To help choose a broker with MetaTrader 4, the team at Compare Forex Brokers compared the best MT4 brokers from Pepperstone to FP markets.
View the top MT4 forex brokers by each category below.
Based on spreads, features and speed the best MT4 broker list is.
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The Pepperstone Razor Account offers the lowest fees based on:
Below compares the reported average spreads of Pepperstone to the other brokers with no dealing desk execution and no markup on spreads. Pepperstone has the lowest spreads for four out of the five major currency pairs.
| Spreads | AUD/USD | EUR/USD | EUR/JPY | AUD/JPY | USD/CAD |
|---|---|---|---|---|---|
| Pepperstone | 0.14 | 0.13 | 0.22 | 0.33 | 0.26 |
| IC Markets | 0.2 | 0.1 | 0.3 | 0.4 | 0.5 |
| Global Prime | 0.2 | 0.1 | 0.7 | 0.5 | 0.8 |
| GO Markets | 0.2 | 0.2 | 0.5 | 0.5 | 0.3 |
| FP Markets | 0.3 | 0.1 | 0.44 | 0.78 | 0.58 |
| AxiTrader | 0.42 | 0.44 | 0.3 | 0.5 | 0.83 |
| FXTM | 0.7 | 0.4 | 0.8 | 1.1 | 0.8 |
Pepperstone achieves the low spreads by partnering with Equinix which has the leading worldwide servers located next to Wall Street and major liquidity providers. The MT4 broker ensures traders can view and trade with more liquidity partners than other forex and CFD providers, from banks to dark pools. This allows the resulting low spread to be as tight as possible, with ECN-like pricing.
Pepperstone has the lowest average spreads across five major forex pairs.
The Raw account type offered by Pepperstone charges a flat rate commission fee. Rather than including brokerage fees in the spread, the online broker charges a round-turn commission charge per 100k traded. The commission is set to the base currencies a trader selects which include HKD, SGD, JPY, CHF, GBP, EUR, CAD, USD, NZD and AUD. The commission charged is based per lot traded (100,000 units) as shown below:
| Commissions Per Lot | British Pound | US Dollar | Australian Dollar | Euro | Swiss Franc | Canadian Dollar | Singapore Dollar | New Zealand Dollar | Hong Kong Dollar | Japanese Yen |
|---|---|---|---|---|---|---|---|---|---|---|
| MetaTrader 4 | GBP 2.29 | USD 3.76 | AUD 3.50 | EUR 2.61 | CHF 3.30 | CAD 3.50 | SGD 4.55 | NZD 4.75 | HKD 28.17 | 303 |
| MetaTrader 5 | GBP 2.29 | USD 3.50 | AUD 3.50 | EUR 2.61 | CHF 3.30 | CAD 3.50 | SGD 4.55 | NZD 4.75 | HKD 28.17 | 303 |
These commissions are similar to the other brokers analysed in our low spread table. For example, a trader who opens an account with an AUD base currency will page $3.50 AUD with Pepperstone, Global Prime, FP Markets and AxiTrader. What makes Pepperstone unique is their active trader’s program allowing regular higher volume traders to receive a discount on commissions. This active trader discount starts at 10% as shown below.
There are no withdrawal or deposit fees charged by Pepperstone with a minimum deposit requirement $200. Positions held overnight are charged a ‘rollover rate’ also known as a swap rate, determined by the financial institutions Pepperstone works with. These Swaps are dynamic and show within the MetaTrader 4 platform based on 100,000 base units. Like commissions, swap rates are generally similar across the MT4 forex broker analysed. An Islamic Account type without swap fees is available via Pepperstone. Swap-free accounts are charged a flat rate for positions held for extended periods, rather than a percentage-based swap fee.
Pepperstone has the lowest fees of any forex broker that is regulated in both Australia (ASIC) and the United Kingdom (FCA). The broker has also won multiple awards for client satisfaction with fast execution speed and superior customer service. Since 2020 the broker also offers Spread Betting that can have tax benefits over trading CFDs.
View MT4 Review >>Visit Pepperstone >>
FP Markets is recommended for automated trading based on their:
MetaTrader 4 Execution Speed can be measured across two classes of orders:
FP Markets had fast execution speeds when positions were opened using a buy stop, buy limit, sell stop and sell limit. The results of 80ms average across 25 trades was the fastest of any broker tested by offbeatforex.
