Compare the best MT4 forex brokers

By: Prash Raval

When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or… read more.

Updated: Apr 22, 2022

This guide helps you choose the best MT4 forex broker. We explain what the MT4 platform is, what to look out for when choosing a broker, and compare the top ones available. 

What are the best MT4 forex brokers?

If you’re ready to start trading forex straight away, you can click any of the links below to be taken to our expertly selected brokers. These are some of the best rated brokers around offering MT4. If you’re still undecided, keep reading to learn more.

Most Popular

1

Min. Deposit

$10

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User Score

10

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Description:

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Investoo Ltd is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Investoo Ltd to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

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Min. Deposit

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9.3

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Description:

Firstrade is a leading online brokerage firm offering a full line of investment products and tools designed to help investors like you take control of your financial future. Since its founding in 1985, Firstrade has been committed to providing high value and quality services to help you reach your financial goals.

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What is a MT4 forex broker?

It’s an online company that allows you to trade forex using the popular MT4 platform. Brokers offering MT4 often have extra features to help you trade successfully. These can include customised technical indicators, multiple currency pair options and other tools commonly used.

What is MT4? 

It’s one of the most versatile and popular forex trading platforms available. MetaTrader 4 (MT4), is usually associated with forex trading, however can also be used to trade other financial instruments including commodities and indices. It’s easy to use interface gives access to advanced features and technical indicators. 

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.

The best MT4 forex brokers for beginners and experienced traders

Some brokers are aimed towards beginner traders, while others are aimed at traders with more experience. To help you choose what’s right for you, our experts have selected the top MT4 brokers for all levels of experience.

The top MT4 broker for beginners

You can click the link below to be taken to our expertly selected MT4 broker for beginners. With low fees and commission, this broker offers the MetaTrader4 platform with pre-installed templates making it a great choice for novice traders.

The top MT4 broker for experienced traders

Experienced traders will have a longer list of requirements. Top of the list will be low fees, followed by leveraged trading and access to other financial instruments. Click the link below to sign up with our top rated broker for experienced traders offering the MT4 platform.

What should I look for in a MT4 forex broker

There are a number of features to look out for when selecting a broker offering MT4. Below we’ve highlighted and explained a few of the ones most important. 

Reliability

A reliable MT4 broker is key when it comes to trading forex. The best brokers are consistently online and suffer little downtime. A safe, reliable, and secure broker can save traders using MetaTrader4 a lot of time and money. Reading customer reviews prior to registering is a great way to find out from other traders how reliable a broker is. 

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. However, for day traders and scalpers, a broker with low spreads will be a better option. 

Small Spreads

Some brokers may charge no fees or commissions, but have wide spreads which can eat into your profits. The spread is the difference between the buy and sell price of a currency pair. Choosing a broker with low spreads can drastically reduce your costs while trading. Although, for longer term traders, spread size may not be much of an issue. 

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 currencies. 

Learning materials

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 MT4, 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. 

Can I trade other markets with a MT4 broker?

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 MT4. 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. When you open a live account, MT4 will still be available for free.

Should I use a MT4 broker to trade forex?

A broker is the easiest way to trade the forex market. Using a broker that offers MT4 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. 

Forex trading requires a bit of experience because it’s often fast-paced and requires some technical knowledge. There is a lot to learn before you get started and reading online courses is a great place to get ahead. You can go to our forex trading page where our courses are and learn how to read forex charts.

Still undecided?

We’ve already discussed a lot of information on this page, but if you’re still undecided on whether to use a MT4 broker, consider the pros and cons below.

Should I trade forex now?

If you feel that you are ready to trade, then yes, it could be a good idea to start now. The first thing you’ll need to do is open an account with a broker that offers MT4, which you can do by clicking through to the links we’ve provided on this page. It would also be helpful to to keep up-to date with the latest forex news which you can do by clicking on the links below.

Where can I learn more about forex trading?

Here on Invezz we have beginner friendly free courses that will help you learn how to trade forex successfully. We also offer learn pages where we have information on how to read forex charts and more articles to get you started. Click through to the links below to be taken to our forex learn hub.