Best MetaTrader 4 Brokers (MT4) 2024

• 

  Written by:

  George R.
• 

  Edited by:

  Crispus Nyaga
• 

  Fact checked by:

  Eno Eteng
• 

  Updated:

  July 8, 2024 at 06:58 AM

1. What is MT4 Forex Broker?
2. MetaTrader 4 MT4 Forex Brokers List
3. How to Use MT4 MetaTrader Platform?
4. Top 5 Best MetaTrader 4 Brokers for 2024
5. Which Brokers Use MT4 Platform?
6. How to Change Brokers on MT4 Trading?
7. FAQ

What is MT4 Forex Broker?

MT4 Forex Brokers offer MetaTrader4 or MT4 Trading platform for their traders, where MT4 is the most used trading platform software with the biggest number of orders executed daily. 

MetaTrader4 developed by MetaQuotes with thousand and million of traders uses MT4 as a mainstay, also being one of the pioneer platforms for Online Forex Trading. Discover more about MetaTrader and through Wikipedia.

Overview of MetaTrader 4

Designed mostly for forex trading but also supporting a range of financial assets, including commodities, indices, and cryptocurrencies, MetaTrader 4 (MT4) is among the most often used trading platforms available worldwide. Originally introduced by MetaQuotes Software in 2005, MT4 is a favorite choice for both new and experienced traders because of its powerful trading tools, easy interface, and strong capability.

Key Features and Advantages

MetaTrader 4 (MT4) is a widely used trading platform among Forex traders due to its robust features and user-friendly interface. Below are the key features and advantages of MT4, each explained in detail.

1. User-Friendly Interface: Simple principles of design guide MT4 so that both new and expert traders may easily navigate the platform. Customizable layout lets users organize tools, charts, and data anyway they like. This user-centric design makes effective trading and analysis possible.
2. Advanced Charting Tools: With line, bar, and candlestick charts among other chart forms, MT4 lets traders effectively see price swings. Using several timeframes—from one-minute to monthly charts—traders can have analytical versatility. The software allows a thorough study of market trends by supporting up to nine timeframes.
3. Technical Analysis: Over 30 built-in technical indicators included in MT4—moving averages, RSI, MACD—help traders examine price movements and identify trends. Moreover, traders may design their own indicators or even use the MQL4 programming language to tweak existing ones. This adaptability makes customized trading plans depending on personal preferences possible.
4. Automated Trading: One of the standout features of MT4 is its support for Expert Advisors (EAs), which are automated trading systems that execute trades based on predefined criteria. Through historical data, traders can backtest these EAs to evaluate their performance before entering live markets. This feature makes 24/7 trading possible without continual surveillance.
5. Multiple Order Types: Market orders, pending orders, stop-loss and take-profit orders are only a few of the several order forms MT4 supports. This diversity lets traders apply scalping, day trading, swing trading, or different strategies. Placing stop-loss and take-profit thresholds improves risk control and safeguards trading capital.
6. Customizable Trading Environment: By adding or removing indicators, modifying chart settings, and grouping windows based on a trading strategy, traders may personalize their MT4 workstation. This degree of customizing lets traders design an atmosphere fit for their particular requirements, enhancing general trading efficiency.
7. Secure and Stable: Data encryption and safe connection methods are among MT4’s security measures to protect traders’ private data. With little downtime, the platform is steady and dependable—qualities vital for trading in rapidly changing markets.
8. Accessibility: Among the several devices MT4 is available on are desktop computers (Windows and Mac), mobile devices ( iOS and Android), and web-based versions. This accessibility gives traders flexibility and convenience since it lets them keep an eye on their positions and make trades almost anywhere.
9. Community Support: The large user community of MT4 offers access to several forums, blogs, and educational resources. Traders can improve their Forex market knowledge and skills using lessons, trading strategies, and insights from seasoned users.
10. Low System Requirements: Since MT4 is meant to work effectively even on low-spec computers, more people can access it. Its minimal weight guarantees traders may run the platform without needing expensive hardware.
11. Real-Time Market Data: Real-time market quotations and news updates from MT4 let traders remain aware of changes in the market and economic developments. Timely information availability enables traders to make wise decisions based on recent market changes.
12. Risk Management Tools: Trailing stops, which let traders change stop-loss levels as a trade turns lucrative, are among the risk control strategies included in MT4. This function improves general trading performance by helping to lock in profits and provide the trade room to run.

