Top-Rated MetaTrader 4 (MT4) Brokers In 2026

Since launching in 2005, MetaTrader 4 (MT4) has become a favorite with active traders thanks to its excellent charting, customization, automated trading through Expert Advisors (EAs), and widespread support from brokers.

Delve into DayTrading.com’s pick of the best MT4 brokers. Every provider has been tested by our expert team, which includes experienced traders who have spent countless hours developing their own MetaTrader algorithms.

6 Top-Rated MetaTrader 4 Brokers

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As of our latest tests in October 2026, we've evaluated 143 brokers and found these 6 best for trading on MT4:

Tested with a live trading account Accepts traders from Canada Your capital is at risk. Trade only with funds you can afford to lose.

1. Our top pick in Canada
   1

   FXCC

   4.6/ 5

   Visit FXCC Read review
   • Demo account
   • Regulator: CySEC, MISA
   • Platforms: MT4, MT5
2. 2

   Eightcap

   4.6/ 5

   Visit Eightcap Read review
   • Demo account
   • Regulator: FCA, ASIC, CySEC, FSC, SCB, FSA
   • Platforms: MT4, MT5, TradingView, TradeLocker
   71.28% of retail traders lose money when trading CFDs
3. 3

   Fusion Markets

   4.6/ 5

   Visit Fusion Markets Read review
   • Demo account
   • Regulator: ASIC, VFSC, FSA
   • Platforms: MT4, MT5, cTrader, TradingView, DupliTrade
4. 4

   AvaTrade

   4.9/ 5

   Visit AvaTrade Read review
   • Demo account
   • Min. deposit: $300
   • Min. trade: 0.01 Lots
5. 5

   FP Markets

   4.2/ 5

   Visit FP Markets Read review
   • Demo account
   • Regulator: ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya
   • Min. deposit: $0
6. 6

   Ultima Markets

   3.9/ 5

   Visit Ultima Markets Read review
   • Demo account
   • Regulator: FCA, CySEC, FSCA, FSC
   • Platforms: WebTrader, UM Social, UM App, MT4, MT5

Learn how we test brokers and why you can trust our ratings.

Why Are These The Brokers With The Best MT4 Integration?

Here is why we think these are the top MT4 brokers:

1. FXCC is the top-rated MT4 broker in Canada in 2026 4.6/5 During our tests, FXCC’s MT4 delivered raw spreads from 0.0 pips with no commission on its ECN XL account - ideal for day traders. Execution was sharp, and automation via EAs performed smoothly. While the indicator set is standard, FXCC adds value with economic calendars and integrated news feeds directly within the platform.
2. Eightcap 4.6/5 During testing, Eightcap’s MT4 provided rapid execution, spreads from 0.0 pips on Raw account, and a $3.50 per side commission per standard lot, totaling approximately 0.76 pips all-in cost. Platform supports micro lots and offers seamless EA automation. Mobile MT4 was responsive, and integration of Capitalise.ai enabled code-free algorithmic trading.
3. Fusion Markets 4.6/5 In our tests, Fusion Markets’ MT4 impressed with ultra-low spreads from 0.0 pips plus $7 per lot commission on ECN accounts. Execution was fast and reliable, ideal for scalpers and EAs. The platform supports micro lots, automation, and mobile trading. While add-ons are minimal, the core MT4 experience is smooth and cost-effective.
4. AvaTrade 4.9/5 When we tested AvaTrade’s MT4, execution was really stable but slightly slower than average, with spreads from 0.9 pips and no commission. The platform supports micro accounts and offers solid EA automation. Mobile MT4 was responsive, and AvaTrade includes proprietary tools like AvaProtect for risk management, enhancing the standard MT4 toolkit.
5. FP Markets 4.2/5 Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to day traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
6. Ultima Markets 3.9/5 Ultima Markets is a forex and CFD broker, established in 2016. The firm is regulated by several financial bodies, including the CySEC. Users can trade 250+ CFDs spanning major asset classes, from currencies to stocks and commodities. As well as the industry-leading MetaTrader 4 platform, clients can use the Ultima Markets app and social trading service.