When testing order processing efficiency, Pepperstone had the fastest execution speeds when a position was instantly opened or a set market price was made. The result of 85ms average execution speeds across 25 tests was the lowest of any broker.
FP Markets fast execution minimises slippage on forex trading as well as FP Markets other instruments, allowing MT4 users’ to trade in an ECN-type environment. This is ideal for scalping. The high-quality execution is supplemented with competitive institutional-grade pricing facilitated by FP Markets’ top tier liquidity providers that include financial and private corporations.
Most traders, including those using Expert Advisor (EA) automation, are likely to use both market order and limit order trades on a daily basis.
FP Markets superior technology and no dealing desk is why they achieved the fastest execution speeds.
With FP also having low fees and strong customer service, the provider is recommended for those looking to utilise Expert Advisors and other functionality such as copy trading.
FXCM is recommended for clients that desire the following features:
If you sign up with FXCM Active Trader account, then you can access some of the best commission costs of all brokers. While most brokers charge $7.00 per lot round trip, FXCM charges $6.00 per lot. If you are a high volume trader, then commission fees can be as low as $3.60 round trip. This represents a saving of $3.40 or $36 when you close each lot from a trade.
| Commission | Major Pairs | Minor Pairs | Micro-Lots - Major Pairs | Micro-Lots - Minor Pairs |
|---|---|---|---|---|
| 50-150M | $3.00 | $5.00 | ||
| 150M to 500M | $2.50 | $4.00 | $0.03 | $0.04 |
| > 500M | $1.80 | $3.00 | $0.02 | $0.03 |
FXCM’s ‘Knowledge’ and ‘Insights’ portals contain a comprehensive range of education and research tools that are invaluable to help you be a better trader. These tools are available free as FXCM doesn’t believe education should be an expense but an essential investment. To highlight the quality of their education FXCM was awarded Best Education at the 2020 Online Personal Wealth Awards.
FXCM Education portal consists of training videos, webinars and written content such as guides. FXCM has a particular emphasis on helping beginners get their trading skill up to scratch.
Free live classrooms and market updates are available online 5 days a week led by FXCMs inhouse market specialist Russell Shor. Russell spends an hour at opening bell for each of the European, London and US markets and delivers a weekly roundup about the crypto new each Wednesday.
A range of videos is available in FXCM’s video library which covers a range of education topics including how to use trading platforms such as MetaTrader 4 and NinjaTrader and how to use trading automation tools such as expert advisories.
Trading guides built around the following topics are available. ‘New to Forex’ and ‘Traits of Successful’. These a mix of webpages and videos taking you through major forex topics.
FXCM has a vast range of research tools. These include an economic calendar, live forex charts, news page covering markets and a Market scanner. These tools are really useful in helping you make better trading decisions. FXCMs news page is supplied by FXStreet, a well-respected provider of industry news. FXCM also offers FXCM PLUS which provides trading signals beyond the commonly available signals found with most trading platforms.
FXCM is very transparent with their performance. Each quarter FXCM provide their slippage rates and execution speed. Being open about this information is important as it helps the broker build trust with their clients. Low slippage and fast execution speed mean traders can be more confident they will receive the price that has been quoted.
The broker also lists their liquidity providers. This allows FXCM to show they are dealing with reputable sources for CFD quotes. Many brokers don’t publish their providers.
If you are new to trading or just want to touch up on forex trading concepts, the FXCM is a great choice. They have a range of tools which will not only teach you forex trading concepts but also help you be a better and more successful broker. In addition to this, FXCM has to trade with low commissions which can lead to significant savings if you are a high volume trader.
FxPro is recommended for using a no dealing desk (NDD) pricing model based on their:
FxPro is one of the best MT4 forex brokers that offer a large selection of asset and product coverage. The excellent selection of markets is complemented by a wide network of tier-1 liquidity providers which provides traders with competitive market conditions. Besides trading the forex market, at FXPro traders can have access to trading CFDs on 6 other markets, including:
In total, the FxPro MT4 solution supports +250 CFD instruments including shares trading which is more common with the MetaTrader 5 (MT5) platform.
Award-Winning ServiceFxPro won over 70 industry awards for the quality of its online trading services and product offerings. FxPro gained industry recognition in a highly competitive environment recognizing lifetime achievements. Among the most prestigious titles won by FxPro we can name:
All FxPro awards are granted by top-tier Forex publications. Additionally, FxPro is an online trading provider for over 14 years with 4 global offices in London, Cyprus, Monaco and Bahamas. It’s also safe to trade with FxPro, which is regulated in several jurisdictions including:
The no dealing desk (NDD) execution model used by FxPro ensures transparent pricing, no dealing interventions and faster overall order execution speeds. FxPro’s minimum deposit is USD 100, which is complemented by flexible lot size which allows trade size starting from 0.01 lots and upwards.
