Forex Brokers MetaTrader 4

The 5 best forex brokers & platforms for MetaTrader 4 in comparison

The list of the 5 best Forex brokers for MetaTrader 4:

Broker:
Review:
MT4 Integration:
Regulation:
Assets:
Advantages:
Open account:
1. Vantage Markets
Yes
CIMA, ASIC
300+
(40+ currency pairs)
+ Fast execution
+ MT4 & MT5
+ Low trading fees
+ No hidden costs
+ Free bonus
+ Multi-regulated
Live account from $200(Risk warning: Your capital can be at risk)
2. RoboForex
RoboForex logo
Yes
IFSC (Belize)
9000+
(36+ currency pairs)
+ Many awards
+ Huge diversity
+ Many account types
+ 1:2000 Leverage
+ Bonus program
+ Low spreads
+ Low commissions
+ 9,000+ assets

Live account from $10(Risk warning: Your capital can be at risk)
3. Pepperstone
Yes
FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA
180+
(60+ currency pairs)
+ Authorized broker
+ Multi-regulated
+ 24/5 support
+ Low spreads
+ Leverage up to 1:500
Live account from $200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. FxPro
FxPro logo
Yes
FCA, CySEC, FSCA, SCB
250+
(70+ currency pairs)
+ Multi-regulated
+ User-friendly
+ Mobile trading
+ Competitive spreads
+ Free demo account
Live account from $100(Risk warning: 72.87% of CFD accounts lose money)
5. XM Forex
XM logo
Yes
IFSC, CySEC, ASIC
1,000+
(55+ currency pairs)
+ Cheap trading fees
+ No hidden costs
+ Regulated and safe
+ International trading
+ 1000+ assets
Live account from $5(Risk warning: 75.59% of retail CFD accounts lose)

Forex brokers are a link between the forex trader and the market. A trading platform is a software that brokers integrate to allow forex traders to make orders and manage their trading accounts. Meta Trader 4 got launched in 2005, and it grew popular with other trading platforms. 

Many forex brokers embraced it due to its improved functionality, fast order processing, and numerous trading tools. The Meta Quotes software team developed it and launched the Meta trader 5 in 2010. 

Meta trader 5 (MT5) was slowly adopted by forex traders, but many still prefer Meta trader 4 or MT4

MetaTrader 4 platform on various devices, such as computer, mobile phone and tablet
MetaTrader 4 platform

Key features of MT4:

  • It has a user-friendly interface that allows traders to access all its functions in an orderly and efficient way, such that is easy to locate the tools you need. 
  • It has 30 technical indicators and 24 drawing tools such as Moving average, trendlines, Bollinger bands, stochastics, accelerators, and Fibonacci. 
  • Mt4 offers three types of executions, two market executions, and instant execution. 
  • One-click trading allows traders to execute functions with one motion without checking on dialogue boxes. 
  • It has 9-time frames ranging from one minute to the monthly time frame such that traders have a clear picture of the overall direction of prices. 
  • It has advanced RSA data encryption to ensure that all the transfers are secure between the client and the servers. 
  • Traders can acquire the trading history of funds and price quotes as they happen in the market. 
  • It is compatible with any browser and Operating system, making it available for websites and desktops/laptops. 
  • It is also available as a mobile application compatible with android and IOS, such that traders can access their trading accounts wherever they are on their mobile phones. 
  • Traders can also access automated trading on MT4 with Expert Advisor and its programming language MQL4 for developing strategies. 

Advantages of the MT4:

  • Access to many trading instruments
  • Available via mobile, desktops, and websites
  • User-friendly interface
  • Fast execution rates 
  • Quality trading tools 
  • Automated trading is available
  • Access to real-time quotes 
  • Traders can customize indicators and EAs
  • Backtesting ability 

Cons of MT4:

  • Its Automated trading is not efficient 
  • It has the lower-order processing speed 

How to install MT4:

ATFX MetaTrader 4 for desktop
ATFX MetaTrader 4 for desktop

Step 1. Download MT4 

Open your browser, search Meta Trader 4, and find the Meta trader 4 website. They have a link for various Operating systems, and you can choose which one you use. For android phones, they can get it when they search on the Google Play Store. You can download it and run it on your PC or phone. 

