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As one of the most popular trading platforms globally, MT4 is supported by hundreds of online brokers. But which MT4 broker is best in 2024?
This guide ranks and reviews the 12 best MT4 brokers for low fees, tight spreads, supported assets, leverage limits, and much more.
The Top 12 MT4 Brokers Ranked
Overall, the 12 best MT4 brokers for 2024 are listed below:
Vantage Markets: This the best MT4 broker that offers over 1,000 CFD products including forex, indices, commodities and more. Aside from MT4, you can use MT5, Pro Trader and a mobile app to trade. Moreover, Vantage Markets offers some of the lowest spreads on forex, including 0.0 pips for EUR/USD with an ECN account.
AvaTrade: Launched in 2006, AvaTrade is an established CFD broker. It supports forex, commodities, options, stocks, and other popular markets. Leverage of up to 1:400 is available to eligible clients. No commissions are charged and spreads start from 0.9 pips. In addition to MT4, AvaTrade supports MT5 and DupliTrade.
XTB: Popular forex broker, supports thousands of assets, from stocks and forex to indices, commodities, and cryptocurrencies. XTB offers 0% commission on all markets, not to mention competitive spreads. This regulated broker doesn’t have a minimum deposit requirement and a free MT4 demo account is also available. Depending on the trader’s location, leverage of up to 1:500 is available.
Trade Nation: Trade Nation will appeal to forex traders who want to buy and sell currency pairs with competitive spreads. It offers spreads from 0.0 pips on major pairs, alongside a commission of $3.50 per traded lot. Casual traders can opt for the standard account, which comes with commission-free trading and slightly higher spreads.
Libertex: This established MT4 broker was launched more than 25 years ago. It serves more than three million clients and offers some of the best trading fees in the market. Spreads start from 0.2 pips and there are no commissions to pay. What’s more, eligible clients can trade with leverage of up to 1:99.
Skilling: Skilling offers accounts for both casual and professional traders. Its commission-free accounts come with spreads from just 0.7 pips. While the professional account reduces the minimum spread to 0.1 pip. Skilling offers leverage of up to 1:200. 73 forex pairs are supported, alongside stocks, ETFs, commodities, cryptocurrencies, and indices.
Pepperstone: Pepperstone is a regulated forex and CFD broker that offers leverage of up to 1:200. Its razor account offers spreads from 0.0 pips and a commission of $3.50 per traded lot. Commission-free accounts are also available, with spreads starting at 0.7 pips. Pepperstone supports MT4, MT5, and cTrader. No minimum deposit requirements are in place. Supported markets include forex, stocks, commodities, and indices.
IG: This online broker offers US clients commission-free trading on over 80 forex pairs. We like that spreads start from 0.8 pips on EUR/USD. Established in 1974, IG has a great reputation for regulation and safety. Customer support is highly rated and its demo account comes with $10,000 in virtual trading funds.
Capital.com: Capital.com is a regulated CFD trading platform that supports thousands of markets. This includes forex, commodities, cryptocurrencies, stocks, and more. Traders can get started with just $20 and there is a free demo account available. Capital.com does not charge trading commissions and forex spreads start from 0.6 pips.
CMC Markets: CMC Markets offers a huge range of leveraged products. This includes over 330 forex pairs, 10,000 stocks, and plenty of commodities, bonds, ETFs, and indices. Non-stock instruments can be traded commission-free. Forex spreads start from 0.7 pips. There is no minimum deposit requirement.
Forex.com: This forex broker is popular with US clients. It offers DMA accounts (minimum deposit of $25,000) that come with institutional-trade spreads. Commission-free and raw spread accounts are also available. More than 80 forex pairs are supported and US clients can also trade gold and silver spot markets.
Admirals: Admirals is one of the largest forex brokers that supports MT4. Trade over 8,000 CFD products, including indices, stocks, commodities, bonds and ETFs. If you want to change platforms, try out Admirals’ own platform for both PC and mobile, or go with MT5. Spread on forex is one of the lowest, starting from 0.6 pips on EUR/USD.
The 12 providers on the above MetaTrader 4 brokers list will be reviewed in full further down.
What is MetaTrader 4?
