60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

EditorEditor: Ida HermansenUpdated: April 22, 2024
AuthorAuthor: Chris Cammack

Last Updated On April 22, 2024

Chris Cammack
  • AvaTrade - Best for commission-free trading 
  • Tickmill - Best low-commission raw spread account
  • Pepperstone - Best ECN MT4 Broker
  • XM - Best MT4 Education
  • IC Markets - Best for Beginners
  • FxPro - Best Trade Execution
  • IG - Best for Weekend Trading
  • FP Markets - Best MT4 Trading Experience
  • markets.com - Best MT4 broker for Spread Betting
  • Axi - Best MT4 Trading Tools

Best MT4 Brokers 2024

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Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage
MetaTrader 4 (MT4)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Website Language: English
Support Language: English
Compare
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 90.90 pips0.90 pipsASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority93063
Tickmill
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 60.00 pips0.10 pipsCySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex Brokers20962
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
GBP 030:1 ExcellentUSD 101.00 pips0.17 pipsFCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated Brokers1275100
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
GBP 530:1 ExcellentUSD 60.60 pips0.10 pipsCySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct Authority155457
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
GBP 20030:1 ExcellentUSD 80.10 pips0.02 pipsCySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the Bahamas174464
FxPro
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 141.40 pips0.40 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersSecurities Commission of the Bahamas224170
IG
4.69 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
GBP 030:1 ExcellentUSD 60.60 pips0.85 pipsFCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionen1929580
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
GBP 5030:1 ExcellentUSD 70.10 pips0.10 pipsASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityThe Seychelles Financial Services Authority1016270
Markets.com
4.68 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 70.70 pips0.60 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission100956
Axitrader
4.44 /5
Read Review
Visit Broker >
75.6% of retail CFD accounts lose money
GBP 030:1 ExcellentUSD 101.00 pips0.00 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the Grenadines18870

How to compare MT4 Brokers

When comparing MT4 brokers, it is important to pay special attention to a few factors that will significantly impact your trading costs and trading experience.

To compare MT4 Forex brokers, we:

  • Confirmed the brokers’ regulation. MT4 brokers in the UK are regulated by the Financial Conduct Authority (FCA). FCA-regulated brokers follow very strict rules that ensure they treat traders fairly and safeguard trader funds.
  • Checked the trading costs on the brokers’ MT4 accounts, ensuring that they were the same as those advertised on their websites. 
  • Checked the number of tradable instruments available on MT4 for traders in the UK. However, it’s important to note that MT4 only natively allows trading on Forex, indices, and commodities. To trade other instruments, these brokers must employ a special MT4 plugin. 
  • Assessed the brokers’ execution method and speed. MT4 brokers will use either instant execution, STP execution, or market execution, which we will cover in more detail below. We ensured that the MT4 brokers were transparent about their execution policies and provided fast trade execution.
  • Tried out the brokers’ trading tools. Some MT4 brokers offer tools and plugins that enhance the trading experience and transform the trading platform into a more functional and feature-rich trading terminal. 
  • Ensured that the MT4 brokers offered excellent Forex educational materials, including specific MT4 tutorials, guides, and tips. 
  • Checked that the MT4 brokers offered up-to-date and frequent market analysis curated by an inhouse research team.
  • Contacted the brokers’ customer support teams. MT4 can be tricky to install and customise, so we ensured that these MT4 brokers had a responsive, knowledgeable, and polite customer support team available via many channels (live chat, telephone, and email) with at least 24/5 availability. 

Our Broker Score and Trust Rating

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories:

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features
  • Asset Selection: Forex, stocks, and other available instruments
  • Transactions: Simple and straightforward deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

Learn how we set the standard for broker reviews. Explore our in-depth review process here.


Others Also Visit

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Visit
AvaTrade
4.59 /5
Read Review
Visit
Tickmill
4.58 /5
Read Review
Visit
Spreadex
4.26 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit

AvaTrade 

Broker Score
4.594.59 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for commission-free trading
Free Trading Central
Support for ZuluTrade and DupliTrade

Best for

AvaTrade offers one of the best commission-free trading accounts available on the MT4 platform. It offers low spreads on Forex, commodities, and a range of other CFDs.

