Best MetaTrader 4 Brokers 2024
Our team have compiled a list of the best MetaTrader 4 (MT4) brokers. We have evaluated brokers across several areas, from trading fees and execution speeds on the platform to minimum deposits and the availability of MT4 demo accounts and Expert Advisors (EAs).
Top 9 MetaTrader 4 Brokers
These are the highest rated brokers with MetaTrader 4:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
3
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
4
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
5
xChief$100 No Deposit Bonus
$100.01 Lots1:1000VFSCCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF -
6
Plexytrade120% Cash Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.011:2000CFDs, Forex, Indices, Stocks, Commodities, CryptoMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD, EUR -
7
Coinexx100% Deposit Welcome Bonus
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD -
8
InstaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.011:1000BVI FSCFISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, FuturesInstaTrade Gear, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, Bitcoin Payments, Ethereum PaymentsUSD, EUR, RUB -
9
World Forex100% Deposit Bonus
$10.01 Lots1:1000SVGFSAForex, CFD Stocks, Metals, Energies, Cryptos, Digital ContractsMT4, MT5Wire Transfer, Debit Card, Credit Card, Visa, Mastercard, Google Wallet, Apple Pay, Perfect Money, Bitcoin Payments, VoletUSD, EUR, RUB
Here is a short summary of why we think each broker belongs in this top list:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- Plexytrade - Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- InstaTrade - InstaTrade, based in the British Virgin Islands, is an online broker specializing in fixed income structured products and active trading through CFDs. Its zero-spread accounts, excellent research notably through InstaTrade TV, and access to the popular MT4 alongside its own web-accessible InstaTrade Gear, make it an attractive option for short-term traders at every level.
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Best MetaTrader 4 Brokers 2024 Comparison
| Broker | Platforms | Instruments | Regulators | Minimum Deposit |
|---|---|---|---|---|
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MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | Forex, Stocks, Futures, Futures Options | NFA, CFTC | $100 |
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Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB | $0 |
|
|
Web, MT4, MT5 | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | MISA | $50 |
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OANDA Trade, MT4, TradingView, AutoChartist | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) | NFA, CFTC | $0 |
|
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MT4, MT5 | CFDs, Forex, Metals, Commodities, Stocks, Indices | VFSC | $10 |
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MT4, MT5 | CFDs, Forex, Indices, Stocks, Commodities, Crypto | - | $50 |
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MT4, MT5 | Forex, Commodities, Indices, Cryptocurrencies | - | 0.001 BTC |
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InstaTrade Gear, MT4 | FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures | BVI FSC | $1 |
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MT4, MT5 | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | SVGFSA | $1 |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
Cons
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- The MISA is a weak regulator with limited investor protection for retail traders
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- Beginners can get started easily with $0 minimum initial deposit
Cons
- The range of day trading markets is limited to forex and cryptos only
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
- Traders can access a copy trading solution via the MetaQuotes Signals service
- The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
Cons
- Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
- The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
- The broker trails competitors when it comes to research tools and educational resources
Plexytrade
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Plexytrade Quick Facts
| Bonus Offer | 120% Cash Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Stocks, Commodities, Crypto |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- Despite lacking regulation, Plexytrade provides negative balance protection and reinforces safety protocols by holding client funds in segregated accounts.
- Plexytrade offers among the highest leverage we’ve seen, up to 1:2000, catering to advanced traders willing to forego regulatory protections.
- Plexytrade accommodates a range of trading methods and short-term strategies, including scalping, hedging, and automated trading.
Cons
- There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
- With around 100 instruments, Plexytrade restricts the flexibility of investors who prefer to trade across various assets, especially compared to Blackbull with its 26,000 securities.
Coinexx
"Coinexx best serves short-term traders willing to foregoes regulatory protections in return for highly-leveraged CFDs and trading accounts, deposits and withdrawals processed in cryptos like BTC. "
Tobias Robinson, Reviewer
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- The virtual private server (VPS), hosted near the firm’s data center in Amsterdam, offers 24/7 connectivity, low latency and 99.99% uptime, catering to algo traders.
- Coinexx uses an ECN model that facilitates ultra-tight spreads from 0 pips, which alongside high leverage up to 1:500, may serve fast-paced, high-volume trading strategies.
- Coinexx is one of a limited pool of brokers to support the ActTrader platform, which is highly customizable with detachable widgets, as well as 48 indicators, 11 timeframes, and price quotes up to 8 decimal places.
Cons
- Although it supports near-instant account funding in 25+ cryptos, the absence of fiat deposit options at Coinexx will be severely limiting for many traders.
- Aside from 7 calculators (forex, margin, pip, currency, commission, swap, PnL), Coinexx offers very little in terms of additional tools, with no education or research features to support traders.
