Best MT4 Brokers Reviewed & Compared for 2024
This article includes affiliate links. If you use these links to buy something we may earn a commission. Every service or product is selected independently by Forex-uk.co.uk.
MetaTrader 4 brokers are the most used by traders around the world: even after the launch of MT5, brokers continued to use MT4 brokers to give traders the opportunity to profit from one of the most complete and easy-to-use trading platforms.
Moreover, MT4 is free for users: as we will see, you can easily download MT4 and use it in demo mode. But if you want to make real profits, you’ll need a regulated broker: in this article, we will show you the most trusted, secure and easy-to-use forex brokers - and all of them use MetaTrader 4.
In this guide, we will discuss and review the four best MetaTrader 4 for brokers, so you can pick the right one for you
The 4 best metatrader 4 brokers for 2024 Reviewed
All these Metatrader 4 brokers have some points in common: competitive spreads, focus on education - both for beginners and advanced traders, several assets to trade, security and live accounts that can be easily integrated with MetaTrader 4.
Pepperstone MT4
Pepperstone is one of the largest MetaTrader 4 brokers in the market: its focus on security and risk management makes it perceived by traders as one of the safest brokers around.
Pepperstone MT4 allows users to trade over 700 instruments and to do that easily:
Its integration with TradingView allows traders to better analyze markets;
MT4 traders can integrate their MT4 account to easily withdraw their funds directly with MetaTrader;
Pepperstone offers several payment methods and its international presence makes it possible to find different payment methods according to the country and even fee-free payment options;
As one of the best MetaTrader 4 brokers, Pepperstone also focuses on education: while experienced traders will find all the tools they need, beginners will be able to become more confident with trading thanks to Pepperstone’s specific guides and webinars;
Orders are executed extremely fast - most of them in less than 30 ms.
Why we picked it
Pepperstone cTrader is a top choice for many. It has received multiple accolades, including the ADVFN International Financial Awards, Trading Guide, and more. We think it’s an exceptional option because it features 1200+ instruments, including 62 forex pairs. Investors can find stocks, ETFs, commodities, and indices with ease.
Aside from MT4, you can also access a wide range of trading platforms like TradingView and MT5. It is also regulated in seven jurisdictions, making it a top contender.
Pros & Cons
Pros
Regulated in 7 jurisdictions globally
Offers trading across 174 countries
Meticulous background checks
No withdrawal or inactivity fee
Cons
Some may find the interface confusing
Fees can be higher than other options
Vantage MT4
Vantage Metatrader 4 broker has 4.4 out of 5 stars on Trustpilot, and it’s not hard to understand why.
Vantage is a regulated broker that simplifies the life of traders:
You can easily open a live trading account in a few clicks and integrate it with MT4;
Costs are extremely low and the platform requires 0 deposit fees;
As one of the best metatrader 4 brokers, Vantage offers protection against negative balances;
Its support team is constantly active, reliable and fast;
Traders are welcomed with a 50% bonus;
You can trade over 300 assets;
Differently from competitors, Vantage offers forex signals for free;
You can even activate a demo account to test your trading strategies;
Payment methods include options like Skrill and Neteller.
Why we picked it
Earning the Best in Class honors for Social Copy Trading in the 2024 Annual Awards, Vantage is one of the most trustworthy brokers out there. It offers a wide range of currencies, including crypto. This mobile trading app is very easy to use.
Pros & Cons
Pros
Regulated in two Tier-1 jurisdictions, one Tier-2 jurisdiction, and two Tier-4 jurisdictions
Protection against negative balance
Offers a demo account to test trading
Cons
Pro ECN accounts are unsuitable for budget investors because of the vast deposit chunk
Spreads aren’t as effective without a $1,000 deposit
XTB MT4
The slogan of XTB, Trade Your Way, fully respects the number of opportunities for forex traders on this platform.
