OANDA - Best MT4 Broker in 2024
Top MT4 Brokers:
OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
IG Markets - Favorable Forex trading conditions (0 fees, avg. EUR/USD spread - 0.8)
FOREX.com - Diverse range of tradable assets (80+ currency pairs)
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Pocket Option - Best for Social Trading (top rated service by customers)
With its advanced features and excellent back-testing capabilities, MetaTrader 4 (MT4) remains one of the most popular third-party forex trading programs. As a result, many forex brokers now integrate MT4 seamlessly, allowing traders to open and close positions directly from MT4.
Throughout this article, we’ll review a selection of the best MT4 brokers available to FX traders, outlining their fees, features, and asset selections.
In the comparative table, Traders Union has evaluated MT4 brokers based on criteria such as regulation, additional analytical functions for traders, special accounts for day trading and beginners, and other parameters.
In the comparative table, Traders Union has evaluated MT4 brokers based on criteria such as regulation, additional analytical functions for traders, special accounts for day trading and beginners, and other parameters.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
| Broker | MT4 | Demo account | MT5 | WebTrader | Copy trading | Scalping allowed | Trading bots (EAs) | Open an account |
|---|---|---|---|---|---|---|---|---|
Here is a table where we compared some features of some of the best MetaTrader brokers:
| OANDA | IG Markets | FOREX.com | RoboForex | Pocket Option | Exness | Eightcap | FBS | TeleTrade | Octa | |
|---|---|---|---|---|---|---|---|---|---|---|
|
Trading platform |
WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 |
MetaTrader4, API, ProRealTime, IG Trading Platform |
FOREX.com, MT4, MT5 |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, Mobile Trading |
MT4, MT5 |
MetaTrader4, MetaTrader5 |
|
Min deposit |
No |
$1 |
$1000 |
$10 |
$5 |
$10 |
$100 |
$1 |
$1 |
$25 |
|
Regulation |
FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA |
FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA |
CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC |
FSC |
MISA |
FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
ASIC, SCB, CySEC, FCA |
CySEC |
CySEC |
FSCA, MISA, CySEC |
|
Trust management |
No |
No |
No |
No |
No |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 0.4 points |
From 0.2 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0.2 points |
From 0.8 points |
From 0.6 points |
|
Level of margin call / stop out |
No |
No |
No |
60% / 40% |
30% / 50% |
No |
80% / 50% |
40% / 20% |
70% / 20% |
25% / 15% |
|
Execution of orders |
Market Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
|
Cent accounts |
No |
No |
No |
Yes |
No |
No |
No |
Yes |
No |
No |
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.
The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.
IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.
Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).
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).
Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.
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.
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.
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.
Octa is a broker of choice for investors worldwide who wish to trade CFDs on highly favorable conditions, including lower entry thresholds and short to medium-term trading strategies. Octa was launched in 2011, and has grown to be on the edge of the industry today. Octa offers top services for both traders who choose live trades and investors who choose copy trading. Today, Octa is proud to serve over 6.6 million customers globally as an intermediary to the financial markets. The company mainly focuses on the countries of the Asia-Pacific region, in particular India, Indonesia, Malaysia, and others. Octa is a world-known broker that has won more than 60 awards.
It’s hard to go wrong when choosing among the top ten brokers offering the MetaTrader 4 platform. But it’s the little things that matter in determining whether it’s the best broker for your trading needs. Here are the critical factors you need to consider:
Regulation: Check first to confirm that the broker is licensed by a reputable authority, such as the CFTC in the US or the FCA in the UK.
Trading costs: Look at execution speed, slippage (difference between expected and actual price), and spreads. Lower spreads and minimal slippage mean less money eaten by trading fees.
MT4 features: Not all MT4 platforms are created equal. Check to see that the broker provides advanced charting tools, technical indicators, and, for expert traders, automated trading support.
Customer support: With most brokers you can expect issues to arise. You need responsive and reliable customer support, including 24/5 live chat, email, and phone support in your language.
By carefully considering these factors, you'll be well-equipped to choose the best MT4 broker for your Forex trading needs.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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€.
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.
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.
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.
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 BrokersOne 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 Tradgin Platform Security Settings refer to various security features and configurations available within the MetaTrader 4 and MetaTrader 5 trading platforms. These settings are designed to protect traders' accounts and data from unauthorized access and potential security threats. Some common security settings in MetaTrader include:
Firstly users can set a password for accessing the trading platform and making changes to account settings.
Some MT4 brokers offer 2FA, which adds an extra layer of security by requiring users to provide a second form of verification, such as a code sent to their mobile device, in addition to their password.
IP Whitelisting. Traders can specify a list of IP addresses from which they can access their trading account.
MetaTrader uses encryption to protect data transmitted between the platform and the server, ensuring that sensitive information is secure.
Some MetaTrader brokers offer automatic data backup features to protect against data loss due to technical issues or cyber attacks.
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?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 MT4MetaQuotes 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.
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
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:
Download or create an EA
Open the Strategy Tester in MetaTrader 4
Select the EA to test from the drop-down list
Select the currency pair and timeframe
Select the start and end dates
Set the expert advisor's input parameters
Click the Start button
The Expert Advisor will be run on historical data by MetaTrader, and the results will be displayed.
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.
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.
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 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.
Metatrader 4 brokers may offer cryptocurrency trading, allowing traders to speculate on the price of popular digital currencies like Bitcoin, Ethereum, and Litecoin.
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.
Many useful features on MT4 make the platform easy to use and more resourceful to traders. The features include:
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.
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.
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 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.
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:
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.
Traders whose monthly trading volume exceeds 15 lots (round turn) in Forex and Metals are eligible for a sponsored VPS subscription.
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.
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.
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.
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.
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.
Yes, you could. However, not all brokers allow you to do it.
Yes, you can.
Yes, you can.
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.
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
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 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.
