| Updated: Developed by MetaQuotes in 2005, MetaTrader 4 (MT4) has established itself as an industry-standard platform for online foreign exchange and CFD trading. MT4 offers several key features, including advanced technical analysis tools, automated trading through Expert Advisors (EAs), real-time market data and copy trading. Accessible on desktop, web and mobile devices, it caters to traders of all experience levels. As a result, numerous forex brokers have integrated MT4 as a primary trading platform, providing a smooth and reliable trading experience.
Expert opinion by Christopher Lewis:Below, you can find a list of the best forex brokers offering MetaTrader 4:
Top 10 Forex Brokers with MT4
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
FP Markets
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
BlackBull Markets
- Broker boasting lightning-fast execution speed
- ECN brokers with tight spreads from 0.0 pips
- $0 minimum deposit requirement
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
Global Prime
- Australia regulated broker
- Advanced MT4
- $0 Minimum Account Size
Trading InstrumentsDeposit Methods- Commodity CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
-
GO Markets
- Segregated client funds
- Excellent support
- Free TradingView subscription
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodity CFDs
- Crypto CFDs
- ETFs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Treasuries
-
Pepperstone
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
IC Markets
- Offers 2,200+ tradable markets, including 61 currency pairs
- Leverage of up to 1:1000 in select jurisdictions
- EUR/USD spreads from 0.8 pips for standard accounts
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
FxPro
- NDD broker offering deep liquidity and ultra-fast execution
- Over 99% instant order executions with no requotes
- Supports MT4, MT5, cTrader, and a proprietary platform
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
CMC Markets
- Provides a choice of 10,000+ trading instruments
- Supports MT4 and Next Generation (proprietary platform)
- Spreads for EUR/USD from 0.5 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Stock CFDs
- US Stock CFDs
-
ActivTrades
- Winner of 20+ Global Awards
- MT4/MT5, TradingView
- Leverage up to 1:400
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodity CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Share CFDs
Our 8-step guide to choosing a forex broker
- Verify regulation and authorisation (e.g., FCA, ASIC).
- Check trading costs: spreads, commissions, swaps.
- Compare execution quality: slippage, fills, order types.
- Check platforms and tools: MT4/MT5, cTrader, TradingView.
- Ensure risk controls: stop-loss, guaranteed stops, negative balance protection.
- Review funding and withdrawals: local options, fees, processing times.
- Evaluate research, education, and alerts.
- Prioritise security and support: segregated client funds, two-factor authentication, support hours.
Brokers Compared by Spread
FX Brokers Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| FP Markets | |
$50 (AU$100) |
| BlackBull Markets |  |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
| Global Prime | |
$0 |
| GO Markets | |
$0 ($200 recommended) |
| Pepperstone | |
$10 |
| IC Markets | |
$200 |
| FxPro | |
No fixed minimum deposit requirement |
| CMC Markets | |
$0 |
| ActivTrades | |
$0 |
Brokers by Regulator
| Brand | Maximum leverage | |
|---|---|---|
| Fusion Markets | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC | Retail Account) |
| FP Markets | |
1:500 (CySEC | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:500 (FSAS | Retail Account) |
| BlackBull Markets | |
1:500 (FMA), 1:500 (FSAS) |
| Global Prime | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC) |
| GO Markets | |
1:30 (ASIC), 1:30 (CySEC), 1:500 (FSAS), 1:500 (FSCM), 1:500 (SVGFSA) |
| Pepperstone | |
1:500 (CySEC | Pro Account), 1:500 (SCB | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:30 (DFSA | Retail Account), 1:30 (FCA | Retail Account), 1:200 (SCB | Retail Account) |
| IC Markets | |
1:500 (CySEC | Pro Account), 1:30 (CySEC | Retail Account), 1:1000 (FSAS | Retail Account) |
| FxPro | |
1:30 (CySEC | Retail Account), 1:30 (FCA | Retail Account), 1:10000 (SCB | Retail Account) |
| CMC Markets | |