Trade like a pro through the FxPro advanced execution model, co-located servers, 7,000 orders executed every second and no requotes.
IG is recommended for beginner traders based on:
IG trading academy is, hands-down, one of the best free online trading courses that our team of experts has researched. IG goes above and beyond the typical educational service offered by most forex brokers. At IG, beginner traders can learn how to trade from the ground up with:
In this segment, the most innovative feature offered by IG Group is the education app IG Academy – Learn to Trade. Available for iOS and Android devices this all-in-one app offers beginners the chance to learn to trade right from their fingertips.
Additionally, the online courses are complemented by short and interactive quizzes and “practical exercises” meant to solidify your knowledge. IG trading classes are split into 3 levels beginner, intermediate and advanced courses.
More, the daily webinars are held around the clock by different FX experts and analysts. The IG webinar archive will allow traders to never miss out on any topic and the ability to learn at your own pace.
IG’s range of risk management tools allows novice traders to preserve their funds. The complete risk management solution offered by IG Markets includes:
The guaranteed stop-loss order (GSLO) is premium protection that will assure your order is closed at the desired price without incurring any slippage. The only drawback is that in order to access this type of protection, you need to pay a fee which varies depending on what financial instruments you trade.
IG Group is the world’s biggest CFD provider with over 17,000 markets, 45-years of dedicated service, 178,000 clients from over 16 countries and global offices. IG runs its operations under the guidelines of the world’s most respected regulatory bodies (FCA of the UK, the US CFTC and NFA, ASIC) so it’s safe to trade with this brokerage trading firm. The minimum deposit to open an account with IG is USD 300 by credit card and your money is kept safe in segregated accounts with tier-one banks.
Trade on a huge range of markets (17,000) + Trusted provider (FCA and NFA) + Dedicated Online Trading academy = IG MT4
IC Markets was found to be the best cryptocurrency CFD broker based on:
IC Markets provides traders’ access to an extensive range of Cryptocurrency CFDs, making the broker the best option for those wanting to explore multiple Crypto markets. While most top brokers like Pepperstone and FXPro provide access to 5 crypto products, IC Markets clients’ can trade 10 popular and emerging crypto CFDs.
As well as popular Cryptos such as Bitcoin, Bitcoin Cash, Litecoin, Dash, and Ethereum, IC Markets clients’ trade less commonly offered crypto CFDs such as Emercoin, NameCoin, PeerCoin and EOS.
The table below shows IC Markets Cryptocurrency CFD spreads compared to other top brokers. Most notably, spreads on Bitcoin are significantly tighter when trading with IC Markets. Online brokers such as IG Markets and AxiTrader offer spreads from 50 points, while IC Markets spreads are as low as 5 points. Although spreads are lower with other brokers for certain crypto CFDs such as Ethereum and Litecoin, high overnight financing fees charged by other brokers may result in IC Markets offering more competitive spreads.
| Minimum Spreads | IC Markets | Pepperstone | AxiTrader | CMC Markets | IG Markets | City Index |
|---|---|---|---|---|---|---|
| Bitcoin | 5 | 10 | 50 | 37 | 50 | 35 |
| Bitcoin Cash | 5 | 4 | 12 | 1.8 | 2.4 | 2 |
| Ethereum | 4 | 4 | 5 | 1.4 | 2 | 1.2 |
| LiteCoin | 3 | 3 | 1.5 | 45 | 0.6 | 0.5 |
| Dash | 4 | 3 | 6 | 5 | NA | NA |
When it comes to cryptocurrency trading the spreads (trading costs) and the range of markets is critical.
IC Markets offer the most crypto (10 coins) and the lowest spreads.
IC Markets is an ECN account (RAW account) has low spreads and commissions. They offer Zulutrade in conjunction with MetaTrader 4. With easy funding methods and advanced charting tools within the MetaTrader platform, IC Markets is the best broker in this crypto category.
Admiral Markets is recommended for its MT4 demo account based on:
The MT4 demo account is the safest and easiest way to learn trading the markets. Admiral Markets offers the best free accounts because they match the live platform and offers enhanced functionalities through the MT4 Supreme Edition. Traders can access the full-package that comes with MT4 SE for free.
