Best Forex Brokers with MetaTrader 4 (MT4) in 2024
Today, Forex brokers with MetaTrader 4 (MT4) remain some of the most popular in the market. MT4 is a platform that offers traders extensive capabilities for market analysis, trading strategy automation, and executing trades in the international currency market. In this article, we will explore the list of the best MT4 brokers for 2024 who provide reliable services and advanced tools for successful Forex trading.
Top 10 Forex Brokers with 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.
Advantages of IC Markets
- Regulation. IC Markets is regulated by two serious financial regulators, ASIC and CySEC, which guarantees client funds protection and trading conditions fairness.
- A wide range of trading instruments. IC Markets clients can trade various assets, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
- Low spreads. IC Markets offers some of the lowest spreads on the market, making trading more accessible and cost-effective.
- MetaTrader, cTrader, and TradingView platforms. These platforms are widely recognized for their advanced trading features and analysis tools.
- Educational materials. The broker offers high-quality training materials suitable for beginners and experienced traders.
- Efficient customer support service. IC Markets clients note the high level of customer support service, which responds quickly and professionally to problems and questions.
Disadvantages of IC Markets
- High minimum deposit. The entry threshold for opening a trading account with IC Markets is relatively high and may be inconvenient for novice traders or those who do not want to invest large sums at once.
- A limited number of withdrawal options. The options for withdrawing funds from IC Markets are limited, which may cause inconvenience, especially for clients who prefer specific payment systems.
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.
Advantages of Pepperstone
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading instruments, including over 600 CFDs on stocks.
Disadvantages of Pepperstone
- 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.
Advantages of AvaTrade
- A wide selection of financial instruments. AvaTrade offers more than 60 currency pairs and CFDs on stocks, indices, commodities, cryptocurrencies, and other assets.
- Innovative trading platforms. AvaTradeGO, MetaTrader 4 and 5, and WebTrader provide convenience and functionality for trading.
- Educational resources. Access to an education center with video tutorials, articles, and other materials helps traders improve their skills and knowledge.
Disadvantages of AvaTrade
- Limited account options. The absence of market execution of orders, cent accounts, and fixed spread accounts may limit options for traders.
- Fees. Costs for account inactivity and maintenance may impact trading profitability.
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.
Advantages of Vantage
- Wide range of trading instruments. Many available markets and products include currency pairs, indices, and metals.
- Diversity of trading platforms. Availability of various platforms, including mobile app, MetaTrader 4, MetaTrader 5, ProTrader, and TradingView.
- Free VPS. Provision of free VPS of severe traders.
- Extensive analytical tools. Various market analysis tools are available, including correlation matrices, trading signals, etc.
- Educational materials. Availability of webinars, articles, and other educational resources.
Disadvantages of Vantage
- Variable quality of technical support. Some clients complain about low efficiency and speed of service.
- Absence of cryptocurrencies. Cryptocurrencies are missing from the trading instruments.
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.
Advantages of Roboforex
- A variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
- Over 12,000 trading instruments, including currency pairs, stocks, indices, ETFs, commodities, metals, and cryptocurrencies.
- Different types of accounts for traders of all experience levels, including accounts with ECN and STP access.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and commissions, as well as the ability to trade with high leverage.
Disadvantages of Roboforex
- 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.
Advantages of FxPro
- Various trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, provide flexibility and convenience in trading.
- A diverse range of available markets and products, including currency pairs, CFDs on indices, stocks, commodities, futures, and cryptocurrencies.
- Analytical tools, including signals from Trading Central and Autochartist functionality.
- Extensive educational materials, including free courses, articles, videos, and webinars, contribute to the development of traders.
Disadvantages of FxPro
- An inactivity fee is charged after six months of no position opening or closing.
- Average trading commissions. FxPro does not have the tightest spreads in the market and not the most minuscule trading commission per transaction.
- Absence of cent accounts and services for copying trades of successful traders.
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.
Advantages of CMC Markets
- Regulation. CMC Markets is regulated by leading financial authorities, including the UK FCA, ensuring the security of client funds.
- Low trading fees. The broker offers competitive spreads and swaps and does not charge fees for deposits or withdrawals.
- Wide range of markets and products. CMC Markets provides access to various trading instruments, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
- Trading platforms. Access to the popular MetaTrader 4 and CMC Markets platforms, which offer flexible settings and an intuitive interface.
- Analytics. The broker offers extensive analytical materials, including news from Reuters, an economic calendar, and technical analysis.
- Education. CMC Markets offers comprehensive educational materials, including webinars, seminars, and courses.
Disadvantages of CMC Markets
- Limited account options. The broker offers a limited number of account types, which may not meet the needs of all traders.
- Inactivity fee. The broker charges a monthly fee if an account remains inactive for 12 months.
- No online chat. While support is available 24/5, the lack of an online chat option may hinder instant communication with support.
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.
Advantages of AMarkets
- A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Disadvantages of AMarkets
- Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
- The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
- 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.
Advantages of Admirals
- Regulation. Admirals is regulated by several leading financial authorities, including the FCA in the UK and CySEC in Cyprus, ensuring high reliability and security.
- Trading Fees. Trading commissions are set at a competitive level, making trading with Admirals cost-effective.
- Wide Range of Payment Methods. Clients can deposit and withdraw funds using various convenient payment methods, including bank transfers, credit/debit cards, and electronic wallets.
- Analytics. Admirals offers extensive analytical resources, including an economic calendar, trading news, weekly podcasts, and technical and fundamental analyses.
- Education. The broker provides a rich collection of educational materials, including webinars, articles, guides, and e-books.
Disadvantages of Admirals
- Inactivity fee. Admirals charges a fee if an account remains inactive for a certain period, which may be undesirable for some investors.
- Support. Although the support service provides multiple communication channels and quick responses, some users sometimes complain about its intrusiveness and note unprofessionalism. Additionally, information about the support service's working hours is missing from the Admirals website.
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.
Advantages of ActivTrades
- Regulation. ActivTrades is a regulated broker with licenses from leading financial regulators such as the FCA and CySEC. This provides broker's clients with protection and reliability.
- Wide range of instruments. ActivTrades offers access to a wide spectrum of trading instruments, including currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies, allowing traders to diversify their trading.
- Trading Platforms. ActivTrades offers popular trading platforms MetaTrader 4, MetaTrader 5, TradingView and its own ActivTrader platform. These platforms provide traders with various features, indicators, and tools for analysis.
- Educational materials. The broker provides an extensive set of educational materials, including webinars, videos, articles, and guides, which helps traders of different experience levels to improve their trading skills.
- Professional Support Team. ActivTrades' support service stands out for its high level of professionalism, ensuring effective and knowledgeable communication with clients, thus enhancing the overall trading experience.
Disadvantages of ActivTrades
- Lack of diversity in trading accounts. ActivTrades offers a limited number of types of trading accounts, which may not meet the needs of all traders, especially those looking for more flexible trading conditions or special offers for different levels of experience and trading volumes.
How the List of Top Forex Brokers with MetaTrader 4 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.
How to Choose a Forex Broker with 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.
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!