Launched in 2005, MetaTrader 4 – more commonly known as MT4, is a third-party trading platform. It sits between traders and online brokers, meaning that MT4 doesn’t directly facilitate trades.
On the contrary, MT4 passes trading orders onto the connected broker, usually in milliseconds. This ensures that there isn’t a lag between the trader placing an order on MT4 and it being executed by the broker.
MT4 is largely preferred by active traders who want to perform technical analysis. It comes packed with tools that help traders make smart, informed decisions.
This includes more than 30 built-in MT4 indicators, such as the RSI and MACD. MT4 also offers access to over 2,700 custom indicators, many of which are free. In addition, MT4 supports analytical objects, drawing tools, and multiple timeframes.
MT4 can be customized to suit the trader’s personal strategy and objectives. What’s more, MT4 is one of the best trading platforms for automated trading. It enables users to install expert advisors (trading robots) that come with pre-defined conditions.
These can be purchased directly on the MT4 marketplace or via third-party providers. MT4 also offers virtual private servers (VPS), meaning that trading robots can operate 24 hours per day.
Another benefit of using MT4 is that it supports custom order types. This enables traders to execute the perfect entry and exit points for their chosen positions. Examples include market, pending, stop, and trailing orders.
There are many other features of MT4, which we examine later in this guide. Nonetheless, MT4 is completely free to use. It comes as desktop software for Windows, Mac, and Linux. A MetaTrader 4 app for iOS and Android is also available – as is browser-based trading.
It is crucial to reiterate that MT4 is simply a third-party platform. This means that supported assets, fees, spreads, and other important metrics are determined by the chosen broker.
This is why choosing the best MT4 broker is so important. Moreover, MT4 cannot be used without a brokerage account. That said, the best forex brokers offer a free demo account which can then be connected to MT4.
Is MT4 Suitable for Beginners?
MT4 is designed for active traders who are comfortable performing technical analysis. This means having a grasp of pricing charts, drawing tools, technical indicators, and analytical objectives.
In reality, MT4 might not be suitable for beginners. That said, MT4 can be used in demo mode after joining a suitable broker. This enables beginners to learn how MT4 works without risking any money.
Moreover, MT4 is the go-to trading platform for automated trading. This means that beginners can use MT4 to trade assets without needing to do any research or analysis.
Reviewing the Best Brokers for MT4
There are hundreds of MT4 brokers to choose from. The best, however, offer competitive fees, plenty of supported markets, and top-notch customer service. Some traders might also be interested in trading on margin – so leverage limits and fees should also be explored.
We cover the most important metrics in great detail in the following sections. Read on to explore the 12 best MT4 brokers for 2024.
1. Vantage Markets – Overall Best MT4 Broker in 2024
Vantage Markets is the overall best MT4 broker for forex CFDs and other assets. Launched in 2009, headquartered in Sydney, and with over 800,000 clients globally it goes to show that Vantage Markets is a legit and popular trading platform.
Trading forex comes with some of the lowest spreads in the industry, starting from 0.0 pips on EUR/USD with ECN accounts and from 1.4 pips on the same pair for standard accounts.
Minimum trading size is 0.01 lots per trade but you can trade with up to 1:500 leverage. On top of 40 forex pairs, Vantage Markets lets you trade CFDs of other assets, such as popular indices, commodities like oil, gas and sugar, commission-free stocks and ETFs, as well as bonds. There are no cryptocurrencies as of this writing.
Try Vantage Markets with a demo account, which you can open and connect to the MT4 platform. This lets you use $100,000 in paper funds to get familiar with the platform and the broker.
If you’re new to forex trading, access the library of educational resources, or use the research tool provided by Vantage Markets, such as free trading signals and market sentiment analysis.
Broker
FX Pairs
Other Assets
EUR/USD Spread
Account Types
Account Fees
Max. Leverage
Vantage Markets
40+
Stocks, ETFs, indices, commodities, bonds
From 0.0 pips on ECN accounts and from 1.4 pips on Standard accounts for EUR/USD
Standard and ECN
ECN accounts pay from $2 round turn full lot commission
1:500
Pros
Overall best MT4 for 2024
Trade forex, stocks, commodities, indices, bonds, and ETFs
Copy trading features
Spreads on EUR/USD start at 0.0 pips for ECN accounts
Free MT4 demo account with $100,000 in paper funds
Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.