Why do we like it?

We like the very tight spreads for a 100 GBP minimum deposit and no commission—as low as 0.7 pips on the EUR/USD. We also like the Guardian Angel system, a trading feedback tool that helps traders refine their decision-making. 

Drawbacks

Even though well-regulated by top-tier regulators like ASIC and the CBI of Ireland, Avatrade does not currently have a licence from the UK’s FCA, which might put some traders off. Another drawback is the limited market research available, mostly curated by third-party providers and not Avatrade analysts. 

Summary:

AvaTrade offers commission-free trading on the MT4 platform, with tight spreads that generally outperform industry averages, across Forex, commodities, and other CFDs, with a reasonable 100 GBP minimum deposit. It is notable for its Guardian Angel system, which provides personalised trading feedback. It also supports popular social trading platforms like ZuluTrade and DupliTrade, in addition to offering free Trading Central access to all MT4 clients. However, the lack of an FCA licence and limited in-house market research might deter some traders.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

Tickmill 

Broker Score
4.584.58 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best low-commission raw spread account
Fast execution
Tight spreads

Best for

Tickmill is an excellent choice for serious beginners and more experienced traders looking for raw spreads and low commissions. 

Why do we like it?

We particularly like that Tickmill offers STP market-executed trades in 0.1 seconds on 62 currency pairs and CFDs on stock indices, metals, and bonds, without any dealing desk interference. We also like the tight spreads on major pairs and low commissions on the ECN account, it’s hard to find an FCA-regulated broker with lower commissions and MT4.

Drawbacks

Despite its strengths, Tickmill has some limitations, such as a smaller range of only around 200 financial instruments – whereas competitors like Pepperstone offer 1200+ assets for trading. The commission-free entry-level account also starts at 1.6 pips on the EUR/USD, which is wider than other similar brokers.

Summary

Tickmill appeals to both serious beginners and experienced traders seeking ECN execution and transparent fees. It offers fast, STP market-executed trades on a range of instruments including currency pairs and CFDs on stock indices, metals, and bonds, with no dealing desk interference. Tickmill however falls short with a smaller selection of about 200 financial instruments compared to competitors and wider spreads in its commission-free entry-level account.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 71% of traders lose money with this provider.

Pepperstone 

Broker Score
4.614.61 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best ECN MT4 Broker
Free Autochartist
No Required Minimum Deposit

Best for

Pepperstone is a good choice for traders looking for low trading costs on the MT4 platform.It offers two simple accounts with ECN execution and most orders are executed in less than 30 milliseconds, which is ideal for scalpers and clients who run expert advisors.

Why do we like it?

We like Pepperstone’s zero minimum deposit and the low spreads on the Razor MT4 Account, averaging 0.10 pips on the EUR/USD. We also appreciate the Smart Trader Tools for MT4, a suite of expert advisors and indicators.

Drawbacks

The main drawback is the Razor account’s complicated commission structure, which might confuse some traders. Additionally, the market analysis frequency is less than some competitors, and the educational offerings, while good, do not match the depth provided by other large brokers.

Summary

Pepperstone provides ECN execution with fast order execution times, beneficial for scalpers and those using expert advisors. Features include no minimum deposit requirement, and notably low spreads on the Razor account, averaging at 0.10 pips. Additionally, Pepperstone offers Smart Trader Tools to enhance trading on MT4 and free access to the popular technical analysis tool Autochartist for all clients. However, its complex commission structure and less frequent market analysis may detract some users, and its educational resources, while solid, are not as extensive as those offered by other large brokers.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA. 75.6% of traders lose money with this provider.

XM 

Broker Score
4.454.45 / 5
🏦  Min. DepositGBP 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best MT4 Education
5 GBP Minimum Deposit 
No-requotes/rejection policy

Best for

XM will suit traders seeking low-cost, commission-free trading, in-depth, well-structured education, and knowledgeable customer service.

Why do we like it?

We like that XM’s MT4 spreads are as low as 0.6 pips, and 99.35% of all trades are executed in less than 1 second. XM also has a strict no-requotes/rejection policy, which means that all trades are always filled at the price expected.

Drawbacks

Although regulated by top-tier regulators like ASIC and CySEC, XM does not currently hold a licence from the UK’s FCA, which might be off-putting to some traders. 

