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Best MT4 broker - RoboForex

Your capital is at risk.

MetaTrader is considered the best free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities, and crypto. Traders all around the world can access MetaTrader through over 750 online brokers that use it.

MetaTrader is provided for work by most brokers from the TU Forex brokers rating because it is reliable and easy to use for traders with any level of experience. For this article, we have selected the best MT4 brokers in the market and also prepared a guide for beginners to use the platform.

TOP MT4 brokers:

RoboForex – one of the best Forex brokers based on client reviews

Exness – best broker focused on innovation

FxPro – holds the leading position in Forex ratings

AMarkets – best STP broker offering the MT4 trading terminal

Eightcap – best in terms of service quality and range of services

MetaTrader Brokers Comparison

Here is a table where we compared some features of some of the best MetaTrader brokers

RoboForex Exness FxPro AMarkets Eightcap

Trading platform

MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader

Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4

MT4, Mobile Trading, MT5, cTrader, FxPro Edge

MT4, MT5, AMarkets App

MT4, MT5

Min deposit

$10

$10

$100

$100

$100

Leverage

From 1:1
to 1:2000

From 1:1
to 1:2000

From 1:1
to 1:500

From 1:1
to 1:3000

From 1:30
to 1:500

Trust management

No

No

No

No

No

Accrual of % on the balance

No

No

No

No

No

Spread

From 0 points

From 1 point

From 0 points

From 0 points

From 0 points

Level of margin call / stop out

60% / 40%

No

25% / 20%

50% / 20%

80% / 50%

Execution of orders

Market Execution, Instant Execution

Market Execution, Instant Execution

Market Execution

Market Execution, Instant Execution

Market Execution

No deposit bonus

No

No

No

No

No

Cent accounts

Yes

No

No

No

No

Top 10 MT4 Forex Brokers in 2024

We have prepared a rating of the best MT4 brokers based on the expert assessment of the Traders Union and user feedback. All the MT4 brokers from this rating are selected from the general rating of Forex brokers.

In this article, we will help you choose the best MT4 broker for you and will disclose all the MetaTrader opportunities.

RoboForex – Best MT4 Forex Broker

Open an account
Your capital is at risk.

RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

Exness – Best MT4 Forex Broker

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Your capital is at risk.
You can lose your money.

The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.

FxPro – Best MT4 Forex Broker

Open an account
Your capital is at risk.
79.27% of retail investor accounts lose money when trading CFDs with this provider.

The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.

AMarkets – Best MT4 Forex Broker

Open an account
Your capital is at risk.

AMarkets is an international company with dozens of offices in Europe and the CIS. It was established in 2007, but its structure has gone through major changes since then. Initially, the company was called AForex. Over time, the brand became a symbol of reliability and European quality service standards. Today, AMarkets is a modern ECN broker, actively developing both “trading for beginners” and professional algorithmic trading.

Eightcap – Best MT4 Forex Broker

Open an account
Your capital is at risk.

Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.

Can I Trade on MT4 Without a Broker?

No, trading on MetaTrader 4 (MT4) without a broker is not possible. Below are key reasons why a broker is indispensable for trading on MT4.

1. Order execution

MT4 serves as a platform where traders can place orders, but it doesn't execute these orders itself. When you place an order, MT4 forwards it to your chosen broker for execution. Without a broker, your orders remain unexecuted.

2. Access to live markets

A broker not only executes your trades but also provides access to live, real-time market data. MT4 in isolation only serves educational or practice purposes. To engage in live trading with real money, you must partner with a broker.

3. Demo accounts only

If you try using MT4 without a broker, you'll find that you can only create a demo account. While demo accounts are great for practicing, they don't grant access to real-time market data or enable trading with actual funds.

4. Lack of real-time data

Some platforms might claim to offer broker-free trading but beware. These platforms often lack real-time data, undermining the efficacy of your trading strategies and analysis.

5. Security

Brokers prioritize the safety of your trading experience by implementing robust cybersecurity measures. They employ high-level encryption and multi-factor authentication to ensure that your funds and personal information remain impenetrable to unauthorized access.

MT4 functions as a valuable interface between traders and the markets. Yet, it lacks the capability to execute trades or provide access to live markets independently. Therefore, to make the most out of MT4, signing up with a broker is a necessity.

