Best Forex Brokers for MT4 in 2021

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 to forex traders.

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 and select a broker with low commissions and spreads. Some brokers charge spreads while some charge commissions instead of spreads. Determine which fee structure suits your trading style.

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. 

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.