and MT5
MetaTrader 4 and MetaTrader 5 are trading platforms developed by MetaQuotes Software. Here's a comparison table between them:
| Feature | MT4 | MT5 |
|---|---|---|
| Release Year | 2005 | 2010 |
| Market Type | Forex, CFD, Futures | Forex, CFD, Futures, Stocks, Bonds, Options |
| Pending Orders | 4 types (Buy Stop, Buy Limit, Sell Stop, Sell Limit) | 6 types (Buy Stop, Buy Limit, Sell Stop, Sell Limit, Buy Stop Limit, Sell Stop Limit) |
| Economic Calendar | No | Yes |
| Graphic Objects | 31 | 44 |
| Technical Indicators | 30 | 38 |
| Timeframes | 9 (M1, M5, M15, M30, H1, H4, D1, W1, MN) | 21 (M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30, H1, H2, H3, H4, H6, H8, H12, D1, W1, MN) |
| Programming Language | MQL4 | MQL5 |
| Developer Community | Smaller | Larger |
| Copy Trading System | No (requires third-party software) | Yes (built-in) |
| App Store | No | Yes |
| Hedging Mode | Yes | Yes (depends on the broker) |
Depending on your trading needs and preferences, you can choose one of these platforms. MT4 is a more straightforward and popular platform, while MT5 offers an extended set of features and more capabilities for technical analysis.
Also, check our lists of best Forex brokers with MetaTrader 5 and the best cTrader brokers.
Advantages and Disadvantages of MetaTrader 4
Advantages of MT4
- User-Friendly Interface: MT4 has a simple and intuitive interface that is easily accessible even for beginners.
- Reliability and Stability: Known for its stability and reliability during trading, making it attractive for professionals.
- Customizability: The platform allows users to customize charts, indicators, and other tools according to their preferences and strategies.
- Wide Range of Technical Indicators: Offers 30 indicators, assisting traders in market analysis and informed trading decisions.
- Support for Trading Advisors: Supports automated trading systems based on algorithms, capable of executing trades without direct trader involvement.
- MQL4 Programming Language: MT4 uses MQL4, enabling developers to create custom indicators, scripts, and trading robots.
- Broad Broker Support: Most brokers offer access to the MT4 trading platform, providing convenience in choice and switching between brokers.
- Hedging Mode: Allows opening multiple orders for the same instrument, offering risk hedging opportunities.
- Free Demo Version: Offers a free demo account for strategy testing and familiarization with the MT4 platform's functionalities without the risk of real money loss.
- Mobile Version: Available for iOS and Android devices, enabling on-the-go market monitoring and trade management.
Disadvantages of MT4
- Limited Timeframes: Only offers 9 timeframes (M1, M5, M15, M30, H1, H4, D1, W1, MN), which may be insufficient for users preferring more detailed market analysis.
- Limited Market Instruments: Primarily focused on Forex, CFD, and futures trading, while platforms like MT5 offer stocks, bonds, and options.
- No Built-in Economic Calendar: Lacks an integrated economic calendar, requiring traders to seek this information elsewhere.
- Limited Fundamental Analysis Tools: Concentrated on technical analysis, offering few tools for fundamental analysis.
- Outdated Programming Language: Uses MQL4, which is less powerful and functional than MQL5 used in MT5.
- No Built-in Copy Trading System: Lacks a built-in feature to copy other traders' deals, a drawback for those interested in social trading.
- Slower Development and Support: With MetaQuotes Software focusing more on MT5, updates and new features for MT4 are less frequent.
- No Integrated App Store: Requires users to seek additional indicators and trading robots from external sources due to the absence of an in-built app store.
- Limited Strategy Testing Features: The built-in strategy tester in MT4 has fewer features and capabilities than MT5's tester.
- No Market Depth Support: This does not provide market depth (DOM) information, a drawback for investors using this tool in trading.
- Limited Functionality on Mac and Linux: While MT4 is available for Mac and Linux, its functionality on these platforms may be limited compared to the Windows version.
MetaTrader 4 remains a popular trading platform among many traders, especially those focused on currency and CFD trading. However, considering some of its limitations, alternative platforms like MetaTrader 5 should be regarded as if you are looking for more modern and functional solutions for your trading.