How to Choose the Best MetaTrader Broker?

Choosing the best MetaTrader broker for you is essential for long-term trading success. Although all the brokers we review in our ratings are trustworthy and offer the best features in the market, you still have to consider some factors when choosing a broker.

Here is a short guide that will help you choose the best MetaTrader broker for you:

1. Choose a broker with low commissions and fees

Just like you, the broker wants to make money. All the Forex brokers that use the MetaTrader platform have fees that are charged every time you make a transaction. The difference is that some of them charge low fees and others charge higher fees. Maybe, you are also interested in information about the lowest commission Forex brokers.

2. Choose a broker with quick execution speed

The execution speed is the time between sending an order to open or to close a position and the time when that order is executed. Because Forex is a very dynamic market, a slow execution speed might result in losses.

3. Choose a broker with a low spread

The spread is the difference between the bid (sell) price and the ask (buy) price of a currency pair and is measured in pips. If the spread is too big, you pay more when buying and receive less when selling.

4. Choose a broker that allows you to trade small lots

A full lot consists of 100,000 units of a currency. For example, a whole lot of EUR/USD is €100,000, while a nano lot (0.001) is 100€.

5. Choose a broker that does not charge inactivity fees

There is nothing more annoying than being charged for doing nothing. Unfortunately, this is what the inactivity fees do, and some brokers still have them.

Remember, before you choose a broker and open an account with it, you should always try it with a demo account. A demo account lets you use that broker’s tools for free to test if it is suitable for you. If you have enjoyed trading on the demo account, you could open a live account with that broker.

MT4 Vs. MT5 – What should I choose?

Deciding between MetaTrader 4 (MT4) and MetaTrader Individual 5 (MT5) is a pivotal step for traders. Understanding the unique features and benefits of each platform can help you make an informed decision. Let's dive into the key distinctions.

MetaTrader 4 (MT4)

Simplicity. MT4 boasts a user-friendly interface, particularly tailored for forex traders. Its simplicity often appeals to beginners and those who prefer a straightforward trading experience.

Expert advisors (EAs). One of the standout features of MT4 is its support for Expert Advisors (EAs). These are automated trading systems that execute trades for you, freeing up your time and reducing human error.

Market availability. MT4 caters to a variety of markets. It's not just for forex; you can also trade CFDs and some stock indices, giving you a broad spectrum of investment options.

Custom indicators. The platform allows you to develop and apply custom indicators. This functionality enhances your technical analysis and can give you an edge in the market.

Backtesting. A robust backtesting feature is another plus for MT4. It allows you to test your trading strategies against historical data, giving you valuable insights before you go live.

MetaTrader 5 (MT5)

More timeframes. MT5 steps it up by offering 21 timeframes, in contrast to MT4's nine. This variety can be beneficial for more nuanced trading strategies.

More technical indicators. With 38 built-in technical indicators, MT5 offers a broader analytical toolkit than MT4, which comes with 30.

More order types. MT5 provides an expanded suite of order types, including four types of pending orders. MT4 is somewhat limited in this regard, offering only three.

Faster execution. If speed is crucial for your trading, MT5 outperforms MT4. It offers faster trade execution and better server connectivity, making it the more efficient platform.

Diversified market access. MT5's versatility shines when you consider its market reach. It's not limited to forex and CFDs but also allows trading in stocks and futures.

MT4 excels in simplicity and is a go-to for forex trading, thanks to its user-friendly design and the availability of EAs. MT5, however, is the platform of choice for those looking to diversify their trading activities, offering more advanced features and broader market access. Your decision should align with your trading goals, strategies, and preferred markets.

Best MT5 Brokers

MetaTrader Charts Set-UP

One of the reasons why many traders choose the MetaTrader platform is the wide variety of options for customizing their charts.

One of the easiest ways to customize a chart in MetaTrader is to change the color of different elements of the charts such as the background, grid, foreground, bear candles, and bull candles.

Another way to customize the MetaTrader charts is to change the candlesticks to a line chart or bars or vice versa. There are a few other advanced customizations available. MetaTrader lets its users save the changed charts as templates for future customizations.

MetaTrader Security Settings

MetaTrader cares about your personal information and online security, and it has a few effective security settings. These security settings are 128-bit data encryption, extended authentication, server authentication, and password protection.

