Starting a brokerage business is simpler than it seems. A robust and reliable trading platform is crucial, and MetaTrader 4 is precisely what you need. MT4 continues to be a top choice for Forex traders, thanks to its advanced trading tools, customizable indicators, and efficient back-testing features. Numerous best MT4 forex brokers now support MetaTrader 4 in forex, allowing traders to open and manage their positions on this trusted platform seamlessly.
With MetaTrader 4, you have all the necessary components to deliver brokerage services. The platform comes equipped with trade servers, access points, manager terminals, various gateways, and data feeds, all integrated into the MT4 back office, ready for you to leverage in your business. Before learning about some of the top MetaTrader 4 Brokers, let’s look at the MetaTrader 4.
What is MT4?
MetaTrader 4 (MT4) is an external trading platform that enables traders to link with their chosen brokers for forex and CFD trading. Created by MetaQuotes Software Corp. and introduced in 2005, MT4 has become the leading third-party platform for forex trading.
The complete MetaTrader suite is accessible on mobile devices, the web, and desktop computers. It is licensed by brokers and made available to traders, making it one of the most extensively utilized trading platform suites for retail forex and CFD trading worldwide.
A forex broker is required to secure a license from the developer to offer MT4 to its traders. However, it is crucial to note that some brokers offering MT4 may not be adequately regulated in their operating regions, highlighting the importance of selecting reliable MT4 brokers.
Best MetaTrader 4 Forex Brokers List
The following are some of the best MT4 brokers for beginners and expert traders:
1. FPMarkets
FP Markets was introduced in 2005 in Australia and has since become a prominent player in the Forex and CFD markets. The broker offers access to MT4 on various devices and a comprehensive proprietary mobile trading application. The broker additionally offers a tailored application for utilizing MetaTrader 4 on MAC, enabling MAC users to leverage algo-trading features.
This top MT4 broker for beginners provides additional features and equips its clients with advanced trading assistance applications for MT4. Additional tools and indicators available for download into MT4 include the alarm manager, correlation matrix, market manager, stealth orders, mini terminal, and sentiment trader indicator.
Users can reach Autochartist via the MT4 platform. This is an external tool that connects with MT4 and offers practical trading chances in real-time across forex, metals, indices, commodities, and cryptocurrencies. FP Markets offers live spreads on its commission-free standard account that are highly competitive and superior to the industry average.
2. IG
IG operates as a global broker for forex and CFDs, offering access to both the MT4 platform and its proprietary platform. The broker provides a wide range of instruments, including forex, indices, commodities, and cryptocurrencies. IG is acknowledged for its user-friendly platforms and comprehensive educational materials.
3. OANDA
OANDA is a well-respected brokerage in the forex trading industry, recognized as one of the top MT4 forex brokers. It stands out for its extensive range of financial services and a steadfast dedication to excellence.
OANDA ensures a safe trading space along with no commission fees. Traders can choose from a variety of assets such as forex, commodities, bonds, indices, etc. Not just this, OANDA is also considered one of the best forex brokers in the world as it is regulated by multiple reputable organizations like CFTC and FCA.
Read OANDA Broker Complete Review
4. Forex.com
Forex.com is a reliable brokerage firm with a strong history of performance. It provides access to MetaTrader 4 and its platform, TradeStation. You can trade foreign currencies (forex), stock indexes, and commodities through Contracts for Difference (CFDs), along with futures, options, and stocks. Forex.com is recognized for its excellent trading tools and resources, featuring advanced charting and detailed market analysis to help traders make informed choices.
5. Pepperstone
Pepperstone has improved the MT4 platform by adding 28 Smart Trader Tools plugins and Autochartist, enhancing trading efficiency. They provide a broad selection of assets, including CFDs on Forex indices, cryptocurrencies, and ETFs, all with competitive fees.
In the commission-based account, traders can benefit from raw spreads starting at 0.0 pips, though there is a $7.00 commission for each 1.0 standard round lot. A rebate program also rewards traders based on their trading volume. These offerings position Pepperstone as one of the leading MT4 brokers in the market.
