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AuthorAuthor: Jeffrey CammackPublished: Oct 14, 2019
EditorEditor: Alison HeyerdahlUpdated: Dec 7, 2023

Last Updated On Dec 7, 2023

Jeffrey Cammack

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 2024, according to our testing and our research.

1

Octa

Best CopyTrading on MT4

Visit
2

AvaTrade

Best Commission-Free MT4 Account

Visit
3

XM

Best MT4 Education

Visit
4

HFM

Best STP Broker on MT4

Visit
5

IG

Best Regulated MT4 Broker

Visit
6

IC Markets

Best MT4 for Beginners

Visit
7

Exness

Best MT4 Trading Conditions

Visit
8

markets.com

Market Maker with Tight Spreads

Visit

Best MT4 Brokers for Indian Traders

Scroll for more detailsPreviousNext
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
Octa
4.37 /5
Read Review
Visit Broker >
67.65% of retail CFD accounts lose money
USD 25500:1 ExcellentUSD 60.60 pips0.60 pipsCySEC Regulated BrokersFinancial Services Conduct AuthorityMwali International Services Authority24952
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100400:1 ExcellentUSD 90.90 pips0.90 pipsASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services Authority87255
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
USD 51000:1 ExcellentUSD 60.60 pips0.60 pipsCySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct Authority155457
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
AUD 10030:1 ExcellentUSD 70.10 pips0.10 pipsASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityFinancial Services Authority – St. Vincent & the Grenadines1016270
HotForex
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0500:1 ExcellentUSD 101.00 pips0.10 pipsCySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersFinancial Services CommissionThe Seychelles Financial Services Authority123053
IG
4.69 /5
Read Review
Visit Broker >
69% of retail CFD accounts lose money
USD 0200:1 ExcellentUSD 60.60 pips0.85 pipsFCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services AgencyCommodity Futures Trading Association1929580
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
USD 20030:1 ExcellentUSD 80.10 pips0.02 pipsCySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the Bahamas174464
Exness
4.12 /5
Read Review
Visit Broker >
71.67% of retail CFD accounts lose money
USD 10Unlimited:1 StandardUSD 70.70 pips0 pipsFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services Commission221100
Markets.com
4.68 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
USD 10030:1 ExcellentUSD 70.70 pips0.60 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission100956

 

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
Broker Score
EUR/USD - Standard Spread
Trading Cost - Standard Spread
EUR/USD - Raw Spread
GBP/USD - Raw Spread
USD/JPY - Raw Spread
Trading Desk
Trading Commission
Octa
4.37 /5
Read Review
0.60 pips
USD 6
0.60 pips
1.10 pips
1.20 pips
STP
Fees Included in Spread
AvaTrade
4.59 /5
Read Review
0.90 pips
USD 9
0.90 pips
1.60 pips
1.10 pips
Market Maker
Fees Included in Spread
XM
4.45 /5
Read Review
0.60 pips
USD 6
0.60 pips
0.60 pips
0.60 pips
Market Maker
Fees Included in Spread
FP Markets
4.40 /5
Read Review
0.10 pips
USD 7
0.10 pips
0.20 pips
0.10 pips
ECN/DMA
6 USD / lot - RAW Accounts
HotForex
4.53 /5
Read Review
1.00 pips
USD 10
0.10 pips
0.50 pips
0.30 pips
STP
6 USD / lot - Zero Account
IG
4.69 /5
Read Review
0.60 pips
USD 6
0.85 pips
1.40 pips
0.94 pips
Market Maker
Fees Included in Spread
IC Markets
4.56 /5
Read Review
0.10 pips
USD 8
0.02 pips
0.23 pips
0.14 pips
ECN/DMA
7 USD / lot - Raw Spread Account
Exness
4.12 /5
Read Review
0.70 pips
USD 7
0 pips
0.10 pips
0 pips
Market Maker
7 USD/lot
Markets.com
4.68 /5
Read Review
0.70 pips
USD 7
0.60 pips
1.20 pips
0.70 pips
Market Maker
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

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited range of assets
  • Restrictive account types
AlertAccepts 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

Broker Score
4.594.59 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage400:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts 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

Broker Score
4.454.45 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Indian Clients. Average spread EUR/USD 0.60 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

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts 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

Broker Score
4.694.69 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts 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

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

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.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts 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

Broker Score
4.124.12 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. LeverageUnlimited:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Great platform choice
  • Tight spreads
  • Wide range of FX pairs
  • 24/7 customer service
Cons
  • Extreme leverage
  • Unavailable in Europe
  • Limited range of share CFDs
AlertAccepts 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

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

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.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts 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)?

Best MT4 Brokers

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.