Summary

XM has a low 5 GBP minimum deposit, easy-to-understand MT4 tutorials, and tight spreads, making it a great choice for traders seeking low fees combined with strong educational and customer support. It offers fast execution, with 99.35% of trades executed in less than one second, and maintains a strict no-requotes/rejection policy, ensuring trades are filled at the expected prices. However, the lack of a UK FCA licence may deter some traders despite XM being regulated by top-tier authorities like ASIC and CySEC.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the FSC. 75.33% of traders lose money with this provider.

IC Markets 

Broker Score
4.564.56 / 5
🏦  Min. DepositGBP 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for beginners
Comprehensive educational support
24/7 technical support

Best for

IC Markets is a great choice for beginners seeking a low-cost and welcoming educational environment on the MT4 platform.

Why do we like it?

What we like about IC Markets is its archive of structured course material, detailed independent market analysis, and expert-led webinars. We also appreciate that it offers two Raw Spread Accounts and a Standard Account, all with variable spreads that generally outperform the industry average, especially during peak hours, often down to 0 pips on the EUR/USD pair.

Drawbacks

The primary drawback of IC Markets is the slightly higher minimum deposit required for opening an account and international bank transfer fees, which are relatively expensive.

Summary

IC Markets offers ultra-low trading costs and 24/7 technical support, making it an attractive option for new traders. It also provides an extensive library of educational resources, including structured courses, detailed market analysis, and expert-led webinars. Additionally, IC Markets offers two Raw Spread Accounts and a Standard Account, featuring spreads as low as 0 pips on the EUR/USD.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

FxPro

Broker Score
4.394.39 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best trade execution
Full support for all MT4 auto-trading features
Transparent stats

Best for

FxPro is best for traders seeking a fast and reliable NDD (no dealing desk) execution model. Most trades are executed in less than 10 milliseconds, and only 9% of market orders receive negative slippage, which is perfect for scalpers and traders who like to take advantage of volatile markets.

Why do we like it?

We particularly like that traders can choose between instant and market execution on MT4, both with no dealing desk intervention. We also like that FxPro offers full support for all MT4 auto-trading features and is transparent about slippage, requotes and execution speed.

Drawbacks

The main drawbacks of FxPro include higher than average trading costs compared to other brokers and limited educational and market analysis materials. While FxPro offers a range of educational resources, they may not be as comprehensive as those provided by other brokers, potentially leaving beginners seeking more guidance elsewhere.

Summary

FxPro suits traders who prefer a fast and reliable NDD (No Dealing Desk) execution model, making it ideal for scalpers. It offers a choice between instant and market execution and supports all MT4 auto-trading features. FxPro is transparent about its slippage, requotes, and execution speeds and regularly publishes all statistics on its website. However, higher trading costs and less extensive educational resources might not fully meet the needs of beginners compared to other brokers.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB. 71.58% of traders lose money with this provider.

IG 

Broker Score
4.694.69 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for Weekend Trading
Free Autochartist 
Comprehensive Education

Best for

IG is suitable for traders looking for a broker with detailed and well-structured education and weekend Forex trading on major pairs, a unique feature at IG.

Why do we like it?

We like IG because of its free MT4 add-ons and indicators package, including a Trade Terminal, Stealth Orders, Correlation Matrix, and a dozen indicators. Also, all IG clients get free Autochartist access.

Drawbacks

The main drawbacks of IG are the credit card and PayPal deposit fees, which are higher than those of other brokers. Some traders might also find the selection of instruments overwhelming.

Summary

IG is a top choice for traders seeking a well-regulated broker that offers an extensive range of educational materials and the unique option of weekend trading, not available at other brokers. IG is also appreciated for its comprehensive suite of free MT4 add-ons, indicators, and free Autochartist access. However, the higher deposit fees for credit card and PayPal transactions may deter some traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts UK Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

FP Markets

Broker Score
4.404.40 / 5
🏦  Min. DepositGBP 50
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best MT4 trading experience
Advanced charting tools and technical indicators
ECN pricing model with no requotes

Best for

FP Markets is a great choice for traders looking for a broker with an ECN pricing model and fast execution speeds. With a minimum deposit of 100 GBP, traders can access spreads as low as 0.0 pips on the EUR/USD.