Compare The Top-Rated MT4 Brokers On Key Attributes

Find the right MT4 broker for you with our comparison of key features:

Compare The Top-Rated MT4 Brokers On Key Attributes

Broker	MT4 Integration	Instruments	Regulators
FXCC	✔Yes	CFDs, Forex, Stocks, Indices, Metals, Energies, Crypto	CySEC, MISA
Eightcap	✔Yes	CFDs in Forex, Stocks, Indices, Commodities, Crypto	FCA, ASIC, CySEC, FSC, SCB, FSA
Fusion Markets	✔Yes	CFDs, Forex, Stocks, Indices, Commodities, Crypto	ASIC, VFSC, FSA
AvaTrade	✔Yes	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures	ASIC, CySEC, FSCA, ISA, CBI, JFSA, BVI, FSRA/ADGM, AFM, CMA-Kenya, CIRO (via Friedberg Direct)
FP Markets	✔Yes	CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto	ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya
Ultima Markets	✔Yes	CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs, Pre-IPO	FCA, CySEC, FSCA, FSC

How Safe Are These MT4 Brokers?

How reliable are the top MT4 brokers and do they have features that help protect your funds?

How Safe Are These MT4 Brokers?

Broker	Trust Rating	Guaranteed Stop Loss	Negative Balance Protection	Segregated Accounts
FXCC	3.6 / 5	✘No	✔Yes	✔Yes
Eightcap	4.3 / 5	✘No	✔Yes	✔Yes
Fusion Markets	4.1 / 5	✘No	✔Yes	✔Yes
AvaTrade	4.5 / 5	✘No	✔Yes	✔Yes
FP Markets	3.3 / 5	✘No	✔Yes	✔Yes
Ultima Markets	3.9 / 5	✘No	✔Yes	✔Yes

Mobile MT4 Trading Comparison

Are these brokers good for trading on MT4 from mobile?

Mobile MT4 Trading Comparison

Broker	Mobile Apps	iOS Rating	Android Rating	Smart Watch App
FXCC	iOS & Android	4.8 / 5	4.4 / 5	✘No
Eightcap	iOS & Android	4.8 / 5	4.4 / 5	✘No
Fusion Markets	iOS & Android	4.8 / 5	4.4 / 5	✘No
AvaTrade	iOS & Android	4.3 / 5	4.0 / 5	✘No
FP Markets	iOS & Android	4.0 / 5	4.0 / 5	✘No
Ultima Markets	iOS & Android	2.8 / 5	3.3 / 5	✘No

Are The Top MT4 Brokers Suitable For Beginners?

Traders new to MT4 should use brokers that allow trading with virtual money (a demo account) alongside other features that beginners will benefit from.

Are The Top MT4 Brokers Suitable For Beginners?

Broker	Demo Account	Minimum Deposit	Minimum Trade	Education Rating	Support Rating
FXCC	✔Yes	$0	0.01 Lots	2.5 / 5	4.8 / 5
Eightcap	✔Yes	$100	0.01 Lots	3.5 / 5	4.0 / 5
Fusion Markets	✔Yes	$0	0.01 Lots	3.0 / 5	4.5 / 5
AvaTrade	✔Yes	$300	0.01 Lots	4.5 / 5	4.3 / 5
FP Markets	✔Yes	$0	0.01 Lots	3.5 / 5	3.7 / 5
Ultima Markets	✔Yes	$50	0.01 Lots	3.4 / 5	3.3 / 5

Compare Advanced Trader Features

Are these brokers with MT4 integration suitable for advanced traders?

