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- 1. Compare the best MT4 forex brokers in 2023
- 2. Best MT4 forex brokers overall for 2023
- 3. What are the best MT4 forex brokers?
- 4. Top 6 MetaTrader 4 forex brokers, reviewed
- 5. What is an MT4 platform?
- 6. What should I look for in a MetaTrader 4 forex broker
- 7. Quick answers to key questions
- 8. Should I use an MT4 broker to trade forex?
- 9. FAQs
Compare the best MT4 forex brokers in 2023
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This guide helps you choose the best MT4 forex broker. We explain what the MT4 platform is, what to look out for when choosing what’s best for you, and how to compare the top forex brokers available.
Best MT4 forex brokers overall for 2023
- eToro: Best for beginners, copy-trading & demo-account
- OANDA: Best for trading with live market data
- Capitality: Best for trading like a pro
What are the best MT4 forex brokers?
Below, we’ve ranked and rated some of the best MT4 trading platforms available. However, if you’re not ready to choose just yet, skip past this and keep reading to learn more before making your choice.
Top 6 MetaTrader 4 forex brokers, reviewed
1. eToro. Best for beginners, copy-trading & demo-account
1500
No. assets
$10
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.
2. Oanda. Best for trading with live market data
1500
No. assets
$10
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Oanda because its user-friendly trading platform has been built for reliability and speed. Oanda is a CFD broker where you can trade over 70 forex markets, including majors and minors. The platform is suitable for all levels of experience, has powerful analysis tools and a wide selection of educational videos.
Oanda is an award-winning broker and integrates with both the Metatrader4 and TradingView platforms. That’s in addition to its fully customisable proprietary mobile and desktop app. Oanda has been operating for over 25 years and holds regulatory licences in the UK, Europe, Asia, and Australia.
The fees: Oanda does not charge any commissions on trading. It makes it money from the Bid/Ask spread which starts at 0.7 pips. Swap charges are applied for keeping positions open overnight and vary depending on size. There is also an admin fee for swap charges starting at 1%. A £10 fee is applied to accounts inactive for 12 months.
3. Capitality. Best for trading like a pro
...
No. assets
...
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.
The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.
The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.
What is an MT4 platform?
An MT4 platform is essentially a normal forex broker that operates on the popular MetaTrader 4 software system. MetaTrader has been around for decades and provide white-label solutions to brokers wishing to launch their brands on top of its framework.
Brokers using MT4 often have excellent extra features to help you trade successfully. These can include customised technical indicators, multiple currency pair options, expert advisory services, copy trading social options, and other tools commonly used.
What is MT4?
Also known as MetaTrader 4, it is the underlying technology that powers some of best forex brokers on the market. A predecessor to the newer MetaTrader 5 platform, it’s one of the most versatile and popular forex trading platforms available. In fact, most forex trading platforms that exist operate using the MT4 software.
MetaTrader 4 offers a broad range of options which has made it one of the most popular trading platforms among retail forex traders. It is highly customisable to individual traders requirements while also offering automated and algorithmic trading features.
How do MT4 FX brokers work?
Most brokers act as a ‘middleman’ between a trader and the exchange. Although, typically there are two ways in which they work; dealing desk trading and no dealing desk trading. Both types allow traders the ability to participate in the forex market, although differ slightly in their models. Below, we’ve briefly explained each.
- Dealing desk trading. This is when a broker acts as a dealer and takes the opposing side of a trade. Brokers working in this way usually have bigger spreads and are able to control prices.
- No dealing-desk trading. Using this type of broker gives traders direct access to the interbank market (where banks trade currencies with each other). This is the preferred method for most brokers and traders. Forex brokers using this model act as a ‘middleman’ to facilitate trades.
What should I look for in a MetaTrader 4 forex broker
Ultimately, choosing a broker is all about the amount of useful features you have at your disposal. If you’re a beginner, you probably don’t need all of these and should just look for basic trading tools like a demo account. Once an expert though, you’ll be trading forex using an array of features. The most important ones are listed below:
Intuitive analytics
In-depth analytics allow you observe and assess in detail, which is vital to forex trading. Assess charts properly with 9 period (0.000000009) price quotes, allowing you to act quicker than those with less period points. Top MT4 brokers will offer 30 in-built technical indicators, as well as the ability to design and create you own; allowing for thousands of potential indicators, connected directly to the market.
Forex trading signals
Forex signals are vital to beginner traders especially. Trading signals are ideas and suggestions that are provided by experts, usually based on their own technical analysis, which save you time and effort. You literally have the ability to set your risk profile, and then set up your account for automated trading based on those signals. Alternatively, you can be alerted to a trade which a pro-trader has signalled, allowing you to copy it immediately.
