Best MT4 Brokers For Forex Trading
MT4 Forex brokers are the largest group of Forex brokers.
Due to the popularity of the MT4 platform, almost every broker (about 95% of them) offers MT4.
It could be a bit overwhelming to find an online broker based only on MT4 criteria. Thus, adding such parameters as minimum deposit, broker type (ECN, STP or Market maker), as well as regulatory status can help narrow down the search.
However, what are some of the best MetaTrader Forex brokers? Below we will detail everything you need to know about MT4.
The Largest List of Forex Brokers That Offer Metatrader 4 (MT4) Platform:
What Is MetaTrader 4?
Also known as MT4, it is the most popular trading platform within the Forex industry, especially for new traders. Launched in 2005 by MetaQuotes, the platform is licensed to Forex brokers so they can offer charting and liquidity services to their clients.
MetaTrader 4 is a platform that allows you to trade Forex without the need for complex systems. After opening the MT4 terminal, you will be able to open and close positions in just a few clicks, change languages, chart types, colours, and add default orders with no problems.
According to MetaQuotes, MetaTrader has been used by millions of traders around the world. Thousands of Experts Advisors, trading signals, and other services have also been implemented in the platform since its release now almost 15 years ago.
Why Is MT4 So Popular?
MetaTrader is considered as the gold standard of the trading platforms, but why? Traders, especially beginners appreciate the easy flow of the experience and how they can implement robots and different strategies without extreme difficulties.
While some brokers also offer different platforms, including their own proprietary software, in-house online trading platforms are static and don’t allow many changes. The MT4 ecosystem enables you to install robots, test software, run backtests, change everything in the layout, and implement as many technical indicators as you want.
Another excellent point with MT4 is that the software is always the same no matter which broker you are using. Of course, you can find minor differentiations, but overall you are going to see the same platform in every broker. So you will avoid the learning curve that may cost you money and time.
Why Choose a MetaTrader Forex Broker?
Both the beginner and advanced traders choose MT4 instead of other platforms because the platform is easy to use, provides relevant information, and customizable to personal preference.
If you are a beginner trader, you may want to try a demo account. This will allow you to better learn the basic features of analysing charts and placing trades. Doing this in a risk-free environment before going into the live markets.
As an advanced trader, the MT4 platform will allow you to automate your trading strategy and implement it in the trading console. It also provides you with a personal computer and mobile experience in Windows, Mac OS, and Linux.
MT4 Platform Remains to Be the Leading Forex Platform
MT4 is far not the only Forex platform available today. But nevertheless, it remains to be a firm leader and a choice of almost 90% of Forex brokers.
Interestingly that even those Forex brokers who used to offer and promote only their own successful proprietary platforms (GFT broker offered DealBook360, OANDA – FxTrade) – even finally made a decision to add MT4 to their trading platform collection. Was that a decision based on a market trend and traders preferences & support requests – most likely yes.
We can’t ignore (and Forex brokers can’t ignore it either) that the MT4 platform took over the trading world, and there was one key feature to “blame” – MT4 platform allows creating custom indicators and expert advisors; and although there are many platforms that also allow this, MT4 has managed to outperform every single one of them by the tremendous number of MT4 indicators and EAs being written for it. Many MT4 indicators and EAs are also free – there is a huge MT4 community Codebase: https://www.mql5.com/en/code/mt4 where thousands of indicators can be found. Does this attract novice traders who never used MT4 before – most definitely yes!
That’s why Forex brokers continue to choose the MT4 platform in order to always satisfy the needs of the diverse Forex trading community.
Also, check out the MT4 ECN Forex Brokers List featuring MT4 platforms with an ECN bridge.
Pros and Cons of Using MetaTrader 4
- Easy to use by beginners but advanced enough for skilled traders.
- Compatible with operating systems such as Mac OS, Windows, and Linux.
- Easily customizable charts, languages, time frames.
- It allows you to code your trading strategies.
- Same interface regardless of broker you use.
- Latency is significant.
- Execution speed is not always the best.
- Not ready for high-frequency trading
- The basic format at the beginning
Features of MetaTrader
Among the essential features that MT4 offers are mobile trading, the web platform, its community of traders, and the MetaTrader market. The platform allows you to trade on the go with its mobile version on IOS and Android.
Another critical feature in the MT4 universe is the MetaTrader Market, where you can buy or rent trading robots and technical indicators. The market is home to over 1,700 trading robots and 2,100 technical indicators, including free and paid products.
MetaTrader 4 Charting and Tools
Besides the technical indicators and trading robots, the software offers 23 analytical objects and 30 built-in technical indicators, interactive charts, multi-chart features, and nine timeframes.
In addition, it offers three execution types. Real-time market orders, pending orders, and stop orders, which include trailing stops.
Signals are popular in Forex because it allows new traders as well as others who may have confidence in certain strategies created by others to follow them. MT4 provides support for signal services and enables you to copy the trades performed for others in real-time.
The MT4 community offers over 3,200 free and paid signals. You just have to look in the Signals tab of your trading platform and select whom you want to copy or to follow.
MT4 Expert Advisors (EAs)
There are two options for the EAs, you can buy/rent or you can build your robot. All the robots and EAs are coded in MQL4, which is the programming language that powers up the MT4 platform.
The platform has a built-in MetaEditor designed for the development of trading strategies in MQL4. In the MetaEditor, you can easily build your Expert Advisor, move it to the MT4 platform, test it and optimize it in the Strategy Tester.
On the other hand, you can go to the market and download an EA that has been previously tested. There are both free and commercial paid Expert Advisors. MetaQuotes do not develop EAs; third-party entities and independent traders create them.
MT4 on a dedicated server – VPS advantages for MT4 users
Ever thought about times when your home/office PC is turned off and your trading thus left “as is”, without any possibility to control/close/adjust open orders? This problem can be easily solved with a Virtual Private Server (VPS). All you need to do is install the MT4 platform on your VPS and it’ll run 24/7 without interruptions. More on that at MT4 VPS solutions
Metatrader is one of the most popular trading platforms among Forex traders because it is simple to use and to understand. You don’t need to learn complicated processes before using the terminal. As the proverb says, simplicity is the ultimate sophistication.
It is not about having MetaTrader or not, the answer lies in your necessities and the features each broker provides you. Check our table and decide for yourself, but remember, MT4 will remain pretty much the same. The only difficulty is selecting the right broker.
Platforms like this make trading the Forex market a lot considerably easier, they help implement risk management by giving traders the tools to do so (normally in the form of automatic orders) and also allow you to perform technical analysis by providing charting platforms. These platforms are only benefiting the financial trading space.
What is an Expert Advisor?
An Expert Advisor is a robot built from a trading strategy. You can buy it in the MetaTrader Market, or build up one in the MetaEditor. Some brokers offer their proprietary Expert Advisors.
What is the best broker for MetaTrader?
Check all the pros and cons of every broker in our comparison table.
What brokers offer signals in MetaTrader?
Most brokers offer signal services. Check out our brokers’ guide to find out more.
What is Metatrader 5?
MetaTrader 5 is a re-coded version of the MT4 that was launched in 2009. It works with the MQL5, an updated version of the MQL4. However, due to the popularity of MT4 and MQL4, most traders have stuck with MT4. See our MT4 Vs MT5 comparison here.