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MT4 Forex brokers refers to the brokerage firms that support the use of the MetaTrader 4 (MT4) platform in the Forex (Foreign Exchange) market.

MetaTrader 4 (MT4) is a multi asset platform for online trading developed and released in 2005 by MetaQuotes Software, which is used primarily for Forex (foreign exchange) and CFD (Contract For Difference) trading.

In 2010, the new MetaTrader 5 (MT5) was launched, and the main difference with the MT4 is the trading experience. In fact, the MT4 focuses solely on CFD and Forex trading, whereas MT5 provides a broader array of assets to trade and more charting tools for technical analysis.

Although MT4 does not have the additional features of MT5, and does not have some features such as cTrader’s Level II Pricing (i.e., data on liquidity and trading volumes) many forex and cfd traders still prefer it over any other popular trading platform.

In fact, the MT4 offers a flexible trading environment with everything a forex trader may need to speculate on currency rates. This includes the possibility to engage in automated trading, a wide choice of trading tools, and an excellent server infrastructure that offers low latency forex trading.

Other positive factors of the MT4 are the fact it’s free for its users, and the ease of use as to get started it only requires to be installed on the trader’s device, and insert the login data which is always provided by the MT4 forex broker once the trading account is created.

We have put together a comprehensive list of the 10 best forex brokers for MT4 to help you choose.

We have taken into consideration these factors:

  • If the MetaTrader 4 was available for all the account types offered by the forex broker;
  • The minimum deposit required by the forex broker to start trading with the MT4;
  • The number of currency pairs and minimum spreads available via MT4;
  • The availability to try the MT4 with a demo account.
Table of Content

What are the best MT4 forex brokers?

Below our curated list of the best forex brokers with MT4 platform, with details of features and characteristics.

1. Pepperstone : best for overall trading experience

  • Pepperstone provides the MT4 platform on all its account types: Razor, Standard, and Swap-Free.
  • Pepperstone does not require a minimum deposit to start trading with the MT4 platform.
  • Spreads on the MetaTrader 4 platform depend on the account type and start from 0 pips with a $7 commission under the Razor accounts.
  • 60+ currency pairs are available through the Pepperstone MT4 platform.
  • An MT4 demo account is available for all Pepperstone accounts, for a period of 21 days.
  • By using Pepperstone MetaTrader 4 you can engage in algorithmic trading via EAs.
  • Pepperstone MT4 traders find a fast latency of around 30 ms and 2 servers to choose from.
74-89% of retail investor accounts lose money when trading CFDs

2. IC Markets : best for scalpers

  • IC Markets provides the MT4 platform on all its account types: Standard, Raw Spread, and Swap-Free.
  • IC Markets does not require a minimum deposit to start trading with the MT4 platform.
  • Spreads on the MT4 platform depend on the account type and start from 0 pips with a $3 commission per lot under the Raw Spread account. The deep liquidity and the low spread in the MetaTrader 4 platform provided by IC is a great option for scalpers.
  • 60+ currency pairs are available through IC Markets MetaTrader 4 platform.
  • An IC Markets unlimited MT4 demo account is available for all accounts.
  • When using IC Markets MT4 platform you can engage in algorithmic trading via EAs.
  • IC Markets clients trading with MetaTrader 4 find a fast execution speed of around 30 ms and 10 servers to choose from.
74-89% of retail CFD accounts lose money

3. FBS : best for beginners

  • FBS provides the MT4 platform on all its account types, whose availability depends on your location: Islamic, Standard, and Cent for all traders, while ECN, Micro, and Zero Spread are available for IFSC clients.
  • The minimum deposit to use the MT4 platform depends on the account type and on your location. It starts from $1 for IFSC clients and from $10 for CySEC clients.
  • Spreads on the MetaTrader 4 platform depend on the account type and start from -1 pips with a $6 commission per lot under the ECN account.
  • 35+ currency pairs are available through the FBS MT4 platform.
  • An MT4 demo account is available for all FBS accounts for a period of 90 days.
  • FBS MetaTrader 4 platform enables algorithmic trading via EAs.
  • FBS MT4 traders find a fast latency of around 30 ms and 10 servers to choose from.
74-89% of retail CFD accounts lose money

4. XM : best for no requotes

  • XM provides the MT4 platform on all its account types. Availability of these may depend on your location. Standard, Ultra Low, Zero, Shares, Micro, and Swap-Free are all offered.
  • The minimum deposit to use the MT4 platform depends on the account type, starting from $5.
  • Spreads on the MetaTrader 4 platform depend on the account type. With the Zero Spread account they start from pips with a $3.50 commission per lot.
  • 57 XM currency pairs can be traded via the MT4 platform.
  • An MT4 demo account is available for all XM accounts. The demo has an unlimited duration.
  • XM MetaTrader 4 allows you to engage in algorithmic trading via EAs.
  • XM MetaTrader 4 traders find a fast latency of around 40 ms and 20 servers to choose from.
77,37% of retail investor accounts lose money