Compare Advanced Trader Features

Broker	Automated Trading	VPS	AI	Pro Account	Leverage	Low Latency	Extended Hours
FXCC	Expert Advisors (EAs) on MetaTrader	✔Yes	✘No	✘No	1:1000 (Exceeds CIRO limits; high risk)	✔Yes	✘No
Eightcap	Expert Advisors (EAs) on MetaTrader	✔Yes	✘No	✘No	1:500 (Exceeds CIRO limits; high risk)	✔Yes	✘No
Fusion Markets	Expert Advisors (EAs) on MetaTrader, cBots on cTrader	✔Yes	✘No	✘No	1:500 (Exceeds CIRO limits; high risk)	✔Yes	✘No
AvaTrade	Expert Advisors (EAs) on MetaTrader	✘No	✔Yes	✔Yes	1:30 (Retail) 1:400 (Pro)	✔Yes	✘No
FP Markets	Expert Advisors (EAs) on MetaTrader, cBots on cTrader	✔Yes	✘No	✘No	1:30 (UK), 1:500 (Global)	✔Yes	✘No
Ultima Markets	Expert Advisors (EAs) on MetaTrader	✔Yes	✘No	✘No	1:30 (EU), 1:2000 (RoW)	✔Yes	✘No

Compare The Ratings Of Top MT4 Brokers

Discover how the top MT4 brokers stack up in key areas from our hands-on tests.

Compare The Ratings Of Top MT4 Brokers

Broker	Trust	Platforms	Assets	Mobile	Fees	Accounts	Research	Education	Support
FXCC	3.6 / 5	3.8 / 5	3.8 / 5	4.6 / 5	4.5 / 5	3.8 / 5	2.0 / 5	2.5 / 5	4.8 / 5
Eightcap	4.3 / 5	4.3 / 5	3.6 / 5	4.6 / 5	3.8 / 5	4.0 / 5	3.5 / 5	3.5 / 5	4.0 / 5
Fusion Markets	4.1 / 5	4.0 / 5	3.5 / 5	4.6 / 5	4.4 / 5	4.2 / 5	3.5 / 5	3.0 / 5	4.5 / 5
AvaTrade	4.5 / 5	4.3 / 5	4.5 / 5	4.2 / 5	3.8 / 5	4.3 / 5	4.3 / 5	4.5 / 5	4.3 / 5
FP Markets	3.3 / 5	4.0 / 5	4.0 / 5	4.0 / 5	4.1 / 5	3.8 / 5	3.5 / 5	3.5 / 5	3.7 / 5
Ultima Markets	3.9 / 5	4.0 / 5	3.6 / 5	3.0 / 5	3.1 / 5	3.5 / 5	3.0 / 5	3.4 / 5	3.3 / 5

Compare Fees For Trading On MT4

The cost of trading on MT4 with a broker will add up over time.

Compare Fees For Trading On MT4

Broker	Cost Rating	Fixed Spreads	Inactivity Fee
FXCC	4.5 / 5	✘No	$5
Eightcap	3.8 / 5	✘No	$0
Fusion Markets	4.4 / 5	✘No	$0
AvaTrade	3.8 / 5	✔Yes	$50
FP Markets	4.1 / 5	✘No	$0
Ultima Markets	3.1 / 5	✘No	$0

Community Sentiment

See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.

Community Sentiment

Broker	Our Users' Rating	Trustpilot Score	Trustpilot Reviews	iOS App Rating	Android App Rating
FXCC	4.4 / 5	4.4 / 5	221	4.8 / 5	4.4 / 5
Eightcap	4.0 / 5	4.1 / 5	3907	4.8 / 5	4.4 / 5
Fusion Markets	3.6 / 5	4.8 / 5	10175	4.8 / 5	4.4 / 5
AvaTrade	4.3 / 5	4.8 / 5	13597	4.3 / 5	4.0 / 5
FP Markets	4.0 / 5	4.8 / 5	10359	4.0 / 5	4.0 / 5
Ultima Markets	4.7 / 5	4.2 / 5	982	2.8 / 5	3.3 / 5

How Popular Are These MT4 Brokers?

Some traders prefer the most popular MT4 brokers, i.e those with the most clients.

• FP Markets 1,000,000
• AvaTrade 400,000
• Fusion Markets 100,000
• Eightcap 80,000

Why Trade On MT4 With FXCC?

4.6/ 5

Visit FXCC FXCC review

FXCC continues to prove itself an excellent option for day traders with a particularly strong selection of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and a free VPS for qualifying traders.