Comparison with Other Platforms (e.g., MT5, cTrader)

MetaTrader 4 (MT4) is widely recognized for its robust features and user-friendly interface, but it faces competition from several other trading platforms, including MetaTrader 5 (MT5), cTrader, TradingView, and NinjaTrader. Each platform has its unique strengths and weaknesses, catering to different types of traders.

MetaTrader 5 (MT5): MT5 provides more sophisticated charting tools and technical indicators to replace MT4. MT4 offers up to 50 indicators; MT5 increases this to over 80 indicators and incorporates more analysis timeframes. For individuals wishing to diversify their trading portfolio, MT5 also offers trading in an array of asset classes, including equities and futures, therefore offering a more flexible option. Nevertheless, MT4’s simplicity and broad community support still help many traders to choose it.

cTrader: Renowned for its sophisticated charting features and easy interface, cTrader offers a flawless trading environment. This product’s Level II pricing is one of its best qualities since it allows traders a deeper understanding of market depth. Using its cAlgo function, cTrader also provides sophisticated algorithmic trading decisions, allowing users to design and test trading bots. CTrader is less often used than MT4 and MT5, which could restrict community support and resource availability.

TradingView: Although TradingView is mostly a charting and social trading platform, its rich charting tools and community-driven elements have helped it become somewhat well-known. Users of the collaborative trading environment can exchange ideas, scripts, and trading strategies. Unlike MT4, TradingView runs totally on the cloud and lets traders access their accounts from any device with internet capability. However, It does not provide direct trading features with brokers since traders must link to a broker to execute trades, aggravating the trading process.

NinjaTrader: With extensive charting and analytical capacities, this software is meant for forex and futures traders. Appealing to professional traders who mostly rely on technical analysis, NinjaTrader offers various customizable indicators and strategies. One noteworthy advantage is its backtesting capability—which lets traders evaluate their ideas against past performance. NinjaTrader might, however, have a steeper learning curve than MT4, and some functions are only accessible via a premium subscription.

How MT4 Facilitates Forex Trading

Designed to enable trading for both rookie and expert traders, MetaTrader 4 (MT4) is quite a well-liked trading platform on the forex market Easy navigation and customizing are made possible by its user-friendly interface, lets traders configure tools and charts in anyway they choose. With numerous timeframes and over 50 built-in technical indicators, MT4 offers comprehensive charting features that help traders properly examine market trends and price movements.

Offering flexibility in risk management and strategy execution, the platform enables several order forms, including market orders, limit orders, stop-loss orders, and trailing stops. Another important aspect is automated trading, which supports Expert Advisors (EAs) that carry out trades depending on predefined criteria, thereby enabling a hands-off trading approach.

Strong encryption systems to ensure data security, real-time quotations and news feeds for informed decision-making, and access to vast historical data for backtesting methods all come from MT4 as well. Furthermore, improving trading flexibility and allowing customers to trade on-demand are the iOS and Android mobile apps. Forex traders all around still choose MT4 because of its large community and many online tools.

MetaTrader 4 MT4 Forex Brokers List

This is the complete list of regulated brokers we review providing MT4 platform for Trading and are verified by us:

How to Use MT4 MetaTrader Platform?

MT4 includes all the necessary elements needed for the great trading performance in trading, besides we foundn it very suitable for any complexity of strategy to either retail or institutional trader, professional or beginner (Find out the Best Forex Broker for Beginners). MT4 as a trading software processing trades with high efficiency, powerful security and unlimited trading opportunities.

*MT4 Indicators & add-ons or plugins. 

One of the most advanced MT4 features we admit is an outstanding chart package, with technical indicators and integrated fundamental analysis. Platform designed easy to navigate interface and features numerous indicators available through the package or add-ons with plugins.

*MT4 EA & VPN.

Another strong point is MT4 famous automated trading strategies, performed via scripts with a customized possibility for those who can handle codes. Discover more about MQL. Known as Expert Advisors (EAs) offering various parameters that can be used and adjusted by any level of trader through the downloadable library with almost endless options to perform trading.

One more point to admit of great capability is use of VPN allowing run strategies without interruption and use EAs robots locally.

*MT4 backtesting.

Depending on the broker you would select to use there are various parameters for backtesting via its Demo account might be offered. But is great tool to test EAs or particular strategies through the Strategy Tester section via the trading historical data.

Getting Started with MT4

Getting started with MetaTrader 4 (MT4) involves downloading and installing the platform from a broker that supports it. Once installed, users can create a demo or live trading account. After logging in, traders can begin exploring the platform’s features, including its charting tools and indicators.

