MetaTrader 4 (MT4) is one of the most widely used and versatile trading platforms developed by MetaQuotes. Based on the MetaQuotes Trading platform that was released in 2000, MetaTrader 4 has become the most popular trading platform for the online forex trading community because of its excellent automating abilities.
In this article, we've reviewed and rated the best brokers that support the MetaTrader 4 platform, so if you are looking for a top MetaTrader 4 broker to enhance and facilitate your online trading activities, keep reading.
Quick Look: Best MT4 Brokers
- Best Overall for US Traders: FOREX.com
- Best for MetaTrader Suit with Add Ons: Pepperstone
- Best for Algo Traders Using MetaTrader: FxPro
- Best for Futures Traders: Tickmill
- Best for High Volume Traders: tastyfx
Compare Forex Brokers
Best MetaTrader 4 Brokers
The brokers selected for this article make up a list of some of the top brokers in the MetaTrader forex broker community for various reasons. Here's how their MT4 platforms stack up.
1. Best Overall and for U.S.-Based Traders: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
FOREX.com has been providing traders with solid forex executions since 2001 and lets you choose from more than 80 forex currency pairs. Depending on the account type selected, spreads at this broker can run as low as 0.0 pips, although some accounts charge commissions.
Why We Picked It: Forex trades in major currency pairs can be leveraged 50:1 when trading via MetaTrader 4 and MetaTrader 5 and via the broker’s proprietary Web Trader platform. In addition to having access to a wide variety of Expert Advisor (EA) software including automated trading system programs for MetaTrader 4, FOREX.com also offers algorithmic trading for qualifying traders.
Special MT4 Features:
- A suite of more than 20 apps offering professional-grade control and flexibility
- 9 EAs, including Sentiment Trader
- Automated strategies customized to your specifications
- Integrated Reuters news on MT4 platform
- Build your own algorithms
- Over 950 trading robots and 2,000 technical indicators in the MetaTrader Market
2. Best for MetaTrader Suit with Add Ons: Pepperstone
- Best For:Scalpers and Trader Using Expert AdvisorsVIEW PROS & CONS:securely through Pepperstone's website
Pepperstone is user-friendly and offers advanced trading tools like algorithmic trading, Autochartist, and API trading. Their efficient and responsive customer support, along with extensive educational resources, helps you enhance your trading skills.
Why We Picked It: Pepperstone’s dual offering of MetaTrader and cTrader is ideal for algorithmic and copy traders. The wide array of third-party tools and plugins further enhances its already impressive suite of platforms. You'll also enjoy low fees and competitive spreads on popular forex pairs.
Special MT4 Features:
- Customize MT4 to the way you trade
- Access 28 indicators and EAs with our Smart Trader Tools
- Identify high probability trades with Autochartist
- MT4 Signals allows you to automatically copy trading operations in real time
- Build and run your expert advisors using MQL4
3. Best for Algo Traders Using MetaTrader: FxPro
FxPro offers traders access to the forex and contracts for difference (CFD) market using MT4 and MT5 (along with other platforms). When you use FxPro, you can trade in forex, metals, indices, shares and cryptocurrencies. There are 8 base currencies, no commissions, tight spreads, no account or transaction fees and only an inactivity fee that kicks in if you don’t use the account for 6 months.
Why We Picked It: FxPro allows you to enhance your trading with a premium suite of technical analysis indicators from Trading Central. The platform helps identify trading opportunities, optimize your entry and exit timings, and gain immediate insights into Trading Central’s preferred direction, target levels, and alternative scenarios based on support and pivot lines.
Special MT4 Features:
- 30 Technical indicators and 23 analytical objects
- 9 Time frames ranging from one minute to one month
- 3 Chart types including Bar Charts, Japanese Candlestick Charts and Line Charts
- The MT4 platform includes a strategy tester, enabling you to backtest and optimize your Expert Advisors using historical price data
- 50+ preinstalled technical indicators, 24 analytical charting tools, 1-click trading & trade from charts
4. Best for Futures Traders: Tickmill
- Best For:Low Deposit RequirementVIEW PROS & CONS:securely through Tickmill Forex's website
If you trade in the commodities markets and want to use futures contracts, then you really should check out Tickmill. Founded in 2014, U.K.-based Tickmill Group currently has over 550,000 registered accounts and has oversight by 5 regulators, including the FCA, CySEC, FSB, Labuan FSA and FSA.
Why We Picked It: In addition to trading futures via the Tickmill platform, you can trade CFDs on forex, stock indices, commodities and bonds via the MetaTrader 4 platform. MetaTrader 4 is available in 39 languages and provides advanced technical analysis with over 50 indicators, as well as support for algorithmic trading.