Step 2. Read and understand the agreement before accepting it

MT4 has some license agreements that traders adhere to for a smooth trading process. These terms are there to assist both parties in solving an issue if there is a dispute to address. Traders must read and understand these agreements before they accept them.

Step 3. Install 

If you agree to the terms, you will get an install tab, click it to allow installation of MT4. It only takes a few minutes to set up. Once the installation process is done, click finish. 

Step 4. Sign up for a trading account 

If you don’t have a trading account, sign up for a trading account. If you already have a trading account, click next, and a window for choosing a forex broker you want to use will appear. 

List of the 5 best forex brokers for Meta Trader 4 in comparison:


1. Vantage Markets 

The official website of the forex broker Vantage Markets
Vantage Markets website

It is a forex broker serving more than half a million forex traders for 10+ years. It is available in 172 countries, with 30 physical offices in different countries. Its users can access a range of 300 trading instruments such as shares, forex, CFDs, and commodities. 

Regulation 

  • Vanuatu Financial Services Commission
  • Cayman Islands Monetary Authority
  • Australian Securities and Investments Commission
Vantage Markets benefits such as low spreads and regulation
Vantage Markets is a safe and trustworthy platform in terms of low spreads and regulation.

Types of trading accounts

It offers three types of accounts, Standard STP, Raw ECN, and Pro ECN. The Standard trading account has a minimum deposit of $200, forex traders can get leverage of up to 1: 500. You can access the forex market on this account using MT4 and MT5.

Raw ECN has a minimum deposit of $500, and maximum leverage of 1:500. Its users can access the market using the MT4 and MT5 trading platforms. Pro ECN account has a minimum deposit of $20,000 and a leverage of up to 1:500.

Clients of Vantage Markets can open trading positions starting from 0.01 with any trading account.

(Risk warning: Your capital can be at risk)


Trading fees

The standard account is commission-free and has forex spreads from 1.4 pips. The Raw and Pro ECN accounts have tight forex spreads starting from 0.0 pips. The Raw ECN has $3 commissions, while the Pro ECN is $2 per round turn.

It has no inactivity or account maintenance fee, and the deposits and withdrawals are free. It accepts various payment methods such as Bank wires, Credit/ debit cards. Traders can also use e-wallets like Neteller, Skrill, Pay Pal, union pay, and others depending on those accepted on your location.

Vantage Markets logo

Features of Vantage Markets

  • It has a demo account, traders can test out the vantage platform.
  • It has integrated MT4 and MT5 trading platforms.
  • MT4 offers a variety of trading features on vantage markets like nine timeframes on trading charts, it allows hedging and scalping and a 99.99 uptime when using it.
  • It has made traders access their accounts from anywhere using its mobile app. Traders can also access 3200 trading signals in real-time using the MT4.
  • Features on MT4 and 5 include fast order processing rates, 80+ technical indicators, and graphical tools.
  • Traders can also access the auto-trading feature using the Expert Advisors and MQL5/ MQL4 programming that helps to customize the trading robots.
  • Social/copy trading from different financial markets using Zulutrade, Dupli Trade, and MyFXbook Autotrade.
  • Research resources from Trading Central, trading views, ideas, and trading signals offered by Vantage market analysts.
  • Traders can get educational materials covering different markets from basic levels to advanced published through articles, videos, and online webinars.
  • In case of any issues, traders can reach out to their 24/7 customer support via phone calls, emails, and live chat.

Pros

  • Fast account registration
  • It has MT4 and MT5
  • Low trading costs
  • Low minimum deposits required
  • Fast market execution

Cons

  • Limited financial markets

(Risk warning: Your capital can be at risk)


2. RoboForex

The official website of the forex broker RoboForex

It is a forex broker founded in 2009 with nine million customers using its trading platform worldwide. Its users can access 12000 financial markets like cryptocurrency, indices, stocks, forex, metals, ETFs, and CFDs.

Regulation

 International Financial Services Commission of Belize

RoboForex Regulation
RoboForex regulation

Account types at RoboForex 

Its clients can choose from the five trading accounts it offers. The Prime account that forex traders can access the markets using MT4 and MT5. It has an initial deposit of $10 and a leverage of up to 1:300. The ECN account has a minimum deposit of $10 and forex leverage of 1:500. 

