Do you want to find the best MT4 forex broker around?
Do you want to know what are the best specifically in UK or Australia?
If you do, then this is the perfect place to begin your search.
We have put together a comprehensive listing of the top 10 best forex brokers for MT4 to help you choose.
MT4 is one of the most respected trading platforms in the entire industry. It has been around for well over a decade and continues to be used by almost all of the best forex brokers. It has become a key part of the offering when you are choosing your next broker.
The top MetaTrader 4 forex brokers offer access to the trading platform, and some of the most top quality conditions which you will find. They will also in many cases offer access to MT4 in many varieties. This includes on desktop, through the webtrader, or any of your mobile devices.
The top 10 brokers who we have chosen not only offer the best access to the platform, but also possess a selection of other top features, and are all highly trusted and transparent within their operations. This is another one of our top priorities for you as a trader beyond selecting the best MT4 forex broker possible.
Table of contents
Top 10 Best MT4 Forex Brokers Listing for 2020
Here’s our general ranking of the best MT4 forex brokers:
Best MT4 Forex Brokers List – Our Comparison
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money
|Broker||Min. deposit*||Negative Balance Protection**||Leverage up to***|
*The minimum deposit may be different depending on the broker’s entity you register in
**The negative balance protection may not be available outside the EU and UK
***For European and UK residents, the maximum leverage on Forex Major pairs is reduced to 30:1
What is MT4?
MT4 is short for MetaTrader 4 and it is a trading platform which was developed and is run by MetaQuotes Software. It was launched in 2005 and has grown to become the standout most trusted and well-recognized trading platform in the industry.
The MT4 platform provides the very best in trading capabilities to the forex market from both the broker and trader side. The platform itself features both a server, and client interface to serve the needs of both with ease and reliability. The server side is controlled by the broker, while the trader manages the client side of the software. The nature of the platform also provides it with fantastic ability to be customized and crossover for use with all brokers who facilitate it.
MT4 Trading Platform Overview
As a trader, if you don’t already know it, you will quickly become familiar with MT4 as one of the most commonly used, and trusted trading platforms in the industry. There is a good chance that you will choose an MT4 broker since the platform is one of the most widely available when it comes to online trading brokers.
This popularity extends not only thanks to the longstanding reputation on the trading platform in the sector, but also thanks to the fact it is seen as one of the most efficient, and versatile platforms around. This is one of the key reasons why metatrader 4 brokers are always a top choice. Here we will conduct a Metatrader 4 review, and take a closer look at the best broker for Metatrader 4 that you can choose going forward.
The history of MetaTrader 4
MetaTrader 4 has been around the industry for a long time. It was developed in 2002, and launched to the market in 2005 by the Russian developer, Metaquotes. Broker review pages have been carrying positive feedback for the trading platform since the very beginning.
The key purposes behind the trading platform were to give particularly retail traders, better access to international markets, as well as to facilitate margin trading which had become increasingly popular.
The platform has been a big hit since 2005, though the developer has not stopped evolving. This led to the release of MT5 in 2010 which acts as a kind of enhanced version with some additional functions and trading capabilities, but still remaining true to the core of the platform. To this day though, many brokers that use MT4 and MT5 still note that many traders prefer to trade with MT4. We will take a closer look at why that is the case in the following sections.
Here is a closer look at the characteristics and performance which you can expect when trading with any of the brokers that use MT4.
One of the most popular points when talking about MT4 among traders is the fact that it is very light and easy to run. This means the requirements are minimal, and it can be run on almost any machine. This also applies to running the platform on your mobile phone, though this method is not quite as efficient as the desktop platform.
Charting tools and customization
Another strong point for the MT4 platform which also helps boost the Metatrader 4 brokers who offer the platform, is the sheer depth of capability when it comes to charting tools and the ability to customize indicators.
The platform offers more than 80 charting tools which can be invaluable for technical analysis as a trader. This includes a vast range of drawing tools, indicators, and more including the ability to view 9 time frames as low as 1 minute. This can be particularly positive for scalpers.
There is also a variety of order types available through MT4, and you can set up your own layout. Overall, it makes for a highly customizable experience.
As well as the additional features you will have available from your MT4 broker, the platform itself also caters for a range of extras. This includes customer service and support on specific trading platform issues that is available in many languages.
Added to that, you have the full support of a dedicated MT4 community which goes beyond only brokers that use MT4. The MQL forum is full of traders and community members who use the trading platform and are available to support each other. Part of this includes an EAs market where you can identify and use EAs which have been provided by the community. This is an area we will look at in more depth in the following sections.
Another major attraction for some traders is the fact that MetaTrader 4 does support algorithmic trading. Their trading robots are coded in the MQL4 language (Metaquotes language). This has also taken on huge popularity throughout the industry in the years the platform has been available, and there is a dedicated section within the platform community to download or try out these strategies.
All of the best MT4 broker choices will most often support the use of these robots for algo trading.
No Metatrader 4 review would be complete without mentioning safety. Metatrader is an extremely safe platform. It is very well trusted within the industry and has an excellent record.
In fact, in order to become an MT4 broker, the brokers need to pay a very high license fee in order to offer the platform to their traders. This can also help in identifying a trustworthy broker, with this money being continually reinvested into improving the platform and keeping it up to date.
