MetaTrader 4 Forex Brokers

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: November 22, 2024

‹
• Jump to:
• Forex Brokers with MT4 Trading Platform
• Compared By Leverage and Commission per Lot
• MetaTrader 4 Forex Brokers by Spread
• Development Team Behind the Creation of MetaTrader 4
• Interface of the MT4 Platform
• Order Execution and Order Types on the MT4 Platform
• Algorithmic Trading with MT4
• Specific Features of MT4
• MT4 Supported Devices
›

MetaTrader 4, or MT4 for short, is one of the most popular trading platforms in the forex trading community. It was developed in 2005 and is currently one of the most widely adopted trading platforms by the majority of forex brokers. Even though it was designed mainly for the purpose of enabling forex trading, MT4 also facilitates trading with different assets, including CFDs on commodities, metals, cryptocurrencies, and more markets allowing CFD trading.

1. 

   Fusion Markets

   Rating: 4.9

   74-89% of retail CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   Pepperstone

   Rating: 4.7

   75.5% of retail investor accounts lose money

4. 

   IC Markets

   Rating: 4.6

   70.64% of retail investor accounts lose money

5. 

   AvaTrade

   Rating: 4.5

   76% of retail investor accounts lose money

6. 

   Global Prime

   Rating: 4.4

   74-89% of retail CFD accounts lose money

7. 

   Axi

   Rating: 4.0

   The vast majority of retail client accounts lose money

8. 

   IG

   Rating: 3.6

   70% of retail client accounts lose money

9. 

   Vantage FX

   Rating: 3.3

10. 

    XM Group

    Rating: 2.2

    72.82% of retail investor accounts lose money

Forex Brokers with MT4 Trading Platform

1. TRADE NOW READ REVIEW
   Fusion Markets

   Min Deposit

   $0

   Trading Instruments

   Forex, Commodities, Indices, Crypto, US Stocks

   Regulators

   ASIC, FSA (Seychelles), VFSC (Vanuatu)

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade

   Spread

   0.9 pips Classic; 0.0 pips Zero

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

   74-89% of retail CFD accounts lose money

   MT4 platform available to download on desktop and mobile devices that run on Windows, Mac, Android, or iOS. WebTrader for MT4 is also available for in-browser trading. One-click trading, charts, EAs, and multiple analytical tools are a few of the supported features.

2. TRADE NOW READ REVIEW
   FP Markets

   Min Deposit

   $50 (AU$100)

   Trading Instruments

   Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs

   Regulators

   ASIC, CySEC, FSA (Seychelles), FSCA

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, IRESS

   Spread

   1.0 pips Standard; 0.0 pips Raw

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

   73.85% of retail investor accounts lose money

   MT4 traders can open both Standard and Raw accounts with FP Markets. The platform is available for desktop, mobile, and in-browser trading. Offers access to MetaTrader market and MQL4 community. Provides low latency trade execution under 40 milliseconds.

3. TRADE NOW READ REVIEW
   IG

   Min Deposit

   $50

   Trading Instruments

   CFDs on Indices, Forex, Shares, Crypto, Futures, Commodities, Options, Interest Rates, Sectors, Bonds, Knock-out trading

   Regulators

   ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)

   Trading Platforms

   MT4, L2 Dealer, ProRealTime, IG proprietary software

   Spread

   0.6 pips CFD trading; 0.165 pips DMA trading

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal

   Withdrawal Methods

   Visa, Visa Electron, Mastercard, Discover, Bank Transfer

   70% of retail client accounts lose money

   While some platforms are not available in some jurisdictions, all IG entities support MT4. The platform allows both CFD trading and Spread betting (available only to Irish traders). The MT4 app enables easy trading on the go.

4. TRADE NOW READ REVIEW
   Pepperstone

   Min Deposit

   $0

   Trading Instruments

   Forex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFs

   Regulators

   UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA

   Trading Platforms

   TradingView, MT5, MT4, cTrader

   Spread

   From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, PayPal, Bank Transfer

   Withdrawal Methods

   Visa, Mastercard, PayPal, Bank Transfer

   75.5% of retail investor accounts lose money

   MT4 is one of the various supported trading platforms at Pepperstone. Traders can install the platform on their PC, smartphone, or tablet. MT4 offers access to 28 indicators and EAs. Built-in Autochartist allows spotting high-probability trades.