1:500 (ASIC | Pro Account), 1:500 (FCA | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (BaFin | Retail Account), 1:30 (FCA | Retail Account), 1:20 (MAS | Retail Account) |
| ActivTrades | |
1:400 (CMVM | Pro Account), 1:30 (CMVM | Retail Account), 1:1000 (FSC), 1:200 (SCB) |
Forex Broker Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| FP Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| BlackBull Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| Global Prime | |
MetaTrader 4, MetaTrader 5 |
| GO Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| Pepperstone | |
MetaTrader 4, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| IC Markets | |
cTrader, MetaTrader 4, MetaTrader 5 |
| FxPro | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| CMC Markets | |
MetaTrader 4, TradingView |
| ActivTrades | |
MetaTrader 4, MetaTrader 5, Proprietary Web, TradingView |
Comprehensive Comparison of the Best MetaTrader 4 Forex Brokers
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
AVG 0.91 pips |
|
|
 |
$50 (AU$100) |
|
AVG 1.29 pips |
|
|
 |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
|
AVG 0.1 pips |
|
|
 |
$0 |
|
AVG 1 pips |
|
|
 |
$0 ($200 recommended) |
|
AVG 0.9 pips |
|
|
 |
$10 |
|
AVG 1.1 pips |
|
|
 |
$200 |
|
AVG 0.82 pips |
|
|
 |
No fixed minimum deposit requirement |
|
AVG 0.48 pips |
|
|
 |
$0 |
|
MIN 0.5 pips |
|
|
 |
$0 |
|
AVG 0.5 pips |
|
This review explores MT4 forex brokers and the development, features and capabilities of this well-established platform. It examines the MT4 interface, available order types and key features, as well as its compatibility with various devices and operating systems.
The Use of MT4 in Forex Trading
One of the key advantages of MT4 is its comprehensive suite of trading tools and features. From technical analysis indicators to automated trading systems, MT4 offers a wide range of functions that enable traders to analyse markets, identify trading opportunities and execute trades with precision. Additionally, MT4’s extensive community of users and developers has created a vast library of custom indicators, Expert Advisors and other trading tools that can be easily integrated into the platform.
The adoption of MT4 by forex brokers has also led to a significant increase in the number of traders using the platform. With its intuitive interface and user-friendly navigation, MT4 has made it possible for traders of all experience levels to access the forex market and begin trading with ease. Moreover, the platform’s flexibility and customisation options enable traders to tailor their trading environment to their individual needs and preferences. Whether you are a scalper, day trader or swing trader, MT4 provides tools and features that can support your trading strategy.
Development of MT4
Released in 2005, MetaTrader 4 was a significant upgrade to its predecessor, MetaTrader 3. The new platform was designed to provide a more intuitive and feature-rich environment for traders, with a focus on automation, technical analysis and risk management. Over the years, MT4 has undergone numerous updates and refinements, incorporating feedback from traders and brokers to enhance its performance, security and usability. Today, MT4 is widely regarded as one of the most popular and reliable trading platforms in the industry, with a vast community of users and developers contributing to its continued development.
The development of MT4 was a response to growing demand for online trading platforms that could provide traders with a comprehensive suite of tools and features. At the time, the forex market was experiencing rapid growth, and traders were looking for platforms that could help them navigate the complex and volatile currency market. MetaQuotes, the company behind MT4, recognised this opportunity and set out to create a platform that would meet the needs of traders and brokers alike.
One of MT4’s key innovations was its use of a proprietary programming language known as MQL4. This language allowed developers to create custom indicators, Expert Advisors and other trading tools that could be easily integrated into the platform. The introduction of MQL4 enabled traders to automate their trading strategies by using Expert Advisors to execute trades and manage risk. This feature has become a hallmark of MT4 and has contributed significantly to its popularity among traders.