Why do we like it?

We like that FP Markets offers a full, feature-rich MT4 experience, including advanced charting tools, numerous technical indicators, real-time price charts, market news and insights, and a suite of automated trading options. They also offer raw pricing with no price manipulation, no dealing desk, and no requotes.

Drawbacks

Although regulated by top-tier regulators like ASIC and CySEC, FP Markets does not currently hold a licence from the UK’s FCA, which might be off-putting to some traders. 

Summary

FP Markets offers a superior overall trading experience with an ECN pricing model, fast execution speeds and low spreads down to 0.0 pips on EUR/USD. With a 100 GBP minimum deposit, it provides a rich MT4 platform experience, including advanced charting tools, technical indicators, real-time price charts, and comprehensive market news and insights. Additionally, FP Markets ensures a transparent trading environment with raw pricing, no price manipulation, and no requotes. However, the absence of an FCA licence may concern some UK traders despite regulation from ASIC and CySEC.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1 posing risks for inexperienced traders
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.

Markets.com

Broker Score
4.684.68 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best MT4 broker for Spread Betting
Low Trading Fees
Low minimum deposit

Best for

With a minimum deposit requirement of only 100 GBP and tight spreads starting from 0,6 pips with no commission, Markets.com is accessible to traders of all levels. It also offers spread betting to residents of the UK.

Why do we like it?

We like that Markets.com offers thousands of instruments available for spread betting on the Markets.com platform, including Forex, commodities, currencies, and over 2000 stock CFDs. We also like the trading tools menu with tools that crunch big data from leading analysts, hedge funds, and commentators and have an integrated buy and sell button.

Drawbacks

The main drawbacks of Markets.com are the lack of account choices and support for third-party tools such as Autochartist and Trading Central, which are frequently available at other brokers. 

Summary

Markets.com particularly stands out for its spread betting offerings, which is appealing to UK residents. It also offers tight spreads starting at 0.6 pips without commission and a large selection of instruments, including Forex, commodities, Forex, and over 2000 stock CFDs, complemented by advanced trading tools that utilise insights from leading industry analysts. However, the limited variety of account options and the absence of third-party tools like Autochartist and Trading Central are noted drawbacks.

Pros
  • Regulation by top-tier authorities
  • Hassle-free withdrawal process without any fees
  • Its proprietary trading platform is praised for its user-friendly interface catering to both beginners and experienced traders
  • Competitive spreads starting from 0.6 pips
Cons
  • The maximum leverage of 300:1 could pose a risk for uninformed traders warranting cautious utilization
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 , and Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC. 70.3% of traders lose money with this provider.

Axi

Broker Score
4.444.44 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best MT4 Trading Tools
MT4 NexGen Plugin
Customisation Options

Best for

Axi is great for traders looking for an ECN broker with useful trading tools that seamlessly integrate with MT4. By only supporting the MT4 platform, Axi offers the most customisable MT4 experience in the industry.

Why do we like it?

We especially like Axi’s MT4 NexGen plugin, which includes a sentiment indicator, a correlation trader, a more intuitive terminal window, an automated trade journal, and access to a range of other trading tools. Pips can be as low as 0 on the Pro account, for major currency pairs, with a reasonable 7 USD commission.

Drawbacks

While all the trading tools are “free” to Axi clients, many are conditional on higher minimum deposits.

Summary

Axi is an ECN broker offering a customisable MT4 trading experience with its advanced MT4 NexGen plugin, making it ideal for traders searching for cutting-edge tools on the MT4 platform. The NexGen plugin enhances MT4 with features like a sentiment indicator, correlation trader, terminal window, and automated trade journal. Axi offers highly competitive conditions, including spreads as low as 0 pips on major currency pairs with a commission of 7 USD on its Pro account. However, access to its advanced tools requires higher minimum deposits, which might not suit all traders.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA. 75.6% of traders lose money with this provider.

What is MetaTrader 4 (MT4)?

MetaTrader 4 is the most popular Forex trading platform in the world and has been for the last fifteen years. It connects traders to brokers so they can trade Forex and other CFDs.