FXCC quick facts

Demo Account

✔Yes

Instruments

CFDs, Forex, Stocks, Indices, Metals, Energies, Crypto

Regulator

CySEC, MISA

Platforms

MT4, MT5

Minimum Deposit

$0

Minimum Trade

0.01 Lots

Account Currencies

USD, EUR, GBP, CAD

Pros

• FXCC’s ECN XL account has been built with active traders in mind, featuring spreads from 0.0 with no commission, while also passing our execution speed benchmark for day traders.
• FXCC has stepped up its offering over the years, adding MT5 to its suite of platforms, hundreds of stocks and more cryptos to its product line-up, plus a copy trading feature and greater margin trading opportunities.
• The free VPS for qualifying traders and the ability to build or buy EAs on MetaTrader make FXCC a strong option for algo traders.

Cons

• Although regulated by the CySEC, FXCC’s offshore entity operates with weak regulatory oversight from MISA and may not provide safeguards like investor compensation in the event of broker insolvency.
• Although the economic calendar has benefited from a facelift, FXCC still offers very little in terms of market research beyond basic daily technical analysis and aggregated market news, with no tools like Autochartist or social sentiment data.
• FXCC charges steep withdrawal fees on many of its payment methods, including $45 for bank transfers and 2% crypto transfers, which may cut into the returns of traders making regular withdrawals.

Visit FXCC FXCC review

Why Trade On MT4 With Eightcap?

4.6/ 5

Visit Eightcap Eightcap review

Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row.

Eightcap quick facts

Demo Account

✔Yes

Instruments

CFDs in Forex, Stocks, Indices, Commodities, Crypto

Regulator

FCA, ASIC, CySEC, FSC, SCB, FSA

Platforms

MT4, MT5, TradingView, TradeLocker

Minimum Deposit

$100

Minimum Trade

0.01 Lots

Account Currencies

USD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

• After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
• Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title for 2025 and 'Best TradingView Broker' for 2025.
• Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, and more recently the 100-million strong social trading network TradingView.

Cons

• Eightcap needs to continue bolstering its suite of 800+ instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
• Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
• In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.

Visit Eightcap Eightcap review

Why Trade On MT4 With Fusion Markets?

4.6/ 5

Visit Fusion Markets Fusion Markets review

Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC.

Fusion Markets quick facts

Demo Account

✔Yes

Instruments

CFDs, Forex, Stocks, Indices, Commodities, Crypto

Regulator

ASIC, VFSC, FSA

Platforms

MT4, MT5, cTrader, TradingView, DupliTrade

Minimum Deposit

$0

Minimum Trade

0.01 Lots

Account Currencies

USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

• The range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.
• Withdrawal processing times have been slashed to under an hour and can be processed 24/7, making it faster and easier for active traders to withdraw any gains.
• Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.

Cons

• While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
• The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
• Fusion Market trails alternatives, notably IG, in the education department with limited guides and live video sessions to upskill new traders.

Visit Fusion Markets Fusion Markets review

Why Trade On MT4 With AvaTrade?

4.9/ 5

Visit AvaTrade AvaTrade review

AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets.

AvaTrade quick facts

Demo Account

✔Yes

Instruments

CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures

Regulator

ASIC, CySEC, FSCA, ISA, CBI, JFSA, BVI, FSRA/ADGM, AFM, CMA-Kenya, CIRO (via Friedberg Direct)

Platforms

WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingView, TradingCentral, DupliTrade

Minimum Deposit

$300

Minimum Trade

0.01 Lots

Account Currencies

USD, EUR, GBP, CAD, AUD, ZAR

Pros

• The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
• Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
• Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.

Cons

• While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
• The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
• AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.

Visit AvaTrade AvaTrade review

Why Trade On MT4 With FP Markets?

4.2/ 5

Visit FP Markets FP Markets review

FP Markets strikes an ideal balance between affordability and quality for active traders. They’ve managed to keep trading costs low while expanding their investment offering, charting tools, and research features, all while providing excellent support you can rely on for urgent trading queries.

FP Markets quick facts

Demo Account

✔Yes

Instruments

CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto

Regulator

ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya

Platforms

Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral

Minimum Deposit

$0

Minimum Trade

0.01 Lots

Account Currencies

USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

• FP Markets delivers fast and dependable support, available 24/5 with average response times of less than 1 minute during testing.
• FP Markets offers a superb selection of tradable assets, especially since expanding its suite of commodities and supporting over 10,000 stocks.
• FP Markets has a seamless onboarding experience, standing out with crypto deposits and over 10 base currencies, catering to global traders.