The MetaTrader 4 Supreme Edition offers some key improvements to the standard MT4 platform. Some of the best tools and plugins include:
Admiral Markets empowers the MetaTrader 4 platform with STP execution model which is superior to the ECN pricing model. Admirals’ STP technology can be access through the Zero.MT4 account which requires a minimum deposit of USD 100.
The CFD markets available with the Zero.MT4 account includes 45 FX pairs, 3 spot metals, 10 indexes, 3 spot energies with spreads starting from 0.0 pips and commission rate from USD 1.8 to USD 3.0 for 1 standard lot.
| Minimum Deposit | Account Balance Currencies | Trading Instruments | Leverage | Spread, Pips | Commissions | Execution Type | |
|---|---|---|---|---|---|---|---|
| MT4.Zero | USD 100 | EUR, USD, GBP, CHF, BGN, CZK, HRK, HUF, PLN, RON | Currencies - 45 Metal CFDs - 3 Cash Index CFDs - 10 Energy CFDs - 3 | Forex Retail Clients: 1:30 - 1:20 Indices Retail Clients: 1:20 - 1:10 | From 0 | Forex & Metals - from 1.8 to 3.0 USD per 1.0 lots Cash Indices - from 0.05 to 3.0 USD per 1.0 lots Energies - 1 USD per 1.0 lots | Market Execution |
Admiral Markets MT4 demo account is the perfect solution for everyone who is starting trading or just want to learn how to use one of the most popular trading platforms. The demo account trading conditions mimic the live trading environment but with the ability to trade with paper money risk-free and real-time prices. For those interested to trade with Admiral Markets, the minimum deposit is USD 50 for credit/debit cards.
Trade on +8,000 Markets + Risk Free Demo Account + Enhanced Supreme Edition = Admiral Markets MT4 Demo Account.
FXTM is recommended for MetaTrader 4 + MetaTrader 5 trading accounts with high leverage based on:
The available maximum leverage ratios offered by forex brokers is limited by the regulatory agencies. In Europe, FXTM follows CySEC and FCA’s lead and has leverage restricted to 1:300 for the major currency pairs. However, EU residents that want to take advantage of higher leverage ratios need to qualify for the professional status as a forex trader. To qualify as a professional trader, one must meet 2 out of the 3 ESMA criteria listed below:
Due to much relaxed regulatory guidelines, SA traders can enjoy higher leverage conditions. The South Africa FXTM entity is able to provide higher leverage ratios of 1:2000 on the major currency pairs.
Besides trading forex with high leverage, traders can choose to trade from over 250 CFDs on spot metals, stocks, commodities and indices. The FXTM spread conditions are also competitive:
FXTM offers a wide selection of account types to suit the needs of all types of traders. The account tires are divided into two main sections (Standard accounts and ECN accounts) that are subdivided into 3 sub-accounts for each division:
FXTM has a strong reputation of a good ECN broker capable to execute orders in under 53ms (Pro account), positive slippage in 95.45% of the cases, 4.56% orders receive a requotes.
Note* The above performance was measured using data from June 2020 and verified by third party PwC Assessment Centre.
Incontestably the highest leverage forex brokers can be found with FSCA regulated brokers. FXTM offers favourable leverage trading conditions on a wide range of account types that are suitable for different trading styles. FXTM is considered a safe and secure forex broker with a low entry barrier of only USD 10 (Cent Account).
Global Markets + ECN Technology + Fund Protection = FXTM
The two lowest deposit requires are:
Both AxiTrader and OANDA require no initial minimum deposit to start trading on MetaTrader 4. While some top CFD and forex brokers’ require up to $3000 to open a standard account, both AxiTrader and OANDA let traders decide how much they wish to initially deposit. Generally, the industry average for an initial minimum deposit is between $200 and $500, making AxiTrader and OANDA very competitive in regards to minimum deposit requirements.
| AxiTrader | OANDA | Plus500 | FP Markets | Pepperstone | IC Markets | eToro | FXTM | FxPro | Saxo Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Deposit | $0 | $0 | $100 | $100 | $200 | $200 | $200 | $500 | $500 | $3,000 |
In addition to no initial minimum deposit requirements, OANDA charges no deposit fees. Yet, withdrawal fees vary depending on where the OANDA client is based. In Australia, traders can make one withdrawal per calendar month for free, with any additional withdrawals carrying an AUD $20 fee. While Canadian OANDA customers’ are charged higher fees of CAD $20 for the first withdrawal of the month, doubling to CAD $40 for any additional withdrawals during the same month.