- Despite operating for over 7 years, Coinexx still hasn’t secured any regulatory approvals, respected industry awards or the full confidence of our experts.
InstaTrade
"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "
InstaTrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures |
| Regulator | BVI FSC |
| Platforms | InstaTrade Gear, MT4 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- InstaTrade claims to "guarantee" returns through the structured element of its passive trading solution (FISP), with applications approved within 24 hours.
- VPS hosting caters to algo trading strategies with a dedicated physical server providing rapid execution speeds as low as 9 milliseconds.
- Despite an average investment offering of around 300 assets, InstaTrade offers a particularly strong suite of currency pairs, catering to advanced traders seeking opportunities in volatile exotics.
Cons
- InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
- Marketing of the FISP, especially phrasing around the “guarantee of profitability” and the “elimination of risks of trading on financial markets” raises concerns.
- InstaTrade is registered in the offshore jurisdiction of the British Virgin Islands, resulting in limited regulatory safeguards for retail investors.
World Forex
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- Copy trading solution
- Educational content
- Demo account
Cons
- Weak regulation
- Withdrawal fees apply
- No negative balance protection
How To Choose A MetaTrader 4 Broker
There are several key factors to consider when selecting a broker with access to MetaTrader 4:
Device Compatibility
The best MT4 brokers offer the platform as downloadable software, via the WebTrader, plus an iOS and Android-friendly mobile app.
Tip: We have found that leading MT4 brokers share quick download links when you sign up for an account.
Instruments
Most MT4 brokers offer forex on the platform, as this was what it was originally designed for. However, now many firms also offer other asset classes, such as stocks, indices, metals and energies.
Consider what you want to trade before signing up with a new broker that offers MetaTrader 4.
Trading Fees
Leading brokers with access to MT4 offer tight spreads with low to zero commissions. Active day traders, in particular, will want to keep forex spreads tight to protect their profit margins while trading in high volumes.
It is worth keeping in mind that some firms charge wider spreads on the MetaTrader 4 platform than their own software. We recommend checking whether this is the case before signing up.
Minimum Deposit
Beginners will probably want a MetaTrader 4 broker with an accessible minimum deposit.
We consider anything below $200 decent, but a growing list of brokers with access to MetaTrader 4 have an even lower starting deposit. CMC Markets, for example, has no minimum deposit requirement.
Regulation
After testing MetaTrader 4 brokers from across the globe – our team recommend choosing a firm regulated by a trusted financial body. This will help protect your account and capital through measures like negative balance protection and segregated accounts. Trading with an unregulated broker is risky and can increase the chances of you being scammed.
Tier-one regulators include the UK’s Financial Conduct Authority (FCA) and the Australian Securities & Investments Commission (ASIC). The Cyprus Securities & Exchange Commission (CySEC) is also well-regarded. Many of the best MT4 brokers will be authorized by one or more of these regulators.
Execution Speed
We recommend choosing an MetaTrader 4 broker with a decent execution speed – in fast moving markets this can impact whether you make a gain or loss. Fast execution MT4 brokers are particularly important for active day traders.
After testing an extensive list of MetaTrader 4 brokers, our experts consider anything below 100ms fast. With that said, our team also recommend considering execution quality. See our guide on execution speed for the details.
Expert Advisors
The trading robots available at MT4 brokers, known as Expert Advisors (EAs), are a key draw for many day traders.
The top-rated MT4 brokers offer user-friendly tutorials that explain how to buy, rent and use EAs on the trading platform.
Demo Account
We have evaluated hundreds of MetaTrader 4 brokers and the best firms offer an unlimited simulator account where you can get familiar with the various tools available on MT4 before trading with real money.
The other benefit of an unlimited MT4 demo account is that you can continuously backtest and iterate strategies alongside your live account.
How To Open A MetaTrader 4 Account
Getting started on MetaTrader 4 is straightforward. You can download a zip file with the platform from the MetaQuotes website free-of-charge. You can also download the platform from an online broker when you register for a real or demo account.
System Requirements
MetaTrader 4 works on macOS, Linux and Windows. It is available as a downloadable software as well as a version you access through your web browser.
Setting Up
Once you’ve downloaded the free platform, register for a new account and sign in with your login credentials. You can then personalize the MetaTrader 4 platform, from chart set-ups to choosing between the light and dark mode.
Details of trading costs, commissions and spreads are normally highlighted when you sign up. Some new users are surprised to see swap fees charged against their account each day. For those asking ‘what is a swap?’, it is interest charged or received at the end of each trading day, based on your position.
Head to the terminal to view your account balance and margin levels. If you don’t have enough funds to meet a leverage requirement, a ‘not enough money’ error will appear when you place a trade.