How the MetaTrader 4 Brokers List Was Compiled
The list of the top Forex brokers using the MetaTrader 4 platform was compiled based on the following criteria:
- The ranking of brokers was performed considering our Forex broker list, which considers multiple factors, including reliability, trading conditions, and customer service.
- Brokers included in the list have received high ratings based on our specialized methodology, which consists of an analysis of their financial stability, trading offerings, and the quality of customer service.
- An important factor is the availability of the MetaTrader 4 platform with the broker, known for its advanced features and extensive trading capabilities.
These criteria ensure that the brokers in our list not only offer access to the advanced trading platform MetaTrader 4 but are also reliable and preferred options for traders seeking effective Forex trading.
Conclusion
MetaTrader 4 remains one of the most popular trading platforms among Forex traders in 2024, owing to its simplicity, reliability, and numerous technical analysis tools. Choosing the best Forex brokers that provide access to the MT4 platform is crucial for successful trading in the currency market.
When selecting a broker with MT4 support, consider factors such as regulation, account types, trading conditions, available instruments, customer service quality, and opportunities for learning and development.
Also, be mindful of the potential drawbacks of MT4 and consider alternative platforms like MetaTrader 5 if you are seeking more modern and functional solutions.
It's important to remember that success in Forex trading largely depends on your choice of broker and trading platform and your strategy, knowledge, and skills. Continuously educate yourself, analyze the market, and refine your trading strategies to succeed in the currency market. Best of luck in the financial markets!
FAQ
Which broker is best for MT4?
The best brokers offering the MetaTrader 4 (MT4) platform are known for their reliability, low spreads, fast execution, and excellent customer service. Some of the top brokers for MT4 include:
- IC Markets: Known for its competitive spreads and high execution speed.
- Pepperstone: Offers low commissions, reliable execution, and strong customer support.
- RoboForex: Provides various account types and good trading conditions.
- XM: Known for its educational resources and low minimum deposit requirements.
- Admirals (formerly Admiral Markets): Offers a wide range of instruments and high liquidity.
Is MT4 good for forex?
Yes, MetaTrader 4 (MT4) is excellent for forex trading. The platform is widely used by traders globally due to its simplicity, reliability, and extensive features. MT4 offers:
- A comprehensive set of technical indicators and analytical tools.
- Support for algorithmic trading through the built-in MQL4 programming language.
- Compatibility with expert advisors (EAs) and custom indicators.
- User-friendly interface and customizable features.
Do professionals use MT4?
Yes, many professional traders continue to use MetaTrader 4 (MT4) due to its reliability, ease of use, and extensive capabilities for technical analysis and algorithmic trading. Despite the introduction of MetaTrader 5 (MT5), MT4 remains popular among professionals because of its proven functionality and widespread broker support.
Do I need a broker for MT4?
Yes, you need a broker to trade on the MetaTrader 4 (MT4) platform. A broker provides access to financial markets, allowing you to execute trades based on current market quotes. The broker also ensures order execution, provides leverage, and offers other essential services for successful trading.
Can I withdraw money from MT4 without a broker?
No, you cannot withdraw money directly from the MT4 platform without a broker. The MT4 platform is used for trading and analysis, but all financial transactions, including deposits and withdrawals, are managed through your broker's account management system. To withdraw funds, you need to log into your account on your broker's website and follow their withdrawal process.
Why do people still use MT4?
People still use MT4 for several reasons:
- Reliability: MT4 has been a stable and reliable platform for many years.
- Simplicity: The platform is easy to use, making it suitable for both beginners and experienced traders.
- Wide Broker Support: Many brokers continue to offer MT4, ensuring broad access for traders.
- Extensive Resources: There is a vast array of indicators, expert advisors (EAs), and custom scripts available for MT4.
- Community Support: A large user base and numerous online resources provide strong community support.
What is the minimum deposit for MT4?
The minimum deposit for trading on the MetaTrader 4 (MT4) platform depends on the specific broker's terms. Some brokers allow you to start trading with very low deposits, such as:
- IC Markets: Minimum deposit $200.
- RoboForex: Minimum deposit $10.
- Pepperstone: Minimum deposit $1.
- AvaTrade: Minimum deposit $100.
It is important to check the minimum deposit requirements with your chosen broker, as they can vary depending on the account type and trading conditions.