2. AvaTrade – Established MT4 Broker Licensed in 9 Jurisdictions
AvaTrade is one of the best MT4 brokers for safety and trust. It was established in 2006 and is now regulated in nine jurisdictions. Moreover, AvaTrade processes payments quickly and offers transparent trading fees.
There are no trading commissions to pay and spreads are very competitive. We found that EUR/USD can be traded from just 0.9 pips. USD/JPY also also competitive, starting from just 1 pip.
AvaTrade covers most asset classes, all traded via contracts-for-differences. This invites leverage of up to 1:400 and short-selling facilities. In addition to forex, AvaTrade covers stocks, bonds, indices, ETFs, and commodities. Some of the best cryptocurrencies are also supported, such as Bitcoin, Litecoin, and Ethereum.
There should be no concerns about lags when using MT4 via AvaTrade. This is because AvaTrade offers instant order executions. In turn, AvaTrade is the best MT4 broker for day traders and scalpers. It takes seconds to register an account and the minimum deposit is $100. There is also a free demo account, which connects to MT4.
XTB is one of the most popular MT4 broker across most measurable metrics. First and foremost, there is no minimum deposit to get started and XTB is regulated by multiple financial bodies. This includes the UK regulator, the Financial Conduct Authority (FCA) – so XTB should be considered a safe place to trade. What’s more, traders can get started with a free demo account. This can then be connected to MT4 and it comes pre-loaded with $100,000 in virtual trading funds.
This makes XTB the best MT4 broker for beginners, considering it facilitates risk-free trading. Moving onto supported markets, XTB covers the most popular asset classes. This includes dozens of forex pairs, not to mention commodities like gold, oil, and wheat. XTB is also one of the best MT4 brokers for trading stocks. It supports more than 2,100 stocks from over a dozen exchanges. This includes stocks in the US, Germany, Italy, Norway, and the UK.
In addition to forex, commodities, and stocks – XTB also supports cryptocurrencies. This includes some of the best cryptocurrencies to trade, such as Bitcoin, Ethereum, XRP, Litecoin, and BNB. One of the best things about XTB is that it’s a commission-free MT4 broker. This is the case across all supported markets. As such, traders will only need to cover the spread when placing orders. For example, EUR/USD spreads start from 1.3 pips.
While higher than other MT4 brokers, it’s important to remember that no commissions are payable. We also like that XTB does not charge any deposit or withdrawal fees. While we are on the subjective of payments, XTB supports everything from debit/credit cards and bank wires to e-wallets. Another benefit of choosing XTB is that it offers high leverage limits. While specific limits depend on the trader’s location, major forex can be traded with leverage of up to 1:500.
This means that traders only need to put up a margin of $1 for every $500 traded. High leverage limits are also available on other asset classes, but this will vary from one market to the next. The process of getting started with XTB takes minutes. After registering a real or demo account, traders will be provided with their MT4 login details. Traders can then choose their preferred device type, such as desktop software or the web trader.
Trade Nation is a multi-asset broker that supports plenty of markets. This includes major, minor, and exotic forex pairs. In addition, Trade Nation supports commodities like oil and gold, not to mention indices from the US, Europe, and Japan. Other supported markets include stocks and bonds. Trade Nation offers two account types to choose from.
This includes a zero-spread account that comes with commissions of $3.50 per lot. The other account offers commission-free trading with higher spreads. This account will be more suited for beginners. We also like that Trade Nation offers a free demo platform. However, this is only available when using Trade Nation’s proprietary platform and not MT4.
Nonetheless, the free demo platform doesn’t require an account or any personal information. Those opting for a real commission-free account can get started with any amount. The zero-spread account requires a minimum deposit of $1,000. Both account types support debit/credit cards, bank wires, and Bitcoin. Trade Nation is regulated by the FCA, ASIC, SCB, FSA, and FSCA.
Libertex is one of the best high-leverage brokers in the market. Eligible clients can apply leverage of up to 1:999 on major forex pairs. So that’s a margin requirement of just $1 for every $999 traded. What’s more, Libertext is compatible with all MT4 platforms, including desktop, mobile, and browser-based trading. Supported markets are plentiful at Libertex.
