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Best MT4 Forex Brokers

By Jeffrey Cammack Published: May 25th, 2018 Updated: June 12th, 2019

Not all brokers have support for MT4 or MT5, so if you are interested in taking advantage of this platform, here are a list of the best brokers that offer this platform choice.

Best MT4 Supporting Brokers

CityIndex

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City Index is extremely well regulated, simple and traditional, and seems to understand the trader’s needs enough to balance them with good trading conditions and software choices.  For those looking for an ASIC regulated broker, and you have $200 to open the account, then City Index could be a good option for you.

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AvaTrade

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Best For Beginners.  Reliable Broker, Good Onboarding & Decent Trading Conditions.

Avatrade is a fully regulated broker in Australia with good educational resources and support for MT4. I appreciate that Avatrade has the combination of good leverage, a low minimum deposit, and tight spreads; this setup will give you a good starting point for successful trading. Avatrade offers mobile trading so if you want to trade on the go, this could be a good feature for you.

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easyMarkets

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Most Innovative & Fun Market-Maker.  Reliable Broker trying to reinvent all the time, Good Platform Choices.

I enjoy trading with Easymarkets. I have always felt that they make it easy for me to trade, and their customer service is the highest I have ever had with a broker. The spreads can be low as a VIP member, and the leverage is high, which gives me the ability to trade in the way that I want without restriction. EasyMarkets has been around for a while, and they are regulated by both the Australian and European regulatory bodies – the name is one of the more trusted out there. I recommend this broker to those who want top customer service, good leverage, decent spreads and comfort in knowing they are trading with one of the best.

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eToro

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Great cryptocurrency offering, fun broker, unique platform.

Etoro were pioneers in social trading. I enjoy the social aspect of the broker, where you can follow what investments other traders are making and choose to follow them and mimic their trades or learn from their analysis and understanding of the market. Etoro has designed their software to be easy to use which appeals to the novice trader and those who want to trade on mobile devices. eToro is probably the best choice for new traders who want to learn by watching others rather than going it alone.

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XM Global

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Best Account Options - Best ASIC Regulator, Good platform, good onboarding.

If you are looking for a serious broker, with low first deposit amounts, then XM could be for you. XM has many account options including one account called “Zero” where you have Zero pip spreads on some of the major pairs. This combined, with the massive leverage, strong regulation, and good customer support make this a good place to trade.

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FxPro

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Overflowing trophy case, low minimum deposits, large platform choice.

It seems that whenever FxPro is at an award show, you can count on them taking home a good portion of the hardware.  An internationally respected FCA and CySEC regulated broker, they claim over 870,000 clients from 173 countries.  FxPro has tight spreads starting with their standard account, support for MT4, MT5 and cTrader, and a wide range of currency pairs to trade.  For traders looking for a well-known name in trading, with the right conditions to make trading profitable, and award-winning support, FxPro is a name to consider.

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Advantages of the MT4 Platform

The user-friendly interface, the one-click trading, and advanced charting abilities all come together to provide a good trading experience, which means the MT4 platform gives you the ability to focus more on the market and less on the software.

Using the MT4 trading platform has many advantages.  It is best that look at the essential features that you as a trader will need during your trading activities. There are a variety of trading platforms available to choose between. However, MetaTrader4 remains one of the most widely used trading platforms among retail traders.

User-friendly Interface

MetaTrader4 was built for the retail traders.  The most compelling fact about the platform is its simple design. The MT4 platform has been serving the needs of Forex traders all around the globe for 13 years – no matter of their background and their level of experience.

You can also adjust the platform interface so everything fits according to your own needs so your trading experience can become better. You can download and install three versions of the MT4 software: desktop, mobile, and tablet from the supporting brokers.  If you wish to download the tool independent of a broker, you can do so free of charge here.

Advanced Charting Capabilities

Besides having a friendly user interface, the MT4 platform also offers advanced charting capabilities. The MT4 charting package enables you to do technical analysis and trade directly from your charts.  The advanced charting comes in handy when you need to make quick decisions or if you are managing multiple accounts simultaneously.

You can make your charts to reflect your priorities and only display the information you find useful for formulating a decision.

MT4 charts also have shortcomings. It doesn’t allow traders to overlay data on charts, or do studies over studies which would be helpful in coming to more advanced conclusions.

One-Click Trading

In fast-moving markets, it is imperative to be able to get into the market quickly.  MT4 is built to accommodate that need. The user interface offers one-click trading which means you can be in and out of a trade very quickly.

By being able to buy and sell currency pairs with just one click, you can potentially save lots of money that you would otherwise have lost when the market is moving fast.

Stable Trading Platform

MetaTrader4 ensures fully stable operations when you trade. However, if you need fast connections to the server, you also need to invest in a good ISP so that you have an excellent connection to the Internet, so you don’t get slippage.

Trading Signals

Another feature of the MT4 platform is its social trading integration. Trading signals enable you to automatically copy the trades made by other people and mimic their performance. You can subscribe to a large variety of traders and only pick the ones that suit your style and risk parameters.

However, if you want to grow as a trader, you need to do your thinking and develop your trading ideas because copying other people is never a good idea since the majority of traders, in the end, lose money.

Expert Advisors – EA

Another important feature that comes with MetaTrader4 is the Expert Advisors (EA) tool. An Expert Advisor will allow you to automate your trading process with a customised EA. The EAs are good because it enables you to do algorithmic trading and backtest your trading ideas so you can have empirical evidence that you have a trading edge in the market.

Conclusion

The MetaTrader4 platform remains one of the most reliable trading software – and not just for novice traders, but professional traders as well.  So if you’re starting your trading career, the MT4 platform should be your 1st choice.

Due to its simple design, the MT4 platform is going to help you to be able to analyse the market more efficiently. One of the biggest challenges for traders is to be able to focus on the market and not on the software.  The MT4 platform has a user-friendly interface that assures no distractions and succeeds in giving traders a portal to the market that is advanced, stable and agile.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.