MetaTrader Indicators

Forex indicators are mathematical calculations based on a currency pair's open interest, volume, and exchange rate. A forex indicator consists of simple graphs, charts, and bars that help you analyze a trading instrument.

MetaTrader has two types of indicators: trend indicators, which help you determine the price direction and oscillators, which help you identify the market reversal points.

The easiest way to customize an indicator is to change its color, line thickness, or turn it into a dotted line. If you want to create a completely new indicator, you have to program it in the MQL language. However, that is not the case in most situations because there are plenty of MetaTrader indicators that you can download from the MetaTrader website or other places online for free.

How to Download and Install MT4 Indicators?

MetaTrader Expert Advisors

One of the biggest opportunities MetaTrader has is the Expert Advisors (EA)

An Expert Advisor (EA) is a piece of software that has been specially designed to perform trading functions. This software alerts forex traders to trading opportunities and advises them on which trades to execute. In addition, an EA can perform automated trades.

The EAs could be created by the trader in the MQL language or could be downloaded from the official MetaTrader website. Some of them are free, but there are paid EAs as well.

Best Forex EA - Free Expert Advisor for MT4

MQL Language and Automation

MetaQuotes Language (MQL) is an incorporated programming language for creating trading strategies that makes it easy to create trading robots (Expert Advisors), technical indicators, scripts, and function libraries to be used on the MetaTrader platform. All of these tools significantly improve a traders' ability to trade Forex.

Should I Use Bots and ForexEA?

For forex traders, free Expert Advisors (EAs) are an appealing option. This is because they relieve them of the stress and time spent monitoring charts and making in-depth analyses of the market. With a forex EA, they can sit back and let a forex robot do the work.

Although using the EAs has plenty of pros, it also has some disadvantages. Here are their pros and cons:

👍 Pros

A forex EA takes emotions out of forex trading

A forex EA is faster

A forex EA makes backtesting easier

A forex EA removes the need for expertise

A forex EA can trade 24/7

👎 Cons

A forex EA does not recognize fundamental data

A forex EA is subject to technical problems

A forex EA cannot execute certain strategies

A forex EA has to stick to one instrument

How To Backtest An Advisor on MetaTrader?

Backtesting an Expert Advisor or an indicator is one of the most useful features of the MetaTrader platform. Backtesting an Expert Advisor involves running it on records. You can generally see how the Expert Advisor would have performed in the past. Backtesting, when done correctly, can give an estimate of an expert advisor's potential performance.

Here is how to backtest an EA on MetaTrader:

  • 1

    Download or create an EA

  • 2

    Open the Strategy Tester in MetaTrader 4

  • 3

    Select the EA to test from the drop-down list

  • 4

    Select the currency pair and timeframe

  • 5

    Select the start and end dates

  • 6

    Set the expert advisor's input parameters

  • 7

    Click the Start button

The Expert Advisor will be run on historical data by MetaTrader, and the results will be displayed.

Copy Trading on MetaTrader

A copy trading service lets traders connect their trading account to a network. When the trader that is responsible for that network makes a trade, that trade is automatically copied by the other trading accounts connected to it.

MetaTrader has its own platform for copy trading, which is called MQL5. MQL5 is supported by most MT4 and MT5 brokers and is represented by 1050 signal providers. Each provider charges a membership fee of 1-1,000$/month, with an average of $50.

Other copy trading platforms that can be used on MT4 are MyFxBook and ZuluTrade. However, these platforms have higher costs.

What Can You Trade With An MT4 Broker?

Forex

Forex, short for foreign exchange, is the most popular trading instrument on MT4 platforms. You can typically trade up to 70 currency pairs, including majors (like EUR/USD, USD/JPY, and GBP/USD), minors, and exotic pairs.

Stocks

MT4 brokers often offer stock CFDs (contracts for difference) as an instrument. Stock CFDs allow you to speculate on the price movements of individual stocks without actually owning the underlying asset.

Commodities

Commodities are physical goods that are traded on global markets, such as gold, silver, oil, and agricultural products. When trading commodities, you are speculating on the future price of these assets.

Crypto

Metatrader 4 brokers may offer cryptocurrency trading, allowing traders to speculate on the price of popular digital currencies like Bitcoin, Ethereum, and Litecoin.