XBT is one of the best metatrader 4 brokers that offer more assets to trade - over 2000 - and this is not the only pro of this platform:
XBT MT4 is trusted by almost 500,000 traders;
Its MT4 integration makes it easy to trade assets directly on the MetaQuotes trading platform, and XBT offers tutorials to correctly use it;
Traders can analyze charts and market depth to better set their strategies;
XBT MT4 is fully customizable to offer a highly personalized trading experience;
Guides and tutorials are available not only for what concerns markets, but also to explain the functioning of the platform.
Why we picked it
XTB MT4 is an easy choice because of its CFD trading fees and product selection. We particularly like it because its product range expansion now includes real stocks and ETFs, making it a preferred choice for CFD traders who want a diverse portfolio. XTB’s interface is also very easy to navigate.
Pros & Cons
Pros:
Regulated in two Tier-1 jurisdictions, two Tier-2 jurisdictions, and two Tier-4 jurisdictions
The Trading Academy offers more than 200 extensive educational videos and written material
Opening an account is easy and straightforward
Free withdrawals
Higher interest rates than most traders
Cons:
No daily video updates in English
Inactivity fee
High currency conversion rates
Plus500 MetaTrader
Plus500 is one of the best mt4 brokers that managed to merge advanced tools and an easy-to-use platform.
The main advantages of this broker don’t involve only tools and design, but also low costs:
In a few minutes you can open a live or demo account to start trading with Plus500;
These brokers for mt4 support over 60 forex pairs;
Leverage is up to 1:30 and this, mixed with the number of order types available on the platform, allows traders to earn profits with minimum deposits and significantly reduce losses;
Plus500 MetaTrader requires 0 fees on deposits, trades, rolling options, deposits and quotes.
Why we picked it
Plus500 MetaTrader is an easy pick because the desktop and mobile app are very user friendly. Investors can opt for long- and short-term investments and maintain healthy diversity in their portfolios.
Pros & Cons
Pros:
Regulated in six Tier-1 jurisdictions, three Tier-2 jurisdictions, and one Tier-4 jurisdiction
User-friendly interface, which is perfect for beginner traders
Charting options across multiple devices
2,800 tradeable symbols
Cons:
Basic features may not be enough for advanced traders
Educational content doesn’t provide insights into market trends, updates, or analysis
High CFD and conversion fees
What Is MetaTrader 4 (MT4)?
MetaTrader 4 is one of the most famous trading platforms in the market.
It is mainly famous for being a forex trading software, and its success is due to many reasons:
You can create a demo account for MetaTrader 4, so you can test your strategies;
You can use it to create your automated trading desk;
You can set up your MT4 EA (expert advisor).
MT4 was released by MetaQuotes Software in 2005: the company provides international brokers with its tools, to allow them to integrate a trading software as a service.
While brokers pay for the software, end users can download MetaTrader 4 for free and even use it in demo mode.
If you have an account on a partner broker you will be able to use MT4 and link it to your account: by doing this you will be able to analyze markets, set up your operations and automate your trading activity.
What Is MetaTrader 4 (MT4)?
MetaTrader 4 or MT4 is one of the most famous trading platforms in the market.
It is mainly famous for being a forex trading software, and its success is due to many reasons:
You can create a demo account for MetaTrader 4, so you can test your strategies;
You can use it to create your automated trading desk;
You can set up your MT4 EA (expert advisor).
MT4 was released by MetaQuotes Software in 2005: the company provides international brokers with its tools, to allow them to integrate trading software as a service.
While brokers pay for the software, end users can download MetaTrader 4 for free and even use it in demo mode.
If you have an account on a partner broker you will be able to use MT4 and link it to your account: by doing this you will be able to analyze markets, set up your operations and automate your trading activity.
What is MetaTrader 4 used for?
Automated forex trading is just one of the functions of MetaTrader 4.
Once you download MT4, you will be able to test its functionalities for free.
Once you download it, you’ll need to create your account using your data and setting a password.
The screen is divided into different sectors. Let’s analyze the main ones:
Charts: the first thing you will notice are charts. You can choose to add your favorite pairs to have them in sight. Charts will allow you to check price behaviors and you can choose the kind of charts that best suit your needs: line, bars and candles charts are available.