Cons

• Although Traders Hub provides rich research, notably the Daily Report, Technical Report, Market Insights, and Fundamental Analysis, it needs to widen its daily content variety and keep its forex news updated to match category leaders like IG.
• FP Markets’ Iress platform is only available to clients in Australia. It also primarily emphasizes stock trading over forex trading, and data fees can accumulate rapidly unless you're an active trader or maintain a high-balance account.
• While pricing in the Raw account is excellent, spreads in the Standard account trail the cheapest brokers with a 1.1-pip average spread on the EUR/USD compared to the 0.8-pip average at IC Markets.

Visit FP Markets FP Markets review

Why Trade On MT4 With Ultima Markets?

3.9/ 5

Visit Ultima Markets Ultima Markets review

Ultima Markets is best for beginners looking to speculate on popular financial markets on the reliable MetaTrader 4 or more recently the MetaTrader 5 platform. The minimum deposit is accessible at $50, there are no fees when you open and fund your account, and the addition of the Academy makes for a supportive learning environment.

Ultima Markets quick facts

Demo Account

✔Yes

Instruments

CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs, Pre-IPO

Regulator

FCA, CySEC, FSCA, FSC

Platforms

WebTrader, UM Social, UM App, MT4, MT5

Minimum Deposit

$50

Minimum Trade

0.01 Lots

Account Currencies

USD, EUR, GBP, CAD, AUD, JPY, HKD, SGD

Pros

• Education has been stepped up with the Academy, featuring 1,100+ articles
• Fast execution speeds averaging <20ms
• Flexible trading accounts with spread-only pricing or low commission solutions

Cons

• $20,000 minimum deposit required for the very best trading conditions
• Weak regulatory oversight through the offshore branch
• Slow sign-up process compared to rivals

Visit Ultima Markets Ultima Markets review

How Did We Pick The Top-Rated MT4 Brokers?

To compile a list of the top-rated brokers that support MT4, we:

How To Choose A MetaTrader 4 Broker

There are six key questions to ask yourself when choosing a broker with access to MetaTrader 4:

1. Does the broker support MT4 on your preferred device?

Almost every brokerage we’ve assessed supports the downloadable desktop client, web-accessible terminal, or iOS and Android-friendly mobile app. However, consider your needs:

• Desktop: Ideal for advanced traders needing full features, customization and offline access to historical data. It also has superior speeds because it directly connects to the broker’s servers.
• Web: Suitable for beginners, but lacks custom indicators and automated trading. It may also have slower speeds that could impact fast-paced strategies like day trading.
• Mobile: Great for the growing class of on-the-go traders. The app has been downloaded over 10 million times, although the Android version gets slightly higher user ratings than its Apple counterpart.

2. Does the broker support your desired instruments on MT4?

While all MT4 brokers offer forex trading, some increasingly provide additional asset classes like stocks, indices, commodities, and crypto.

Check available instruments before funding an account, as some brokers (eg AvaTrade) may not offer specific products like options trading on MT4.

3. Does the broker offer low trading fees?

Look for brokers with tight spreads and low or zero commissions, especially if you’re a day trader dealing in high volumes. However, be aware that some brokers may offer wider spreads on MT4 than on their proprietary platforms.

ECN MT4 brokers like Pepperstone are great for low fees, with spreads starting at 0.0 and 25%+ rebate programs for active traders.

4. Does the broker provide an MT4 demo account?

Most brokers offer MT4 demo accounts, letting you test strategies risk-free. These typically last 14-30 days and come with $10,000-$100,000 in virtual funds.

If you need ongoing access to MT4 demo mode, brokers like IC Markets offer unlimited paper trading as long as you’re active.

5. Is the broker trustworthy?

Not all MT4 brokers are regulated by reputable authorities, which increases the risk of you falling victim to trading scams and can limit access to safeguards like negative balance protection.