R stocks trade designed for trading various stocks, it has a minimum deposit of $100 and a leverage of up to 1:300. Stocks have forex leverage of 1:20 in the UK and use the R Stocks trading platforms. Pro Cent account has a minimum deposit of $10 and maximum forex leverage of 1:2000. 

It uses the cTrader, MT4, and MT5 trading platforms to access the financial markets. The last account is the Pro account which has a minimum deposit of $10 and forex leverage of up to 1:2000. On all these platforms, traders can open positions starting from 0.01 lots. 

Fees 

Roboforex spreads are different based on the type of account a trader uses. The pro and Pro Cent accounts new traders use have spread from 1.3 pips but have no commissions. The Prime and ECN accounts used by expert and volume traders have forex spread from 0.0 pips and low commissions. 

The R stocks trader spreads depend on the stock and has low commissions. Other trading fees like inactivity and account maintenance are not there. Deposits and withdrawals are free on Roboforex, it accepts transfers using bank wires, and credit/ debit cards. 

Traders can also deposit or withdraw using e-wallets like Skrill, Neteller, and other methods available in different countries. 

roboforex logo

Features:

  • A demo account with virtual funds is free to register and use. 
  • Roboforex has incorporated four trading platforms, R stocks trader, Mt4, MT5, and the cTrader.
  • The MT4 is the leading trading platform and offers 50+technical indicators, graphical tools, 9-time frames, MQL4 for customizing trading robots. 
  • It also offers three types of executions, two market, and one instant execution
  • Traders can manage positions with one click function of MT4. 
  • Trading tools include 50+ technical indicators, graphical tools, market depth, and pending orders. 
  • Roboforex offers a virtual private server for forex traders who meet their criteria, trading bonuses such as welcome and cashback offers. 
  • CopyFX for copy/social trading functions available in Roboforex. 
  • Automated trading via C trader automates an Expert Advisor feature for fast trading signals. 
  • Roboforex is easily accessible via its mobile app, desktop, and website version. 
  • A library of educational materials is available as videos, strategy guides, and articles on their platforms. 
  • Their customer support is present 24/7 through live chat, emails, and phone calls. 

Pros:

  • Low minimum deposit
  • Fast execution speeds
  • Low trading costs 
  • Negative balance protection
  • Industry-leading trading resources 

Cons:

  • It is unavailable in most trading countries 
  • Limited trading instruments 

(Risk Warning: Your capital can be at risk)


3. Pepperstone 

The official website of the forex broker Pepperstone
Pepperstone official website

It is a forex trader launched in 2010 and has served more than 300,000 forex traders for more than a decade. Its users can access more than 2000 financial markets such as forex, commodities, ETFs, shares, and Indices.

Regulation 

  • Australian Securities and Investment commission
  • Financial Conduct Authority 

Types of trading accounts 

It offers two types the Standard and Razor accounts. The Standard that new traders can start with has a minimum deposit of $200. Razor account has an initial deposit of $200 and is for scalpers and expert traders. 

The two accounts have forex leverage of 1:400, the main difference lies in the trading costs for each account. 

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)


Trading fees 

The Standard account is commission-free with forex spreads of 1.0 to 1.3 pips. The Razor account has forex spreads starting from 0.0 to1.3 pips and commissions of $7 per round turn in every $100,000 volume of trade

It has no inactivity fee, while withdrawals and deposits are free. The overnight fee depends on the size of the open trade. Pepperstone accepts funding and withdrawal through bank transfers, credit/debit cards, and electronic wallets such as Pay Pal. 

Pepperstone logo

Features of Pepperstone

  • It has a demo account with $50,000 virtual funds, and it expires after thirty days. 
  • It uses MT4, MT5, and C traders to access the financial markets. 
  • Some features of MT4 on Pepperstone include the MQL4 for trades, the Autochartist that offers trading signals, over 28 technical indicators, and access to Expert Advisors. 
  • Traders can practice with the backtesting option to develop more effective strategies. 
  • Automated trading using MQL4, the MQL5 programming language for the trading robots. 
  • Multiple charts and one-click function traders use to monitor open positions using only one click.
  • The Ctrader platform also offers several trading tools, including risk management tools. 
  • It is available on mobile phones through the trading app, the desktop, and also the website version for all kinds of traders. 
  • A daily release of financial analysis, and trading ideas through articles and videos to help traders with financial information.
  • Educational content for different levels of traders is also available through articles, videos, and live webinars on the website platform. 
  • Customer support is present 24/5 through phone calls, live chat, and emails. 