Special MT4 Features:
- Real-time quotes in Market Watch
- Customizable price charts and multiple time frames
- Direct access through an all-modern browser
- Complete trading history
- 30+ Indicators
- Securely encrypted data transmission
5. Best for High Volume Traders: tastyfx
- Best For:$10,000 Funding BonusVIEW PROS & CONS:securely through tastyfx's website
Founded in 1974, IG Group serves over 313,000 clients worldwide. In 2019, IG introduced its premium FX service to the US market, providing informed and adventurous traders with access to over 80 currency pairs at competitive rates. In 2024 IG U.S. rebranded to tastyfx to better serve its dedicated forex traders.
Why We Picked It: tastyfx's MT4 platform offers a robust trading experience with exclusive features designed for serious traders. Highlights include customizable charts, 18 advanced technical indicators, and the ability to automate trading through Expert Advisors. Traders also benefit from free access to an MT4 VPS, provided they meet the minimum balance requirements. With competitive spreads starting from 0.8 pips on major forex pairs, tastyfx aims to provide fast execution and tight pricing.
Special MT4 Features:
- Customizable charts with 18 advanced technical indicators
- Automated trading capabilities using Expert Advisors (EAs)
- Free MT4 Virtual Private Server (VPS) for qualifying accounts
- Competitive spreads starting from 0.8 pips on major forex pairs
- Suitable for desktop and mobile trading
What is MetaTrader 4?
MetaTrader 4 (MT4) is an electronic trading platform designed primarily for forex and CFD trading. Developed by MetaQuotes Software Corp., the free software boasts advanced technical analysis tools, customizable interfaces and automated trading via EAs developed using the MQL4 programming language that allows for strategy testing and implementation based on predefined rules.
Key additional features of MT4 include advanced charting with numerous indicators, various order types and one-click trading from charts. In addition to desktop client and web options, MT4 also supports mobile device integration, secure client-server communications and seamless connection with most online forex brokers.
MT4’s large user base contributes to comprehensive community support, which includes social trading and readily accessible tutorials, guides and other resources. Overall, MetaTrader 4 has proven itself as a versatile, powerful and reliable toolset tailored to meet the diverse needs of online retail traders.
Factors to Consider When Choosing a MetaTrader 4 Broker
When picking an MT4 broker, you will want to look into some important factors to ensure you have a good trading experience and avoid major issues. In general, you will want to check out three main factors for any broker you are considering trading through:
- If they're regulated and licensed: When an online broker has reputable regulatory oversight, it should provide greater confidence in dealing with it. Attentive customer care will also often help improve your trading experience.
- What kind of fees they charge: Competitive pricing, including tight dealing spreads and zero or modest commissions, can also contribute significantly to your overall profitability, especially if you trade actively.
- The variety of investments they offer: Having access to a wide array of tradable assets will facilitate using more diverse trading strategies.
Doing research in these three areas will improve your chances of success in finding an MT4 broker that meets your needs and keeps your funds safe.
MetaTrader 4 vs. MetaTrader 5
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both leading online trading platforms created by MetaQuotes Software Corporation. Although comparable in many ways, the older MT4 platform offers a more mature infrastructure and an extensive range of EA add-ons written in MQL4 by third parties, although its focus is mainly on currency and CFD trading.
In contrast, the newer MT5 incorporates multiple asset classes, including equities. It also offers a different but enhanced programming language (MQL5 instead of MQL4), as well as boosted technical indicators, extended timeframes, deeper market insights and hedging capability. U.S. traders can use this updated platform with popular brokers like FOREX.com.
Choosing between MT4 or MT5 essentially hinges on your individual priorities as a trader, taking into account desired assets, whether your preferred EA is written in MQL4 or 5, local limitations, and your proficiency level and preferences. In any case, each platform is popular and worth checking out.
Frequently Asked Questions
Is MetaTrader 4 a broker?
No, MT4 is a trading platform developed by MetaQuotes and used to access the forex and other financial markets through a connected online broker firm.
How to add a broker to MetaTrader 4?
To add a broker to MT4, you download and install the free software. Then you search for your desired broker’s server in the platform’s server menu. Once located, enter the login credentials supplied by your broker to establish a connection between the MT4 platform and your broker so that you can start trading.
Does MetaTrader 4 cost money?
No, MT4 is generally free to download and use to monitor markets, perform analysis and test a trading strategy, although you will need to open and fund a trading account with an online broker that supports MT4 to start trading live with the platform. Also, online brokers may charge fees related to trading activities, deposits, withdrawals or inactivity in addition to their customary dealing spreads.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Jay and Julie Hawk
Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics. With over 40 years of collective trading expertise and more than 15 years of collaborative writing experience, the Hawks specialize in crafting insightful financial content on trading strategies, market analysis and online trading for a broad audience. While their prolific writing career includes seven books and contributions to numerous financial websites and newswires, much of their recent work was published at Benzinga.