6 Best MetaTrader 4 Forex Brokers

The 6 best MT4 Brokers revealed. We have explored and tested several prominent brokers to identify the Top 6 MT4 Forex Brokers.

In this in-depth guide, you’ll learn:

• The Best MetaTrader 4 (MT4) Forex Brokers – a List
• The Best MT4 Forex Brokers for Beginners and Demo Trading.
• Is MetaTrader 4 a good trading platform for Crypto Trading?

And much, MUCH more!

6 Best MetaTrader 4 Forex Brokers – a Comparison

6 Best MetaTrader 4 Forex Brokers (2024)

1. ☑️ AvaTrade – Overall, the Best MetaTrader 4 Forex Broker
2. ☑️ XM – Best MT4 Broker for Beginners
3. ☑️ Pepperstone – Popular Forex Broker for Experience Traders
4. ☑️ HF Markets – Low MYR Deposit MT4 Broker
5. ☑️ FXTM – Full MetaTrader Suite
6. ☑️ IC Markets – Award-Winning MetaTrader4 Broker

AvaTrade

AvaTrade offers the MetaTrader 4 (MT4) trading platform, a powerful tool for Forex and CFD trading. MT4 provides access to a wide range of assets, including currencies, commodities, stocks, and indices, along with advanced charting tools, technical indicators, and customizable trading strategies.

AvaTrade’s spreads are competitive, allowing traders to access the markets with minimal cost. They offer various account types tailored to different trading styles and experience levels, including demo accounts for practice and Islamic accounts compliant with Sharia law.

Their educational resources cater to traders of all levels, with webinars, video tutorials, articles, and market analysis to enhance trading skills and knowledge.

Additionally, AvaTrade provides dedicated customer support, available 24/5 via phone, email, and live chat, ensuring traders receive prompt assistance with any queries or issues they may encounter during their trading journey.  AvaTrade has a high trust score of 96%

The Pros of Trading with AvaTrade will include:

✅AvaTrade offers a unique risk management tool called AvaProtect, which allows traders to protect their trades from adverse market movements for a certain period, providing peace of mind.

✅AvaTrade provides a diverse range of financial assets, such as FX, shares, commodities, cryptocurrencies, and more, with multiple trading opportunities.

✅AvaTrade offers AvaTradeGO, a user-friendly mobile trading platform that allows traders to access trading tools, market analysis, and real-time updates while on the go, giving them more freedom.

✅The AvaTrade platform supports copy trading, which allows traders to manually replicate experienced investors’ trades, hence facilitating passive investment strategies.

✅AvaTrade offers AvaSocial, a social trading platform that allows traders to interact, share trading ideas, and track successful traders, fostering a collaborative trading atmosphere.

The Cons of trading with AvaTrade may include:

✅AvaTrade’s spreads may be slightly higher than those of other brokers, increasing investors’ trading costs.

✅AvaTrade’s educational resources may be less comprehensive than those of certain competitors, delaying the learning curve for beginning traders.

✅AvaTrade charges inactivity fees on accounts that have been dormant for an extended period, which can disadvantage traders who trade infrequently.

✅While AvaTrade offers cryptocurrency trading, the amount of coins accessible for trade may be limited in comparison to specialist cryptocurrency exchanges.

✅AvaTrade’s platform customization options may be limited when compared to those of other brokers, limiting flexibility for sophisticated traders looking for more customizable trading settings.

XM is a renowned Forex broker offering the MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced trading features.  Through XM’s MT4, traders gain access to a wide range of currency pairs, commodities, indices, and stocks, along with customizable charts, technical indicators, and automated trading capabilities.

XM provides comprehensive analysis tools, including daily market analysis, economic calendars, and trading signals, empowering traders with valuable insights to make informed decisions.

They offer various account types to suit different trading preferences, including Micro, Standard, and XM Ultra Low accounts, each with unique features tailored to diverse trading styles.