Customizing Your MT4 Experience

Customizing your MT4 experience is straightforward. Users can adjust the interface layout, change color schemes, and set up charts according to their trading preferences. Traders can save multiple profiles for different trading strategies and quickly switch between them.

Advanced Features of MT4

Among the sophisticated capabilities of MT4, one of the most notable options is the ability to use Expert Advisors (EAs), which enable automated trading depending on specified parameters. With historical data, the platform offers backtesting EAs so that traders can assess their strategies before deployment. For in-depth market analysis, MT4 also provides extensive charting tools with customized indicators, many timeframes, and a range of chart types—such as line, candlestick, and bar charts.

Another sophisticated expertise is setting up alerts and notifications—which can be tailored to alert traders of particular market conditions or price swings. MQL4, the built-in scripting language, lets users design indicators and scripts, giving even more freedom in strategy formulation. At last, MT4 includes several order types and sophisticated risk management tools, including trailing stops, which enable traders to maximize their performance and handle their trades more successfully.

Top 5 Best MetaTrader 4 Brokers for 2024

Below is a listing of the Best Forex Trading Brokers we select as offering or mainstay on the Best MT4 Brokers platform and are ranked by us as the best in its category.

• HFM – Best Overall MT4 Broker 2024
• BlackBull Markets – Best Lowest Spread MT4 Broker 2024
• FP Markets – Best ECN MT4 Broker 2024
• Eightcap – Best for Beginners MT4 Broker 2024
• BDSwiss – Best EA Trading MT4 Broker 2024

Which Brokers Use MT4 Platform?

Due to its popularity, majority of Brokers offer MT4 as we found in industry, yet from the company to another platform may feature some differences and have some extra tools or not. TriumphFX also trades on MT4.

Overview of Brokers Supporting MT4

MetaTrader 4 (MT4) supported brokers give traders first-rate tools for trading. Former HotForex, HFM provides many account options and reasonable spreads. BlackBull Markets targets open pricing and raw spreads to accommodate several trading methods. While ensuring rigorous regulation, FP Markets offers minimal spreads and a large array of instruments. Eightcap provides MT4 and MT5 so traders can choose their platform and access practice demo accounts. BDSwiss stresses great instructional materials and easy trading with reasonable spreads. Together, these brokers improve the MT4 trading experience by satisfying both new and seasoned traders’ needs.

Criteria for Choosing a Broker

Choosing the best broker for MT4 is essential for maximizing your trading potential and ensuring a seamless trading experience. When evaluating potential brokers, several criteria should be considered to find one that aligns with your trading needs and goals.

Regulation and Trustworthiness: The regulatory status of an MT4 broker is one of the most important things one should consider. A regulated broker is more likely to follow rigorous industry standards, guaranteeing fair trading procedures and offering protection for your money. Search for brokers under reputable authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC) in the US. Investigating the broker’s regulatory record and any disciplinary events can also help one grasp their reliability.

Trading Costs: Your profitability depends on knowing the trading fees connected to a broker. Usually charging commissions or spreads, MT4 brokers combine both. Review the broker’s spread rates; tighter spreads can result in reduced trading costs, particularly for scalpers or high-frequency traders. Consider any other fees the broker might impose, such as deposit, inactivity, or withdrawal fees.

Leverage Options: Leverage lets traders handle bigger positions than their original outlay would allow, hence perhaps improving returns. It increases risk, though as well. Many times ranging from 1:100 to 1:2000, different brokers provide different leverage ratios. Select a broker with leverage levels appropriate for your trading strategy and risk tolerance. Remember that even when more leverage increases earnings, it can also cause notable losses.

Customer Support: Resolving any potential trading-related problems depends on effective customer support. Search for brokers who provide live chat, email, phone, and live chat customer assistance available around-the-clock. A responsive support team can rapidly assist you in solving technical problems or questions about your account. Read reviews from other traders or run test questions to evaluate customer service calibre.

Trading Platforms and Tools: Although MT4 is an exceptional trading tool, the broker’s interaction with MT4 and their tools determines the whole trading experience. See whether the broker offers powerful charting tools, educational resources, and access to proprietary trading tools, among other advantages. To further flexibility and accessibility, several brokers also provide mobile trading apps allowing you to trade on the go.

