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Last Updated On Oct 23, 2023
Metatrader 4 (MT4) is the most popular Forex trading platform in the world and is supported by most Forex brokers. On this page, we will look at the best Forex brokers with MetaTrader 4 and explain why they excel.
Further down, common questions will also be answered like: What MT4 is, how it works, how it differs from other trading platforms like MT5 and cTrader, and how to automate trading with Expert Advisors.
To find the best MT4 brokers we compared trading costs, execution speed and the number of Forex pairs the brokers offered. We also tested the quality of the brokers’ technical customer support and made sure they were fully regulated to ensure trader safety.
These are the best MT4 brokers in the India for 2023, according to our testing and our research.
Best MT4 Brokers for Indian Traders
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Broker | Overall Rating | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.27 /5 Read Review | Visit Broker > of retail CFD accounts lose money | USD 25 | 500:1 | Yes | Excellent | USD 6 | 0.60 pips | 0.60 pips |    | 232 | 35 | Yes | Yes | |
 | 4.49 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | USD 100 | 400:1 | Yes | Excellent | USD 9 | 0.90 pips | 0.90 pips |     | 872 | 55 | Yes | Yes | |
 | 4.35 /5 Read Review | Visit Broker > 75.33% of retail CFD accounts lose money | USD 5 | 1000:1 | Yes | Excellent | USD 7 | 0.70 pips | 0.60 pips |   | 1539 | 57 | Yes | Yes | |
 | 4.30 /5 Read Review | Visit Broker > 79% of retail CFD accounts lose money | AUD 100 | 30:1 | Yes | Excellent | USD 7 | 0.10 pips | 0.10 pips | | 10162 | 70 | Yes | Yes | |
 | 4.43 /5 Read Review | Visit Broker > 72.90% of retail CFD accounts lose money | USD 0 | 500:1 | Yes | Excellent | USD 10 | 1.00 pips | 0.10 pips |    | 1230 | 53 | Yes | Yes | |
 | 4.69 /5 Read Review | Visit Broker > 68% of retail CFD accounts lose money | USD 0 | 200:1 | Yes | Excellent | USD 6 | 0.60 pips | 0.85 pips |    | 19295 | 80 | Yes | Yes | |
 | 4.46 /5 Read Review | Visit Broker > 70.81% of retail CFD accounts lose money | USD 200 | 30:1 | Yes | Excellent | USD 8 | 0.10 pips | 0.02 pips |  | 1744 | 64 | Yes | Yes | |
 | 4.12 /5 Read Review | Visit Broker > 71.67% of retail CFD accounts lose money | USD 10 | Unlimited:1 | Yes | Standard | USD 7 | 0.70 pips | 0 pips |   | 221 | 100 | Yes | Yes | |
 | 4.58 /5 Read Review | Visit Broker > 70.3% of retail CFD accounts lose money | USD 100 | 30:1 | Yes | Excellent | USD 7 | 0.70 pips | 0.60 pips | | 1009 | 56 | Yes | Yes |
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 always consider the following:
Account Types: Most Forex brokers with MT4 have multiple account types, but some of their account types will not support MT4 as a trading platform option. Always ensure that the account that you want to use supports MT4.
Execution Method and Execution Speed: MT4 brokers will use either instant execution, STP execution or market execution. Trading with instant execution or STP execution means you will be trading against your broker: When you lose money, they will profit and vice versa. Market execution can have slower execution speeds, but you will be trading with a third party and not your broker. Fast execution is especially important if you intend to use scalping strategies or automated trading.
Trading Costs: Check the trading costs of all MT4 accounts. Your trading account’s execution method in particular can affect your trading costs. Instant execution and STP execution accounts will usually have the trading costs included in the spread, while market execution accounts often have a commission attached. If you intend to keep your trading positions open overnight be sure to check out your broker’s swap rates too.
