| Updated: December 9, 2024MetaTrader 4 is known for being intuitive and easy to use for both novice and veteran traders, and below, you can find our selection of top-notch forex brokers that offer this bespoke trading platform.
Fusion Markets74-89% of retail CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
AvaTrade76% of retail investor accounts lose money
CMC Markets71% of retail investor accounts lose money
Libertex74.91% of retail investor accounts lose money
Admirals73% of retail investor accounts lose moneyMetaTrader 4 Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,862 | 4.9 ⭐ |
| 2. FP Markets | 7,092 | 4.7 ⭐ |
| 3. Pepperstone | 2,789 | 4.6 ⭐ |
| 4. Global Prime | 161 | 4.5 ⭐ |
| 5. AvaTrade | 8,855 | 4.4 ⭐ |
| 6. CMC Markets | 2,090 | 4.2 ⭐ |
| 7. Libertex | 9,456 | 4.0 ⭐ |
| 8. Admirals | 1,851 | 3.9 ⭐ |
Comprehensive Comparison of the Top 8 MetaTrader 4 Forex Brokers
| MetaTrader 4 Forex Broker | Forex Maximum Leverage | Min Deposit | Trust Pilot Rating | Regulators |
|---|---|---|---|---|
| 1. FP Markets | 1:30 (Retail)1:500 (Professional) | $50 (AU$100) | 4.7 ⭐ | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines) |
| 2. Pepperstone | 1:30 (Retail ASIC, CySEC, FCA); 1:500 (Professional); 1:400 (CMA) | $0 | 4.6 ⭐ | UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas) |
| 3. Global Prime | 1:30 (Retail)1:500 (Professional) | $0 | 4.5 ⭐ | ASIC (No. 385620), VFSC (No. 40256) |
| 4. Fusion Markets | 1:30 for ASIC Entity (1:500 for VFSC Entity) | $0 | 4.9 ⭐ | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
| 5. Libertex | 1:30 (EU)1:1000 (Non-EU) | $10 | 4.0 ⭐ | CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686) |
| 6. CMC Markets | 1:30 (Retail) 1:500 (Professional) | $0 | 4.2 ⭐ | ASIC, MAS, FCA, BaFin, IIROC |
| 7. AvaTrade | 1:30 (1:400 for Pro and Non-EU Accounts) | $100 | 4.4 ⭐ | FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662) |
| 8. Admirals | 1:30 (Retail)1:500 (Professional) | $100 ($1 for Invest MT5 Account) | 3.9 ⭐ | CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No.SD073) |
Top 8 Brokers Offering MT4
Established in 2017, Fusion Markets is a relatively young broker that is popular among traders who gravitate toward markets like forex, cryptocurrencies, soft commodities, and more. You can pick between a range of platforms as a Fusion Markets client, and this includes MetaTrader 4.
In terms of education, Fusion Markets might not be the best broker for beginners, but it should be noted that the broker does offer resources like a trading calculator and an economic calendar.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
First Prudential Markets, better known as FP Markets, is a forex broker that opened its virtual doors in 2005. Its platform selection includes cTrader, TradingView, MT5, and, of course, MT4. The WebTrader version of MT4/5 is also an option.
Apart from forex, FP Markets also gives its users the opportunity to trade CFDs like metals, shares, commodities, and the like. For those new to trading, setting up a demo FP Markets account before one moves on to live trading can be a great option to start, seeing as it allows one to practice in a safe environment.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% 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. - 3. Pepperstone
A prominent name in the online trading scene, Pepperstone is a broker that has been around since 2010. If you are planning on trading forex, indices, and commodities or testing out other markets, Pepperstone is an excellent option. MetaTrader 4 is among the available platforms, ensuring that Pepperstone is suitable for desktop users and traders who need to have access to their accounts on the go. Pepperstone is available in a range of countries across the globe and is licensed by trusted regulators like CySEC and the UK’s FCA.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% 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. - 4. Global Prime
True to its name, Global Prime caters to traders in plenty of locations the world over and is regulated by ASIC and the VFSC. Known for being a low-fee broker, that gives clients the freedom to choose between MT4, MT5, TradingView, and cTrader. MT4 is available for users that have any Global Prime account type, meaning that regardless of whether you are a standard user, someone with a Raw Account, a professional using Global Prime Pro, or someone who is just starting out with a demo account, MT4 will be at your fingertips. It seems plenty of clients are satisfied with Global Prime’s service, seeing as its Trustpilot score stands at a respectable 4.2 at the time of writing.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 5. Libertex
Libertex is a broker that bears the seal of approval of the financial regulator of Cyprus (CySEC). Clients are given the choice between Libertex’s own proprietary platform or going with MT5 or, of course, MT4.
By making Libertex your broker of choice, you can trust that should you ever need help, you can get in touch with the customer support staff via live chat, phone, or email. Libertex’s customer service representatives are known to be friendly and quick to resolve issues.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.91% 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. - 6. CMC Markets
If you are looking for a broker that offers excellent educational content, CMC Markets is among the best choices available. The broker boasts plenty of guides that walk you through the ins and outs of using a trading platform like MT4, a trading library with a wealth of useful information, and regional seminars and webinars. Speaking of which, we should point out that CMC Markets is an international broker that welcomes players from a range of countries, and its website is available in English, Spanish, German, and more. Unfortunately, CMC Markets does not accept traders from the US.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. - 7. AvaTrade
Those who are on the lookout for a reliable MT4 broker should certainly consider AvaTrade. The broker was founded in 2006, giving it nearly two decades of experience in the trading scene, and it is now regarded as one of the options for traders the world over. Forex as well as CFDs like stocks and ETFs are among the markets presented to AvaTrade users, and if one happens to be just starting out, AvaTrade also provides clients with a lot in terms of education resources. As for regulation, AvaTrade certainly passes with flying colors: entities like ASIC and the CBI are among the trusted supervisory entities that have licensed AvaTrade.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. - 8. Admirals
Admiral Markets, now known as Admirals after a 2021 rebrand, is an award-winning broker that has much to offer to forex enthusiasts. While Admirals has developed its own proprietary web platform, the broker does fully support both MetaTrader 4 and 5. A range of licenses, including one issued by CySEC, serve as a testament to Admirals’ commitment to quality, client safety, and the law. It seems this has paid off, seeing as a Trustpilot score of 4.0 suggests that many traders are indeed pleased with Admirals’ service. Moreover, seeing as Admirals can be used in many places across the globe and Europe especially, users can switch between English, French, Romanian, Estonian, Italian, German, and Polish, to name a few.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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.