They also encrypt every communication across the network with 128-bit keys. This is the top-tier when it comes to encryption technology, and is technically impossible for any third party to decrypt. This makes transactions through MT4 some of the most secure in the industry.
MetaTrader 4 vs MT5 and other platforms
Of course you will want to compare MT4 to both MT5 and other major platforms which are available when making your choice. Here is a quick rundown of what to expect.
MT4 vs MT5
MT5 also comes from Metaquotes software and you will find that many a best broker for metatrader 4 will also offer MT5. This can be seen by some as a more improved version of MT4 in that it offers more pending order types, more advanced charting tools, and typically more markets.
Many also see MT5 as something of an MT4 extension in that it holds much of the same capability and function beyond offering extra specific markets which can’t be traded through MT4 such as real stocks and others.
If you are into forex trading though, most traders tend to stick with MT4, as MT5 really adds no additional value here. It is also true that a lot of the extra EAs and plugins offered by the MT4 community are not compatible with MT5 for the most part.
MT4 vs cTrader
Some of those featured on our top forex MT4 brokers list will also offer cTrader. This is another very light and easy to use trading platform which typically provides for very fast order execution. This makes it a top choice with scalpers, and while some consider the best MT4 ECN platform to be Metatrader 4, many also side with cTrader in this debate.
MT4 vs Other platforms
The fact is that there are literally hundreds of other platforms out there which includes many top broker proprietary trading platforms, yet despite all that, MT4 remains a top choice, and brokers that use MT4 are often sought out by traders.
Who should choose metatrader 4?
The range is wide of traders who could, and should choose Metatrader 4. Typically though, it is the perfect choice for all of those following standard margin trading, and any trader who is not following a trading strategy which requires very fast order execution for example, scalping.
Absolutely, those who wish to use trading robots and other strategies in their automated trading, are also best off with MT4 as their top choice.
Everything about Algo trading with MT4
As we mentioned earlier, algo trading forms a huge part of the reason why many traders may choose MT4. Here we will take a closer look at exactly what the platform, and wider community has to offer in this area.
EAs, also known as expert advisors, are software programs which are specifically coded for trading and to identify certain chart patterns in trading. They are widely offered and used throughout the MT4 trader community, and are coded in the MQL4 language.
They can be coded to perform a vast range of functions. This includes actually opening and closing trades, or just to give guidance and advice in the form of drawing trend lines and interpreting charting data for traders. There are many available for free, while some are also paid services. Altogether, they are a huge feature of MT4 and any MT4 broker, and widely used.
VPS stands for Virtual Private Server. What this basically does is give you 24/7 access to the fastest connections with the brokers servers. This not only means you can trade 24/7 regardless of the market hours, but that you also do not have to experience any delay in your trades.
When you trade through a VPS, you also do not have to run the trading platform program through your own PC power, but in fact using the VPS. This should make everything run faster, and smoother. It also allows for you to continue trading through the night even when your PC is off.
Again, the majority of Metatrader 4 brokers allow the use of VPS, and some will even provide use of their own VPS services for free to active traders.
Signal trading is another very popular thing which is utilized by many MT4 traders and others. These trading signals can come either from trading robots like we have mentioned above, or from other traders.
This is basically advice on which positions to open, and at what points. These signals and signal services are allowed through MT4, and brokers, though some do confuse signal trading with copy trading, which is not always catered for.
Signal Trading vs copy trading
There are a number of differences when we compare signal training, and copy trading. Here is a closer look at the two:
With signal trading, you will receive these signals from your trading robot or other signal service. It is then up to you whether or not to implement these trades, so they are more of a suggestion. Every recommended setting such as stop loss and take profit levels recommended in a trading signal, must also be manually set by you, the trader and is open to change.
Copy trading works a bit differently in the sense that it is more like mirror trading. You choose a trader to copy, and you copy 100% of what that trader does. Settings are automatically adjusted, and the trades are automatically applied.
Pros and cons of EAs and signals
Like every other form of trading, whether or not you are using an MT4 broker, there are good and bad points when it comes to EAs and signals. Here are a few we have noted:
- There is no emotion attached to the strategy which the AI follows. This can help reduce the human error factor.
- Using these features, you can trade on a 24/7 basis.
- It does not prevent you from losing. AI can still make mistakes in trading.
- If you want to make your own, you will need MQL language knowledge.
How to start trading on MT4
Getting started trading with MT4 could not be easier. You simply need to find yourself a great MT4 broker of which there are many to choose from. Then you can open a demo or a live trading account with one of the brokers that use MT4.
Once you have selected to trade on the MT4 platform, they will send you the credentials you need to access the broker server on the MT4 platform. You can then proceed to download the platform, or one of the other options offered by your broker. You can typically find these in a “platform” section at the broker.
Once you have downloaded the platform, the process is as simple as entering the information you received from your broker including the username, password, and correct server name. You can then start to trade.
MT4 pros and cons
Here are some of the key points we have found through our Metatrader 4 review:
- The platform is extremely light and can run on almost any machine.
- It is a hugely versatile platform offering extensive charting tools and support.
- Automated trading is very well supported for traders who are interested.
- The safety and reputation on MT4 are second to none.
- It may not be the best choice for scalpers due to order execution speeds.
- You can on MT4 only with leverage. This may put off some traders.