Pros:

  • Low spreads and commissions
  • Fast execution rates 
  • MT4 and MT5 are available 
  • Quality research tools
  • Fast deposits and withdrawals

Cons:

  • Limited educational materials 

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)


4. FX Pro 

The official website of the forex broker FxPro
FxPro offers traders low spreads, as you can see on the website

It is a forex broker with active forex traders in 170 countries globally that has served for more than 15 years since its launch in 2006. It has access to various trading instruments such as metals, energies, futures, forex, CFDs. 

Regulation 

  • Financial Conduct Authority in the UK
  • Cypress Securities and Exchange Commission
  • Financial Sector Conduct Authority in South Africa
  • Securities Commission of Bahamas
Regulations of FxPro
Regulations of FxPro

Trading accounts 

FX Pro has five trading accounts to choose from, Fx Pro MT4 instant executions and the FX Pro MT4, FX Pro MT5, FX Pro cTrader, and FX Pro trading platform, the last four have market execution. 

The minimum deposit is $100, and the forex leverage falls at 1:200, where users can open trading positions as low as 0,01 micro-lots. 

(Risk warning: 72.87% of CFD accounts lose money)


Trading fees 

FX Pro cTrader has commissions of $45 for every $1million trader, while all the other accounts have no commissions. Forex spreads vary with the type of asset and the trading account to access the market.

There is a $15 account maintenance charge after six months of inactivity. Followed by $5 every month after that if the account remains dormant. Deposits and withdrawals are free via bank transfer, credit cards, and digital wallets such as Skrill, Pay Pal, Neteller, and other methods. 

FxPro logo

Features 

  • FX Pro has a demo account if a forex trader wants to test out its trading software.
  • It has the MT4, MT5, cTrader, and its proprietary trading platform. 
  • Trading tools on FX Pro from the MT4 include 50+ technical indicators, 24+graphical or drawing tools, multiple charts with 9-time frames, and risk management tools. 
  • Its charts are customizable according to the trader’s specifications.
  • Traders can also access Expert Advisor and backtest the trading robot. 
  • It has a Virtual Private Server for fast execution rates in automated trading. 
  • One-click trading as well as a secure MT4/ MT5 and c Trader platforms 
  • Trading Central provides research materials and in-house research data from analysts through the financial news and economic calendars. 
  • Comprehensive trading materials covering various topics and strategies are available through videos and articles on its website. 
  • Customer Support is available 24/7 in various languages through phone calls, live chat, and emails. 

Pros 

  • Fast registration process 
  • User-friendly interface 
  • Fast withdrawals and deposits
  • Zero commissions on most trading accounts
  • Quality trading tools 
  • MT4/MT5 is available 

Cons 

  • Limited research and educational materials
  • Limited trading instruments 

(Risk warning: 72.87% of CFD accounts lose money)


5. XM 

The official website of the forex broker XM
XM official website

It is a forex broker with more than five million clients in 190 countries since its inception in 2009. It offers various trading instruments ranging from forex, stocks CFDs, indices, metals, and oil. 

Regulation 

Financial Services Commission of Belize

XM FCA regulation
XM FCA regulation

Types of trading accounts 

It offers four trading accounts Micro account with a deposit of $5, and traders can open positions from 0.1 to 100 lots. The Standard trading account has a minimum deposit of $5 and open positions from 0.01 to 50 lots. 

XM ultra-low has a minimum deposit of $5 and trading sizes from 0.01 to 100 lots. The shares account has a minimum deposit of $10,000, and traders can open trading positions from 1 lot. The maximum leverage traders can access is 1:888, apart from the shares account, which has no leverage. 

(Risk warning: 75.59% of retail CFD accounts lose)


Trading fees 

Micro and Standard accounts have forex spreads starting from 1.0 pips with no commissions. XM Ultra-low account has spread from 0.6 pips and has no commissions on trades. The stocks account has forex commissions, and its spreads defer with the stocks and the market. 

