Best MetaTrader 4 Brokers

If you’ve traded online in the CFD or forex market, then you're probably already somewhat familiar with electronic trading platforms. If you’re relatively new to currency trading, then you should know that one of the most widely used and versatile among these platforms is the MetaTrader 4 platform 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: FOREX.com
• Best for Multi-Asset Traders: AvaTrade
• Best for MetaTrader Suit with Add Ons: Pepperstone
• Best for High-Leverage Traders: RoboForex
• Best for Algo Traders Using MetaTrader: FxPro
• Best for MT4 Traders in Canada: IFC Markets
• Best for Futures Traders: Tickmill

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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

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 Multi-Asset Traders: AvaTrade

Founded in 2006, AvaTrade provides brokerage services worldwide in several markets including forex, stocks, cryptocurrencies, commodities and indices. In addition to supporting MetaTrader 4 and 5, AvaTrade offers four proprietary platforms. 

Why We Picked It: In addition to offering a wide range of tradable instruments, AvaTrade has excellent educational resources for traders from beginner to advanced levels. Specialized tutorials on AvaTrader’s website let MetaTrader 4 and 5 users learn about trading signals, EA software for automated trading, how to build a trading bot and how to download free apps for your MetaTrader platform. 

Special MT4 Features:

• Global accessibility from PC, web & mobile
• Trading signals from top providers
• Expert advisors for algorithmic trading
• Interactive charts available in 9 timeframes, 23 analytical objects, and 30 in-built technical indicators
• Easily access all tools, resources, and information such as charts, market news, and indicators

3. Best for MetaTrader Suit with Add Ons: Pepperstone

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

4. Best for High-Leverage Traders: RoboForex

Traders who use high leverage on their transactions might like to check out RoboForex, which offers up to 2,000:1 leverage depending on your jurisdiction. In addition to its support for the MetaTrader 4 and 5 trading platforms, RoboForex also offers its proprietary R MobileTrader, a full-featured mobile app for all your devices; the R StocksTrader, a mobile app that provides access to trade over 12,000 instruments; and the R WebTrader, an easy-to-use web-based platform specifically designed for trading in MetaTrader 4 accounts. 

Why We Picked It: RoboForex supports MetaTrader 4 and offers all the useful standard features of that platform including three types of order execution and 50 ready-to-use indicators for technical analysis. For algorithmic trading, you can create your own trading bots in the MQL4 programming language. 

Special MT4 Features:

• Manage up to 128 real accounts and up to 10 demo accounts simultaneously
• Open positions on multiple accounts with a single click
• Access an internal reporting system for completed transactions
• Choose from 5 different methods for distributing order volume across accounts when placing new orders.

5. 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

6. Best for MT4 Traders in Canada: IFC Markets

IFC Markets has been an online forex broker since 2006 and has won numerous awards for its excellent online brokerage services. With over 210,000 clients in more than 80 countries worldwide.

Why We Picked It: IFC Markets has added WebTerminal to its suite of applications, it provides you with ease of use, speed, and availability without requiring downloads or installation. Traders interested in managing multiple accounts simultaneously can utilize MultiTerminal. For traders who prefer automated trading, the MQL4 programming language integrated into the MT4 trading platform allows you to create trading robots and advisors.

Special MT4 Features:

• 650+ Instruments
• Full technical analysis and multilingual interface
• Trade in multiple windows with customized settings and indicators
• One click trading
• History of transactions made on various parameters

7. Best for Futures Traders: Tickmill

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

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. 

Account Types Available for MT4 Trading Platform

Depending on the broker you select, various account types that cater to different trading preferences can use the MT4 platform. Descriptions of three of these account types appear below.

• STP accounts: Straight Through Processing (STP) accounts have a pass-through mechanism whereby orders are sent directly to liquidity pools bypassing dealer intervention. This structure promotes greater fairness, error reduction and efficiency, as well as improving price discovery and execution speed.
• ECN account: ECN accounts generally use cutting-edge technology to link traders with a select range of market-making counterparties virtually instantaneously. This promotes greater competition, tighter dealing prices and faster deal executions.
• DMA account: Direct Market Access (DMA) accounts give traders unrestricted access to the Interbank and exchange-traded financial markets. This sort of account typically appeals to more advanced traders because it offers faster market access, lower transaction costs and greater trade execution control. 

Do I Need MetaTrader 4 to Trade Forex?

While MT4 is not strictly required for forex trading, it is an excellent platform offering numerous benefits that will enhance your overall trading experience. Renowned for its many features, MT4 will empower you to create sophisticated strategies, perform detailed technical analyses and leave or execute market orders easily. 

MT4’s support for algorithmic trading via EAs is nothing less than legendary. Despite alternative platform options existing for online forex trading, most seasoned online retail traders regard MT4 as a valuable and virtually indispensable trading companion.

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.

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