MT4 which is also known as MetaTrader 4, is a popular trading platform used by most forex brokers and CFD brokers. The platform was developed and designed by MetaQuotes and is being offered to traders free-of-charge.
MetaTrader 4 offers users a simple functionality to trade the foreign exchange markets and CFDs, those include basic and advanced trading tools, advanced charts and technical analyses indicators, automated trading, etc.
MT4 gained enormous popularity among online brokers and traders since 2007 and continues to be the most used trading platform these days.
What is an MT4 Broker?
Although the MT4 trading platform is the most popular trading platform among online traders and online brokers, not all forex and CFDs brokers offer clients to trade through MT4. While some brokers offer only the MT4, others will expand the trading platform selection and offer more than one trading platform including MT4. The only way for a trader to trade with MetaTrader 4 is to choose one of the brokers that support MT4 and open an account with this broker.
Top 5 UK Regulated MT4 Brokers
24option, one of the most well known online brokers in the industry, offers online trading through a web-based platform as well as the popular MetaTrader4. Users can download the MT4 on 24 option’s website and trade on a demo account or a live trading account.
Pros
Cons
- Inactivity Fees
Types of Accounts
- Basic Account
- Gold Account
- Platinum Account
- VIP Account
Instruments Traded
- Forex
- Indices
- Commodities
- Cryptocurrencies
- Stocks
- ETF’s
AvaTrade is a well-established broker that has provided online trading services since its foundation in 2006. AvaTrade offers a variety of trading platforms including MT4. AvaTrade also supports trading with MetaTrader on Mac OS whether via downloading the desktop platform or web-based platform.
Pros
- Wide Selection of trading platforms
- MetaTrader 4 available on Mac
- MT4 trading via web-based page
- Automated trading
Cons
- Not available for US residents
Types of Accounts
- Demo Account
- Standard Account
- Managed Account
- Islamic Account
- Professional Account
Instruments Traded
- Forex
- Stocks
- Indices
- Commodities
- Bonds
- Cryptocurrencies
- Vanilla options
Pepperstone was founded in 2010 in Melbourne, Australia and has gained the trust and popularity among traders as one of the best forex brokers in the world. Pepperstone provides its traders 11 trading platforms which include the MT4, MT4 for Mac, and MT5.
Pepperstones focuses on providing its customers with all the tools to maximize trading capabilities including, but not limited to, client protection, education, and market analysis, VPS hosting, etc.
Pros
- A wide selection of trading platforms
- 14-hour customer support
- No inactivity fee
- Social/copy trading
- VPS hosting
Cons
- Limited range of products compared to other brokers
- Slow funds transfer
- No stocks trading
Types of Accounts
- Standard
- Razor
- Swap-free
- Active Traders
Instruments Traded
- Forex
- Commodities
- Indices
- Precious metals
- Energy
- Soft commodities
- Cryptocurrencies
Founded in 2010, ThinkMarkets is an Australian global provider of FX trading and CFD financial products. ThinkMarkets offers all possible forms of MT4 trading: Desktop (Windows & Mac), mobile and web. The broker focuses on CFD shares trading and supports two trading platform, the Trade Interceptor and the MetaTrader 4.
ThinkMarkets, formerly known as ThinkForex, is regulated by ASIC and FCA.
Pros
- Over 150 stocks
- Supports MT4 on all devices
- Tight spreads
- Offers market news and analysis
Cons
- Not available for US clients
Types of Accounts
- Standard Account
- Think Zero
- Islamic Account
- Joint Account
Instruments Traded
- Forex – Over 38 currency pairs
- Indices – 9 global indices
- Shares – Over 150 shares
- Cryptocurrencies – 9 crypto pairs
- Metals
- Commodities
FXTM is one of the largest and most well-known forex & CFD brokers around the world. The global award-winning broker provides traders and investors wide selection of products via MetaTrader4 and MetaTrader5. FXTM, also know as Forex Time, was established in 2011 and is highly regulated by CySEC, FCA, FSC, IFSC.
Pros
- Regulated broker
- Offers high leverage
- A minimum deposit of $10
- PAMM accounts
- Trading signals
Cons
- A Limited range of products
- A limited selection of trading platforms
Types of Accounts
Standard Accounts
- Standard Account
- Cent Account
- Shares Account
ECN Accounts
- ECN Account
- ECN Zero Account
- FXTM Pro Account
Instruments Traded
- Forex – Over 50 currency pairs
- Shares
- Commodities
- Indices
- ETF’s
- Cryptocurrencies
Top 5 US Regulated MT4 Brokers
Forex.com is the spinoff company of Gain Capital, one of the largest prime brokers of commodities and CFDs in the US. The firm started as a fully focused forex trading broker but is has ventured into other markets and asset classes through the years.