Asset Variety: Another important consideration is the spectrum of financial instruments the broker presents. Good MT4 brokers should give access to a wide range of assets, including currency pairs, commodities, indices, and cryptocurrencies. This diversity lets traders spread their portfolios and seize several market prospects. If you have particular trading interests, ensure the broker presents the desired assets for trade.

Demo Account Availability: A reputable MT4 broker should provide a demo account so you may hone trading without running actual risk. Beginners who wish to acquaint themselves with the platform and test their trading strategies will especially benefit from this function. Using a demo account will also enable you to evaluate the trading environment and execution speed of the broker before making any investments.

Withdrawal and Deposit Options: Choosing a broker depends critically on the simplicity of financing your account and withdrawing gains. Seek for brokers that provide several deposit and withdrawal options like e-wallets, credit or debit cards, and bank transfers. Think about the processing times for withdrawals and deposits and related fees. A broker with economical fees and rapid withdrawal timeframes will improve your whole trading experience.

Reputation and Reviews: Lastly, research the broker’s standing in the trading community. Online forums, testimonials, and reviews could give insightful analysis of the experiences of other traders. Look for brokers with good client feedback, positive ratings, and consistent reliability. A broker of excellent standing is more likely to offer a reliable trading environment.

Comparison of MT4 Brokers

When comparing MT4 brokers, numerous important factors can guide traders toward prudent choices. While BlackBull Markets, FP Markets, and EightCap offer smaller leverage options of 1:500, HFM offers a high leverage of up to 1:2000, offering significant trading power. Attealing to traders looking for more risk-reward opportunities, BDSwiss complements HFM with a leverage of 1:2000.

Regarding spreads, BlackBull Markets and EightCap have somewhat better spreads beginning from 0.8 pips; HFM offers accounts starting from 1 pip. Spreads from 1 pip are also available via FP Markets; BDSwiss averages 1 pip. All brokers—except BlackBull Markets—offer competitive structures with varied commission rates for commission-based accounts. BlackBull Markets costs 0.1 pips + $3; HFM’s commission starts at 0.0 pips + $3.

The low to average fees among these brokers nevertheless reflect realistic trading expenses. Every broker provides different trading platforms; HFM, FP Markets, and EightCap support both MT4 and MT5, and other platforms are offered for particular brokers. BlackBull Markets notably contains TradingView, whereas FP Markets provides cTrader and its own platform.

BlackBull Markets stands out with over 26,000 instruments, offering various trading opportunities; HFM has 500+, EightCap gives roughly 800+, and BDSwiss has 250+ products. BlackBull Markets distinguishes out with over 26,000 instruments. 

HFM is credible since, in terms of regulation, it is well-regulated by CySEC, FCA, and DFSA among several countries. While EightCap and BDSwiss are controlled by dependable authorities like ASIC and FSC, respectively, BlackBull Markets and FP Markets likewise enjoy robust regulatory control.

For traders, customer support is vital; HFM, FP Markets, and BDSwiss help during business hours; BlackBull Markets and EightCap give 24-hour support. While others like HFM and BDSwiss offer good quality content, FP Markets provides outstanding resources among educational tools.

Minimum deposit restrictions vary; HFM has a $0 minimum, making it easily accessible for traders beginning with little sums. BlackBull Markets and EightCap need at least $0 and $100, respectively; BDSwiss lets in just $10; FP Markets requires a minimum of $100.

How to Change Brokers on MT4 Trading?

Via MT4 Switch Brokers you can use one broker and then switch brokers on MT4, with saved layouts or parameters you set with the previous broker, which is a great tool indeed. To change Broker just contact customer service to follow the process.

Step-by-Step Guide to Switching Brokers

Switching brokers on the MetaTrader 4 (MT4) trading platform can be straightforward if you follow a systematic approach. Here’s a step-by-step guide to help you make the transition smoothly.

Open your current MT4 platform first and backup the current data. This covers your custom settings, indications, expert advisers (EAs), and templates. Navigate to the “File” menu, then choose “Open Data Folder.” From there, you can copy all required files to a safe spot on your computer.

Then pick a fresh broker who supports MT4. To be sure they satisfy your needs, examine their trading terms, spreads, and legal status. Choose a broker, then open a fresh account with them and get your new login credentials.

Download and install the MT4 platform your new broker recommended once your new account is configured. Their website has this information. Launch the fresh MT4 platform following installation and enter your new account credentials to log in.

You may transfer your data and settings after you log in. Copy your custom templates, indicators, and EAs from the data folder of your former MT4 installation back here. Sort these files into the relevant directories within the new MT4 data folder. Verify that on the new platform, you can also change any settings unique to your trading style.

