Introduction

Learning how to trade on the MetaTrader 4 platform can be difficult, especially if you are just starting out. No amount of YouTube tutorials, MetaTrader 4 guides, or webinars will teach you all you need to know before you start trading with this specific platform.

Before jumping in with both feet and trading with real-life cash, naturally, you would want to get the hang of using the platform. You would want to familiarize yourself with the necessary strategies and how to utilize the tools available on the trading software.

Good thing there are a lot of brokers out there who utilize the MetaTrader 4 platform and even offer demo accounts. This is perfect for newbie traders who want to learn how to trade. Demo platforms can be utilized by well-seasoned traders as well so they could try out new trading strategies on specific assets before investing their money in them.

In this review, you will read about the 5 best MetaTrader 4 demo accounts for trading online. You will find a few information about the broker, the available assets to trade, as well as the list of eligible countries for each company.

#1: BDSwiss

As the name suggests, this particular broker is based in Switzerland and has been operating since 2012. With over one million clients from 186 countries, BDSwiss has claimed its title as one of the global leaders in CFD and forex trading.

This broker has numerous assets to offer to their clients. Aside from 51 forex pairs like EUR/JPY, AUD/CHF, and USD/CAD. They also offer a wide range of CFD products such as commodities, cryptocurrencies, and indices. All these can be traded with a leverage starting at 1:1 and can reach up to 1:500 depending on the asset class you are trading. Here is a list of all these assets.

Commodities:

  • Brent Oil
  • Crude Oil
  • Gold
  • Silver
  • Palladium
  • Platinum

Indices

  • US30
  • NAS100
  • SPX500
  • HKG 50
  • GBR 100
  • GER 30
  • FRA 40
  • ESP 35
  • EUR 50
  • AUS 200

Cryptocurrencies

  • Bitcoin
  • Dash
  • EOS
  • Ethereum
  • IOTA
  • Litecoin
  • NEO

You can also trade stocks or equities with this broker. The stocks offered are from countries like Switzerland, Spain, Netherlands, Germany, France, the United Kingdom, and the United States of America. You can see the full list of the stocks offered and their corresponding trading conditions on their website.

Using BDSwiss’ MetaTrader 4 platform as training grounds will help you hone your skills on how to efficiently trade all the available assets. Your demo account will also come equipped with $10,000 in virtual funds so you can practice without risking your hard-earned cash.

Opening a demo is a fairly easy process. However, you will need to contact them directly so they could activate your account. If ever you already blew through your virtual funds, you could always reach out to them so they could add more funds to your virtual wallet so you can keep training on their platform.

Their multilingual customer service is available 24/5 via email or telephone. Below is a list of languages they support and their corresponding telephone number:

  • English – +44 2036705890
  • German – +49 3021446991
  • French – +33 184671942
  • Greek – +30 2111984082
  • Italian – +39 0689970124
  • Portuguese – +35 1308810611
  • Spanish – +34 910756937

Keep in mind that if you are located in Belgium, Congo, Cyprus, India, South Africa, or the United States of America, you are not permitted to sign up to BDSwiss’ platform.

#2: Libertex

With over 20 years in the trading scene, Libertex has more than 2.2 million clients from 11 countries and has won over 30 awards. This Cyprus-based broker has over 200 assets to trade with a leverage of up to 1:600 depending on the product you are trading.

On their MetaTrader 4 platform, there are over 50 currencies available. These include the seven major pairs: EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD, NZD/USD, and USD/CHF. Exotic pairs like EUR/RUB, USD/RUB, USD/SGD, GBP/SEK, and many more can be traded on their platform.

Compared to other brokers, who only offer the popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, Libertex has these and some of the lesser-known cryptos like Dogecoin, Polkadot, Ontology, Cosmos, and many more.

You will also find 18 commodities divided into three groups. These groups are Metals, Agriculture, and Oil and gas. Below is a list of all the commodities found on their platform.

Metals:

  • Gold
  • Silver
  • Copper
  • Platinum
  • Palladium

Agriculture:

  • Coffee Robusta Cash
  • Coffee Robusta
  • Sugar
  • Corn
  • Wheat
  • Soybean
  • Cocoa
  • Coffee

Oil and Gas:

  • Light Sweet Crude Oil
  • Heating Oil
  • Henry Hub Natural Gas
  • WTI Crude Oil
  • Brent Crude Oil

The indices offered here come from North America, Europe, Asia, the Middle East (Israel 35), and South America (Chile Index).

North America

  • Volatility Index
  • MEX BOLSA Index
  • US Dollar Index Future
  • RUSSELL 2000
  • S&P 500
  • NASDAQ 100
  • Dow Jones

Europe

  • CAC 40
  • AEX
  • Russia50 Index
  • FTSE 100
  • Italy 40
  • Spain 35
  • EURO STOXX 50
  • DAX

Asia

  • Vietnam Index
  • Nikkei 225
  • Hang Seng Index
  • China A50

There are over 50 stocks to choose from in Libertex’s platform. You will find some well-known companies like Canopy Growth Corp, McDonald’s, Nintendo US and Japan, Starbucks, Walt Disney, and many more.