Interface of MT4
One of MT4’s key strengths is its intuitive and customisable interface. The platform’s layout is divided into several sections, including the menu bar, toolbar, Market Watch window and chart windows. Traders can easily navigate between these sections, accessing a range of tools and features to support their trading activities. The interface is also highly customisable, allowing traders to personalise their workspace according to their individual needs and preferences. From changing the colour scheme and layout to creating custom profiles and templates, MT4’s interface is designed to be flexible and adaptable.
The menu bar provides access to the platform’s main features and functions, including the File, Edit and View menus. The toolbar offers a range of shortcuts and icons that can be used to execute trades, access technical analysis tools and manage risk. The Market Watch window displays real-time market data, including prices, spreads and trading volumes. This information can be used to analyse market trends and identify potential trading opportunities.
The chart windows are a key feature of MT4, providing traders with a visual representation of market data. The platform offers a range of chart types, including line, bar and candlestick charts. Traders can also customise the appearance of their charts by using different colours, fonts and layouts. The chart windows provide access to a range of technical analysis tools, including indicators, oscillators and chart patterns. These tools can be used to analyse market trends, identify potential trading opportunities and execute trades with precision.
In addition to its customisable interface, MT4 offers a range of profiles and templates that can simplify the trading process. For example, traders can create custom profiles for different market conditions, such as trending or ranging markets. They can also create templates for specific trading strategies, such as scalping or day trading. Traders can easily switch between these profiles and templates, allowing them to adapt to changing market conditions and adjust their trading strategies accordingly.
Order Types Available in MT4
MT4 offers a range of order types to accommodate different trading strategies and risk-management approaches. These include:
Market Order
A market order is an instruction to buy or sell a financial instrument at the current market price. It is executed immediately, and the trader has no control over the exact price at which the order is filled.
- Specification: Buy or sell a specified amount of a financial instrument at the current market price.
- Typical use case: Market orders are usually placed by traders who want to enter a trade quickly without focusing on the exact execution price. They are often used by scalpers, day traders and traders who need to adjust their positions swiftly.
Pending Order
In MT4, a pending order is an instruction submitted to a broker to buy or sell a financial instrument at a specific price level in the future. A pending order is also known as a “conditional order” or “deferred order” because it is executed only when the market price reaches the selected level.
- Specification: Buy or sell a financial instrument at a specific price level. The order is executed only when the market price reaches the specified level.
- Typical use case: Pending orders are typically placed in anticipation of the market price breaking above or below a certain level of support or resistance. Traders may place pending orders to buy or sell a financial instrument at specific price levels to scalp small profits from minor price movements. Pending orders are also commonly used to follow trends and seek larger profits through swing trading.
Types of Pending Orders:
-
Limit Order
A limit order is an instruction to buy or sell a financial instrument at a specified price or better. The order is executed only if the market reaches the specified price or better. Limit orders are usually placed by traders who want to enter a trade at a specific price level. They are often used by those looking to buy or sell at a particular level of support or resistance, or by traders who want to limit their losses.
Limit Order subcategories include:
- Buy Limit Order: A buy limit order is an instruction to buy a financial instrument at a specified price or better. The order is executed only if the market reaches the specified price or better. Buy limit orders are usually placed by traders who want to enter a long position at a specific price level, often when the instrument approaches a level of support.
- Sell Limit Order: A sell limit order is an instruction to sell a financial instrument at a specified price or better. The order is executed only if the market reaches the specified price or better. Sell limit orders are usually placed by traders who want to enter a short position at a specific price level, often when the instrument approaches a level of resistance.
-
Stop Order
A stop order is an instruction to buy or sell a financial instrument when the market price reaches a specified level. The order is executed only if the market reaches that level. Stop orders are usually placed by traders who want to limit their losses or lock in profits. They are often used by traders who hold a position and want to close it if the market moves against them.
