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Best Forex Brokers for MT4 in 2021

MetaTrader 4 is a popular trading platform for forex traders. It's important to choose a forex broker that gives you access to a modern trading platform such as MT4 because it gives you all the necessary tools to trade in the forex market. To save you from having to take the time to look, we have created a list of the best forex brokers for MT4, and we present it here.

Our List of the Best Forex Brokers for MT4

The list of the best forex brokers for MT4 has been created after evaluating brokers based on criteria that include customer service, commissions, fees, trading instruments, transparency, and — most importantly — access to the MT4 trading platform. The forex brokers included in this list not only give you access to the MT4 trading platform but also provide top-quality trading services.

1
Min. Deposit
$10
promotion
User Score
10
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What Is a Forex Broker for MT4?

A forex broker for MT4 lets forex traders place and execute their trades on MetaTrader 4, which is one of the most advanced and popular trading platforms available.

Due to the innovative and advanced features of MT4, many forex traders prefer to open accounts with brokers that provide access to this trading platform. MT4 allows traders to trade forex from their mobile phones, desktops, or laptops because the platform can be used on all devices. Many MT4 forex brokers also offer customized trading indicators and social trading options alongside the MT4 trading platform, to further improve the trading experience. 

How Does a Forex Broker for MT4 Work?

Forex brokers for MT4, like other forex brokers, act as intermediaries between traders and counterparties in the market.

Price quotes are provided to traders on the MT4 trading platform, and those traders can automate their trades, perform algorithmic trading, and use plenty of technical analysis tools to trade accurately. Many forex brokers offer the MT4 trading platform instead of their proprietary trading platforms.

Forex brokers charge traders commissions and spreads as payment for their brokerage services. Commissions are charged on each trade, depending on the size and the type of trade. The spread, which is the difference between the quoted buying and selling prices of a currency pair, can be fixed or variable, depending on the type of broker you choose. 

Key Features To Look For in a Forex Broker for MT4

When choosing a forex broker for MT4, you should consider the following features.

Trading Platform

Since you will be executing your trading strategies using the broker’s trading platform, the foremost feature you should look for in a forex broker is the trading platform that is offered. Choose a broker that offers a modern and capable trading platform such as MT4.

Regulation

The broker you select must be licensed and regulated by a trusted regulatory authority. When you deal with a licensed and regulated broker, your money will be secure and you are less likely to be used in fraudulent activities.

Education

Most forex brokers offer trading education, and they conduct webinars to train traders, which is ideal for new traders to learn to trade and hone their skills. New traders can also opt for demo trading accounts that let you learn to trade forex without putting your own real money on the line.

Fees

To reduce your trading costs, you should carefully study the fee structure of brokers and select the one with low commissions and spreads. Some brokers charge spreads while some charge commissions instead of spreads. Determine which fee structure suits your trading style.

Pros & Cons of Using a Forex Broker for MT4

Pros

An MT4 forex broker gives you access to advanced features such as access to interactive charts, technical indicators, algo trading, and trading signals.
You can trade on your smartphone since the platform can be run on smartphones, desktops, laptops, and tablets.
Traders can copy trades of other traders using MT4’s copy trading feature.
Traders can create their own applications to run on the trading platform.
Traders can get access to the latest financial news right on the trading platform.

Cons

MT4’s advanced features can be difficult for beginner traders to benefit from, but it’s worth taking time to learn those features.
Some brokers charge fees for using MT4’s copy trading feature.
The algorithmic trading feature requires you to install Expert Advisors (EAs) that could cost you money as they have to be created for each trading strategy.

How To Choose the Best MT4 Forex Broker for Me?

As the name suggests, an MT4 forex broker is a forex broker that offers traders the MT4 trading platform for placing and executing their trades. Apart from providing MT4 trading functionality, you should consider other factors when choosing the best broker for you.

First, make sure the broker is regulated and licensed by the relevant regulatory authorities. Dealing with a regulated and licensed broker is comparatively safer than dealing with a non-regulated broker.

Second, select a forex broker that charges low commissions and spreads. A forex broker that charges high commissions and spreads will increase your trading costs, leaving you less profitable. However, you must ensure that the low commissions and spreads do not come at the cost of other features that might cost you money.

Beginners should select a broker that offers an education program and a demo account that lets you practice forex trading without risking real money. Test your trading strategies and learn to place different types of orders before switching to a live account. 

How to Safely Use a Broker to Make Money Online Trading?

Online trading can be a great way to make money. However, traders should adopt some basic guiding principles to make money while assuming minimal risk. You should employ strict money management or risk management strategies that limit your losses while generating profits. Most forex experts agree that you should not risk more than 1% of your trading account on a single trade, and only take trades that have the risk/reward ratio of greater than two (ideally, three). Allocating just 1% of your account on each trade will allow you to conduct emotionless trading without incurring heavy losses. And the risk/reward ratio of two or three will ensure that you earn twice or thrice the amount of money on winning trades than the amount you lose on your losing trades. You must place a hard stop loss (stop order) to each open trade so that you don’t panic if the market suddenly goes against you. Ideally, you should determine your take-profit and stop-loss points before initiating those trades. If you follow these basic risk management principles, you will be able to control your losses and execute your strategies with less emotional pressure, leading to improved trading performance.
- Shahid Rehman

Conclusion

Beginner traders often have to do a lot of research to find the best forex broker. One of the most important features to consider is the trading platform. Most forex traders prefer the MT4 platform because of its unique and advanced features that include:

  • 4 types of pending orders

  • Hedging functionality

  • 30 built-in technical indicators

  • Ability to integrate custom indicators

  • 9 time-frames

  • Interactive charts

  • Ability to do algorithmic trading with Expert Advisors.

Review our list of the best forex brokers for MT4. The list was curated after reviewing numerous brokers that are regulated, provide excellent customer services, have a transparent fee structure, and support several deposit and withdrawal methods.

Frequently Asked Questions

  1. Not all forex brokers provide access to the MT4 trading platform. While the MT4 is a popular trading platform, many brokers still offer their own proprietary trading platforms for forex trading.

  2. Yes, the MT4 trading platform allows you to perform automated trading by installing small programs called Expert Advisors (EAs) that implement trading algorithms.

  3. Many brokers offer a demo account on the MT4 trading platform, which you can use to get familiar with the platform. Many brokers also provide educational programs to beginner traders, helping them to start trading confidently.

  4. The MT4 trading platform is available for use on smartphones, desktops, laptops, and tablets. You can use it on the web as well.

  5. Yes, using the Trading Signals feature of the MT4, you can copy trades of other traders for free or for a small fee.

  6. The MT4 trading platform allows you to set up take-profit and stop-loss points. You can also set up trailing stops that move with the change in the market.

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