5. FxPro : best for customer service

  • FxPro provides an MT4 account to all their traders.
  • The FxPro minimum deposit to trade with the MT4 account is $100.
  • Spreads on the MetaTrader 4 platform can be fixed or floating. Fixed spreads start from 1.6 pips and depend on the time and volatility of the asset. Floating spreads start from 1 pip.
  • FxPro clients can choose among over 70 forex currency pairs via the FxPro MT4 platform.
  • An FxPro MT4 demo account is available, with a 180 day duration.
  • FxPro MT4 clients have the possibility to engage in algorithmic trading via EAs.
  • FxPro MetaTrader 4 traders find a fast latency of around 35 ms and 11 servers to choose from.
72.87% of retail investor accounts lose money

6. AvaTrade : best for fixed spreads

  • AvaTrade offers the MT4 trading platform with all account types
  • A $100 minimum deposit is needed to trade with the AvaTrade MT4 account.
  • Under the MetaTrader 4 account, AvaTrade charges fixed spreads from 0.9 pips.
  • 60+ forex currency pairs can be traded with the AvaTrade MT4 platform.
  • An MT4 demo account is available for all AvaTrade clients. The trial period lasts 21 days.
  • By using AvaTrade MT4 you can engage in algorithmic trading via EAs.
  • AvaTrade MetaTrader 4 clients find a latency of around 80 ms and 7 servers to choose from.
76% of retail investor accounts lose money

7. FXTM : best for professional traders

  • FXTM accepts only professional clients from Europe.
  • FXTM provides the MetaTrader 4 platform with all account types including Islamic, Micro, Advantage, and Advantage Plus. The global entity has a greater range of account types.
  • The FXTM minimum deposit to trade with the MetaTrader 4 platform starts from $10 depending on the account type.
  • MT4 traders will find FXTM spreads from 0.1 pips depending on the account type.
  • FXTM clients can trade among 60+ forex currency pairs with the MT4 platform.
  • An unlimited MetaTrader 4 demo account is available for all account types.
  • FXTM MT4 platform is a great place to engage in algorithmic trading via EAs.
81% of retail investor accounts lose money

8. FP Markets : best for low costs

  • FP Markets offers the MT4 platform for their main accounts including Islamic, Raw and Standard account types.
  • The FP Markets minimum deposit to trade with the MetaTrader 4 platform is $100.
  • When using the MT4, FP Markets spreads can start from 0 pips with the Raw Account with a $3 per lot commission.
  • 70+ forex currency pairs can be traded with the FP Markets MetaTrader 4 platform.
  • An unlimited MT4 demo account is available for FP Markets clients.
  • FP Markets MetaTrader 4 platform enables algorithmic trading via EAs.
74-89% of retail CFD accounts lose money

9. Admirals : best for MT4-algo trading

  • Admirals offer the MT4 platform on the Islamic, Zero, and Trade accounts.
  • The minimum deposit to trade with MetaTrader 4 required by Admirals is $100.
  • Spreads on the MT4 platform depend on the Admirals account type chosen: they start from 0 pips with $1.80 per lot traded commission on forex on the Zero Account.
  • 40+ currency pairs can be traded via the Admirals MetaTrader 4 platform.
  • A 30-days Admirals MetaTrader 4 demo account is available for all clients.
  • Admirals XTM MT4 platform is a great place to engage in algorithmic trading via EAs.
76% of retail investor accounts lose money

10. HF Markets : best for trading features

  • HF Markets provides the MT4 platform on all its account types, which availability depends on your location: Islamic, Premium, Zero Spread, HF Copy for all clients; Micro, Auto, PAMM for SV clients.
  • The minimum deposit to use the MetaTrader 4 platform depends on the account type. It starts generally from $0.
  • Spreads on the MetaTrader 4 platform depend on the HF account type and start from 0 pips with a $3 commission per lot under the Zero Spread account.
  • HF clients can choose from 45 currency pairs on the MT4 platform.
  • An unlimited MT4 demo account is available for all HF Markets accounts.
  • HF MetaTrader 4 platform allows you to engage in algorithmic trading via EAs.
  • HF Markets MT4 traders find a latency of around 30 ms and 7 servers to choose from.
70.51% of retail investor accounts lose money

What is the difference between MT4 and MT5?

The MT4 and MT5 trading platforms differ mainly in the type of trading offered (MT4 offers only CFDs, while MT5 has a wider range of assets), and the user experience as the MT4 is more minimalist, while the MT5 is more modern and has more features.