6. Does the broker offer unique MT4 add-ons?

Some brokers provide a superior MT4 trading experience with extra features to inform trading decisions.

For example, Pepperstone offers 28 indicators and EAs through its MT4 Smart Trader Tools.

Getting Started With MT4

Download our free MetaTrader 4 Tutorial PDF.

I’ve spent a lot of time over the years trading on MT4. My verdict? MT4 is a solid platform for traders at all levels. Its balance of power and simplicity is one reason it’s stood the test of time. From advanced charting and analysis to automated trading, it offers everything you need to be successful in today’s fast-paced markets.

Drawing on my direct experience with MT4, I’ll walk you through its key features, how you can customize it to fit your style, and share tips to help you get up and running smoothly.

Downloading And Installing

Getting MT4 up and running is pretty straightforward:

• Go to the official MetaTrader 4 website or your broker’s site to download the platform.
• Run the installer and follow the instructions.
• Once installed, open MT4 and log in with your trading account details.

You’ll then be presented with your platform in default form, which will look something like the one below. The standard settings can vary slightly depending on the broker you use to open your MT4 account.

Navigating The Platform

• Market Watch: This is where you’ll see live prices for all the instruments you can trade – right-click on an asset to open a chart or place an order.
• Navigator: This window gives you quick access to your accounts, indicators, Expert Advisors, and scripts.
• Terminal: This is your command centre for monitoring trades, account history, and alerts.

The Terminal option below is your go-to place to start when your account is opened and when you log in to your MT4 platform. Here, you can pick up mail, see messages from your broker, check out relevant articles, read news, click on strategy ideas, and see all your trading activity.

Get familiar with the icons at the top of the platform navigation. They serve as shortcuts to many features and options.

Placing Your First Trade

Ready to make a day trade? Here’s how you do it:

• Open a chart by right-clicking on an instrument in the Market Watch window.
• Press F9 or click “New Order” to bring up the trading window.
• Set your order type, stop loss, take profit and lot size, then hit “Buy” or “Sell.”

Once you get more confident with your trading plan, strategies, and platform, you can use one-click trading after you’ve set up your trading parameters. Just right-click a chart, and the menu below appears.

Customizing The Platform

Once you familiarize yourself with the basics, you can dive deeper into customization. Set up hotkeys, adjust chart settings, or add indicators that match your trading style.

MT4 gives you the freedom to make the platform truly yours.

Key Features For Active Traders

Market Watch And Charting

When you first open MT4, you’ll notice the “Market Watch” window on the left side.

This is where you can keep track of live prices for various instruments, whether you’re into forex, commodities, or CFDs. But that’s just a start on how personalized you can make it happen with the charts.

MT4 gives you several chart types, including candlesticks, bars, and lines, so you can visualize price movements however you prefer.

You can also break down the charts by timeframes, ranging from one minute to one month, which helps you spot trends whether you’re scalping or holding for longer.

Technical Indicators And Analysis Tools

MT4 comes loaded with 30 built-in indicators, such as Moving Averages, RSI, MACD, and Bollinger Bands.

If you want to get deep into the technicals, you can add custom indicators; thousands are free, or you can even code your own if you know MQL4.

These tools help with analyzing the market and making decisions. For example, combining the RSI with a Moving Average can help you spot potential reversal points or confirm trends.

The indicators are listed on the right-hand side of the platform under an icon with a green plus sign. Click it, and the various indicator groupings, such as trend indicators, will appear in a drop-down menu.

Automated Trading With Expert Advisors (EAs)

One of MT4’s standout features is automated trading using Expert Advisors (EAs). These are essentially bots that can execute trades based on your strategy without needing you to monitor the market 24/7.

You can either write your own EAs, download free ones, or purchase more advanced options from the MT4 marketplace. This is a huge benefit for traders who want to diversify their strategies or run multiple systems simultaneously.

To find examples of scripts (EAs) you can experiment with, simply roll over the view button, select navigator and the menu will appear.