Copy trading
An advanced version of forex signals, copy trading features have become hugely popular in the last few years. If your chosen forex trading platform allows the feature, you can assess pro-trading accounts performance, and hit a button which copies their trades. Depending on the broker, this will also be fully flexible allowing you, for example, to ‘allocate 10% of my portfolio to copy 100% of their trades’.
Access to markets
An in-built market allows you to buy and trade all kinds of useful things with users. You can buy robot traders, custom technical indicators, alert systems, and much more from other pro traders. Many of these assets are also free to use become some traders give them out for free to gain exposure to their skillset.
Alerts & news
Setting a custom alert is a welcome and necessary feature for MT4 forex traders. You may wish to get by the second news on a particular currency’s economy, or have an alert for when a president makes announcements. Events & news feature heavily because that’s what moves currencies in the forex market, so watch one for a good notification system that suits you, maybe that’s email or push-notifications.
Low fees
Some brokers charge fees or commissions for every trade placed and for traders using MT4 frequently, these can soon add up to a substantial amount. That’s why it’s key to find a broker who not only charges low fees, but also has low commission rates. Different account types offer different rates and often you’ll find lower commissions the higher your trading volume.
However, for day traders and scalpers, a broker with low spreads will be a better option.
Choice of currencies
The majority of forex brokers will offer major and minor currency pairs and if you want to trade the exotics, it’s a good idea to check before registering. Brokers who offer the MT4 platform, sometimes also offer other financial instruments to trade, such as bonds, indices, and cryptocurrencies.
Learning materials
Not a deal breaker as educational materials can be found elsewhere. Regardless, its nice to have a choice of educational and instructional material can be helpful, especially for newer traders. Although MetaTrader4 is a straightforward platform to use, having instructional content to help you get started can make learning easier. Some brokers also offer free educational documents and videos including trading strategies and content.
Quick answers to key questions
Do I have to download any software in order to trade?
Yes, if you want the full capabilities of MetaTrader 4, then you’ll have to download it from your broker’s website. Once downloaded, you’ll gain access to all of the platform’s functionality. If you decide you don’t want to download it, there is a web browser option available too, although it’s limited in what it offers.
Can I trade from my mobile device?
Yes, most brokers offer a MT4 app that you can download to your mobile phone or tablet. For day traders and scalpers, the MT4 app is especially helpful as you can keep track of your open trades conveniently. All the brokers we have listed on this page offer a MT4 mobile app. Although, you should be aware that apps often do not come with the full suite of options; desktop is best if you need access to it all.
Can I trade other markets with a MetaTrader 4 platform?
Usually you can. The top rated brokers often offer other markets like indices, commodities, and crypto making it easy to spread your money around different assets.
Is MT4 a free platform?
Yes, you do not need to pay to use a MetaTrader 4 trading platform. Most brokers usually offer the option to open a demo or simulation account for a short period of time so that you can get used to the MetaTrader 4 platform before committing funds. When you open a live account, MT4 will still be available for free.
Should I use an MT4 broker to trade forex?
Yes, but you don’t have to. Using a broker that offers MetaTrader 4 could be a good idea because it’s one of the most popular platforms around. Due to its popularity and easily customisable functions, there are a lot of indicators and other tools freely available making it a great choice to trade forex. It also means that other users are familiar with it and can help you out.
Still undecided?
If you’re still undecided on whether to use a MT4 platform, consider the pros and cons below.
Pros
- MT4 forex brokers offer simple to use technical tools making analysis easier.
- Brokers who offer MT4 for forex, usually provide a range of other financial instruments to trade.
- Most brokers offer leverage which means traders can profit from very small moves in the market.
- It is possible to trade forex from a mobile device so you can always keep an eye on your open positions.
- Using a MT4 broker also gives traders access to forex signals which they can copy while learning.
Cons
Should I trade forex now?
This is entirely up to you. If you feel that you are ready to trade, then yes, it could be a good idea to start now by signing up to one of our highly rated brokers. The first thing you’ll need to do is open an account, maybe starting with the demo version until you’re comfortable.
Where can I learn more about forex trading?
There are two key ways to learn more; the first being to follow forex news and be aware of the currencies you’re aiming to trade.
Latest forex news
Summary of Powell’s remarks and what it means for the US dollar
USD/INR forms a mildly bearish pattern after the RBI decision
USD/CHF rally stalls as the US dollar index (DXY) gains steam
FAQs
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Navigation
- 1. Compare the best MT4 forex brokers in 2023
- 2. Best MT4 forex brokers overall for 2023
- 3. What are the best MT4 forex brokers?
- 4. Top 6 MetaTrader 4 forex brokers, reviewed
- 5. What is an MT4 platform?
- 6. What should I look for in a MetaTrader 4 forex broker
- 7. Quick answers to key questions
- 8. Should I use an MT4 broker to trade forex?
- 9. FAQs