5. TRADE NOW READ REVIEW
   Global Prime

   Min Deposit

   $0

   Trading Instruments

   Forex, Cryptocurrencies, Indices, Commodities, Bonds

   Regulators

   ASIC (No. 385620), VFSC (No. 40256)

   Trading Platforms

   MT4 Desktop, MT4 Webtrader, MT4 Android

   Spread

   0.9 pips Standard, 0.0 pips Raw

   Leverage

   1:500

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto

   Withdrawal Methods

   Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

   74-89% of retail CFD accounts lose money

   Currently MT4 is the only supported trading platform at Global Prime. PC users can install MT4 on their Windows or MAC devices or opt for in-browser trading via WebTrader for MT4. Mobile trading is available via MT4 Android and iOS app.

6. TRADE NOW READ REVIEW
   AvaTrade

   Min Deposit

   $100

   Trading Instruments

   Forex, Major stock indices, Cryptocurrencies, Commodities, Bonds, Individual Shares, ETFs

   Regulators

   FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial

   Spread

   From 0.9 pips (retail), 0.6 pips (pro)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire

   Withdrawal Methods

   Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire

   76% of retail investor accounts lose money

   MT4 is a platform compatible with different devices, including Android and iOS smartphones and tablets. MT4 users have access to AvaTrade’s Guardian trading support system. MT4 provides thousands of indicators, 10 timeframes, and numerous chart views.

7. TRADE NOW READ REVIEW
   XM Group

   Min Deposit

   $5

   Trading Instruments

   Forex, Stocks, Indices, Commodities, Thematic Indices

   Regulators

   FCA (ref. no. 705428), (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), MiFID, CFTC

   Trading Platforms

   MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal

   Spread

   From 0.0 pips (Zero Account), 0.6 pips (Standard and Micro Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro

   Withdrawal Methods

   Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer

   72.82% of retail investor accounts lose money

   Provides installation links for MT4 desktop and mobile apps. Web MT4 version is also available. MQL4 language can be utilized for EA development and debugging. MT4 Multiterminal is also available to XM clients.

8. TRADE NOW READ REVIEW
   Axi

   Min Deposit

   $0

   Trading Instruments

   Forex, Stocks, IPOs, Indices, Commodities, Cryptocurrencies

   Regulators

   ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines)

   Trading Platforms

   MT4 Desktop, MT4 WebTrader, Axi Mobile

   Spread

   From 0.0 pips (Elite and Pro Accounts), 0.9 pips (Standard Account)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar

   Withdrawal Methods

   Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar

   The vast majority of retail client accounts lose money

   Broker fully relying on MT4 to provide trading services to its customers. MT4 available on desktop and mobile devices. Web version is also available for in-browser instant trading. Exclusive Axi tools available on the MT4 platform.

9. TRADE NOW READ REVIEW
   Vantage FX

   Min Deposit

   $50

   Trading Instruments

   Forex, Indices, Commodities, Shares CFD, ETFs, Bonds

   Regulators

   FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491)

   Trading Platforms

   MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading

   Spread

   1.1 pips on Standard Account; 0.0 pips on Raw, Cent, and Pro Accounts

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto

   Withdrawal Methods

   Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto

   Downloadable MT4 version available to Windows, Mac, and Linux users. Advanced charts and EAs available to MT4 users. Risk-management tools as well as multiple add-ons available to Vaantage clients trading on MT4.

10. TRADE NOW READ REVIEW
    IC Markets

    Min Deposit

    $200

    Trading Instruments

    CFDs on Forex, Commodities, Index, Bond, Cryptocurrencies, Stock, Futures

    Regulators

    FSA (Seychelles), CySEC, ASIC

    Trading Platforms

    MetaTrader4, MetaTrader5, cTrader, ZuluTrade

    Spread

    0.8 pips Standard, 0.0 pips Raw Accounts

    Leverage

    1:30

    Deposit Methods

    Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna

    Withdrawal Methods

    Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna

    70.64% of retail investor accounts lose money

    Provides smooth trading on MT4, available on web browsers, desktop devices, smartphones, and tablets. Offers market pricing on MT4 by providing Raw Pricing Connectivity. Tools like Multiterminal, Autochartist, and Trading Central are available to MT4 users.

Forex Brokers with MetaTrader 4 Compared By Leverage and Commission per Lot

MetaTrader 4 Forex Brokers by Spread

Development Team Behind the Creation of MetaTrader 4

MetaQuotes Software is the company responsible for the development of MT4, which was launched in 2005. This software is widely adopted by regulated brokers who offer forex trading services to their customers. The platform consists of a server and client portal, with brokers operating the server, while traders utilize the client counterpart to see live price changes of symbols covered by the broker.