MT4 was built by MetaQuotes – a Russian software company – in 2005, and it revolutionised the retail Forex industry. MT4 offered retail Forex traders an institutional-grade trading platform so anyone with an internet connection was on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:

  • MT4 is a high-speed and customisable trading platform, complete with a charting suite where charts can be overlaid with indicators from MT4’s library. 
  • MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4 and use them to automate their trading.
  • MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades can then be made in an instant due to the platform’s execution speed.
  • MT4 is available on mobile, tablet, in a web browser and as a downloadable application.

Is MT4 a Broker?

No, MetaTrader 4 is not a broker. It is a trading platform, which can be connected to a Forex broker to trade Forex and other CFDs. MT4 is a third-party trading platform, which means that you own the licence to the software, and you can use it with multiple brokers. MT4 is also free to download and use.

Which brokers have MT4?

These are all regulated brokers we have reviewed which support MT4 sorted by overall score.

How do I get started with MT4?

The quickest way to get started with Metatrader 4 is to download it yourself. You can download it directly from the MetaTrader website or from any MT4 broker. If you download it directly from MetaTrader website you will be asked to open a free demo account, which will allow you to test the features of the trading platform.

All MT4 brokers will offer demo accounts too – and you should always use one before opening a live account, especially if you are new to MetaTrader. The best MT4 brokers will offer detailed educational resources for the trading platform, including video tutorials and downloadable PDF guides.

What is the Difference Between MT4 and MT5?

MT5 is the newer version of MetaTrader, released in 2010, though it still lags behind MT4 in terms of popularity. The first significant change is that MT5 has native support for trading exchange-traded assets like shares, futures and ETFs, whereas MT4 does not – though most MT4 brokers have since added this capability to their MT4 systems.

The second major change is MT5’s new scripting language, MQL5, which allows for more accurate backtesting of Expert Advisors (EAs). It is important to note that EAs built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.

MT5 also boasts a cleaner interface and comes with an integrated news feed, a sentiment tracker, and more charting capabilities. MT5 is finally seeing support from the trading industry, with some MetaTrader brokers abandoning MT4 in favour of the newer version.

Is MT4 for Forex Trading Only?

MT4 was initially founded as a Forex-only trading solution, but these days you can trade all CFDs with it. While MT4 was not originally designed to trade stock CFDs, some brokers have since added this capability. That said, don’t be surprised to see that some MT4-only brokers offer no stock CFDs at all – or a very limited selection.

What are MT4 Charts?

MT4 Charts

When you first open MT4 you will be greeted with the screen above. Like all trading platforms, charts are the main focus in MT4, and this is where most of your attention will be spent. The MT4 charts will show you the current and historical price of up to four different asset classes at the same time. Charts are the most valuable tool traders have for analysing the movements of Forex pairs and other CFDs.

In MT4, each chart can be fully customised. Traders can choose between Candlesticks, Bar Charts or Line Charts and each chart can be colour-coded and saved as a template.

What Charting Tools Does MT4 have?

Aside from customising the appearance of charts in MT4, there are a number of key charting features and tools that traders can use to enhance their trading experience.

Zooming: Each chart can be zoomed horizontally and vertically, to close in on a specific time period or set of bars.
Period Changes: MT4 allows traders to use nine different data periods, from 1 minute to 1 month. Some technical indicators and line studies will only be helpful when used with certain data periods, so this capability is especially important for technical analysis.
Objects: Also called graphical objects, these are lines, shapes and arrows that are imposed over charts to assist with technical analysis. Common graphical objects include support/resistance lines, trendlines, as well as Fibonacci, Gann, and Andrews’ tools. Objects will not be removed when the time period changes.
Indicators: Indicators are technical analysis tools that can identify market trends and help traders predict future price movements of an asset. MT4 comes with a number of the most common indicators already installed, but more can be added from the MetaTrader Market. Like graphical objects, indicators can be superimposed over the chart and will not be removed if the time period is changed.

Does MT4 support copytrading?

Yes, MT4 can support copytrading in a few different ways. The most common method is through MT4 trading signals. Trading signals in MetaTrader 4 allow traders to automatically copy other traders in real-time. Many successful traders provide their Forex trades in public access either for free or for a reasonable fee, these are known as signal providers.