Timeframe: you can choose different timeframes for your charts, from 1-minute to monthly charts.
Navigator: from this menu, you can choose your MetaTrader 4 indicators - they can work as MT4 EAs once activated.
Algo Trading: algorithmic trading will allow you to activate your forex trading robot and start the auto trading mode.
Terminal: from this window, you can monitor your trading activity - including auto trading.
MT4 vs MT5
In 2010 MetaQuotes announced the launch of a new trading platform: MetaTrader5.
The are many differences between mt4 and mt5. The MT5 platform has more complex features if compared to MT4:
While MT4 is mainly focused on forex and CFD trading, MT5 supports more markets - also futures and stocks;
MT5 has more timeframes - 21, while MT4 has 9 timeframes;
6 types of orders vs. the 4 types of MT4;
MT5 offers more trading tools.
Once the number of MT5 brokers exceeded the number of MT4 brokers, MetaQuotes decided to stop the sale of MetaTrader 4.
Nevertheless, traders still love MT4: in an MT4 vs. MT5 comparison, it’s obvious that MT4 is easier to use and more focused on forex.
For this reason, brokers also started offering MT5 as an alternative, and even if MetaQuotes wants to boost MT5 sales, the market has the final say.
That’s why we want to provide you with a review of the best MetaTrader 4 brokers.
Final Thoughts: Should traders use MT4?
MetaTrader 4 is still one of the best trading platforms around and its success is confirmed also by the number of brokers that use it as an integrated service.
Traders especially love its simplicity, its focus on forex, and its automation tools. Traders can easily set up a full trading strategy, and they can decide when it’s time to use real money: in fact, they can download and use MT4 for free as long as they wish, also profiting from the support of a large community of traders.
So, traders who focus on forex and CFDs should use MT4, and also use the main tools provided by the countless brokers that offer MT4 as a trading platform.
FAQ
-
No, MetaTrader 4 itself is free to download and use - only brokers have to buy it, but it’s free for end users.
-
MT4 is free, but you still need a broker to trade, so the minimum deposit will depend on the broker you choose.
-
Yes, it is easy to navigate and use also for beginners - actually, it is mainly famous for being an easy-to-use trading platform. Moreover, traders will find many tutorials to use it correctly.
-
MT4 is one of the best trading platforms: it’s easy to use, free, allows EAs, and can be used in demo mode, it’s easy to integrate with brokers and you can trade many assets.
-
You will need to choose your trading account on MT4 and click “Withdraw” - amount and options for withdrawals depend on the broker you chose.
-
The company behind the trading platform announced that it would stop selling MT4 in 2018, but since there are many brokers that use the platform, it won’t disappear any time soon.
-
There are many differences between the two trading platforms, but the main ones involve markets available - MT4 is more focused on forex and CFDs, while MT5 also supports futures and stocks; timeframes - MT5 supports 21 timeframes vs. the 9 supported by MT4; costs - MT5 is cheaper for brokers; type of orders - MT5 supports more type of orders.
-
MetaQuotes stopped the sale of MT4, but brokers that already use the platform won’t stop offering it - MT4 is still the top trading platform for forex traders.
-
There are many MT4 brokers in the market, and there’s no way to know which is the best. This is a highly subjective answer and depends on each individual use case—what works for one investor may not necessarily work for another. It would be wise to ask fellow investors about their preferences, check reviews online, and discuss different features offered by MT4 brokers before investing.
-
When looking for a broker for MetaTrader 4, consider your investment needs above everything else. Look at trustworthiness, regulated areas, pricing, customer service quality, and any add-on offers.
-
Yes, MetaTrader 4 is growing exponentially globally, and the UK is no exception. Investors can use MetaTrader through spread and CFDs. These are tax-free ways to gain the benefits of investments without having to worry about the market.
-
No, you don’t need to have a broker. You can directly register on the MT4 platform. That said, you cannot live trade without signing up with a broker.