A Libertex MetaTrader 4 demo account comes equipped with €50,000 in virtual funds that you can use to trade any of these assets with zero risks. You will also have the option to start trading on a live account without having to register again.

You can get in touch with their customer service representatives via email and telephone (+35722 025100). Keep in mind, though, that it may take one business day before they tend to your query or concern. Libertex’s services are available to traders from the European Economic Area or EEA.

#3: Pepperstone

Pepperstone is one of the leading CFD and forex brokers based in Australia. They have been operating for over ten years and have more than 70,000 registered clients from all over the world.

Using Pepperstone’s MetaTrader 4 platform, you have the option to trade 180 forex pairs. This includes the seven major currency pairs: EUR/USD, GBP/USD, USD/JPY, AUD/USD, EUR/GBP, USD/CHF, and USD/CAD. You will also find minor pairs like GBP/JPY, GBP/CHF, GBP/CAD, EUR/JPY, EUR/CHF, EUR/CAD, CHF/JPY, CAD/JPY, and CAD/CHF.

Forex pairs are not the only thing you can trade in Pepperstone’s platform, though. Below is a list of all the indices, commodities, and cryptocurrencies available on their platform.

Indices

  • US Wall Street 30 Index
  • US 500 Index
  • US Tech 100 Index
  • US 2000 Index
  • US Volatility Index
  • Canada 60 Index
  • Australian 200 Index
  • Japan 225 Index
  • Hong Kong 50 Index
  • China 50 Index
  • Singapore 25 Index
  • South Africa 40 Index
  • Hong Kong China H-shares Index
  • Germany 30 Index
  • UK 100 Index
  • France 40 Index
  • Spain 35 Index
  • EU Stocks 50 Index
  • Germany Tech 30 Index
  • Germany Mid 60 Index
  • Netherlands 25 Index
  • Norway 25 Index
  • Switzerland 20 Index

Commodities

  • Gold
  • Silver
  • Platinum
  • Palladium
  • Crude Oil
  • Brent Oil
  • Natural Gas
  • Cocoa
  • Coffee
  • Copper
  • Cotton
  • London Sugar
  • Orange Juice
  • Soybean
  • Sugar
  • Wheat

Cryptocurrencies

  • Bitcoin
  • Bitcoin Cash
  • Dash
  • Ethereum
  • Litecoin
  • Crypto10
  • Crypto20
  • Crypto30

There is also a wide range of UK, US, AU, and German shares available. Some of the well-known companies like Alibaba, Facebook, MasterCard, and Nike can be traded with Pepperstone.

All the assets mentioned above are great for practicing your different trading strategies using their demo account. Signing up is a straightforward process. You will be given 30 days to access all their tools and assets with a virtual fund of £50,000.

If you have any questions or you encounter any problems, you can check out their help center. You’ll find frequently asked questions or common problems that clients encounter and how to resolve these. You can also send them an email with your concern or call them via their telephone number: +44 (800) 0465473

Their website supports English, Chinese, Spanish, Vietnamese, and Thai. Their services are available to traders from all over the world except Saudi Arabia, Canada, Brazil, New Zealand, the United States of America, and India.

#4: FXCM

This London-based broker boasts of more than 20 years of experience and numerous awards. They are also proud to be known as one of the companies that offer the most liquid markets. FXCM has offices located in South Africa, Israel, Canada, Hong Kong, Australia, Cyprus, and United Kingdom.

With over 40 forex pairs, including the major and minor pairs, and stocks from the US, UK, EU, and HK, you can train yourself and devise new trading strategies that would suit your market of choice. Indices, as well as commodities and cryptocurrencies, are tradeable on FXCM’s MetaTrader 4 platform. You will find a list of these products below.

Indices and corresponding futures

  • VOLX (Mini VIX Future)
  • US30 (E-Mini Dow Future)
  • GER30 (DAX Index)
  • CHN50 (SGX FTSE China A50 Future)
  • NAS100 (E-Mini Nasdaq 100 Future)
  • INDIA50 (SGX NIFTY 50 Future)
  • AUS200 (ASX SPI 200 Future)
  • US2000 (E-Mini Russell 2000 Future)
  • HKG33 (Hang Seng Future)
  • JPN225 (Nikkei 225 Dollar Future)
  • FRA40 (CAC40 Index Future)
  • ESP35 (IBEX35 Index Future)
  • UK100 (FTSE 100 Index Future)
  • EUSTX50 (Euro Stoxx 50 Future)

Commodities

  • Gold
  • Silver
  • Wheat
  • Brent Crude Oil
  • Copper
  • Soybean
  • Corn
  • West Texas Intermediate
  • Crude Oil

Cryptocurrencies

  • Bitcoin
  • Ethereum
  • Litecoin
  • Stellar
  • Bitcoin Cash
  • EOS

FXCM’s MetaTrader 4 platform allows you to set levels for stop loss while opening a new trade. Micro-lots also allow you to trade more precise lot sizes. There are a ton of other features and tools that clients can utilize on their MetaTrader 4 platform. Using a demo account gives you access to all of these, along with $50,000. The currency can be changed to Euros or Pounds if you prefer one of these.