When it comes to how to deposit and withdraw funds, simply select ‘deposit’ or ‘withdraw’ from your account area. Then choose from the payment options available.
Payment charges vary between MT4 brokers, but there is normally a free option. Deposit and withdrawal payment times depend on the brokerage and method selected.
How To Trade
We have looked at how to choose a broker with MT4 and create an account, but how do you use the platform to trade?
The Basics
To make a trade, select ‘tools’ and then ‘new order’. This will take you to the order window. Alternatively, use the keyboard shortcut F9. The order window can appear intimidating, but the components are straightforward:
- Symbol – Here you can choose between markets, for example, forex, gold, or stock indices, such as the S&P 500
- Volume – Decide on your trade size – how many lots or CFDs do you want to trade? Note, 1 lot is equal to 100,000 units of the base currency
- Type – Choose ‘instant execution’ to place a trade as soon as you hit ‘buy’ or ‘sell’. Alternatively, opt for ‘pending order’ to select the point at which a trade is opened
- Stop-loss – This risk management tool will limit the size of losses, automatically tracking pips and closing out trades when they reach a set level
- Take-profit – This does the same for profits, meaning trades are automatically exited when profits hit a certain point
- Comment – Here you can leave trade commentary, which you may want to add to your trading journal, for example
- Slippage – You can limit slippage through the ‘deviation’ setting
Monitoring & Closing Positions
Head to the MetaTrader 4 terminal by selecting ‘view’ and then ‘terminal’. Now click ‘trade’. From here, you can exit a position by selecting the ‘x’ to the right of the profit column.
You can also modify stops and limits by right-clicking on the position or pending order you’d like to change, and selecting ‘modify’.
Charts
To draw on charts, select the object you would like from the toolbar and click on the chart. To amend the timeframe on a price chart, right-click on the chart and hit ‘timeframe’. You can then choose from the drop-down menu:
- M1 (1 minute)
- M5 (5 minute)
- M10 (10 minute)
- M15 (15 minute)
- M30 (30 minute)
- H1 (1 hour)
- H4 (4 hour)
- D1 (1 day)
- MN (1 month)
Note, you are not limited to the 9 standard timeframes at MetaTrader 4 brokers. Custom timeframes, for example, 2 minutes and 8 hours, can also be added.
Indicators & Add-ons
On top of the 30 built-in technical indicators, there are thousands of additional chart indicators that can be downloaded from MetaTrader’s Code Base and Market. The Elliot Wave indicator, Bollinger Bands, and pivot points are just a few examples.
Third-party add-ons allow traders to start programming the MetaTrader 4 platform to suit their trading style. Stealth Orders and Alarm Manager are two popular examples. Stealth Orders anonymises trades while Alarm Manager provides a window to coordinate alerts and notifications. You can also use Java API to build extensions onto the MetaTrader 4 platform.
Learning how to trade off the MetaTrader 4 platform can feel daunting to start with, but the trick is practice.
Expert Advisors
One of the main draws of the MetaTrader 4 platform is its automated trading functionality. Robots, also known as Expert Advisors (EAs), analyze FX price quotes, for example, and take positions based on pre-determined algorithms.
Trading bots with guides can be downloaded for free from Code Base. Alternatively, they can be rented or bought from the Market, or freelance developers. Tech-savvy traders can also build robots on the MetaTrader 4 platform with integration through Raspberry Pi 3 and Python. Virtual hosting through MetaTrader 4 VPS also lets you run trading bots 24/7.
Mobile Apps
The MetaTrader 4 app lets you maintain complete trading control from your phone, without compromising on functionality. Mobile traders will find three types of charts, nine timeframes, 30 technical indicators, market news, plus a chat box to interact with other traders.
For Android users, the MT4 APK file is available to download from the Google Play Store. The MT4 mobile app is also compatible with iPhones, iPads, and some Windows devices, including Windows Phone 8.1.
‘How to install’ guides and tutorials with download instructions can be found on the respective app stores, as well as leading MT4 brokers.
Demo Accounts
The MetaTrader 4 demo account is an excellent way to try trading the XAU/USD pair, for example, before risking real money. The functionality is very similar to that of a real live account, except you use virtual money. The login process is the same, you can still access historical data and indicators, plus copy trading is available through Signals. Expert Advisors can also be used on demo accounts.
When it comes to how to open a MetaTrader 4 demo account, simply select demo from the new account options.
Support
For problems using MetaTrader 4, customer support is available. The Help section is a good place to start if you want the basics explained, including keyboard shortcuts. For specific questions or if you want to speak to a manager, head to the Contact Us page.
Online PDFs and training courses that users have put together are also helpful. In fact, the MetaTrader 4 online community is extensive. You will find help on everything from trailing stops and negative balance protection to tips on how to make money on your account during weekend trading hours. The online community is also a good place to go for advice on the plugins you must have.