Deposits and withdrawals with XM are convenient and secure, with multiple payment options available, including bank wire, credit/debit cards, and e-wallets.

XM is regulated by reputable authorities such as CySEC in Cyprus, ASIC in Australia, and the IFSC in Belize, ensuring adherence to strict financial standards and providing clients with peace of mind regarding fund security and regulatory compliance.   XM has a high trust score of 90%.

The Pros of Trading with XM will include:

✅XM clients have access to global markets as well as a wide range of trading options.

✅XM’s cent account allows traders, particularly novices, to begin their operations with less capital and significantly lower their risk.

✅In addition to improving transaction cost effectiveness, XM‘s platform provides competitive margins, which may increase merchant profitability.

✅XM offers traders a variety of instructional opportunities, including webinars and seminars, to assist them in becoming more knowledgeable traders.

✅Bilingual customer assistance from XM facilitates effective talks.

✅Clients can build diverse trading portfolios using XM‘s vast array of financial instruments, which includes forex, commodities, indices, and cryptocurrencies.

The Cons of Trading with XM may include:

✅Compared to other brokerages, XM has a limited selection of cryptocurrencies. This restriction

✅ may limit the options available to traders looking to purchase a variety of bitcoin assets.

If traders leave their accounts unattended for an extended period, they risk paying inactivity fees. Inexperienced traders may find this disturbing.

✅XM uses variable spreads, which may be higher during periods of increased market volatility.
XM’s fixed deposit choices are not always as competitive as those of its industry competitors. This could impede traders from seeking further benefits.

✅XM’s pricing structure is account category-specific, which may be perplexing for some users, leaving many traders perplexed.

✅The regulatory landscape, as well as XM‘s power to enforce leverage limits, may influence traders who use methods that favor higher leverage ratios.

Pepperstone

Pepperstone is a leading Forex broker renowned for its robust MetaTrader 4 (MT4) platform, offering traders access to a wide range of currency pairs, commodities, indices, and cryptocurrencies.

The MT4 platform provided by Pepperstone is equipped with advanced charting tools, technical indicators, and expert advisors, empowering traders to execute their strategies with precision and efficiency.

Pepperstone offers competitive spreads, ensuring cost-effective trading for its clients across various markets.

Additionally, the broker provides extensive educational resources, including webinars, tutorials, and market analysis, catering to traders of all levels to enhance their trading knowledge and skills.

Regulated by reputable authorities such as ASIC in Australia and the FCA in the UK, Pepperstone adheres to stringent financial regulations, ensuring client fund security and transparency.

With a comprehensive suite of trading tools, diverse asset selection, competitive spreads, and strong regulatory oversight, Pepperstone stands as a trusted choice for Forex traders worldwide.  Pepperstone has a high trust score of 92%

The Pros of Trading with Pepperstone will include:

✅Pepperstone is regarded for having some of the industry’s most competitive spreads, making it affordable for traders.

✅Pepperstone offers modern trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, which provide traders with cutting-edge tools and features.

✅The broker charges cheap trade commissions, allowing traders to considerably cut their trading costs.
Pepperstone’s trading technology provides fast execution, reducing slippage and increasing trade efficiency.

✅Pepperstone provides a wide selection of educational services, including webinars, tutorials, and market analysis, to help traders develop their abilities and stay informed.

The Cons of Trading with Pepperstone may include:

✅While Pepperstone provides a wide range of FX pairs and CFDs, the number of tradable assets in other markets, such as stocks and cryptocurrencies, may be limited.

✅Some users have noticed occasional delays or issues contacting Pepperstone‘s customer support personnel, especially during peak trading hours.

✅Pepperstone may be unavailable to traders in certain locations because of regulatory constraints, limiting access for some potential consumers.

✅While Pepperstone’s spreads are competitive overall, they can occasionally widen during periods of market volatility, affecting trading expenses.