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Broker
EUR/USD - Standard Spread
Trading Cost - Standard Spread
EUR/USD - Raw Spread
GBP/USD - Raw Spread
USD/JPY - Raw Spread
Trading Commission
0.60 pips
USD 6
0.60 pips
1.10 pips
1.20 pips
Fees Included in Spread
0.90 pips
USD 9
0.90 pips
1.60 pips
1.10 pips
Fees Included in Spread
0.70 pips
USD 7
0.60 pips
0.60 pips
0.60 pips
Fees Included in Spread
0.10 pips
USD 7
0.10 pips
0.20 pips
0.10 pips
6 USD / lot - RAW Accounts
1.00 pips
USD 10
0.10 pips
0.50 pips
0.30 pips
6 USD / lot - Zero Account
0.60 pips
USD 6
0.85 pips
1.40 pips
0.94 pips
Fees Included in Spread
0.10 pips
USD 8
0.02 pips
0.23 pips
0.14 pips
7 USD / lot - Raw Spread Account
0.70 pips
USD 7
0 pips
0.10 pips
0 pips
7 USD/lot
0.70 pips
USD 7
0.60 pips
1.20 pips
0.70 pips
Fees Included in Spread
MT4 Tools and Plugins: The occasional broker offers plugins and tools for the platform. Axi offers Psyquation and Autochartist to clients for free, while Admirals has built the MT4 Supreme Edition. These additions to the platform change the trading experience and add additional benefits to the trading platform.
Education, Analysis and Customer Support: Most MT4 brokers in will offer Forex education and market research. Beginner traders who want to use MT4 will require a broker with good general education as well as more specific MT4 guides and tips. The better a broker’s research and analysis the more likely you are to find good trading opportunities. MT4 can be tricky to install and customize. Some brokers will offer their assistance, which can be helpful for beginners. Be aware that some brokers have limited customer service hours, especially on weekends, so look for a broker whose customer service hours suit you.
Octa – Best CopyTrading on MT4
Octa is a client-focused, international broker with a reliable, low-cost MT4 account and one of the easiest-to-use copy trading services in the industry. The MT4 account at Octa requires a minimum deposit of 100 USD, and no commission is charged on trades. An Islamic swap-free account is available for all MT4 account types.
Octa also offers a copy trading function free for all accounts, allowing beginners to copy experienced, successful traders for a small fee per traded lot. This function is also available through the mobile app along with free, well-presented trader education for beginners.
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Octa is regulated by CySEC and SVG FSA.AvaTrade – Best Commission-Free MT4 Account
AvaTrade is a globally renowned market maker with the best commission-free trading conditions available on the MT4 platform. AvaTrade MT4 offers low spreads across Forex, commodities, and a range of other CFDs. Max leverage is 1:30, and spreads are very tight for a 100 USD minimum deposit and no commission – as low as 0.7 pips on the EUR/USD.
AvaTrade supports all native features of MT4, such as nine timeframes, EA functionality and 30 built-in indicators. AvaTrade also has the Guardian Angel system. This personalised trading feedback tool helps traders refine their decision-making and includes support for automated trading platforms like ZuluTrade and DupliTrade and free Trading Central for all MT4 clients.
Accepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.XM – Best MT4 Education
An multi-regulated market-maker with tight spreads over three simple account types, XM stands out from a crowded field of MT4 brokers for its educational support and customer service. XM’s MT4 video tutorials guide new traders through all the important features of XM’s MT4 platform. Tutorials cover most things from opening a trading account to understanding pending orders and backtesting Expert Advisors.
All MT4 accounts have a max leverage 1000:1, negative balance protection, and minimum deposits start from 5 USD. XM 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. MT4 users can trade Forex, stock indices, precious metals, and energies.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.HFM (formerly known as HotForex) – Best STP Broker on MT4
HFM is a well-regulated broker with fast STP execution on all four different accounts on the MT4 platform. The minimum deposit on the Micro Account is low, at 5 USD and spreads start at 1 pip on the EUR/USD. For beginners, HFM offers unlimited demo versions of all its MT4 account types. For those that prefer ECN trading on MT4, the HotForex Zero Spread Account offers spreads down to 0 pips for a 200 USD minimum deposit.