Stop Order subcategories include:
- Buy Stop Order: A buy stop order is an instruction to buy a financial instrument when the market price reaches a specified level. The order is executed only if the market reaches that level. Buy stop orders are usually placed by traders who want to enter a long position when the price breaks above a certain level of resistance.
- Sell Stop Order: A sell stop order is an instruction to sell a financial instrument when the market price reaches a specified level. The order is executed only if the market reaches that level. Sell stop orders are usually placed by traders who want to enter a short position when the price breaks below a certain level of support.
Attachments to Pending Orders
After a pending order has been triggered, it is also possible to attach one of the following MT4 order types:
- Take Profit Order: A take-profit order is an instruction to close a position when the market price reaches a specified level. The order is executed only if the market reaches that level and is often used by traders who want to close a position when it reaches a predetermined profit target.
- Stop Loss Order: A stop-loss order is an instruction to close a position when the market price reaches a specified level. The order is executed only if the market reaches that level and is often used by traders who want to close a position if the market moves against them.
Features of the MT4 Trading Platform
MT4 is renowned for its extensive range of features, which include:
- Technical analysis tools: A suite of indicators, oscillators and chart patterns that traders can use to analyse market trends and identify potential trading opportunities.
- Automated trading: The ability to create and run Expert Advisors (EAs) to automate trading strategies.
- Back-testing: The ability to test and optimise EAs using historical data.
- Strategy tester: A built-in tool for testing and evaluating trading strategies.
- Alerts and notifications: Updates that keep traders informed about market events, trade executions and account activity.
- News and market analysis: Access to real-time news feeds and market commentary.
These features, combined with MT4’s intuitive interface and customisable layout, make it a suitable platform for traders of all experience levels, from beginners to experienced professionals. The technical analysis tools can be used to analyse market trends and identify potential trading opportunities, while the automated trading features can help execute trades and manage risk. The back-testing and strategy-tester tools allow traders to optimise their strategies by testing and evaluating different approaches using historical data.
The alerts and notifications feature can be used to keep traders informed about market events, trade executions and account activity. It can be customised to provide real-time updates on market conditions, trade executions and account balances. The news and market analysis feature can help traders stay up to date with market developments.
In addition, MT4 offers a range of social trading tools, including the ability to share trading strategies and connect with other traders. These tools allow traders to learn from one another and share their knowledge and expertise. The social trading tools can also support automated trading strategies through custom Expert Advisors that execute trades and manage risk.
MT4 Supported Devices
In today’s mobile-focused environment, traders need access to their trading platforms on a range of devices. MT4 is compatible with:
- Desktop computers: To access forex and other markets, traders can install the MT4 platform on their desktop computers. MT4 is compatible with devices running Windows, macOS and Linux operating systems.
- Mobile devices: Trading on the go is possible through Android and iOS smartphones and tablets, with the MT4 app available through the respective device’s app store.
- Web trading: In-browser trading is also available through brokers that support the WebTrader version of MT4, allowing traders to load the platform without installing any software.
Why You Should Trust RationalFX
When it comes to making informed decisions about forex brokers, it's essential to rely on trustworthy sources. RationalFX, a company with over 20 years of experience since its founding in 2005, has established itself as a credible authority in the industry. With an impressive collection of over 2500 reviews on Trustpilot, boasting a score of 4.2, it's clear that Rational FX has built a reputation for providing reliable and unbiased information.
What sets Rational FX apart is its rigorous evaluation process, which considers over 30 different criteria when selecting forex brokers. This comprehensive approach ensures that every aspect of a broker's service is taken in consideration, including regulation, forex spreads, trading platforms, deposit methods, and reputation. With its wealth of experience, transparent review process, and outstanding customer feedback, Rational FX is a trusted source for anyone seeking reliable information on forex brokers. You can reach us via e-mail at feedback@rationalfx.com or contact us through our social media accounts here: Facebook, YouTube, or leave a feedback here.