Scroll for more detailsPreviousNext
Broker
Broker Score
Global Regulators
Min. Deposit
Total # CFDs
No. of FX Pairs
Cost of Trading
EUR/USD
GBP/USD
USD/JPY
Fees
Compare
IG
4.69 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSwiss Financial Market Supervisory AuthorityMonetary Authority of SingaporeFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenUSD 01929580USD 60.85 pips1.40 pips0.94 pipsFees Included in Spread
Markets.com
4.68 /5
Read Review
FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionUSD 100100956USD 70.60 pips1.20 pips0.70 pipsFees Included in Spread
Pepperstone
4.61 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersDFSA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityUSD 01275100USD 100.17 pips0.59 pips0.26 pipsFrom 7 USD / lot - Razor Account
AvaTrade
4.59 /5
Read Review
ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityUSD 10087255USD 90.90 pips1.60 pips1.10 pipsFees Included in Spread
Tickmill
4.58 /5
Read Review
CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex BrokersUSD 10020962USD 40.10 pips0.30 pips0.10 pips4 USD / lot
IC Markets
4.56 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasUSD 200174464USD 80.02 pips0.23 pips0.14 pips7 USD / lot - Raw Spread Account
Eightcap
4.53 /5
Read Review
ASIC Regulated BrokersSecurities Commission of the BahamasFCA Regulated Forex BrokersCySEC Regulated BrokersAUD 10084655USD 100.06 pips0.73 pips0.23 pips7 USD / lot
HotForex
4.53 /5
Read Review
CySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityUSD 0123053USD 100.10 pips0.50 pips0.30 pips6 USD / lot - Zero Account
XM
4.45 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct AuthorityUSD 5155457USD 60.60 pips0.60 pips0.60 pipsFees Included in Spread
BDSwiss
4.42 /5
Read Review
Financial Services CommissionThe Seychelles Financial Services AuthorityUSD 1023450USD 150.30 pips0.60 pips0.30 pips5 USD / lot - RAW account
FP Markets
4.40 /5
Read Review
ASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityFinancial Services Authority – St. Vincent & the GrenadinesAUD 1001016270USD 70.10 pips0.20 pips0.10 pips6 USD / lot - RAW Accounts
FxPro
4.39 /5
Read Review
CySEC Regulated BrokersFinancial Services Conduct AuthorityUSD 100224170USD 140.40 pips1.00 pips0.60 pips9 USD / lot
FXTM
4.37 /5
Read Review
FCA Regulated Forex BrokersFinancial Services Conduct AuthorityFinancial Services CommissionCapital Markets AuthorityUSD 10180362USD 150.00 pips0.20 pips0.00 pipsFrom 4 USD / ECN Accounts
Octa
4.37 /5
Read Review
CySEC Regulated BrokersFinancial Services Conduct AuthorityMwali International Services AuthorityUSD 2524952USD 60.60 pips1.10 pips1.20 pipsFees Included in Spread
Skilling
4.37 /5
Read Review
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityEUR 10090573USD 70.40 pips0.50 pips0.70 pips6 USD round turn commission
Vantage FX
4.35 /5
Read Review
FCA Regulated Forex BrokersFinancial Services Conduct AuthorityASIC Regulated BrokersCayman Islands Monetary AuthorityVanuatuUSD 5090046USD 60.00 pips0.50 pips0.40 pips6 USD / lot - ECN Account
Axitrader
4.34 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the GrenadinesUSD 018870USD 100.00 pips0.10 pips0.10 pips7 USD / lot - PRO account
FBS
4.33 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityInternational Financial Services CommissionUSD 525437USD 70 pips0.20 pips0.30 pips6 USD / lot - ECN Account
Fusion Markets
4.33 /5
Read Review
ASIC Regulated BrokersVanuatuThe Seychelles Financial Services AuthorityUSD 025285USD 4.500 pips0.24 pips0.11 pips4.5 AUD / lot (EUR/USD)
Admiral Markets
4.28 /5
Read Review
ASIC Regulated BrokersCySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityJordan Securities CommissionUSD 100399682USD 80.10 pips0.60 pips0.30 pips1.8 - 3 USD per lot
BlackBull Markets
4.28 /5
Read Review
Financial Markets Authority of New ZealandThe Seychelles Financial Services AuthorityUSD 02611570USD 80.18 pips0.66 pips0.44 pipsFees Included in Spread
Fortrade
4.28 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersInvestment Industry Regulatory Organization of CanadaUSD 10041550USD 202.00 pips2.00 pips2.00 pipsFees Included in Spread
FXCM
4.28 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services Authority – St. Vincent & the GrenadinesUSD 5030645USD 131.30 pips0.60 pips0.30 pipsNone
Oanda
4.25 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersMonetary Authority of SingaporeInvestment Industry Regulatory Organization of CanadaBritish Virgin Islands Financial Services CommissionThe Seychelles Financial Services AuthorityUSD 542545USD 100.20 pips0.20 pips0.20 pips4 USD / lot
Valutrades
4.25 /5
Read Review
FCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 514680USD 70.10 pips0.40 pips0.10 pips6 USD / Lot
FXPRIMUS
4.21 /5
Read Review
CySEC Regulated BrokersVanuatuUSD 1518143USD 150.30 pips1.50 pips0.80 pips8 - 10 USD / lot - PRO Account
ThinkMarkets
4.18 /5
Read Review
Financial Services Conduct AuthorityFCA Regulated Forex BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityCySEC Regulated BrokersFinancial Services AgencyUSD 0415046USD 120.00 pips0.00 pips0.00 pips7 USD / lot - ThinkZero Account
GKFX Prime
4.17 /5
Read Review
Malta Financial Services AuthorityBritish Virgin Islands Financial Services CommissionSecurities and Exchange Regulator of CambodiaUSD 5040050USD 180.90 pips1.30 pips1.70 pipsFees Included in Spread
HYCM
4.12 /5
Read Review
CySEC Regulated BrokersFCA Regulated Forex BrokersDFSA Regulated Forex BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtCayman Islands Monetary AuthorityFinancial Services Authority – St. Vincent & the GrenadinesUSD 10031070USD 120.10 pips0.40 pips0.20 pips8 USD / lot - Raw Account
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4.08 /5
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4.03 /5
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easyMarkets
4.02 /5
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4.00 /5
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3.97 /5
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CySEC Regulated BrokersFinancial Services Authority – St. Vincent & the GrenadinesUSD 5026256USD 190.20 pips0.20 pips0.10 pips10 USD / lot - ECN Account
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3.93 /5
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3.87 /5
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3.60 /5
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3.52 /5
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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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