HFM supports MT4 via every method, including the MT4 MultiTerminal, which allows traders to manage multiple MT4 accounts from a single platform. MT4 is also available via web, desktop, and Android and iOS apps. Trading tools available include free Autochartist, VPS services and the HFCopy copy trading service.
Accepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.IG Markets – Best Regulated MT4 Broker
Overall Rating
4.69 / 5
4.69 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | ASIC, BaFin, DFSA, CFTC |
| 💵 Trading Cost | USD 6 |
| ⚖️ Max. Leverage | 200:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, L2 Dealer, ProRealTime |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates |
IG Markets is possibly the best regulated and most trusted MT4 broker in the world. Regulated by ten national authorities, including the FSCA, FCA, ASIC, MAS, and FINMA, IG Markets is also publicly traded on the London Stock Exchange and has a full banking license. IG Markets offers tight spreads, full MT4 support, and excellent education and market analysis.
IG Market’s version of MT4 takes the platform to another level with its package of free add-ons and indicators. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. Also, all IG clients get access to Autochartist for free. This powerful automated technical analysis tool scans the markets for opportunities that you may have missed. All these features are available with tight spreads, with the EUR/USD averaging 0.86 pips but sometimes as low as 0.6 pips, and commission-free trading.
Accepts Indian Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.IC Markets – Best MT4 for Beginners
IC Markets is rare amongst ECN MT4 brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT4 platform and more general queries.
IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and the lowest spreads in the industry.
Accepts Indian 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, ASIC, and the FSA.Exness – Best MT4 Trading Conditions
Exness’ Standard Account on MT4 requires a minimum deposit of 10 USD and has average spreads on the EUR/USD of 1 pip. This account is a fantastic low-risk opportunity for new traders to get experience in the live markets. The Pro Account on MT4 has similarly great trading conditions, offering commission-free trading with spreads averaging 0.6 pips EUR/USD – however, the minimum deposit here is 200 USD. Exness also offers two commission-based accounts, with spreads down to 0 pips and a commission of 7.0 USD round trip per lot traded.
All Exness clients on MT4 have access to financial news from the world’s leading providers and the TC.Technical Analysis indicator from the international analytical agency Trading Central. Exness also supports the MT4 MultiTerminal platform, allowing clients to run multiple accounts from a single app. Exness offers full MT4 support, with custom-built EAs allowing for automated trading on all account types.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.Markets.com – Market Maker with Tight Spreads
Markets.com is a Market Maker broker, offering a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Beginner traders will also likely be pleased with their comprehensive education section, as well as a wide scope of excellent tools for research and analysis.
Markets.com provides support for the basic version of MT4 via web, desktop or apps for iOS and Android via one live commission-free account, with a minimum deposit requirement of 100 USD. It also boasts excellent trading conditions with spreads starting as low as 0.8 pips on the EUR/USD and leverage is available up to 300:1.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.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 is a third-party trading platform that connects a trader to a broker 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.