To sign up, you simply need to input your full name, email, country of residence, phone number, and preferred currency. If you need assistance, they have a built-in live chat system on their website. You can also contact them via WhatsApp, email, or telephone.

Contacting them via telephone is convenient because they have different numbers for over 40 countries. Below is a list of the country and their coresponding telephone number:

Traders from Iceland, Ukraine, United Arab Emirates, the United States of America, Trinidad and Tobago, Thailand, Turkey, Saudi Arabia, Singapore, Russia, Philippines, Qatar, Pakistan, New Zealand, Norway, Malaysia, Mexico, Kenya, Japan, Iran, India, Israel, Hong Kong, Egypt, Greece, Costa Rica, Switzerland, Colombia, Canada, Belgium, Brazil, Saint Barthelemy, Argentina, and Bahrain are not eligible to sign up with FXCM.

#5: RoboForex

This online multi-asset, New Zealand-based broker has over ten years of experience and has forged partnerships with popular brands like BMW. With 800,000 registered accounts from 169 countries, they boast of winning more than ten prestigious awards.

RoboForex’s MetaTrader 4 platform offers indices and commodities on their platform. See the list below for all the assets offered.

Indices

  • US 500 Index Cash (.US500Cash)
  • US Nasdaq Index Cash (.USTECHCash)
  • US Dow Jones Index Cash (.US30Cash)
  • DE 30 Index Cash (.DE30Cash)
  • JP 225Cash Index CFD (.JP225Cash)

Soft Commodities

  • Teucrium Wheat
  • Teucrium Soybean
  • Sugar Pure Beta ETN Ipath
  • Teucrium Corn

Energy Commodities

  • Spot WTI Light Crude Oil (WTI)
  • Spot Brent Crude Oil (BRENT)

Metals

  • Gold
  • Silver

You can also trade over 40 currency pairs like EUR/USD, GBP/USD/, EUR/GBP, USD/JPY, and many more. There are also 53 stocks to choose from, including some of the well-known names like Tesla, Netflix, Google, Facebook, Apple, and Amazon.

RoboForex’s MetaTrader 4 platform comes equipped with 12,000 trading instruments that will help you familiarize yourself with how the market works and how these tools can assist you. Opening a demo account requires you to fill up a form with your email, full name, and mobile number. After that, you will get to choose between a Demo Pro account, Demo account, and Demo R Trader account.

The Demo Pro account is the most ideal demo account type because it replicates live market trading conditions with a maximum leverage of 1:2000. You can freely hone your skills on their MetaTrader 4 platform for 90 days.

You can contact their customer service 24/7 via email and live chat using Telegram, Skype, Viber, WhatsApp, and Facebook Messenger. You can also contact them via telephone. Below is a list of the languages and their corresponding telephone number:

Traders from the Russian Federation, Australia, Canada, Japan, and the United States of America are not eligible to sign up for an account with RoboForex.

What is a MetaTrader 4 Trading Demo Account?

The MT4 demo account allows you, as the client, to use MT4 as a platform to trade the broker’s offered assets without putting any of your capital at risk. You’ll be given a certain virtual amount to trade with for you to use as much as you wish. All features available for live accounts can be used for demo accounts as well. This includes tutorials, guides, entering orders, and accessing charts.

Most brokers allow you to create multiple demo accounts, but some offer these accounts with a time limit of one month. With that in mind, explore the possible options you have with numerous brokers and compare their assets, spreads, and types of accounts to know which demo account suits you the best.

Why you should use the demo account

Creating a demo account with MT4 ensures that you get one of the best platforms that the trading world has to offer. With its user-friendly interface, you can set trades, allocation percentages, leverage levels and put up your charts like what a live account can do.

MT4’s demo account gives you the ability to trade forex, stocks, indices, commodities, options, and a lot more. It’s only limited by what your broker can provide but using MT4 gives you the upper hand over most platforms because of its reliability and speed of execution.

With 30 technical indicators available by default, you can trade using their built-in chart. You can avoid the hassle of having to access a third-party website. You can even craft your own indicators and screeners to find the trade that’s right for you. With nine time frames available, you can trade either in the short term to scalp or even in the long term for a portfolio built to grow.