In addition to dozens of forex pairs, Libertex also supports cryptocurrencies, stocks, and ETFs. It also supports hard and software commodities, covering metals, energies, and agricultural products. We also like Libertex for its super-low trading fees. In fact, not only does Libertex offer 0% commission trading but forex spreads start from 0.2 pips.
After opening an account with Libertex, traders will be given $50,000 in paper trading funds. This can be used on the MT4 platform. Those wanting to get started with real money only need to deposit $10. The main drawback is that Libertex charges deposit fees. This ranges from 1.9% to 4%, depending on the chosen debit/credit card or e-wallet.
6. Skilling – Top-Rated Brokerage Accounts for Professional Traders
Skilling is also one of the best MT4 brokers for professional traders. Its premium account – which comes with a minimum deposit of €5,000, offers some of the lowest spreads in the industry. Major forex pairs like EUR/USD can be traded from just 0.1 pips. This comes with a commission of $35 for every $1 million traded. What’s more, the premium account comes with leverage of up to 1:200.
On the flip side, Skilling is also popular with casual traders. It has a standard account that comes with a lower minimum deposit of €100. This account offers commission-free trading and spreads on EUR/USD start from 0.7 pips. Moreover, leverage is reduced to 1:30 on major forex pairs and less on other markets.
While Skilling is popular with forex traders, it also supports other assets. This includes cryptocurrencies, stocks, commodities, and indices. In terms of safety, Skilling is authorized and regulated by CySEC. All account holders are provided with insurance of €1 million in the unlikely event of a brokerage collapse. Customer support is offered via live chat, Facebook Messenger, WhatsApp, and Line.
79% of the retail investors lose money when trading with this CFD provider.
7. Pepperstone – Low-Fee MT4 Broker With Zero-Spread Accounts
Pepperstone is also one of the best low-spread brokers to consider. Traders opening a razor account will get some of the best spreads that the market has to offer. In fact, major pairs during busy market hours can be traded from 0.0 pips. This account comes with a flat commission of $3.50 for every lot traded. While zero-spread accounts often come with high account minimums, this isn’t the case with Pepperstone.
On the contrary, traders can get started with any amount. Pepperstone also offers a commission-free account for casual traders. This comes with higher spreads than the razor account – starting from 0.7 pips. In addition to MT4, Pepperstone also supports MT5 and cTrader. There are many supported markets to choose from, including forex, stocks, indices, ETFs, and commodities.
UK traders will also have access to spread betting markets. This offers a tax-free way to trade leveraged products. The maximum leverage offered by Pepperstone is 1:200, but limits depend on the trader’s location. We also like that Pepperstone has a team of in-house analysts. They provide insights and market updates on the most popular asset classes. This offers a great way to get trading ideas from industry experts.
Between 74-89 % 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.
8. IG – Leading MT4 Broker for US Forex Traders
IG is the best MT4 broker for US forex traders. It is authorized and registered with the RFED and CFTC and was established in 1974. IG supports dozens of forex pairs, including plenty of minors and exotics. Moreover, IG offers some of the most competitive trading fees in the market.
For example, spreads on EUR/USD start from 0.8 pips. What’s more, there are no commissions to pay when trading forex. Opening an account with IG is simple and fast – verification is usually completed instantly.
Moreover, IG offers a free demo account that comes with $10,000 in virtual trading funds. The demo account is compatible with MT4. That said, we found that real money deposits with a debit/credit card cost up to 1%. Moreover, IG’s US division only supports forex. Nonetheless, we like that premium clients at IG have access to plenty of perks, including a personal client manager, cashback of up to 15%, and fee reimbursement.
Forex Pairs
Other Assets
EUR/USD Spread
Max. Leverage
Account Types
80+
None – US clients can only trade forex
From 0.8 pips
1:50 (US)
Standard – 0% commission trading / Premium accounts are also available
Pros
Best MT4 broker for US forex traders
Commission-free trading and spreads start from 0.8 pips
Account verification is usually instant
Established in 1974
Cons
US clients can only trade forex
Debit/credit card fees of up to 1%
9. Capital.com – Trade Thousands of Assets on MT4 Commission-Free
Capital.com is also one of the most popular MT4 brokers in the market. Interestingly, the Capital.com web trading platform is powered by MT4. That said, Capital.com can also be used via the MT4 desktop software. This ensures that traders can deploy expert advisors and trading robots. Capital.com also supports demo accounts, which are free and quick to open.