The client component is a Microsoft Windows-based application, which gained popularity among traders mainly due to its functionality enabling the development of scripts and robots, which can be used for automated trading.

MT4 is not the first product developed by MetaQuotes, as the company released FX Charts in 2000. The product was widely appreciated as it enabled easy market operations and analysis of forex pair quotes. As FX Charts managed to surpass the success of its competitors due to its fair pricing model and advanced trading features, MetaQuotes focused on the improvement of its products, launching its MetaQuotes platform that featured the new MetaQuotes Language (MQL). With the introduction of a new programming language, traders were allowed to use automated robots for their trades, making platforms developed by the company extremely popular among both novices and advanced traders.

Interface of the MT4 Platform

One of the most distinctive features of MT4 is its user-friendly interface that allows smooth trading for both inexperienced traders and professionals. If you have created your account with an MT4 forex broker, you will be able to sign into your trading profile using the same credentials when you load the MT4 software on your device.

Once you sign in, the heading part of the software’s window will display the number of your account and the timeframe of the active chart window. The main Menu bar of the window will display all the commands and functions available on the platform. Traders will notice four main toolbars built into the MT4 interface. These include “Standard”, “Charts”, “Line Studies”, and “Timeframes”.

Tradable symbols can be viewed in the Market Watch window, with each symbol having a Bid and Ask price, representing the quotes provided by the broker or its liquidity providers. You can also get access to charts that provide information on the depth of the market of a specific tradable instrument. While the data window does not allow you to perform any actions, it will provide information about prices, indicators, and any expert advisors (EAs) that have been applied.

In the Navigator section, you will discover the platform’s accounts, indicators, EAs, custom indicators, and scripts. The Terminal is one of the key elements of the MT4 platform as it combines multiple functionalities, enabling opening and closing of orders as well as modifying various trades.

For those who wish to utilize EAs for their orders, the Tester section will provide more details on the parameters of the EA, allowing you to modify any of them, test the robot’s functionality, and view different reports on the performance of the EA. As for the data analysis part of your trading, you will be able to utilize the platform’s tick charts, which display price movements, technical and customized indicators, line studies, and various geometrical figures.

Order Execution and Order Types on the MT4 Platform

Traders utilizing the MT4 platform can choose from several order types they can execute whenever they trade assets available on the trading software. Below, we will cover every type of order supported by MT4 and its specifications to help you make informed decisions the next time you assess the best way to manage your trades.

Instant Order vs. Pending Order

Once you have selected an instrument to trade you can choose to execute the order instantly (place a market order) or opt for a pending order. In the first scenario, you agree to either buy or sell the asset at its current price while a pending order suggests that you agree with the broker to buy or sell the instrument at a predetermined price in the future.

Even if you place an order with instant execution, you should keep in mind that sometimes trades may be rejected due to a sudden price change. However, whenever you place an instant order on MT4, you may see there is a box titled ‘Enable maximum deviation from quoted price’. If you tick that box and select a maximum deviation expressed in pips, you can choose to execute the order within a certain price range that you are willing to accept. That may help you avoid scenarios where the trade may fail due to unexpected price movements.

If you choose the Pending order option, you will need to pick the type of order you would like to make and the price at which you would like to execute the trade. It should be noted that some order types will automatically be triggered at a market level even if the price level you have chosen has been breached. Pending orders also have an Expiry section where you can choose the time and date at which your order will expire if the asset price does not reach the level you have set for your trade. As mentioned, there are several order types you can choose to make when opting for a pending order. Next, we will cover the different orders you may be able to place on the MT4 platform.

Type of Pending Orders

When you select to make a pending order, you will have four types of trades to choose from. The MT4 terminal can allow you to place a Buy Limit, Buy Stop, Sell Limit, and Sell Stop pending order. Here are the specific features of said orders:

1. Buy Limit – this order type prompts the execution of an asset buy if the future ASK price matches the value you have pre-selected when setting up your pending order. In this case, the current market price should be higher than the value you have pre-selected when placing the order. Buy Limit orders are typically placed when traders expect that the price of the asset, which has dropped to a certain level, will soon increase.
2. Buy Stop – this buy order is executed under the proviso that the future ASK price matches the predetermined value. In this case, the current market price is lower than the level chosen when the order is placed. Typically, this order type is placed when traders anticipate that the price of the asset, which has already reached a certain level, will continue to increase.
3. Sell Limit – this sell order is executed when the future BID price matches the predetermined order value. The current price level is lower than the value chosen when the order is placed. Usually, traders place sell limit orders when they expect the price of the asset, which has increased to a certain level, will decline.
4. Sell Stop – this sell order is executed when the future BID price matches the predetermined value of the order. The current market price surpasses the value of the order that has been placed. Traders tend to make this type of order whenever they anticipate the asset’s price, which has reached a specific level, will continue to decline.