Indexes

Indexes represent the overall performance of a group of stocks, typically from a specific country or industry. Some well-known examples include the S&P 500, NASDAQ, and FTSE 100.

Extra MT4 Features to Use

Many useful features on MT4 make the platform easy to use and more resourceful to traders. The features include:

Autochartist

Autochartist is a popular technical analysis tool available as an MT4 plugin. It automatically scans the market for chart patterns, key levels, and Fibonacci patterns, providing traders with potential trade opportunities.

Forex News

The Forex news feature on MT4 provides real-time economic news and data, which can influence currency markets. This feature is typically accessible through an MT4 plugin or a built-in economic calendar.

Alert Service

MT4's alert service allows traders to set up notifications for specific events, such as when a currency pair reaches a certain price or a technical indicator generates a signal. These alerts can be sent via email, SMS, or as pop-up notifications on the platform.

Expert Advisors (EAs)

Expert Advisors are automated trading systems that can be programmed or purchased within the MT4 platform. EAs can execute trades based on predefined rules and strategies, freeing traders from constantly monitoring the market.

What MT4 Forex Brokers Offer Free VPS?

RoboForex and IC Markets are among the best metatrader brokers that offer free VPS services to their clients. These VPS services can help improve the reliability and speed of trade execution, particularly for traders using automated trading systems like Expert Advisors (EAs). Here's an overview of the VPS options provided by these brokers:

RoboForex

To be eligible for their free VPS, you must maintain an account balance of at least $300 (USD) or its equivalent in another currency. To request a free VPS from RoboForex, you'll need to register and deposit funds into your account, and then submit a request from the "Your VPS 2.0" section of your Members Area.

IC Markets

Traders whose monthly trading volume exceeds 15 lots (round turn) in Forex and Metals are eligible for a sponsored VPS subscription.

Our Methodology

The Traders Union experts have researched the market to identify the best MT4 brokers in 2024. We paid attention to their execution speed, fees, lot sizes, and what are the benefits of their MetaTrader platforms.

To classify those brokers in our best MetaTrader brokers rating, we paid attention to certain different criteria such as the commissions, the spread size, how easy to use they are, and reviews from their users.

Expert Opinion

MetaQuotes is the developer of MT4 and MT5 trading platforms. This means that the platform itself isn't a criterion for choosing a broker as the general features are the same with slight exceptions. When choosing a broker, focus primarily on trading conditions. All companies in this ranking are reliable brokers with the best trading conditions, such as tight spreads, no slippage, responsibility, and assistance at any time. If you want to understand which broker suits you, open a demo account on the Metatrader platform and try opening trades.

Oleg Tkachenko

Oleg Tkachenko

Author and expert at Traders Union

FAQs

Which broker can I use for MetaTrader 4?

MetaTrader 4 is a popular trading platform used by many online brokers. There are a variety of brokers that offer MetaTrader 4, including popular options such as FXTM, Pepperstone, XM, and IC Markets, among others.

How does MetaTrader 4 connect to broker?

MetaTrader 4 connects to a broker through a trading server. When a user logs into their MetaTrader 4 account, the platform connects to the broker's trading server and allows the user to execute trades on the broker's behalf.

Is MetaTrader 4 real?

Yes, MetaTrader 4 is a real trading platform that is widely used by traders and brokers around the world. It provides users with access to real-time market data, advanced charting and technical analysis tools, and the ability to execute trades in real-time.

Is MetaTrader 4 a regulated broker?

No, MetaTrader 4 is not a broker and is not regulated as such. It is a trading platform that is used by many different brokers to provide their clients with access to financial markets.

Can I trade stocks on MT4?

Yes, you could. However, not all brokers allow you to do it.

Can I switch from MT4 to MT5?

Yes, you can.

Can I lose money with copy trading?

Yes, you can.

Is it a good idea to choose MT5 as a beginner?

Although MT5 might sound like a very powerful trading platform that offers some advantages to MT4, it is more complicated to use for beginners. As a beginner, you should start your Forex trading career with MT4.

Team that worked on the article

Oleg Tkachenko
Author and expert at Traders Union

Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of financial experts.

At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them. He analyzes trading strategies and indicators, and prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.

Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.