One of the best features of Capital.com is that all supported markets are commission-free. Moreover, Capital.com offers thousands of trading markets across the most popular asset classes. This includes 125 forex pairs and over 2,800 stocks. Indices, commodities, contract for differences (CFDs) and cryptocurrencies can also be traded. When it comes to spreads, Capital.com is super-competitive.
For example, EUR/USD can be traded from just 0.6 pips. Most importantly, Capital.com is regulated by many licensing bodies. This includes the FCA, ASIC, CySEC, FSA, NBRB, and SCB. The minimum deposit is $20 and Capital.com supports debit/credit cards and e-wallets. The minimum deposit is increased to $500 when depositing funds via a bank transfer. No deposit or withdrawal fees are charged.
74% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
10. CMC Markets – Regulated CFD Broker With Over 10,000 Markets
CMC Markets is an MT4 forex broker that offers an unprecedented range of trading markets. More than 10,000 financial instruments are supported across the most popular asset classes.
This includes over 330 forex pairs – which is more than any other broker in this space. In addition, CMC Markets supports thousands of stocks and exchange-traded funds (ETFs). CMC Markets supports over 100 commodities.
This includes everything from wheat and sugar to oil, natural gas, and gold. Other markets include indices, cryptocurrencies, and bonds. Apart from stocks, CMC Markets offers commission-free trading on all markets.
Stocks, however, are charged a variable commission that starts from 0.10% or $0.02 per traded share. CMC Markets also supports spread betting, but this is only available to UK and Irish clients.
11. Forex.com – DMA Forex Accounts for High-Volume US Traders
Forex.com is the best MT4 broker for high-volume forex traders based in the US. It is one of the few online brokers to offer direct market access (DMA) accounts.
This means that traders can buy and sell forex pairs directly with other market participants. In other words, there is no intermediary required to facilitate positions. The DMA account comes with a minimum deposit requirement of $25,000. Moreover, there is a minimum trade size of $100,000, or one standard lot.
Forex.com also offers other account types, which will be more suitable for causal traders. For example, the raw spread and standard accounts come with a minimum recommended deposit of $1,000. The standard account offers commission-free trading. While the raw spread account offers spreads from 0.0 pips, alongside a commission of $5 per $100,000 traded. In addition to forex, US clients can trade gold and silver.
Forex Pairs
Other Assets
EUR/USD Spread
Max. Leverage
Account Types
80+
Gold and silver (US)
From 0.0 pips
1:50 (US)
Standard – 0% commission / Raw Spread – $5 commission per $100,000 traded / DMA – $60 commission per $1 million traded
Pros
Best MT4 broker for high-volume forex traders
DMA accounts allow users to trade directly with market participants
More than 80 forex pairs supported – plus gold and silver
Also offers commission-free and raw spread accounts
Cons
DMA accounts come with a minimum recommended deposit of $25,000
12. Admirals – Popular MT4 Broker with Over 8,000 CFD Products
Admirals is a popular forex broker that offers the MT4 trading platform to its clients. Being a veteran in the industry, Admirals lets you use a leverage of 1:500 along with tight spreads starting from 0.6 pips on EUR/USD. Moreover, you get access to various tools and trading platforms to complement your trading arsenal.
This brokerage is regulated and licensed in several countries including the UK and Australia. This means it’s a safe brokerage. Worth noting is that your funds are held in segregated accounts, meaning you don’t have to worry that the brokerage will misuse them in any way.
With over 80 forex pairs to trade, you’ll never run out of options. If you still want to try new things, Admirals offers over 8,000 CFD products, including cryptocurrencies, stocks, ETFs, commodities and more.
Newbies can learn more about trading via educational resources or by using a demo account. This is also an excellent way to try the platform, improve your trading strategies and test the brokerage without risking real money.
As a client, you get access to premium analytics as well as market sentiment and fundamental analysis.
MT4 is a third-party trading platform, so it doesn’t directly support any asset classes. On the contrary, asset availability is determined by the chosen MT4 broker. For example, those trading on MT4 via an Vantage Markets account will have access to thousands of assets. This includes forex, stocks, commodities, cryptocurrencies, indices, and ETFs.