Stop Loss and Take Profit Orders

MT4 users may attach Stop Loss or Take Profit orders to their pending orders. Stop Loss is usually utilized to minimize losses when the asset’s price starts moving in an unfavorable direction. Stop Loss is typically attached to an open position or a pending order and is triggered when the unprofitable price level is reached, automatically closing the position.

Take Profit is intended to help traders increase their profit when the asset’s price reaches a certain level. This option is also often attached to an open position or a pending order and closes the order automatically once the traded instrument’s price gets to the profitable level.

Algorithmic Trading with MT4

One of the reasons why MT4 has gained such popularity among traders is the convenient option enabling algorithmic trading, also called automated trading. It allows traders to develop robots known as Expert Advisors (EAs), which can be tested and utilized for automated trades. What is more, traders can customize and apply technical indicators that can help them place orders even when they do not have access to the MT4 platform.

It is thanks to the MQL4 IDE (Integrated Development Environment) that MT4 users can develop and test EAs and technical indicators. Thanks to the built-in MetaEditor, traders can create their trading strategies and even debug any issues they may discover in the developed trading pattern. After that, the strategy can be moved to MT4 for its optimization in the Strategy tester of the platform.

To put it simply, the technical indicators developed by you will be used to analyze markets and the EA you have set up will automatically perform orders based on those analyses. Traders can also publish their EAs in the Code Base where other trading enthusiasts can download them for free. Alternatively, EAs can be sold in the Market section or they can be offered to customers of institutional traders.

Specific Features of MT4

Even though there have been several newer trading platforms introduced to different types of traders, MT4 continues to dominate the trading market, with the majority of brokers offering their clients trading on the MT4 software. Below, we will cover the platform’s features that have contributed to its popularity among traders.

1. Advanced Trading System – One can choose between instant and pending order executions, while orders can also be placed straight from a chart with a single click. The MT4 trading system boasts several market and pending orders, with stop orders and trailing stops also being supported order options.
2. Wide Range of Analytical Tools – Supports a huge selection of analytical tools, including interactive charts, 30 built-in technical indicators, 9 timeframes, and 23 analytical objects. The Code Base and Market sections provide access to additional indicators.
3. Smooth Copy Trading Experience – Offers numerous free and paid signals that can be copied automatically. Signal providers offer strategies for ranging risk levels and profitability goals.
4. Built-in Market – One of the best places for discovering additional technical indicators and EAs (over 1,700 trading robots and more than 2,100 technical indicators). Traders can choose from both free and commercial products.
5. Easy Algorithmic Trading – Traders can develop their own indicators and EAs through the MQL4 language. MetaEditor allows testing and optimization of strategies. A library full of free trading robots allows utilizing EAs developed by fellow MT4 traders.
6. Alerts and Financial News – Allows traders to stay abreast of the latest financial news that can cause sharp market moves. Alerts can notify traders of specific events so they can make informed trading decisions.

MT4 Supported Devices

MT4 for Desktop Devices

You can download the MT4 software for PC and start trading multiple markets with the use of innovative charts, analytical tools, and EAs. The desktop platform is compatible with devices that run on Linux, Windows, and Mac. Most brokers will provide direct links for downloading the platform to your preferred device but you can also visit the official website of MetaTrader 4 to download and install the trading software to your PC.

MT4 Web Trading

Traders who do not feel like downloading and installing any software on their desktop devices can opt for the MT4 web platform. It enables trading through any popular browser, compatible with operating systems like Windows, Mac, and Linux. The web version has adopted all the features and tools of the native MT4 platform, allowing a smooth trading experience. Since the application utilizes encryption to protect the data that is being transmitted, you can be sure that trading through the web version of MT4 is very secure.

MT4 Mobile Trading

Thanks to the MT4 mobile app, both Android and iOS users can trade various financial markets on their smartphones and tablets. The mobile platform includes features like interactive charts with quotes, the full set of order types, and the most popular analytical tools that are typically available on the MT4 desktop version. Chatting with other traders and enabling push notifications are some of the distinctive features of the MT4 mobile app.