✅While Pepperstone does give some market analysis tools, traders may find the research offerings to be less substantial than those of other brokers.

HF Markets

HFM is a leading Forex broker offering access to the renowned MetaTrader 4 (MT4) platform, known for its intuitive interface and powerful trading capabilities.

Traders can utilize MT4’s advanced charting tools, technical indicators, and automated trading features to execute their strategies efficiently.

Operating within a regulated environment, HFM ensures client fund security and transparency, maintaining compliance with regulatory standards set by authorities such as CySEC and the FCA.

With HFM, traders can start their journey with a low minimum deposit, making it accessible to traders of all levels.

HFM also provides analytical trading features, including daily market analysis, economic calendars, and trading signals, empowering traders with valuable insights into market trends and opportunities.

With a combination of reliable trading technology, regulatory compliance, accessibility, and analytical tools, HFM offers a comprehensive solution for traders seeking to navigate the Forex markets effectively.  HFM has a trust score of 85%.

The Pros of trading with HFM will include:

✅HFM offers protection against negative balances and maximum leverage of 1:2000, which is advantageous for traders.

✅Competitive commissions and zero-pip spreads help HFM traders.

✅Traders can choose MetaTrader 4 or 5, depending on their account type and device.

✅Aside from currency exchange, HFM provides several additional financial services.

✅HFM helps users at all skill levels by providing a wide range of account, instructional, and research categories.

✅Muslim traders can open Sharia-compliant accounts, often known as swap-free accounts.

The Cons of Trading with HFM may include:

✅Because of the extensive features of the MT4 and MT5 platforms, new traders may need to dedicate a substantial amount of time to the setup procedure.

✅HFM’s bonus and advancement programs may be behind those of its competitors.  Providing a significant amount of leverage could be risky.

FXTM, a leading Forex broker, offers the MetaTrader 4 (MT4) platform, renowned for its user-friendly interface and advanced trading tools. Through FXTM‘s MT4, traders access a wide range of assets, including currency pairs, commodities, indices, and cryptocurrencies, empowering them to diversify their portfolios and capitalize on market opportunities.

FXTM boasts low spreads, ensuring cost-effective trading for its clients across various markets. Operating within a strong regulatory environment, FXTM holds licenses from reputable authorities such as CySEC and the FCA, providing clients with confidence in fund security and regulatory compliance.

With FXTM, traders benefit from fast execution speeds, enabling timely order fulfillment and optimal trade performance.

The broker’s comprehensive asset selection, combined with competitive spreads, regulatory adherence, and efficient execution, positions FXTM as a trusted choice for traders seeking a reliable and dynamic trading experience in the Forex market. FXTM has a trust score of 93%.

The Pros of Trading with FXTM will include:

✅FXTM offers various account types tailored to different trading styles and experience levels, providing flexibility for traders.

✅FXTM provides extensive educational materials, including webinars, seminars, and market analysis, to enhance traders’ knowledge and skills.

✅FXTM offers low spreads, making trading cost-effective for clients across various markets.

✅FXTM operates within a robust regulatory framework, holding licenses from reputable authorities such as CySEC and the FCA, ensuring client fund security and regulatory compliance.

✅FXTM provides fast execution speeds, enabling timely order fulfillment and optimal trade performance.

The Cons of trading with FXTM may include:

✅FXTM’s range of cryptocurrencies available for trading may be more limited compared to some other brokers.

✅While FXTM does not charge deposit fees, there may be withdrawal fees associated with certain payment methods, which could impact traders’ profitability.

✅Some traders may find FXTM‘s fee structure complex, with various types of fees such as spreads, commissions, and swaps, which could lead to confusion for some clients.

✅Certain account types may have a more limited selection of tradable assets compared to others, potentially restricting trading opportunities for some clients.

✅While FXTM offers customer support, availability may vary depending on the region and time zone, which could affect accessibility for some traders.