Trading accounts inactive for more than a year attract a $15 one-time maintenance charge and an additional $5 every month after that. Deposit and withdrawals are free, and traders can use bank wire, credit/ debit cards, and e-wallets to fund their accounts. 

Features 

  • It has a demo account that forex traders can test out its trading features. 
  • It uses MT4 and MT5 trading platforms to access financial markets. 
  • MT4 offers one clink access to more trading accounts, low forex spreads from in-depth market quotes, and more than 50+ trading tools. 
  • Traders can access more than 1000 trading instruments via the MT4 and MT5 trading platforms. 
  • XM offers bonuses and promotions such as deposit bonuses and a loyalty program to allow traders to make more trades. 
  • A virtual private server that eliminates latency and improves execution speed
  • The MT4 and MT5 offer automated trading where traders can use the Expert Advisor signal provider. 
  • The multi-chart feature opens different charts and analyses the market trends. 
  • XM is available on mobile phones as a trading application, it also has a desktop application for PCs and MAC. 
  • Its educational materials are extensive from research experts and industry-leading trading experts. It is published on their website platform as articles and video courses. 
  • They also have a live webinar where traders have coaching from instructors through different trading content. 
  • Research materials are present on the website as news, charts, podcasts, live broadcasts via XM TV, trading ideas, and the economic calendar. 
  • Customer support is available 24/5 in thirty languages through email, live chat, and phone calls. 
XM logo

Pros 

  • Low trading fees
  • Fast execution of orders 
  • Quality trading tools 
  • Comprehensive educational resources 
  • Negative balance protection 
  • Fast and simple account opening process 

Cons 

  • Limited financial markets 
  • Customer care is available 24/5 

(Risk warning: 75.59% of retail CFD accounts lose)


Conclusion – MetaTrader 4 offers a user-friendly trading platform

MT4 trading platform is a popular trading platform that many traders use. Since its launch in 2005, it has attracted many traders to its user-friendly trading platform. It is easy to download and install, allowing even novice traders to set it up with little to no difficulty. 

Forex brokers have adopted the MT4 trading platform, and it is the popular choice for many forex traders. They can also access automated trading and compete with other expert traders. It is also safe to use since it has advanced encryption ensuring that client transactional data is safe. 

Forex brokers that have integrated the MT4 trading platform attract many clients who prefer the MT4 trading platform. Even though many other trading platforms like MT5, MT4 is still the most sought-after trading platform by users worldwide. 


FAQs – The most asked questions about Forex Brokers MetaTrader 4 :

Why is MT4 the most widely used trading platform by forex traders?

It has credibility among forex traders who have used it for more than 15 years. It also has many trading and research tools, attracting forex traders. 

What can I trade on MT4?

It is a trading platform where traders can trade indices, foreign currency, commodities, CFDs, and Commodities. 

Is the MT4 trading platform free?

MT4 is free to use and has no charges to access its platform. Trading charges are from forex brokers who can charge commissions or forex spreads. They also have other fees like overnight, conversion, and transfer fees. 

How do I know which forex broker uses MT4?

Most forex brokers indicate on the website of the trading platform they have. If you look for this information in a forex broker and do not find it, you can find out by opening a demo account.
 The demo account has the features of a real account, and you can find out if MT4 is integrated on that forex broker. 

Do you think MetaTrader 4 is a broker?

No, it can be claimed that MetaTrader 4 is simply a trading platform that provides the necessary license to use its software for the forex brokers who are interested in making a fortune in the trading market and helps them provide access to the various trading capabilities that is available for their clients or traders who are interested in trading with them.

Will MetaTrader 4 help improve your profit levels?

There are high possibilities that MT4’s powerful suite and amazing trading capabilities that it has will certainly facilitate  and make it very easy to implement and execute a profitable trade strategy that will provide the traders with the gain maximum potential profits

Will I have to pay to use MetaTrader 4?

No, it’s a piece of good news for all the traders and brokers interested in trading. There are absolutely no additional costs are incurred for downloading MT4 and using it to maximize your profit levels. MetaTrader 4 is a free demo account that does not require any fees to download the application and download it. Even though the app is free to download, use and open any number of accounts, it must also be remembered that there are certain expenses that are incurred if you are considering investing your funds with the help of this trading platform. Such as certain costs that can be charged by online brokerage firms.