The MT4 is in fact the predecessor platform to the MT5, when it mainly focused on CFD derivatives trading. With the introduction of MT5, the layout got much more modern and started to offer more forex market analysis and trading tools than its predecessor.

However to this day many professional and retail traders continue to use MT4 both for convenience and because many of MT5’s features do not add enough value to traders. In any case, MT5 turns out to be much more suitable for all those who wish to trade not only forex and CFDs, but also other types of derivatives (such as futures or options), or assets on different markets such as cryptocurrencies and stocks.

If you need more information on the difference between the two platforms, here’s an article where we compare the MT4 and the MT5.

What are the pros and cons of MT4?

Pros

  • Can run on most PCs and laptops
  • Caters for both Windows and MAC users
  • Minimalist layout
  • Great for algorithmic traders

Cons

  • You can trade forex and CFD assets only

How do I choose the best MT4 Forex broker?

1. Choose a regulated forex broker

Choosing a regulated forex broker is important no matter what type of broker or trading strategy you want to use. When you choose a MT4 forex broker that has the right license to operate in your country, it means that in case of disputes you can file a complaint in order to receive direct support from the financial markets watchdog.

2. Consider a forex broker that allows algo trading

The MT4 is perfect if you want to trade forex, but one of its greatest strengths is the option to create, install, and download EAs for automated trading. Unfortunately, not all MT4 forex brokers allow their clients to use EAs, so if you are interested in using automated trading systems, you should consider this factor as well.

3. Choose a forex broker with low spread

When trading, you should keep an eye on costs. Generally forex brokers charge commissions on the spread, which is a mark-up on the cost of buying or selling a forex pair. The forex spread is not fixed, but generally starts at 1 pip on the most liquid forex pairs.

Why do most forex traders use the MT4 platform?

The MT4 platform offers everything that a forex trader might need: it allows the use of EAs and VPSs, offers one-click forex trading, can handle large volume orders, has an excellent infrastructure that offers latencies of less than 100ms, offers real-time forex rates, has a large number of charting tools, and it’s free.

All these factors made the MT4 the platform of choice for all traders, so much so that over time a strong community of traders was created within the MetaQuotes forum.

The MT4 caters for every category of traders:

  • Day traders can find a huge range of charting and drawing tools
  • Scalpers can find one-click trading and a robust low-latency server infrastructure
  • Algo traders can buy, create and download EAs, as well as using VPS
  • Carry traders can find precise cost and commission information about each forex pair
  • News traders can find a convenient news section as well as an economic calendar

In short, even though there are multiple forex trading platforms on the market that can potentially be an alternative to MT4, most traders stick to it thanks to its versatility and reliability.

How does the MT4 compare to other platforms?

To date there are numerous platforms that allow forex trading, but the most popular alternatives to MT4 are MT5, cTrader, and copy trading platforms.

Below you can find a summary comparison table containing the following key features:

  • Multi-asset support: the variety of markets and derivatives offered on the platform
  • Automated trading: the ability to use EAs for automated forex trading
  • Backtesting: the ability to backtest directly on the platform
  • User-friendly interface: how easy it is to learn how to use the platform
  • Real time pricing: whether forex rates are offered in real time or with a delay
  • Level II pricing: whether the platform shows forex market volumes and liquidity for each forex pair
  • Social trading: whether the platform gives you the opportunity to contact other traders to exchange views.
Key Features MT4 (MetaTrader 4) MT5 (MetaTrader 5) cTrader Copy Trading Platforms
Multi-Asset Support Limited Extensive Limited Varies
Futures Trading No Yes No Varies
Automated Trading Yes Yes No Varies
Backtesting Yes Yes No No
User-Friendly Interface Yes Yes Yes Yes
Real time pricing Yes Yes Yes Yes
Level II Pricing No No Yes No
Social Trading No No No Yes

What are the MT4 characteristics?

The MetaTrader 4 (MT4) platform offers the following features:

  • Large number of charting trading tools
  • Numerous trading orders available
  • Allows automatic trading
  • It is a multi-language platform
  • It is customizable
  • It offers a high degree of security
  • Is available on many devices
  • It offers real-time data
  • It is 100% free for traders

These are the reasons why MT4 is still so popular despite being launched back in 2005. In short, MT4 is a versatile trading platform that can be used for both trading forex and CFDs. It offers a wide range of charting tools and technical indicators (over 50) for technical analysis.

Most traders will also find it flexible enough since it caters for every kind of forex operativity, including algo trading with its wide range of trading tools for backtesting and creating brand-new EAs.

Additionally, the MT4 offers a secure trading environment with encrypted data transfers and a robust server infrastructure.