Keep in mind that the overall platform has been designed with the sole purpose of forex trading, so it can be tricky for anyone interested in actively trading any other market with it. Besides its proprietary platform, the firm offers access to MetaQuotes software, allowing investors to utilize the standard MT4 and MT5.
US brokers have always been known for being expensive compared to their offshore competitors, please be aware that even though forex.com might not be the cheapest option in the market initially, the company offers a very competitive fee structure on which active traders would get a prime spread. If you are planning on managing an active structure you should consider Forex.com as your go-to broker in the US, you will be amazed by their platform and also by their pricing for active traders.
Pros
- Regulated by one of the toughest regulators in the world – CFTC
- Powerfull In-house Platforms
- Research and Analysis like no other Broker in the US
Cons
- CFD trading is expensive relative to their competitors
- Opening an Account is slow and complicated
- Withdrawals can take up to 3 days
Types of Accounts
- Standard Account
- Direct Market Access Account (High-Frequency Traders)
- Commission Account
Instruments Traded
- All major Forex Pairs and also a broad range of exotic options
- CFDs on Commodities, Indices, Shares, and Cryptocurrencies
Ally Invest is a well-known broker in the US offering a broad range of financial assets with a focus on low trading fees. Active traders and investors with large execution should consider the broker as it provides great terms for high volume. Traders at Ally Invest can trade over 80 currency pairs and choose between two platform – the Ally Invest forex platform and the MetaTrader4. Day traders can enjoy tight spreads as low as 1-2 pips.
Ally Invest offers a Forex self-directed trading via MetaTrader 4 with tight spreads and the option to trade with automated trading.
Pros
- Low trading fees
- Over 80 currency pairs
- 17 languages available
- Accepts US traders
Cons
- Provides only forex trading via MT4
- Slow deposit and withdrawal process
Types of Accounts
- Self Directed trading
- Managed portfolio
- Margin Account
Instruments Traded
- Forex – Over 80 currency pairs
- Stocks
- ETF’s
- Options
- Bons
- Mutual Funds
Interactive brokers attract traders and investors with a variety of advanced trading platform, a large selection of tradable assets and low commission rates. The broker offers clients a diversified products selection including stocks, options, futures, bonds, ETF’s, metals, mutual funds, CFDs, EFPs, and hedge funds.
Interactive Brokers also provides a unique technology allowing traders to connect MetaTrader to Interactive brokers and copy all orders and positions.
Pros
- Connects MetaTrader to Interactive brokers trading platforms
- A wide selection of products
- Variety of trading accounts
- High-quality trading platforms
Cons
- High minimum deposit
- Limited CFDs products
- Complicated pricing structure
Types of Accounts
Trader and Investor Accounts
- Individual investor or trader
- Family office
- Small business
- Friends and family advisor
Institution Accounts
- Registered Investment advisor
- A hedge or mutual fund
- Money manager
- Proprietary trading group
- Introducing broker
- Incentive plan admin
- SIPP administrator
Instruments Traded
- CFDs
- Stocks
- Options
- Futures
- Bonds
- ETF’s
- Metals
- mutual funds
- EFPs
- Hedge funds
OANDA is one of the most well-known brokers worldwide providing forex and CFD trading with tight spreads and a variety of trading platforms. Founded in 1996, OANDA is a popular broker in the US regulated by regulators around the globe including ASIC, IIROC, FCA, FSA, CFTC/NFA, MAS/IES.
OANDA offers traders and investors to trade with OANDA’s proprietary trading platform and the popular MetaTrader 4.
Pros
- Low minimum deposit required
- Highly regulated broker
- Offers order book
- Real-time global bank FX rates
Cons
- No stocks CFDs
- No cryptocurrencies
- Limited account types
Types of Accounts
- Standard Account
- Premium Account
Instruments Traded
- Forex – Over 55 currency pairs
- Commodities
- Bonds
- Indices
- Precious Metals
Founded in 2011, Pax Forex is an online Forex broker registered in Saint Vincent and the Grenadines offering its clients forex and CFD trading with low spreads and fast execution via MetaTrader 4. Pax Forex offers some interesting features and promotions for traders including high leverage of 1:500 and a bonus for an initial deposit. The broker also offers daily news and analysis for traders.
Pros
- High leverage of 1:500
- A minimum deposit of $10
- Tight spreads
Cons
- Not regulated
- Limited range of products
Types of Accounts
- Cent Account
- Mini Account
- Standard Account
- Premium Account
Instruments Traded
- Forex – Over 60 currency pairs
- Stocks
- Precious metals
- Cryptocurrencies
Features of MT4 Platform
More than 80 technical analysis indicators – One of the advantages of MT4 is the selection of technical indicators and the ease of use of these indicators.