That said, other MT4 trading platforms, such as IG (US), only support forex, gold, and silver. This is why researching the best MT4 brokers is so important.
Traders will need to ensure that their preferred asset and market are supported before choosing a provider. They also need to consider that some financial instruments are banned in certain markets – in the US, for example, CFD trading has been illegal since 2000.
Scroll up to the table above to see what assets the best MT4 brokers support in 2024.
Why Use MT4? Benefits Revealed
There’s a reason why MT4 is so popular – it comes packed with features and benefits.
This includes the following:
EAs and Trading Robots
MT4 is compatible with EAs and trading robots. Put simply, this means that you can trade assets without needing to manually place orders – let alone do any research.
So how do trading robots work on MT4? First and foremost, you will need to purchase a trading robot – this can be done directly from the MT4 marketplace or a third-party provider. There are thousands of trading robots in the market, each with its own strategy and risk parameters.
For example, some will specialize in forex scalping while others specialize in swing trading. It’s really important to research the trading robot before making a purchase.
Not only in terms of its strategy but past performance. After buying your chosen trading robot, download it to your desktop device. It can then be uploaded to the MT4 software.
After activating the robot, it will begin trading around the clock – 24 hours per day, 7 days per week. MT4 allows you to set the parameters of your robot, such as the maximum trade size and preferred stop-loss order.
Are MT4 Robots Profitable?
Like any trading strategy or system, it’s important to assess the profitability of an MT4 robot.
The simple answer is that some MT4 robots make money, while others don’t. It all depends on the underlying code that the robot has been programmed to follow.
The only way to know if the chosen MT4 robot can make money is to test it out in live trading conditions.
Fortunately, the best MT4 brokers offer free demo accounts that come pre-loaded with virtual trading funds. This means that you can test the robot without risking any money.
We would suggest deploying the MT4 robot in demo mode for at least a month. This will give you a solid idea of whether or not the robot is profitable.
Technical Indicators and Drawing Tools
MT4 is ideal for technical traders. It comes pre-loaded with just 30 technical indicators, but others can be imported manually. In fact, MT4 offers more than 2,000 free custom indicators that have been developed by third-party traders.
It also offers 700 premium indicators that have a proven track record of finding notable trends and triggers. In contrast, when trading on a broker’s proprietary platform, you will likely have access to a much lower number of indicators.
In addition, MT4 supports 24 drawing tools. This enables you to perform high-level technical analysis by comparing different timeframes and readings. For example, making comparisons between the 50-day and 200-day moving averages, alongside the MACD.
Customizable Trading Screens
Each trader will have their own strategy and preferences. MT4 recognizes this, as it allows you to customize your trading screen in many different ways.
For example, you can choose to have multiple pricing charts on the same screen. This allows you to keep tabs on your preferred markets simultaneously, such as comparing the price of EUR/USD and GBP/USD. Or, each chart could be on the same market but at different timeframes.
There are nine different timeframes to choose from on MT4. This includes:
1-minute
5-minute
15-minute
30-minute
1-hour
4-hour
Daily
Weekly
Monthly
This makes MT4 suitable for both long and short-term traders. For instance, scalpers will almost always focus on the 1-minute chart. While day traders might extend this to the 5-minute timeframe.
Swing traders will likely zoom out to the 1-hour and 4-hour charts. MT4 also allows traders to choose from three chart representations – lines, bars, and candlesticks.
It is important to remember that MT4 does not provide pricing information for its charts. This is provided by the respective MT4 trading platform that you are using.
Demo Trading to Perfect Strategies
After opening an account with a suitable broker, you will be able to use MT4 to trade in demo mode. This offers unpreferred benefits for both beginners and experienced traders.
For instance, this enables beginners to test all of the features offered by MT4 without risking any money. It also allows beginners to get to grips with how forex indicators on MT4 work.
Experienced traders will also get value from MT4’s demo facility. For example, they can use it to test a new strategy in live market conditions. If the strategy doesn’t quite produce the required results, the trader can make some adjustments.
