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MetaTrader 4 Forex Brokers

Written by 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: December 20, 2024

MetaTrader 4, or MT4 for short, is one of the most popular trading platforms in the forex trading community. Developed in 2005, it is currently one of the most widely adopted trading platforms by the majority of forex brokers. Even though it was designed mainly for facilitating forex trading, MT4 also supports CFDs on commodities, metals, cryptocurrencies, and other asset classes.

  1. Fusion Markets
    Rating: 4.9
    74-89% of retail CFD accounts lose money
  2. Axi
    Rating: 4.8
    The vast majority of retail client accounts lose money
  3. FP Markets
    Rating: 4.7
    73.85% of retail investor accounts lose money
  4. Pepperstone
    Rating: 4.6
    75.5% of retail investor accounts lose money
  5. Global Prime
    Rating: 4.5
    74-89% of retail CFD accounts lose money
  6. IC Markets
    Rating: 4.5
    70.64% of retail investor accounts lose money
  7. AvaTrade
    Rating: 4.4
    76% of retail investor accounts lose money
  8. IG
    Rating: 3.7
    70% of retail client accounts lose money
  9. Vantage FX
    Rating: 3.5
  10. XM Group
    Rating: 2.9
    72.82% of retail investor accounts lose money
The TradingPedia team will help you become familiar with the MT4 platform and its key features. Order types, built-in indicators, and algorithmic trading are a few factors we will focus on in the MT4 review below. First, let’s explore the main features of the best Forex brokers with MT4 trading platform implementation.

Forex Brokers with MT4 Trading Platform

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

BrokerMin DepositMax LeverageCommission per LotTrustpilot Rating
1. Fusion Markets$01:30 for ASIC Entity (1:500 for VFSC Entity)$0 Classic Account, $4.50 round turn on Zero Account4.9
2. Axi$01:30 (Retail)
1:500 (Professional)
$0 on Standard Account; $7 round trip on Pro Account4.8
3. FP Markets$50 (AU$100)1:30 (Retail)
1:500 (Professional)
$0 Standard Account; $6 round turn on Pro Account4.7
4. Pepperstone$01:30 (Retail ASIC, CySEC, FCA); 1:500 (Professional); 1:400 (CMA)$0 (Standard Account), $7 round-turn (Razor Account)4.6
5. Global Prime$01:30 (Retail)
1:500 (Professional)
$0 Standard Accounts; $7 round turn on Raw Accounts4.5
6. IC Markets $2001:30 (European and Australian Retail Accounts); 1:500 (Pro); 1:1000 (FSA Clients)$0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT4.5
7. AvaTrade$1001:30 (1:400 for Pro and Non-EU Accounts)$04.4
8. IG$501:30 (Retail)
1:500 (Professional)
$03.7
9. Vantage FX$501:30 (Retail)
1:500 (Professional)
$3 per side on Raw; $1.50 per side on Pro3.5
10. XM Group$51:30 for CySEC and ASIC Entities (1:1000 for Other Jurisdictions)$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account2.9

MetaTrader 4 Forex Brokers by Spread

BrokerEUR/USDUSD/JPYGBP/USDUSD/CHFAUD/USDEUR/GBPUSD/CAD
1. Fusion Markets0.070.131.010.370.900.230.14
2. Global Prime0.130.281.110.340.070.280.26
3. Vantage FX0.20.50.40.60.50.30.3
4. XM Group0.80.90.92.10.751.52.4
5. IC Markets 0.80.80.80.80.8
  • 0.00 (Raw)
  • 1.00 (Standard)
0.8
6. IG0.850.91.401.951.010.92.1
7. AvaTrade0.91.31.31.31.11.21.8
8. Pepperstone1.00 (min)1.01.00 (min)1.11.21.21.42
9. FP Markets1.10.301.21.81.20.201.5
10. Axi1.21.41.21.51.31.11.4

Development Team Behind the Creation of MetaTrader 4

Development Team Behind the Creation of MetaTrader 4MetaQuotes 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

Interface of the MT4 PlatformOne 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.

The interface of the MT4 terminal comprises several key components, which we will briefly describe below.

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.

The Status Bar is utilized for visualization of additional information, such as indicator of the server location and traffic data. Last but not least, the Fast Navigation Tools are designed for quick and hassle-free work with the platform.

Order Execution and Order Types on the MT4 Platform

Order Execution and Order Types on the MT4 PlatformTraders 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

Stop Loss or Take Profit orders can be attached to traders’ pending orders. Once triggered, the Stop Loss and Take Profit levels will be automatically applied to the open position. 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

Algorithmic Trading with MT4One 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. In addition to providing traders with the opportunity to develop EAs, the platform offers services designed for comprehensive utilization of traders’ advanced programming skills.

Specific Features of MT4

Specific Features of MT4Even 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, 2,000 custom indicators, available for free in the Code Base, 700 paid indicators, 9 timeframes (from one minute, M1, to one month, MN), and 24 analytical objects. The Code Base and Market sections provide access to additional indicators.
  3. Smooth Copy Trading Experience – MT4’s Trading Signals functionality enables traders to automatically replicate the deals of other fellow traders in real time. They are available either for free or against a reasonable fee. Overall, traders will find more than 3,200 free and paid-for signals by navigating to the Signals tab. Conveniently enough, signal providers can be sorted by their trading performance. Once traders pick a signal provider from the list, their trades will be executed in accordance with the parameters they have set.
  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

Conveniently enough, the MT4 platform has been developed to run in different environments, enabling easy trading at home or on the go. Below, we will cover devices that support MT4, facilitating smooth trading sessions no matter how you trade.

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.