IC Markets is a prominent Forex broker known for its cutting-edge MetaTrader 4 (MT4) platform, providing traders with access to a wide range of trading instruments, including currency pairs, commodities, indices, and cryptocurrencies.

MT4 platform offered by IC Markets features advanced charting tools, technical indicators, and expert advisors, empowering traders with comprehensive trading capabilities.

Regulated by reputable authorities such as ASIC in Australia and the FSA in Seychelles, IC Markets operates within a robust regulatory framework, ensuring transparency, security, and adherence to strict financial standards.

With IC Markets, traders can choose from a variety of account types tailored to different trading preferences, including Raw Spread accounts offering competitive pricing with low commissions, Standard accounts with zero commissions and spreads starting from as low as 0.0 pips, and Islamic swap-free accounts for clients following Sharia principles.

IC Markets’ diverse asset selection, combined with regulatory compliance, advanced trading technology, and flexible account options, positions it as a trusted choice for traders seeking a comprehensive and reliable trading experience in the Forex market.  IC Markets has a high trust score of 87%,

The Pros of trading with IC Markets will include:

✅ IC Markets supports social trading systems such as ZuluTrade and IC Social.

✅ The strict regulatory structure in place at IC Markets, overseen by agencies like ASIC and CySEC, ensures a secure trading environment.

✅ IC Markets provides Islamic accounts to traders who, because of religious views, want swap-free accounts.

✅ Traders can use high leverage to boost their positions in trades (up to 1:1000).

✅ IC Markets offers fee schedules and clear trading terms.

✅ IC Markets’ partnership with numerous liquidity providers allows for competitive pricing.

✅ IC Markets protects negative balances during moments of market weakness.

✅ IC Markets’ consistent server uptime assists traders who need continuous market access.

✅The no-dealing-desk (NDD) approach at IC Markets helps traders by eliminating conflicts of interest.

The Cons of Trading with IC Markets may include the following:

✅ The $200 minimum deposit is far higher than that of other brokers.

✅The plethora of trading tools and advanced skills may dissuade new traders.

What is an MT4 broker?

An MT4 Forex broker is a financial intermediary that provides access to the MetaTrader 4 platform for trading foreign exchange (Forex) markets. Through MT4, traders can execute trades, analyze market data, use automated trading strategies (Expert Advisors), and access a range of technical indicators for informed decision-making in the Forex market.

In Conclusion

Overall, utilizing the MetaTrader 4 (MT4) platform for trading offers traders a powerful and versatile toolset. With its advanced charting features, customizable indicators, and automated trading capabilities, MT4 empowers traders to make informed decisions and execute strategies effectively across various financial markets with confidence and precision.

Addendum/Disclosure: No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.

Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all South African investors.
Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital you cannot afford to lose because you could lose part of your original investment.

Frequently Asked Questions

What are the advantages of using MT4 for Forex trading?

MT4 offers advanced charting tools, customizable indicators, automated trading capabilities, and a user-friendly interface, empowering traders with efficient analysis and execution.

How do I choose the best MT4 broker for my trading needs?

Consider factors such as regulatory compliance, spreads, fees, asset selection, customer support, and trading conditions to find the MT4 broker that aligns with your trading preferences and goals.

Can I use MT4 on mobile devices to trade on the go?

Yes, MT4 is available on mobile devices through dedicated apps for iOS and Android. These apps allow traders to monitor markets, execute trades, and manage their accounts from anywhere with internet access.

Are there any fees associated with using MT4?

While MT4 itself is typically free to use, brokers may charge fees such as spreads, commissions, and swaps. These fees vary among brokers, so it’s important to compare them to find the most cost-effective option for your trading style.

What technical indicators and charting tools are available on MT4?

MT4 offers various technical indicators and charting tools, including moving averages, RSI, MACD, and Fibonacci retracement levels. These tools can help traders analyze market trends, identify potential entry and exit points, and make informed trading decisions.