Most traders know that the MetaTrader 4 trading platform, commonly known as MT4, is one of the most popular and well-respected forex trading platforms. MT4 is, as the name suggests, the fourth iteration of the MetaTrader suite, produced by MetaQuotes Software. MT4 brokers offer traders a wide range of trading tools and access to various useful indicators, plug-ins and other features to make trading forex and CFDs easier.
While you will often hear traders referring to ‘MT4 brokers’, MT4 is actually a trading system that can be used by any brokerage. MT4 Forex brokers are simply those who offer their clients access to the MT4 trading platform, so there is a lot of difference in the features and benefits that MT4 brokers provide. Some brokers only offer MT4 trading, while others have a choice of trading platforms that include MT4. Most MT4 brokers offer a choice of MT4 for PC and Mac, the WebTrader version of the software, which can be accessed online on most devices, and of course, the MT4 mobile app.
The Best MT4 Brokers
| Broker | Features | Min Deposit | EURUSD Spread | ||
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 Your capital is at risk
US Clients: No Regulated : Yes
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– Flexible leverage up to 500:1 |
$200 | From 0.1 | ||
 72% of retail CFD accounts lose money.
US Clients: No Regulated : Yes
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– Ultra-fast execution from 0.2s |
$100 | from 0.0 pips |
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Your capital is at risk
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 Your capital is at risk
US Clients: No Regulated : Yes
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– 40% New Member Bonus
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$100 | Fixed |
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Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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 Your capital is at risk
US Clients: No Regulated : Yes
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$50 | from 0 | |||
 Between 74-89 % of retail investor accounts lose money when trading CFDs
US Clients: No Regulated : Yes
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$200 | NDD 0.09 / Standard 0.69 |
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Between 74-89 % of retail investor accounts lose money when trading CFDs
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MT4 Broker Benefits
- MT4 software is easy to use and very intuitive. Even inexperienced forex traders tend to find the platform very simple and user-friendly.
- MT4 is free to download and install. While you will incur various trading costs that vary between brokers, you will not be charged to use the MT4 platform.
- MT4 is very popular, so plenty of brokers offer trading via the platform. So, if you switch to a new broker, as long as you pick another MT4 broker, you won’t have to learn a whole new system.
- The MT4 suite works well on a variety of different devices. A robust and intuitive MT4 mobile app is available for both iOS and Android devices, and the software can be downloaded for PC, Mac, Windows and Linux systems.
- MT4 brokers can offer a wide range of features for traders of all types. The system supports day trading, scalping, hedging and many other techniques.
- The MT4 software integrates well with various third-party apps and plug-ins, allowing for extra features such as automated trading, copy trading, and various charting tools and technical indicators.
MT4 Broker Disadvantages
- While the MT4 system is very user-friendly, it does have quite a lot of options and features. Some very inexperienced traders may find that their broker’s proprietary trading platform is even more straightforward and better suited to their needs.
- High-frequency traders may find that the order execution on MT4 is simply not fast enough for them.
- MetaTrader software has built-in obsolescence. MT4 is still much-loved and very popular, but MT5 has already been released. Although plenty of brokers are still using the system, no new MT4 licences are being issued.
Conclusion
MT4 brokers are top-rated among forex traders due to the various platform features, intuitive interface and a high degree of compatibility with other systems and indicators. It is also fair to say that many traders will continue to stick with MT4 trading, even when they switch brokers, simply because they know, trust, and understand the system. Remember that each MT4 broker will offer a different set of features and offers, so be sure to look at other aspects of the broker that matter to you, such as deposit and withdrawal methods, minimum deposit required, and the types of accounts offered.