What Is MT4?
As one can infer from its name, MetaTrader 4, also known as MT4, is a piece of software that gives individuals the opportunity to trade currencies. Developed and owned by MetaQuotes, MT4 has been around since 2005, and it is now one of the most widely used forex trading platforms on a global scale. While it is most commonly known for facilitating trades with forex pairs, MT4 also supports various CFD instruments, allowing its users to trade markets like indices and commodities as well.
Below you can find our video tutorial explaining how to use MetaTrader 4, recorded by Christopher Lewis, a prominent Forex trader and analyst.
Main Reasons to Use MT4
Given the availability of newer trading software, some might be surprised that MT4 continues to maintain its position as one of the most popular platforms online, especially when considering it was launched all the way back in 2005. However, this can be easily explained by what MT4 has to offer to forex enthusiasts and other players in the trading scene.
First, there is the user interface. While a bit dated appearance-wise, it is quite easy to get the hang of. A range of trading order types are available, including but not limited to market orders, pending orders, and stop orders. Trailer stops are also available. Other features include technical analysis tools, alerts on market news, backtesting, and automated trading. Algorithmic (automated) trading on MT4 is achievable with the use of Expert Advisors (EAs), which are trading robots that can be seamlessly installed on the MT4 platform. EAs help traders monitor markets, spot trends, and automatically open and close orders, making the whole trading experience much more accessible and easy. Additional tools, like a tick chart trader, alert manager, and correlation matrix, among others, are also available.
Its sheer popularity is another major upside. After all, it is actually somewhat difficult to find a forex broker that does not offer MT4, which means that you have a wide range of forex brokers to pic from as an MT4 user. Moreover, since you can easily stick to MT4 brokers, it will be unnecessary to learn the ropes of new software each time you make the switch.
| How Other Forex Trading Platforms Measure Against MT4 | ||||
|---|---|---|---|---|
| MetaTrader 4 (MT4) | MetaTrader 5 (MT5) | cTrader | TradingView | |
| Supported Assets | Forex | Forex, Stocks, Options, Futures, Bonds, Commodities, Indices | Forex, Stocks, Commodities, Indices, Cryptocurrencies, ETFs | Forex, Commodities, Stocks, Indices, Cyrptocurrencies |
| Chart Types | Bar, Line, Candlestick | Bar, Line, Candlestick | Bar, Line, Candlestick, HLC, Renko, Heikin-Ashi, Tick, Dot, Range-Based | Bar, Candle, Volume, Line, Baseline, Heikin-Ashi, Renko, Line Break, Kagi, Range, HLC, Step Line, Time Price Opportunity, and more |
| Order Types | Market Order, Buy/Sell Stop, Buy/Sell Limit, Stop Loss, Take Profit | Market Order, Buy/Sell Limit, Buy/Sell Stop, Buy/Sell Stop Limit, Stop Loss, Take Profit | Market Order, Buy/Sell Limit, Buy/Sell Stop, Stop Limit | Market Order, Buy/Sell Limit, Buy/Sell Stop, Stop Limit |
| Programming Language | MQL4 | MQL5 | C#, .NET | Pine Script |
| Direct Deposit/Withdrawal | No | Yes | Yes | No |
| Backtesting | Single-threaded strategy tester | Multi-threaded strategy tester | Yes, cTrader Algo | Yes |
| Automated Trading Instruments | Expert Advisors (EA) | Expert Advisors (EA) | Custom Indicators, cBots | N/A (at least not directly) |
| Platform Pricing Options | Free | Free | Free | Free |
How To Connect a Broker to MT4?
If you are planning on using MT4, you will not find the setup process difficult. The first thing you will need to do is go to your broker of choice’s website and create a live account. Then, log in, and open a live MT4 account through your broker, after which you will receive an email with your MT4 password. Next, install MT4 (the software itself is free) and, finally, log in with the said password as well as your MT4 ID. Do note that it is possible to open a demo account first if you do not wish to start trading with real funds immediately.
What is the Cost for Using MT4?
One of the main reasons MT4 has, for many, become the go-to trading platform online is the fact that it is free to download for end users. While MetaQuotes does not charge traders for using its software, trading will still be accompanied by the spread and other costs determined by brokers. In some cases, the fee might not be built into the spread and instead be charged as a commission on a regular basis.
Brokerages themselves need to pay for a license, however. The cost is $100,000, and they also pay monthly fees as well.
Does MT4 support backtesting for forex?
Backtesting has become a crucial tool for many a successful trader. It allows one to assess a trading strategy by utilizing historical data and then test it out via paper trading. Backtesting is something that MT4 is more than capable of, with both automatic and manual backtesting being available. For automatic backtesting, MT4 users need to enable the feature from the View sub-menu. Once they select the option, it will allow them to test either EAs or indicators used by the trader. While there are several ways to test your trading strategies, the MT4 software suggests the Every Tick model as the most precise way to backtest an EA.
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