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Broker | Overall Rating | Global Regulators | Min. Deposit | Total # CFDs | No. of FX Pairs | Cost of Trading | EUR/USD | GBP/USD | USD/JPY | Fees | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4.69 /5 Read Review |    | USD 0 | 19295 | 80 | USD 6 | 0.85 pips | 1.40 pips | 0.94 pips | Fees Included in Spread | |
| 4.58 /5 Read Review | | USD 100 | 1009 | 56 | USD 7 | 0.60 pips | 1.20 pips | 0.70 pips | Fees Included in Spread | |
 | 4.51 /5 Read Review | | USD 0 | 1275 | 100 | USD 10 | 0.17 pips | 0.59 pips | 0.26 pips | From 7 USD / lot - Razor Account | |
| 4.49 /5 Read Review | | USD 100 | 872 | 55 | USD 9 | 0.90 pips | 1.60 pips | 1.10 pips | Fees Included in Spread | |
 | 4.48 /5 Read Review |  | USD 100 | 209 | 62 | USD 4 | 0.10 pips | 0.30 pips | 0.10 pips | 4 USD / lot | |
| 4.46 /5 Read Review | | USD 200 | 1744 | 64 | USD 8 | 0.02 pips | 0.23 pips | 0.14 pips | 7 USD / lot - Raw Spread Account | |
 | 4.43 /5 Read Review | | AUD 100 | 846 | 55 | USD 10 | 0.06 pips | 0.73 pips | 0.23 pips | 7 USD / lot | |
| 4.43 /5 Read Review | | USD 0 | 1230 | 53 | USD 10 | 0.10 pips | 0.50 pips | 0.30 pips | 6 USD / lot - Zero Account | |
 | 4.35 /5 Read Review |   | USD 50 | 900 | 46 | USD 6 | 0.00 pips | 0.50 pips | 0.40 pips | 6 USD / lot - ECN Account | |
| 4.35 /5 Read Review | | USD 5 | 1539 | 57 | USD 7 | 0.60 pips | 0.60 pips | 0.60 pips | Fees Included in Spread | |
 | 4.34 /5 Read Review | | USD 0 | 188 | 70 | USD 10 | 0.00 pips | 0.10 pips | 0.10 pips | 7 USD / lot - PRO account | |
 | 4.33 /5 Read Review | | USD 0 | 252 | 85 | USD 4.50 | 0 pips | 0.24 pips | 0.11 pips | 4.5 AUD / lot (EUR/USD) | |
 | 4.32 /5 Read Review | | USD 10 | 234 | 50 | USD 15 | 0.30 pips | 0.60 pips | 0.30 pips | 5 USD / lot - RAW account | |
| 4.30 /5 Read Review | | AUD 100 | 10162 | 70 | USD 7 | 0.10 pips | 0.20 pips | 0.10 pips | 6 USD / lot - RAW Accounts | |
 | 4.29 /5 Read Review | | USD 100 | 2241 | 70 | USD 14 | 0.40 pips | 1.00 pips | 0.60 pips | 9 USD / lot | |
 | 4.28 /5 Read Review | | USD 0 | 26115 | 70 | USD 8 | 0.18 pips | 0.66 pips | 0.44 pips | Fees Included in Spread | |
 | 4.27 /5 Read Review | | USD 10 | 1803 | 62 | USD 15 | 0.00 pips | 0.20 pips | 0.00 pips | From 4 USD / ECN Accounts | |
| 4.27 /5 Read Review | | USD 25 | 232 | 35 | USD 6 | 0.60 pips | 1.10 pips | 1.20 pips | Fees Included in Spread | |
 | 4.25 /5 Read Review |  | USD 5 | 425 | 45 | USD 10 | 0.20 pips | 0.20 pips | 0.20 pips | 4 USD / lot | |
 | 4.25 /5 Read Review | | USD 5 | 146 | 80 | USD 7 | 0.10 pips | 0.40 pips | 0.10 pips | 6 USD / Lot | |
 | 4.23 /5 Read Review | | USD 5 | 254 | 37 | USD 7 | 0 pips | 0.20 pips | 0.30 pips | 6 USD / lot - ECN Account | |
 | 4.18 /5 Read Review |  | USD 100 | 3830 | 50 | USD 8 | 0.10 pips | 0.60 pips | 0.30 pips | 1.8 - 3 USD per lot | |
 | 4.18 /5 Read Review | | USD 100 | 415 | 50 | USD 20 | 2.00 pips | 2.00 pips | 2.00 pips | Fees Included in Spread | |
 | 4.18 /5 Read Review |  | USD 50 | 306 | 45 | USD 13 | 1.30 pips | 0.60 pips | 0.30 pips | None | |
 | 4.18 /5 Read Review | | USD 0 | 4150 | 46 | USD 12 | 0.00 pips | 0.00 pips | 0.00 pips | 7 USD / lot - ThinkZero Account | |