As we mentioned above, MT4’s demo mode is also ideal for testing a new trading robot. Just remember that some MT4 brokers put limits on how long you can trade in demo mode. In some cases, you might be able to extend your usage by contacting the broker directly.
Advanced Trading Orders
One of the main drawbacks of using a broker’s proprietary trading platform is that order types are often limited. This prevents you from being able to enter and exit a position at the ideal trigger point.
MT4, on the other hand, offers a huge range of advanced order types. For example, not only does MT4 support standard stop-loss orders, but trialing stops too. Moreover, you can choose from three execution modes, not to mention limit and market orders.
The latter enables you to execute your trade instantly at the next best available price. MT4 also supports hotkeys, which will appeal to scalpers that need to execute positions in the fattest timeframe possible.
How do You Increase MT4 Execution Speeds?
Order execution times are extremely important – as this determines the speed orders are processed by your broker. There are two factors to consider here.
First, execution speeds are determined by the broker, so this should be checked when choosing a provider.
Second, you can also increase execution speeds directly on MT4 itself. For instance, consider switching on the news tab – as this can slow the software down.
Moreover, some custom indicators have not been optimized correctly, as they are created by third parties. Check to see if execution speeds increase after switching a custom indicator off.
VPSs can also help increase execution speeds – especially if you’re using an MT4 robot.
Mobile Compatibility
MT4 is designed for active traders who want to perform high-level technical analysis. In this regard, the MT4 desktop software is the most appropriate option.
However, it is also important to have access to your trading account when you are away from your desktop device. Fortunately, MT4 also comes as a mobile app for iOS and Android. What’s more, the MT4 app connects to the same account.
This can come in handy if you want to place a new trade while on the move. Or, if you want to exit a trade in real-time, rather than waiting to get home.
Alerts, Watchlists, and News
MT4 ensures that you never miss an important market update. This includes the ability to set up custom alerts. For instance, you might want to receive an alert when GBP/USD hits 1.2720. Or, if EUR/USD falls below 1.1001. Alerts are sent via push notifications, on the MT4 desktop software and mobile app.
You can also create custom watchlists. This is handy for keeping tabs on your preferred markets – whether that’s Apple stock, EUR/CHF, or gold.
Perhaps one of the most underrated features of MT4 is its support for financial news. This is provided by third-party publishers and includes a wide range of use cases.
For instance, you can elect to receive news alerts when central bank meetings are about to take place. Or if a blue-chip stock is about to release its quarterly earnings report.
Although MT4 is the more popular option with traders, it also has a younger alternative – MT5. Just like MT4, MT5 is backed by MetaQuotes. It is also a third-party trading platform that connects with selected online brokers.
While MT4 and MT5 share many similarities, the latter offers slightly more features and tools. For example, while MT4 comes with nine timeframes, MT5 extends this to 21.
This includes unconventional timeframes, such as 2,3,4, and 6-minute charts. Moreover, MT5 offers more advanced backtesting facilities when compared to MT4. This will appeal to traders who want to perfect their strategies before risking any capital.
Unlike MT4, MT5 allows you to set up multiple trading accounts and currencies simultaneously. It also comes with an in-built economic calendar and support for MQL5. The latter is a more advanced scripting language that will appeal to algorithmic traders on the hunt for the best MT5 brokers. All that being said, MT4 is more widely accepted by online brokers.
Conclusion
In summary, there are hundreds of MetaTrader 4 brokers in the market – each offering their own fees, spreads, and supported markets.
Overall, Vantage Markets is the best option to consider. It supports thousands of trading instruments – from forex and stocks to indices, and commodities.
What’s more, Vantage Markets is a broker that offers competitive spreads, and it takes less than five minutes to open a real money account.
Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.
According, to MT4, more than 750 brokers and banks support its software.
What is the best broker to use with MT4?
We rank Vantage Markets as the best broker for trading on MT4. It offers tight spreads on all supported markets and is regulated by multiple licensing bodies.
Can I trade on MT4 without a broker?
No, it’s not possible to trade on MT4 without a brokerage account. That said, you can open a free demo account with Vantage Markets and instantly connect it to MT4.
Can you get MetaTrader 4 for Mac?
Yes, not only is MetaTrader 4 available on Mac devices, but Windows and Linux too. It also comes as an app for iOS and Android.
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Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…
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