MT4 Forex Brokers - List of MetaTrader 4 Brokers for Forex Trading

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Go to broker’s website Plus500 Overview

If you're too busy to read the entire article and want a quick answer, the best MT4 Forex broker is Plus500. Why? Here are its key advantages:

Is legit in your country (Identified as United States )
Has a good user satisfaction score 6.83 out of 10
User-friendly and customizable interface
Wide range of analytical tools

Go to broker’s website Plus500 Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Best MT4 Forex brokers:

Plus500 - Mobile, Web, Desktop
Pepperstone - MT4, MobileTrading, WebTrader, cTrader, MT5, TradingView
OANDA - WebTrader, MetaTrader4, Mobile platforms, MetaTrader5
FOREX.com - FOREX.com, MT4, MT5
Interactive Brokers - Trader Workstation, IBKR Mobile, APIs

MetaTrader 4 (MT4) remains a favorite among Forex traders due to its sophisticated trading tools, custom indicators, and effective back-testing capabilities. Many brokers now offer MT4 compatibility, enabling traders to open and manage positions directly on this reliable platform. Below, we’ll go through some of the best brokers for MT4, highlighting their features, minimum deposits, and standout services.

Best MT4 Forex brokers

For your convenience, we have highlighted the most useful features supported by MT4 brokers. These include versions of MT4 and MT5, demo accounts, trading with bots (Forex advisors), and scalping.

Best MT4 Forex brokers
	Min. deposit, $	Open an account
Pepperstone		Open an account Your capital is at risk.
OANDA		Open an account Your capital is at risk.
FOREX.com	100	Study review
IG Markets	1	Study review
Qtrade-de	1000	Study review

How to choose the best MT4 Forex broker?

Selecting the ideal MetaTrader broker is crucial for long-term trading success. Although the brokers in our reviews are reliable and offer top market features, it's still essential to consider specific factors when making your choice. Here’s a quick guide to help you pick the best MetaTrader broker for your needs:

Regulatory compliance. Make sure the broker is regulated by a recognized financial authority. This adds a layer of security and ensures your funds are protected.
Trading costs. Review the fee structure, including spreads, commissions, and any extra charges. Competitive fees can greatly affect your profitability.
Platform features and add-ons. Look at the tools and features offered on the MetaTrader platform. Some brokers enhance the standard platform with additional tools that can improve the trading experience.
Customer support. Strong customer service is crucial, especially during key trading moments. Ensure the broker provides effective support through multiple channels.
Account types and leverage. Check the types of accounts and leverage options available. A range of choices can cater to different trading styles and levels of risk.
Deposit and withdrawal methods. Confirm that the broker offers a variety of deposit and withdrawal options. Multiple methods, including e-wallets and bank transfers, add flexibility.
Educational resources. Access to good educational materials can help build your trading skills. Some brokers offer webinars and tutorials that are helpful for learning.
Trading instruments. Make sure the broker provides access to a variety of trading instruments like Forex pairs, commodities, indices, and cryptocurrencies for portfolio diversification.
Reviews and reputation. Look into the broker’s reputation by reading reviews and feedback from other traders. A broker with a strong track record and positive feedback is more reliable.

Finally, always test a broker through a demo account before committing. A demo lets you try out a broker’s tools and features for free, helping you decide if it’s the right fit for your trading style. If you find it works well, consider opening a live account with that broker.

Can you trade on MT4 without a broker?

It is possible to use MT4 without a broker for practice purposes through demo accounts. However, trading on MetaTrader 4 (MT4) without a broker is not feasible for live trading. Here’s why having a broker is essential for trading on the MT4 platform.