6. EightCap
Headquartered in Australia, EightCap is a prominent global forex broker offering a competitive MT4 platform. Established in 2009, EightCap is regarded as dependable and credible, supported by more than ten years of service and regulation by the esteemed Australian Securities and Investments Commission (ASIC), in addition to obtaining additional licensing from the Vanuatu Financial Services Commission.
As a prominent MT4 forex broker, EightCap provides some of the most competitive forex fees among leading Australian forex brokers. This is particularly applicable to clients who select the Raw account.
How to Choose the Best MT4 Broker in Forex?
Choosing the top MetaTrader 4 forex broker is essential for achieving long-term trading success. While the brokers featured in our reviews are trustworthy and provide excellent market features, it remains important to evaluate certain factors when making your selection.
Below is a concise guide to assist you in identifying the most suitable MT4 broker for your requirements:
- Regulatory compliance: Ensure that the broker is overseen by a reputable financial authority. This adds a layer of security and guarantees the protection of your funds.
- Trading costs: Examine the fee structure, which includes spreads, commissions, and any additional charges. Competitive pricing can significantly influence your profitability.
- Platform features and add-ons: Assess the tools and functionalities available on the MetaTrader platform. Some brokers enhance the standard offering with supplementary tools that can enrich the trading experience.
- Customer support: Reliable customer service is vital, particularly during critical trading periods. Verify that the broker offers effective support through various channels.
- Account types and leverage: Investigate the types of accounts and leverage options provided. A diverse range of choices can accommodate different trading styles and risk appetites.
- Deposit and withdrawal methods: Ensure that the broker presents a variety of deposit and withdrawal options. Multiple methods, including e-wallets and bank transfers, enhance flexibility.
- Educational resources: Access to quality educational materials can aid in developing your trading skills. Some brokers provide webinars and tutorials that are beneficial for learning.
- Trading instruments: Confirm that the broker offers access to a wide array of trading instruments, such as Forex pairs, commodities, indices, and cryptocurrencies, to facilitate portfolio diversification.
- Reviews and reputation: Research the broker’s reputation by examining reviews and feedback from other traders. A broker with a solid track record and favourable reviews is generally more dependable.
Can you trade on MT4 without a broker?
It is feasible to utilize MT4 for practice purposes through demo accounts without a broker. However, engaging in live trading on MetaTrader 4 (MT4) without a broker is impractical. The necessity of having a broker for trading on the MT4 platform can be explained as follows:
- Order execution is a critical aspect. Although MT4 allows users to set up trades, it does not directly execute these orders. When a trade is initiated, MT4 forwards it to a broker for execution. In the absence of a broker, your orders will remain unprocessed and will not be completed.
- Access to live markets is another important factor. A broker offers real-time access to live market data and facilitates the execution of orders. MT4, in itself, serves merely as a trading platform and does not independently connect to live markets. Without a broker, MT4 is restricted to functioning as a tool for demo trading.
- Demo accounts are the only option available without broker integration. While these accounts are beneficial for learning and testing strategies using virtual funds, they do not grant access to live trading or actual market conditions.
- The absence of real-time data is a significant limitation. Trading platforms that claim to operate without a broker often lack real-time data, which hinders accurate trading analysis and the implementation of effective strategies.
- Security is another vital consideration. Brokers are essential in ensuring the security of trading activities by providing advanced encryption, secure servers, and multi-factor authentication to safeguard funds and personal information.
MT4 serves as an interface that connects traders to the market; however, it cannot execute trades or provide access to live market data independently. To fully leverage the capabilities of MT4, the involvement of a broker is necessary.
Conclusion
MT4 trading platform has been the most preferred trading platform among traders due to its ease of usability and security features. However, there are now 100s of brokers offering this platform to trade multiple markets. Thus, we have shortlisted the best MT4 forex brokers for you.
These are reliable brokers who are regulated by reputed financial authorities. They follow the highest protocol standards and ensure a safe and smooth trading experience. You can go through the list and choose the MetaTrader 4 broker that best fits your requirements.