On top of that, the platform is 100% free for all traders, but this doesn’t mean they don’t make money. The MetaTrader 4 platform is owned by MetaQuotes, and forex brokers must pay a yearly fee of thousands of USD to earn the rights to offer the MT4 platform to their traders.

Is the MT4 a safe trading platform?

The MetaTrader 4 trading platform is secure in that it makes use of encryption for communications to/from the server, has firewall protection, and the trader must use unique login credentials to use it. Money is also not stored on MT4, but in a segregated account at Tier 1 banks.

In fact, what many traders ignore is that MT4 is not a broker and therefore money transactions never take place from its servers.

All MT4 does is take the trader’s orders and requests, communicate them to the broker, so that the MT4 forex broker can then execute them in the form and manner requested by the trader. Consequently, your money does not go through MT4, but through your forex broker’s servers.

How does the MT4 work?

The MT4 trading platform is not a broker, but is software that works together with forex brokers to provide a more professional and comprehensive trading environment for traders.

On the MT4 it is therefore possible to open and close trading orders, do technical analysis, and use automated trading systems, but not to deposit and withdraw-this will have to be done directly from the  broker’s site.

Here is a step-by-step guide on how MT4 works:

1. Download and setup

The MT4 trading platform can be downloaded from the MetaQuotes website, or you can also find it on your MT4 forex broker’s website. In fact, once you open your forex trading account, the broker will be the one to let you download a broker-branded MT4.

Once you download the platform, you will need to enter three credentials (that will be given to you by the MT4 forex broker of your choice) to access the MetaTrader dashboard:

  • The ID (or Login)
  • The password
  • The server to connect to

2. Open and close trading orders

In order to open a new order you should first go to the Market Watch section on the left hand side of the screen. If you can’t see it, press CTRL+M.

Here you should be able to see a list of the tratable assets on the platform. Right click on the asset you want to trade, and press “Chart window”. This should make a chart appear on the screen.

Image showing how to open the chart window on MT4

Once you see the chart, you have 2 options to trade. One is to click directly on the “buy-sell” buttons on the left side of the chart for one-click trading, or you can click on “new order” on the top menu for a more precise order entry.

Image showing the two options to buy and sell orders on the mt4

Once you open the order, you should be able to see it on the bottom side of the screen under the “Trade” tab. In order to close it, you can press the “x” on the right side of the order.

Image showing the mt4 trade tab

3. Install and setup EAs

If you want to engage in automated trading, you should first go to the MT4 folder related to your trading account. In order to find it, click on “File” and then “Open data folder”.

Image showing the open data folder option into the mt4 platform

From here, double click the “MQL4” folder. This folder contains a number of other folders, but the basic ones are the Experts and the Indicators folder as shown below:

Image showing the MQL4 folders

If you want to install a trading robot, you should copy and paste the file into the Experts folder. If you want to install an indicator, you should look for the Indicators folder.

In this case, let’s suppose we want to install a trading robot for automated trading. So, you should copy and paste your EA (that we are going to call “MT4 EA.ex4” from now on) into the “Experts” folder.

Image showing the EA into the Experts MT4 folder

Now go back to your MT4 dashboard, and go to the navigator section on the left hand side (Click CTRL+N if you don’t see it).

Click on “Expert Advisors” with the right button and click on “Refresh” in order to see the file “MT4 EA.ex4” (if you’re installing an indicator, you should do the same but on the “Indicators” part of the Navigator).

Image showing the refresh option in the MT4 navigator section

If the process was done correctly, now you should be seeing your EA into this folder. Now all you have to do is to drag and drop the file “MT4 EA.ex4” from the “Navigator” onto the chart of the asset you want to apply the EA on.

If you’ve done this correctly, you should see a “sad face” in the top-right corner of the chart. In MT4’s language, a “sad face” means that the EA is not activated, while vice-versa a “smiley face” means the EA is active.

In order to activate the EA, you should click on the “Autotrading” option on the upper menu.

Image showing how to activate the autotrade option on MT4

Comparison among the best MT4 forex brokers

Best MT4 forex brokers Demo account Minimum deposit Spread from (EUR/USD) Commission Forex pairs available
Pepperstone 21 days $0 0 pips $3.50 per lot 60+
IC Markets Unlimited $0 0 pips $3.5 per lot 60+
FBS 90 days $10 0.5 pip $0 35+
XM Unlimited $5 0 pip $3.50 per lot 55+
FxPro 180 days $100 1 pip $0 70+
AvaTrade 21 days $100 0.9 pips (fixed) $0 60+
FXTM Unlimited $10 0.1 pips $2 per lot 60+
FP Markets Unlimited $50 0 pips $3 per lot 70+
Admirals 30 days $100 0 pips $3 per lot 80+
HF Markets Unlimited $0 0 pips $3 per lot 45+

filippo ucchino

About The Author

Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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