A strategy tester is also available on the platform for you to gauge the strength of a certain asset and could act as a second opinion for your existing strategies.

Demo accounts give you the freedom to use up all the capital in your account to try out new techniques without any limitations. If you blow up your account for whatever reason, you can always start again, either by refreshing your account balance or asking your brokers.

Advantages and Disadvantages

The MetaTrader4, being the predecessor of the MetaTrader5, has the basic features that enable you to already trade at a high level but lacks some advanced tools that are already available on more modern brokers. Despite having just the basic features, MT4 is relatively simpler and easier to use compared to its upgraded counterpart. The interface can be customized as well for you to have all you need on one screen.

Since the MT4 is popular, most brokers will offer this as a platform. This is a benefit to MT4 users as they don’t need to get used to a new platform, and they could keep all of their desired settings.

With MT4’s features, you can even utilize hedging strategies that can protect you from losses. With the availability of options and other complex assets, one could even have more opportunities to gain.

The MT4 has three order execution types, whereas the MT5 has four. Both have Instant Execution, Execution on Request, and Execution by Market, but the advanced platform has an Execution by Exchange order type.

For the number of Pending Order Types, the MT4 only has four. These are Buy Limit, Buy Stop, Sell Limit and Sell Stop. Advanced traders would notice that the MT4 does not have Buy Stop Limit and Sell Stop Limit. The usage for the missing two pending order types is detrimental to traders that would want to automate their trade even further, especially when they have found a good asset to trade.

The MT4 also has the disadvantage of not being able to view market depth. Not being able to know the volume per price of the stock would sometimes increase your average entry price for more illiquid assets such as exotic pairs or perhaps stocks that are not popular.

An economic calendar also is not available for the MT4, and the client would need to access a third-party website for that. Reports for your trades and portfolio activities are only available in table format, whereas more advanced platforms have charts so you could easily visualize your performance.

The MetaTrader5 also offers more technical indicators and timeframes than its predecessor. The MT4 only offers 30 Technical indicators and nine-time frames. Even though this is enough for some traders, having more options to choose from will greatly assist in seeking out favorable opportunities in the market.

Other features that MT4 does not offer include partial order filling, netting, exchange trading, and fund transfer between accounts. Their strategy tester only offers the most basic of results as well, unlike the MT5, which can customize based on currency and assets traded.

How to trade using MetaTrader 4

First, make sure everything is customized to your liking. Set up your watchlist for better organization of your trade ideas for assets.

Next, your chart should be customized to your liking. This includes changing your chart with its technical indicators and choosing the preferred color scheme.

Templates are also available so that you don’t have to repeat the same customization process for every chart. You need to familiarize yourself with everything the chart has to offer. The volume bars below should be seen, prices should be easily identifiable, and the bar style on the chart should be changed to candlesticks or bars depending on which you want.

Within the quick bar near the top of the interface, you’ll also see different drawing tools. Here, you’ll find the tools to make horizontal, vertical, and diagonal lines for you to take note of important price points in the chart.

To enter a trade, click “New Order” near the top of the screen. A new pop-up box will open asking for more details on your desired trade. Information needed includes the symbol or the ticker code, your desired trading volume, stop loss level, take profit level, and what kind of market execution you would prefer for this trade. There is also an option to sell or buy, which is synonymous with going short and long, respectively.

Pending trades and open trades are seen on the bottom of the platform. To close or cancel a trade, click the x button on the bottom far right of the interface.

Tips and Tricks

It is mentioned countless times in guides and tutorials that MT4 and MT5 are easy to use, but this depends on your level of understanding of trading as a whole. Be sure to read guides and also practice using a demo account to avoid the chance of carelessly losing all your money with a few clicks of a button.

The few disadvantages that MT4 has against the MT5 are far too few for it to hinder you from trading at your max potential. For features not found in the MT4, you can make up for these using third-party platforms and websites found for free online.

With your demo account, navigate through the software and set everything up before opening up your live account. Be sure that charts, the news feed, watchlists, and the order tab are within a few clicks from the main interface. It’s even better if these are found in the main interface for easier access.

Don’t be afraid to waste numerous accounts to demo trading. These exist at your disposal and for your benefit. Finding your specialty and strategy should always be your priority.

You can even experiment with creating your own bots. You can even probably sell these bots when you’ve made a profitable one.

The order types found in MT4 are already enough for you to set up your trades for efficiency. You can set buy stops, buy limits, sell limits and sell stops to either protect your profits and limit your losses through various combinations.

MT4 allows hedging, so be sure to look up guides on that. Given that MT4 brokers have a lot of products offered, there are multiple assets that can be used to hedge, such as commodities and indices. 

Overall, MT4 has lesser features compared to the MT5, but this is actually a benefit for beginners since they have to study a bit less and even use an interface that is simpler to understand and use.