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MetaTrader 4

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).

Best MetaTrader 4 Brokers

These are the top 5 brokers with access to the MetaTrader 4 platform and app:

1. Forex.com
2. OANDA US
3. Kwakol Markets
4. IG Group
5. Scope Markets

Top 3 Broker Comparison

Top 3 MetaTrader 4 Comparison

	Forex.com	OANDA US	Kwakol Markets
MetaTrader 4	Yes	Yes	Yes
Auto Trading	Expert Advisors (EAs) on MetaTrader	Expert Advisors (EAs) on MetaTrader	Expert Advisors (EAs) on MetaTrader
Instruments	Forex, Spot Metals	Forex, Crypto	CFDs, Forex, Stocks, Indices, Commodities, Crypto
Regulators	NFA, CFTC	NFA, CFTC	ASIC, FINTRAC
Minimum Deposit	$100	$0	$1
Visit	Visit	Visit	Visit

#1 - Forex.com

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Review

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

"Forex.com is an excellent broker for active forex traders with over 80 currency pairs, tight spreads, low commissions and powerful charting platforms for day traders. "

- DayTrading Review Team

• Instruments: Forex, Spot Metals
• Regulator: NFA, CFTC
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
• Min. Deposit: $100
• Min. Trade: 0.01 Lots
• Leverage: 1:50

Pros

• Up to 15% cashback rebates for active traders
• Fast execution speed of less than 1 second
• Excellent trading tools including Trading Central, SMART Signals and MetaTrader 4

Cons

• No copy trading platform
• Investment offering varies between countries
• $15 monthly inactivity fee

Visit Forex.com

#2 - OANDA US

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Review

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, alongside flexible contract sizes and automated trade executions.

"OANDA is 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."

- DayTrading Review Team

• Instruments: Forex, Crypto
• Regulator: NFA, CFTC
• Platforms: MT4, TradingView, AutoChartist
• Min. Deposit: $0
• Min. Trade: 0.01 Lots
• Leverage: 1:50

Pros

• Industry-leading charting platforms including MT4 and TradingView
• API facilitates access to 25 years of historical data and rates from 200+ currencies
• Transparent pricing structure with no hidden charges

Cons

• Customer support not available on the weekend

Visit OANDA US

#3 - Kwakol Markets

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Review

Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of day trading assets are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.

"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable charting platforms. New clients can also sign up and start trading in four straightforward steps."

- DayTrading Review Team

• Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
• Regulator: ASIC, FINTRAC
• Platforms: MT4, MT5, cTrader, AutoChartist
• Min. Deposit: $1
• Min. Trade: 0.01 Lots
• Leverage: 1:1000 (Retail)

Pros

• There are excellent market research tools available to support trading decisions, including the Acuity Expert Advisor and AutoChartist
• You can access 1000+ short-term investment, including cryptos and synthetic products
• There's a wide range of free learning resources for beginners, including an eBook, online courses and a Telegram community channel

Cons

• The only base currency available is USD
• There's a limited range of funding methods, with just bank transfers, card payments, and PayPal available
• You must deposit at least $10,000 to access the best trading conditions

Visit Kwakol Markets

#4 - IG Group

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Review

IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.

"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."

- DayTrading Review Team

• Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
• Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
• Platforms: MT4, AutoChartist, TradingCentral
• Min. Deposit: $0
• Min. Trade: 0.01 Lots
• Leverage: 1:30 (Retail), 1:250 (Pro)

Pros

• Opening an account takes less than 5 minutes
• Over 17,000 assets are available spanning stocks, forex, commodities, baskets, futures, options and more
• IG offers great educational materials including an extensive library of training and support on how to day trade successfully

Cons

• Inactivity charge
• No copy trading platform

Visit IG Group

#5 - Scope Markets

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Review

Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.

"Scope Markets will appeal to short-term traders seeking highly leveraged CFDs and spot investment products on the powerful MetaTrader 5 platform. The Scope Markets Group stands out for its range of trading tools and educational materials."

- DayTrading Review Team

• Instruments: Forex, CFDs, Stocks, Commodities, Indices, Futures
• Regulator: CMA, FSC, FSCA
• Platforms: Scope Trader, MT4, MT5
• Min. Deposit: $50
• Min. Trade: 0.01 lots
• Leverage: 1:2000 (Retail)

Pros

• The Scope Trader proprietary platform offers 50+ charting tools and an intuitive design
• Fees are fairly competitive, with spreads from 0.9 pips and zero commissions
• The broker offers multilingual, 24/5 customer support

Cons

• The broker offers fewer instruments than top competitors

Visit Scope Markets

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 a tier-two regulator but still 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 and Linux. The software is also compatible with Windows 7, 8, and 10 on 32-bit and 64-bit processors. Alternatively, you can trade directly through a web browser on your MacBook or Chromebook, for example.

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 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.

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