Head to the Technical Support Centre for help with any of the following:
- The platform keeps saying ‘invalid account’
- Cannot place new orders / no trade option
- The platform keeps freezing and crashing – not working, loading, updating or responding
Note, glitches or problems with the platform going down can be a result of outdated software. In the platform, you can check to see if it’s waiting for an update to be installed. Alternatively, if your laptop has frozen, a trusty old restart can often solve the issue.
MetaTrader 4 vs MetaTrader 5
MetaTrader 4 came out in 2005, offering a straightforward platform, predominately for online forex trading. The aim of the MetaTrader 5 system, released in 2010, was to give traders a powerful and comprehensive multi-asset platform. How then, do they both compare and what are the differences?
Analysis
Both MetaTrader 4 and 5 allow for customization, mobile trading, and automated trading. However, when it comes to analysis, the MT5 system has 38 technical indicators while the MT4 server has 30, although both contain popular EMA, b-clock and zigzag indicators.
The MT5 platform offers 21 timeframes vs MT4’s nine. Additionally, the MT5 software has more drawing tools than its predecessor, including a more advanced Elliot Wave indicator.
Overall, MetaTrader 5 wins on analytics.
Automated Trading
When it comes to automated trading, both are excellent choices. But key differences are that MQL5 is thought to be easier to use than MQL4 and MQL4 works on an order system while MQL5 follows a positional system.
Trading Orders
In terms of trading and orders, both offer similar execution models. But when it comes to pending orders, MetaTrader 4 has four order types to MetaTrader 5’s six.
Both MT4 and MT5 traders can use MultiTerminal to manage multiple trading accounts.
Verdict
So should you use MetaTrader 4 or 5? For beginners or those primarily interested in forex, MetaTrader 4 is the obvious choice. Traders wanting additional, sophisticated tools may prefer the MetaTrader 5 platform.
Overall though, the MetaTrader 4 system will meet the needs of most traders and remains the most popular choice.
Bottom Line
MetaTrader 4 is still the most popular retail trading platform at online brokers. The software is accessible via a download or through a web browser. It promises a wealth of tools to assist technical analysis while making automated trading readily accessible. It’s unsurprising then that MetaTrader 4 regularly tops user reviews, meeting the needs of both the beginner and advanced trader.
Use our ranking of the best MetaTrader 4 brokers to get started.
FAQs
Which Is The Best MT4 Broker?
The best MetaTrader 4 broker will depend on your needs. With that said, we recommend considering device compatibility, access to Expert Advisors (EAs), minimum deposits, execution speeds, trading fees, market access, and regulatory oversight. It is also worth using a demo account to test a potential broker, as well as the MT4 platform.
Is MetaTrader 4 Free At Online Brokers?
MetaTrader 4 is free to download and use. However, some brokers do offer wider spreads on MT4 than on their proprietary platform.
Is MetaTrader 4 Safe To Use With My Broker?
Whilst MetaTrader 4 is considered a relatively safe and secure platform, trading itself is risky. To ensure you only lose what you can afford, use MetaTrader 4’s risk management alerts and tools. Also make sure you sign up with trustworthy brokers with access to MetaTrader 4.
Is MetaTrader 4 A Broker?
MetaTrader 4 is not a broker. It is an electronic trading platform licensed to online brokers. The brokers then offer the platform to their traders.
How Do I Download MetaTrader 4 On Mac?
Download the MetaTrader 4 file from the MetaQuotes website or your broker. Once downloaded, open the XM.dmg file and drag the app to Applications. Next right-click the MetaTrader 4 application and click ‘open’. You will then be taken to the login page.
How Do I Use The MetaTrader 4 App At My Broker?
To use MetaTrader 4 on a mobile device, download the app from the respective app store. Then register or sign in on the login page. Once in, navigate to the order window to enter and exit positions. From the main terminal page, you can open charts and tools to conduct technical analysis. Deposits and withdrawals can be made from the account area.
Is MetaTrader 4 A Legitimate Platform At Brokers?
Yes – MetaTrader 4 is a legitimate online trading platform. It is one of the most popular and well-regarded retail platforms in the world, particularly for forex trading. It is also available at many top brokers.
How Does MetaTrader 4 Work?
MetaTrader 4 facilitates access to financial markets through its online trading platform. The platform is split between a client and a server module. The server component is licensed to MT4 brokers while the client portal is used by the broker’s clients.
Recommended Reading
Article Sources
- MetaTrader 4 Website
- CMC Markets MetaTrader 4 Offering
- AvaTrade MetaTrader 4 Offering
- FXCC MetaTrader 4 Offering
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