 | 4.11 /5 Read Review | | USD 15 | 181 | 43 | USD 15 | 0.30 pips | 1.50 pips | 0.80 pips | 8 - 10 USD / lot - PRO Account | |
 | 4.08 /5 Read Review | | USD 50 | 2489 | 63 | USD 10 | 0.30 pips | 1.60 pips | 1.20 pips | Fees Included in Spread | |
 | 4.07 /5 Read Review |   | USD 50 | 400 | 50 | USD 18 | 0.90 pips | 1.30 pips | 1.70 pips | Fees Included in Spread | |
 | 4.07 /5 Read Review | | EUR 100 | 905 | 73 | USD 8 | 0.40 pips | 0.50 pips | 0.70 pips | 6 USD round turn commission | |
 | 4.03 /5 Read Review | | GBP 1 | 878 | 49 | USD 8 | 0.20 pips | 0.40 pips | 0.40 pips | 6 USD / lot - ECN Account | |
 | 4.02 /5 Read Review | | USD 100 | 310 | 70 | USD 12 | 0.10 pips | 0.40 pips | 0.20 pips | 8 USD / lot - Raw Account | |
 | 4.00 /5 Read Review | | USD 1000 | 434 | 84 | USD 13 | 1.30 pips | 2.00 pips | 1.60 pips | Fees Included in Spread | |
 | 3.92 /5 Read Review | | USD 25 | 193 | 63 | USD 18 | 0.70 pips | 1.30 pips | 1.00 pips | Fees Included in Spread | |
 | 3.87 /5 Read Review | | USD 50 | 262 | 56 | USD 19 | 0.20 pips | 0.20 pips | 0.10 pips | 10 USD / lot - ECN Account | |
 | 3.87 /5 Read Review | | USD 50 | 20108 | 50 | USD 14 | 0.80 pips | 1.10 pips | 1.00 pips | 3 USD / lot | |
 | 3.83 /5 Read Review |  | USD 50 | 430 | 66 | USD 14 | 1.30 pips | 1.80 pips | 2.10 pips | 3 USD / lot | |
 | 3.78 /5 Read Review | | USD 0 | 104 | 71 | USD 6 | 0.40 pips | 0.40 pips | 0.40 pips | None | |
 | 3.77 /5 Read Review | | USD 50 | 151 | 50 | USD 15 | 1.50 pips | 1.60 pips | 1.50 pips | Fees Included in Spread | |
 | 3.61 /5 Read Review | | USD 0 | 164 | 48 | USD 13 | 1.30 pips | 1.80 pips | 1.30 pips | 7 USD / lot - Zero Account | |
 | 3.58 /5 Read Review | | USD 250 | 539 | 47 | USD 17 | 0.70 pips | 2.00 pips | 1.60 pips | Fees Included in Spread | |
 | 3.58 /5 Read Review | | USD 100 | 144 | 63 | USD 24 | 0.00 pips | 0.20 pips | 1.00 pips | Fees Included in Spread | |
 | 3.54 /5 Read Review | | USD 50 | 285 | 83 | USD 22 | 0.00 pips | 0.00 pips | 0.00 pips | On select STP/ECN Accounts | |
 | 3.53 /5 Read Review | | USD 10 | 79 | 33 | USD 20 | 0.30 pips | 0.40 pips | 0.20 pips | 0,007% / Trade - Zero Account | |
 | 3.52 /5 Read Review | | USD 500 | 311 | 42 | USD 7 | 0.20 pips | 0.80 pips | 0.40 pips | 5 USD / lot | |
 | 3.50 /5 Read Review | | USD 0 | 8071 | 43 | USD 6 | 0.30 pips | 0.50 pips | 0.30 pips | 6 USD / lot | |
 | 3.42 /5 Read Review | | USD 100 | 2215 | 55 | USD 19 | 3.00 pips | 3.00 pips | 3.00 pips | Fees Included in Spread |
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?
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:
- 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.
- MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4.
- 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.
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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)
Our Methodology
Our State of the Market Report and Broker Directory are the results of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. 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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