Web-Based Platform – MetaTrader 4 allows you to run the platform on a web-based page without the need to download the platform and run it on your desktop. There are advantages of working with a web-based platform, however, for better connection and fast execution, a desktop platform is a better solution.
MetaTrader Expert Advisor (EA) – The MT4 expert advisor, also known as EA, is a programming code that a user can install into the program in order to create an automatic trading robot based on algorithms and statistics.
MQL Programming – The expert advisor feature requires coding language which for some people can be an obstacle. The MetaTrader EA code is simple to learn and use and can easily create the implementation of trading robots.
One Click Trading – The one-click trading feature allows traders to trade from the trading chart which helps a fast and easy trading style, this method suits active traders.. For traders, it is important to master this technique as it involves some trading mistakes.
Pros and Cons of MT4
Pros
- Easy-to-use trading platform
- Free of charge
- Expert Advisor – Automated trading
- Advanced technical analysis indicators
- Suitable for all trading levels
- One click order
Cons
- No options trading
- No level 2/level 3 trading tools
Markets and Instruments you can trade on MT4
The MetaTrader4 was designed specifically for forex and CFD trading and therefore those instruments are most suitable for the MT4. MT4 brokers offer a wide selection of financial instruments and markets on MT4 including forex, shares, indices, ETF’s, commodities, and cryptocurrencies. You can organize markets and instruments on the MarketWatch window on MT4 based on your trading preferences.
The MetaTrader is a flexible trading platform and new products can be integrated easily to the platform similar to the entrance of cryptocurrencies in 2017-18.
MT4 vs MT5
The MT5 was released in 2010, five years following the release of MT4 and was designed to be an improved version of MT4. Although MT5 has some advanced features compared to MT4, the MT4 remains the most popular and used trading platform among retail traders and investors. There are some main differences between the MT4 and MT5:
Programming language – MT5 uses the MQL5 compared to MT4 MQL4. In terms of programming capabilities, the MT5 is an improved version of MT4 as it provides the creation of ‘Black Box’ trading. For those who are searching for a simple and advanced trading platform, the MT5 is the perfect solution.
Charts and Timeframes – MT4 has nine timeframes compared to 21 timeframes on the MT5. In addition, a hundred charts can be opened simultaneously on MT5 while only a few can be opened on MT4.
Economic Calendar – The MT4 has a new tab of the economic calendar.
The speed of platform – The MT5 is faster than MT4 with 64-bit, multi-threaded platform compared to 32-bit, mono-threaded MT4.
Conclusion
The MetaTrader 4, one of the most popular trading platforms among forex and CFD retail traders, has some great features and the simplicity to easily trade online. For beginners, the MetaTrader 4 is the best platform to start trading with as its customisability and ease-of-use make it the best platform for a day, swing and long term trading. For experienced traders, the platform serves all you need and even more than that with the Expert Advisor feature that allows traders to program their trading. In conclusion, MetaTrader 4 remain the most popular and one of the best trading platforms in 2019.
FAQs
MetaTrader is the most popular trading platform for forex and CFD traders and investors. It is estimated that more than 95% of forex and CFD brokers offer this platform to their clients. There is a number of reasons that include the facts that the platform is free of charge, the platform supports advanced and easy to use features, it matches beginners as well as experienced traders, offers more than 80 technical analysis indicators and the platform is relatively easy to learn.
The best way to learn how to trade the MetaTrader 4 platform is to open a demo account with one of the brokers that offer MetaTrader. Once you decide a trading strategy, you can test the strategy using a demonstration account before you risk real capital. Another way to improve your trading abilities is to watch a video or read guides and articles explaining how to trade with MetaTrader.
In order to open a trading account and start trading in MetaTrader 4, you need to apply with one of the brokers offering to trade with MetaTrader. The brokers above provide MetaTrader 4 including a demonstration account that allows you to test your trading strategy.
MetaTrader 4 has not yet released an official version for Mac. Up until three-four years ago, the trading platform was not available on Mac. In recent years, new applications made the installation and activation of MT4 possible. Here’s how you can download MetaTrader 4 on Mac iOS software:
The Expert Advisor feature on MT4 allows traders to implement trading strategies and automate trading. Basically, the EA provides traders automatic trading based on statistics and algorithms and the EA functions like a robot on trader’s behalf. Most EA traders use technical analysis indicators or fundamental events with high volume to establish a profitable EA strategy.