Common Challenges and Solutions

Transferring custom indicators or EAs might be common obstacles when changing brokers as not all of them will provide the same tools. Check whether your tools fit the new broker’s platform to help to fix this. If any instruments are ineffective, think about seeking substitutes with comparable functionality.

Before beginning live trading, practising trading on a demo account with your new broker is also necessary. This will let you settle with their trading policies and platform.

How to Transfer Your Data and Settings

To transfer your data and settings on MT4, start by opening your current platform and accessing the “File” menu, then select “Open Data Folder.” Copy essential folders such as “Templates,” “Experts,” “Indicators,” and “Profiles” to a safe location. Next, download and install the MT4 platform from your new broker. Open the new MT4 and again access the “Open Data Folder” option. Paste the copied files into the corresponding folders in the new installation. Restart the new MT4 platform to ensure the changes take effect, then log in using your new broker’s credentials to verify everything works correctly.

Frequently Asked Questions (FAQs)

How does MetaTrader 4 function with various brokers?

MetaTrader 4 (MT4) links traders to their chosen brokers as a trading platform. Every broker set MT4 to provide particular trading conditions, including accessible instruments, leverage, and spreads. By downloading the MT4 software from their broker’s website, traders can access their trading accounts via the platform.

Is a specific broker required to utilize MetaTrader 4?

Yes, a specific broker is required to utilize MetaTrader 4. You must have an account with an MT4-compatible broker to access the platform and execute trades. Different brokers may offer varying features, fees, and conditions within MT4.

What are the key differences between MetaTrader 4 and MetaTrader 5?

The key differences include the number of available timeframes, order types, and market instruments. MetaTrader 5 (MT5) supports more timeframes (21 versus MT4’s 9), and additional order types, and allows trading in stocks and commodities, not just Forex. MT5 also features an integrated economic calendar and improved charting tools.

How secure is trading with MetaTrader 4?

Trading with MetaTrader 4 is generally secure, as it uses encryption protocols to protect data transmitted between the platform and the broker. However, the overall security also depends on the broker’s practices and regulations, so choosing a reputable broker is essential.

Are there fees involved with using MetaTrader 4?

Using MetaTrader 4 itself does not incur direct fees, as it is a free platform. However, brokers may charge trading fees, spreads, or commissions for executing trades through the platform.

Does MetaTrader 4 include any commission charges?

MetaTrader 4 does not include built-in commission charges. Commission fees depend on the broker you choose; some may offer commission-based accounts, while others may rely solely on spreads.

What methods are available for depositing and withdrawing funds on MetaTrader 4?

The methods for depositing and withdrawing funds on MetaTrader 4 vary by broker but commonly include bank transfers, credit/debit cards, and e-wallets such as PayPal or Skrill. Always check your broker’s specific payment options.

Can I use MetaTrader 4 for copy trading strategies?

Yes, you can use MetaTrader 4 for copy trading strategies. Many brokers offer third-party tools or plugins that integrate with MT4, enabling traders to copy the trades of successful traders automatically.

Editor team

George R. Content Creator

George R. is a wide-ranging expert with experience in analysis and writing. Currently serving as a Senior Writer at 55brokers.com. In addition to this role, he has been the Chief Market and Broker Analyst since June 2020. He has played a crucial role in providing in-depth analysis and insights into the financial markets. With nearly a decade of experience as a Foreign Exchange Trader, George brings a deep understanding of market dynamics and trading strategies. His previous positions include serving as the Chief Market Analyst at SVS Securities Plc.

Crispus Nyaga Editor

Crispus Nyaga is an investment analyst with great experience in financials. His expertise spans various domains, including Petroleum, Statistical Data Analysis, and Technical Analysis. Crispus is proficient in utilizing advanced tools to conduct in-depth market research and data analysis. Also, he has an academic background - holding a Master’s degree in Business from Kenyatta University.

Eno Eteng Expert

Eno Eteng is a highly skilled and certified financial technician with a Diploma from the UK Society of Technical Analysts. As a pioneer alumnus of the Tony Elumelu Foundation's (TEF) Entrepreneurship Program (class of 2015), Eno has been a prominent figure in the financial content industry since 2009. Over the years, Eno has crafted more than 5,000 ghost-written articles for major industry players, including InvestooGroup, EasyMarkets, eToro, Spotware Systems, and high-profile clients like the Chief of Staff to the Delta State Government of Nigeria.