MetaTrader 4’s signal service is easily accessible. You will need an active trading account and an MQL5.com account. Once you have both you will be able to access the signal providers database. From this database, you can see the names of the signal providers, how long they have been active, and other important information like total profit, the number of followers and maximum drawdown.

MetaTrader 4 can also be used in conjunction with popular copytrading solutions such as myFxBook, Duplitrade and ZuluTrade. These third-party copy-trading solutions have a carefully curated selection of traders to follow, therefore decreasing the risk of following a loss-making signal provider. Be aware that these other services have an additional cost.

Does MT4 support Automated Trading?

Yes, MT4 does support automated trading. Aside from copytrading through the MT4 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators. This type of automated trading is also called algorithmic trading, as the EAs are algorithms built specifically for trading.

It’s important to recognise the difference between EAs and indicators. EAs fully automate your trading and will trade for you within the parameters of the algorithm. Indicators will only analyse the market, allowing you to decide whether to trade or not based on the information given. EAs can be turned on and off easily from within MT4.

EAs and indicators can be downloaded and purchased from inside MT4, in the Market tab of the trading platform. Some EAs are free, others can be purchased outright or rented on a monthly or yearly basis.

In addition to the MetaTrader Market, thousands of free EAs and indicators can also be found in the MT4 Code Base.

How to Automate Trading in MT4 Using at EA?

Once an EA has been purchased or downloaded from the Market or Code Base, it’s a simple process to start automating your trading with it. First, you will need to find the location of the EA on your computer and copy it to the Experts folder in your MetaTrader 4 folder (usually on the C drive of your computer).

Launch the main MT4 application, and then look for the Expert Advisors section, which should be located under the Navigator tab on the left side of the main screen. Then click on the + icon and select the EA, which should now be visible. Once it has been selected you can drag it onto the charts to ensure that it’s active.

Can I Build My Own EAs?

Yes, anyone can build an EA using the MQL4 integrated programming language. MQL4 is a high-level object-oriented programming language based on the concepts of the popular С++ programming language.

What Are the Risks of Using an EA for Automated Trading?

Before you start using an EA with a live account, it should always be used with a demo account until you are happy with its performance. Most EAs will come with a short guide from the developer explaining how best to use it, and it’s important to understand this information completely before use.

Even though performance can be difficult to evaluate over a short time period, practice with a demo will be useful as a guide to the future. Even the best MT4 EA can’t take fundamental events such as geopolitical variables into account when automating your trades.

It’s also important to consider lot size when using an EA, you should never trade more than your account balance and risk management strategy will allow.

What is EA Backtesting in MT4?

Backtesting is using historical data in MT4 to see how an EA would have performed in the past. While this does not guarantee success of an EA in live trading, it does give you an idea of how the EA will function over a certain time period. This is especially useful if you backtest using a particularly volatile period, where the EA’s function would be disturbed by political or financial events outside of its purview.

Should You Use MT4?

If you are just starting your trading career you may want to consider moving straight to MT5 or cTrader instead. But if you have been using MT4 and you are happy with it then keep on using it.

MT4 is old, and MetaQuotes is actively trying to get Forex brokers to switch to MT5. MT4 is still the industry standard, but it will eventually be replaced. MT5 and cTrader also have more built-in functionality and have a more modern, cleaner layout.

But if you have been using MT4 for some time, then your version is probably heavily customised. Algos built for MT4 will not function in MT5 or cTrader, so any customisations you have made will be lost.

MT4 will eventually be replaced, but its popularity means that is not going to happen anytime soon. But if you want to move to a more modern platform, or you are just starting out then you should check out MT5 or cTrader.

Conclusion

MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts and focus without the distraction of fancy tools, then it remains a candidate to satisfy 90% of all your trading needs.

MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years. The launch of MT4 in 2005 changed the retail Forex industry almost overnight. It offered retail Forex traders an institutional-grade tool: Anyone with an internet connection was now on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:

  1. MT4 is the lowest-latency and a highly customisable trading platform, complete with a cutting-edge charting suite offering market charts overlaid with indicators from MT4’s library. 
  2. MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4. 
  3. MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades can then be made in an instant due to the platform’s execution speed.
  4. MT4 is available on mobile, tablet, in a web browser and as a downloadable application.

This versatility makes MT4 the world’s leading trading platform.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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