Order execution. While MT4 enables you to set up trades, it does not process these orders directly. When a trade is placed, MT4 sends it to a broker for execution. Without a broker, your orders will remain pending and will not be fulfilled.
Access to live markets. A broker provides real-time access to live market data and facilitates order execution. MT4 itself functions only as a trading platform and does not connect to live markets on its own. Without a broker, MT4 is limited to being a practice tool for demo trading.
Demo accounts only. Without broker integration, MT4 only allows you to create demo accounts. While these are excellent for learning and testing strategies with virtual funds, they do not provide access to live trading or actual market conditions.
Lack of real-time data. Trading platforms that claim broker-free functionality often lack real-time data, making it difficult to perform accurate trading analysis and implement effective strategies.
Security. Brokers play a crucial role in ensuring trading security by providing advanced encryption, secure servers, and multi-factor authentication to protect funds and personal information.

MT4 acts as an interface connecting traders to the market, but it cannot execute trades or provide live market access on its own. To fully utilize MT4, you’ll need a broker.

MT4 vs. MT5: Which should you choose?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular trading platforms developed by MetaQuotes Software, each suited for different trading styles and needs. Choosing between them depends on your goals and the type of trading you plan to do.

Key differences between MT4 and MT5

1. Market coverage

MT4 is primarily designed for Forex trading and offers access to currency pairs and some other instruments.
MT5 goes beyond Forex, providing access to stocks, commodities, indices, and cryptocurrencies, making it a better choice for multi-asset traders.

2. Timeframes and technical indicators

MT4 offers nine timeframes and a solid set of technical indicators, suitable for most standard trading strategies.
MT5 provides 21 timeframes and a larger number of built-in indicators, giving traders enhanced flexibility and deeper analysis.

3. Order types and execution

MT4 supports four types of pending orders and has a simple, effective order execution process.
MT5 offers six types of pending orders, including stop-limit orders, and advanced execution options like partial order fills.

4. Programming language

MT4 uses MQL4, which works well for creating custom indicators and automated strategies with basic coding.
MT5 uses MQL5, supporting object-oriented programming for more complex, efficient algorithmic trading solutions.

5. Additional features

MT5 includes an economic calendar, Depth of Market (DOM), and supports both netting and hedging, offering a more comprehensive trading experience.

Choosing the right MT4 broker takes more than just comparing fees or spreads

Choosing the right MetaTrader broker takes more than just comparing fees or spreads. Pay attention to the technical setup of their trading servers. Brokers with a solid server infrastructure will reduce the chances of delays or slippage, which is crucial when trading in volatile markets. If you're considering automated trading or quick-entry strategies like scalping, a broker with low-latency connections can make all the difference. Look for those who work with top-tier tech providers to support fast and precise order execution.

Don’t forget to evaluate their transparency and customer service. Go beyond the ratings and dive into trader experiences that detail withdrawal processes, dispute handling, and hidden charges. Test their customer support yourself — use live chat, email, or even phone to see how well and how quickly they respond. Choose brokers who not only solve problems effectively but also offer educational tools and resources suited to where you are in your trading journey. This shows they're invested in your long-term success, not just getting you to trade.

Methodology for compiling our ratings of Forex brokers

Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.

Find out more about the unique broker assessment methodology developed by Traders Union specialists.

Conclusion

MetaTrader 4 (MT4) is one of the most popular trading platforms, but it's essential to understand that using it without a broker limits its functionality significantly. A broker is crucial for accessing real-time market data, executing trades, and providing a secure environment for trading. MT4 offers extensive customization, robust security settings, and powerful tools like Expert Advisors (EAs) and custom indicators, making it an ideal platform for both new and experienced traders. However, to use MT4 effectively for live trading, partnering with a reputable broker is indispensable. Your choice between MT4 and MT5 should align with your specific trading goals and needs, as each platform offers unique features tailored to different types of traders.

FAQs

Are MT4 brokers regulated?

Many MT4 brokers are regulated, but always check the broker's licensing to ensure safety.

Is MT4 available on mobile?

Yes, MT4 is available on iOS and Android, allowing trading on the go.

How can I start trading with MT4?

Open an account with an MT4 broker, download the platform, and start trading after making a deposit.

Is MT4 beginner-friendly?

MT4 is considered user-friendly, but beginners may need some initial guidance.

Team that worked on the article

Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.

Learn about our editorial policies

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

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