Order Types And Execution

MT4 offers different order types, making it flexible for all kinds of traders. Whether you want to jump into a trade right now or set up an order for later, you have options:

• Market Orders let you trade instantly at the current price.
• Pending Orders let you set up future trades at your desired price (like buy limits or sell stops).
• Stop Orders automatically close your position if it hits a certain level.
• Trailing Stops move your stop loss as the price moves in your favour, helping lock in profits without manual adjustments.

Click the new order icon at the top of the navigation to place an order. You’ll then be able to select from a list of all the currency pairs your broker offers.

Trading Signals And Copy Trading

MT4 also has a built-in “Trading Signals” feature that allows you to follow and copy trades from experienced traders. This feature is super helpful if you’re just starting out or don’t have the time to stay glued to your screen.

You can access this service by clicking the help button in the nav. You then see a drop-down menu that lists several MQL5 topics. Market and signals are listed there.

You can choose from thousands of signals, and expert advisors in a marketplace in which experienced traders will share their code; some charge, and some don’t.

Customization Options

Custom Indicators And Scripts

One of the coolest things about MT4 is how customizable it is. You can add custom indicators and scripts to fit your specific trading style.

Workspace Layouts

MT4 allows you to create and save different workspace layouts. You can set up multiple chart layouts for various strategies and easily switch between them.

If you want the four most traded currency pairs horizontally on your chart, you can save your layouts; simply click file and click profiles. Or click the chart icon at the end of the top nav bar and choose save template.

Custom Timeframes

While MT4 has nine default timeframes, you can add custom ones if you need even more precision. There are ways to tweak the settings or use custom scripts to achieve this.

Chart Themes And Templates

MT4’s charts are fully customizable. You can change colours and themes and even save templates for future use.

Should I Use MT4 Or MT5?

For beginners or those primarily interested in forex trading, MetaTrader 4 is the obvious choice. If you’re an advanced trader wanting additional, sophisticated tools, you may prefer MetaTrader 5 (MT5).

Here’s a side-by-side comparison of MT4 and MT5 so you can see where they differ:

Bottom Line

MetaTrader 4’s enduring popularity comes from its blend of power, flexibility, and ease of use. Whether you’re a beginner or an experienced trader, MT4 offers advanced charting tools, technical indicators, and automated trading via Expert Advisors (EAs) and copy trading, making it versatile for different strategies.

One of the biggest reasons MT4 remains a top choice is its approachability. It offers a comprehensive range of features without overwhelming users, and its clean, user-friendly interface means that traders can start placing trades right out of the gate.

Plus, the platform’s customizability ensures that as active traders grow and refine their strategies, MT4 can grow with them.

Add in the large, active community that continuously develops custom indicators, scripts, and strategies, and you’ve got a platform that stays relevant year after year.

So despite increasing competition from the newer and more advanced MetaTrader 5, plus competitors like cTrader and TradingView, MT4’s ability to offer professional-grade tools while remaining accessible to active traders of all levels makes it a front-runner in the day trading world.

To find the right provider for your needs, turn to our rankings of the highest-rated MT4 brokers for day trading.

FAQ

Is MetaTrader 4 A Broker?

MetaTrader 4 is not a broker. It is an electronic trading platform licensed to online brokers. The brokerages then offer the platform to their traders.

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.

Is MetaTrader 4 Free At Online Brokers?

MetaTrader 4 is free to download and use. However, you’ll pay the usual fees when you place trades, such as spreads, commissions and overnight fees (you can avoid these if you day trade).

We’ve observed some brokers offering wider spreads on MT4 than on their proprietary platforms, so investigate the cost structure before signing up.

Is MetaTrader 4 Safe To Use?

MetaTrader 4 is a relatively secure platform that uses 128-bit encryption, two-factor authentication (2FA) and data segregation. However, online trading itself is risky.

Only risk what you can afford to lose and pick an MT4 broker regulated by a trusted body according to DayTrading.com’s Regulation & Trust Rating.

Is MetaTrader 4 Available For Prop Trading?

The availability of MT4 at proprietary trading firms has been greatly reduced following a crackdown by MetaQuotes in 2024. MetaQuotes forced many forex brokers to terminate “grey-labeling” agreements with prop firms. The crackdown primarily hit firms onboarding US clients due to strict regulatory limits on retail CFDs, which are banned in the US.