The MetaTrader 4 (MT4) trading platform is one of the most popular choices for online forex and CFD trading. Developed by MetaQuotes Software, MT4 offers an intuitive interface, advanced charting tools, Expert Advisors for automated trading, and much more.
But to access MT4, you need an MT4 broker. With so many brokers offering MT4, how do you choose the best one? This detailed guide covers everything you need to know about selecting the right MT4 broker for your needs.
Contents
- 1 MetaTrader 4 MT4 Forex Brokers List
- 2 How the MT4 Platform Works
- 3 Factors to Consider When Choosing an MT4 Broker
- 4 Regulation and Safety of Funds
- 5 Trading Conditions and Fees
- 6 Order Execution Quality
- 7 Platform Features
- 8 Account Types
- 9 Customer Support
- 10 Education and Research
- 11 Getting Started with the MT4 Platform
- 12 Opening a Demo Account
- 13 Backtesting Trading Systems
- 14 Choosing the Right Account Type
- 15 Fund Your Live Account
- 16 Customize the Platform
- 17 Use prudent Risk Management
- 18 Seek Ongoing Education
- 19 Comparing MT4 and MT5: What Should I Choose?
- 20 Choosing the Best MT4 Broker for You
MetaTrader 4 MT4 Forex Brokers List
Broker | Features | Broker Review | Visit |
* CMA regulated * 1:1000 leverage * 1200+ instruments | |||
* CMA regulated * $200 min. deposit | |||
* CMA regulated * 1:400 leverage * $5 min, deposit | |||
* 1:1000 leverage * 950+ instruments * Copy trading | |||
* 1:1000 leverage * 210+ instruments * Free education | |||
* 1:500 leverage | |||
* 1:500 leverage | |||
* 1:500 leverage | |||
*1:500 leverage | |||
* 1:500 leverage * 390 instruments * Tight spreads | |||
* Cryptotrading | |||
* Low minimum deposit | |||
* 1:500 leverage * 300+ instruments * Low minimum deposit | |||
* 1:777 leverage | |||
* 1:500 leverage * 800+ instruments * African Broker | |||
* 1:1000 leverage | |||
* 1:1000 leverage | |||
* 1:1000 leverage |
How the MT4 Platform Works
MT4 is a trading software that you download on your desktop computer or access through web and mobile platforms. It connects to your broker’s servers to provide live market data and trading accounts.
When you execute trades on MT4, the orders are sent to your broker for processing. The broker provides the liquidity and pricing for your trades. They act as the counterparty.
Some of the key features and benefits of the MT4 platform include:
- Advanced charting with 100+ technical indicators and drawing tools
- One-click trading directly from charts and the Market Watch window
- Automated trading through Expert Advisors (EAs) with a programming language
- Backtesting capabilities to test EAs against historical price data
- Customizable platform layout and indicator preferences
- Support for trading forex, CFDs, futures, stocks, and more
- Available on desktop, web, and mobile devices
- Market depth information and Level 2 pricing (on ECN accounts)
The platform itself is feature-rich and customizable for an optimal trading experience. However, your overall trading experience still depends heavily on the capabilities of your chosen broker. You want a high-quality MT4 broker that provides reliable execution, competitive spreads and commissions, quality customer support, and helpful resources.
Factors to Consider When Choosing an MT4 Broker
Here are the key factors and criteria to evaluate when comparing MT4 brokers:
Regulation and Safety of Funds
- Is the broker regulated in major jurisdictions like the UK, EU, Australia, and the US?
- Do they segregate client funds in separate accounts for safety?
- Do they offer investor compensation through schemes like FSCS?
Proper regulation ensures oversight and that the broker follows industry standards. It also provides security for client funds in case of broker insolvency.
Trading Conditions and Fees
- How competitive are their spreads and commissions?
- What are financing rates for holding trades overnight?
- Do they offer price improvements on trades?
- Are there any deposit/withdrawal/inactivity fees?
Lower trading costs and favorable financing rates reduce transaction costs and increase profit potential.
Order Execution Quality
- Do they provide fast execution with minimal slippage/requotes?
- Can they execute orders during news events and volatile markets?
- Do they offer NDD/ECN execution or just a dealing desk?
Reliable order execution ensures you get filled at the best market prices during even the most volatile trading sessions.
Platform Features
- Does the broker offer any useful add-ons and custom indicators for MT4?
- What other platforms do they offer besides MT4?
- Is MT4 available on desktop, web, and mobile?
Added features, tools, and platform choices give you flexibility.
Account Types
- What types of accounts are available? (ECN, Standard, Micro, Islamic, and more)
- Are accounts available for scalping or high-frequency trading?
- Do they offer managed accounts?
Account types should align with your trading style, skill level, and capital.
Customer Support
- Is support knowledgeable, responsive, and available 24/5 in your language?
- Do they offer support via live chat, email, or phone?
- Are features like a VPS service for EAs available?
Quality customer service is crucial for resolving any trading or technical issues.
Education and Research
- Do they offer education for beginners and advanced traders?
- Are trading tools, apps, alerts, and content available?
- Can you access news, economic data, and research?
Ongoing learning resources and trading tools help you become a better trader.
Getting Started with the MT4 Platform
Once you evaluate broker choices and select one, here are some tips for effectively setting up and using MT4:
Opening a Demo Account
Request a practice demo account from the broker first. Demo trading allows you to test their specific MT4 environment and execution before risking real money.
Backtesting Trading Systems
Make use of MT4’s strategy tester and backtesting features. Evaluate automated EAs or manual systems on historical data to fine-tune strategy performance.
Choosing the Right Account Type
Select the right account type for your trade style, preferred assets, account size, and risk tolerance. ECN accounts offer direct interbank access, lower spreads, with higher minimums. Standard accounts have slightly higher spreads but accommodate small accounts.
Fund Your Live Account
Once ready to trade live, fund your account via wire transfer, e-wallet services like Neteller, or debit/credit cards. Brokers offer high leverage up to 1:500 to maximize your buying power.
Customize the Platform
Adjust MT4 to your personal preferences. Set default chart timeframes, trade defaults, notifications, one-click trading, and automated trading inputs. Save multiple workspace layouts.
Use prudent Risk Management
Employ smart risk management with proper position sizing, limit orders, and stop losses on all positions. Don’t over-leverage. Follow a trading plan.
Seek Ongoing Education
Keep improving through the broker’s education resources, webinars, trading tools, and apps. Review your trading journal and performance stats frequently.
Comparing MT4 and MT5: What Should I Choose?
MT5 is the newer platform also by MetaQuotes Software. If you’re deciding between MT4 and MT5, here are some key considerations:
- MT5 allows access to more financial markets like equities, bonds, futures, and indices
- MT5 has more technical indicators, timeframes, order types, and execution methods
- MT5 features an updated interface, enhanced charting, and new development environment
- However, MT4 remains extremely popular and offers the most broker and community support
Many brokers now offer both platforms. MT5 certainly provides added capabilities. But MT4 remains the most widely adopted choice especially for forex and CFDs. Evaluate your trading needs and both platforms to decide which better suits your requirements.
Choosing the Best MT4 Broker for You
With hundreds of brokers offering MT4 worldwide, conduct thorough due diligence before choosing one. Carefully compare fees, regulations, platforms, and account types across several brokers.
Open a demo account to test their MT4 offering. Evaluate if execution quality and spreads meet your requirements. Assess if their customer service is responsive.
Finally, stick with reputable, well-established brokers for the best experience. Avoid any offshore brokers or “ECN” brokers with unclear regulations and mixed reviews.