AxiTrader, on the other hand, charges no deposit or withdrawal fees, regardless of the traders’ country of residence. With no deposit and withdrawal fees, AxiTrader has some of the lowest non-trading fees amongst all top online brokers.
OANDA allows clients to establish an account with one of nine base currencies. Although traders’ are initially required to set up an account with one base currency, sub accounts can be opened in different currencies to avoid currency conversion fees. AxiTrader on the other hand offer 11 base currencies, with customers able to deposit and withdraw funds in EUR, JPY, USD, PLN, GBP, AUD, CAD, HKD, SGD, NZD or CHF.
Clients’ who want to start trading with OANDA can deposit funds through various payment methods. Although OANDA offers limited funding methods, both credit card and e-wallets carry no fees (PayPal, MasterCard and Visa).
AxiTrader offers a far greater selection of funding methods for traders’ to choose from. In addition to Visa and Mastercard, options include Maestro, JCB, Bank Transfer, POLi and Broker to Broker Transfer, while E-wallet methods consist of Neteller and Moneybookers/Skrill. Australian clients’ also have the option to deposit funds via Global Collect and BPAY, while Chinese clients’ can fund their accounts through China Union Pay.
OANDA and AxiTrader both offer $0 minimum deposits for traders looking to low volume trading. What sets the two apart in this category is that OANDA charges withdrawal fees.
Unlike OANDA, AxiTrader charges no deposit/withdrawal fees.
With 11 base currencies and easy payment methods, AxiTrader is the best low minimum deposit MT4 broker.
AxiTrader has the most instruments tradable with:
When trading forex with AxiTrader, customers’ can place orders on over 80 currency pairs. As well as major fx pairs, minor and exotic currencies are available such as the Russian Ruble and Israeli New Shekel. Spreads are variable and with a Pro MT4 Account clients’ can trade EUR/USD with 0.0 pip spreads, while a Standard MT4 Account is 1.1 pips on average.
Standard Margin Rates vary between 1-10% depending on the currency pair being traded. MetaTrader 4 users’ can utilise risk management tools to ensure margin requirements are fulfilled. The trading platform measures investors’ current exposure and calculates margin requirements when opening new leveraged positions.
Swap rates for fx trading with AxiTrader vary depending on the currency pair, the spread, the size of the position open and current interbank swap rates. The interbank swap rate is determined by the difference in interest rates between the two currencies being traded, as well as economic factors that affect financial markets.
AxiTrader offer trading across 31 Indices, 11 Commodities, 17 Metals.
Major global Indices are available to trade as Cash or Future CFDs. Index Cash CFDs include the Singapore Free, China 50, Japan 225, Swiss 20, US 500 among others. While Futures CFDs range from the Nikkei 225 to S&P 500 E-mini, Nasdaq 100 E-mini, US Dollar Index, and Volatility. In terms of margin requirements, Index Cash CFDs are 4% except for China 50 which is 12%, while Index Future CFDs range from 0.5% to 5%.
Commodity CFDs that AxiTrader clients’ gain access to can be traded as Cash or Future CFDs. Commodity cash products consist of US Crude Oil and UK Crude Oil contracts. In regards to Future CFDs, market access is wider than Cash CFDs with 9 different Commodity Future CFDs.
Precious Metal CFDs offered by AxiTrader are derived from either Gold, Silver or Platinum against the world’s major currencies. Silver (XAG) vs AUD, CHF, EUR, GBP, JPY, NZD, SGD and USD all have Standard Margin Rates of 3% and contract sizes of 500 ounces per lot. While Gold (XAU) products against the same currencies, have Standard Margin Rates of 1% and are 100 oz lot sizes, excluding Singapore which is 2%. AxiTrader offers only one platinum CFD, being XPTUSD, that also has a Standard Margin Rates of 1% and a lot size of 100 oz per lot.
MetaTrader 4 allows trading of forex pairs, CFDs and cryptocurrency with the exception of crypto AxiTrader offer the most instruments.
With 80 forex pairs, 59 CFDs and 6 tradable cryptocurrencies, AxiTrader offers the best range of markets.
Traders looking to diversify their trading across a range of markets should consider AxiTrader.
Pepperstone is the best MetaTrader 4 broker for both current and CFD trading. This was based on their lowe average spreads, execution speeds and award-winning customer service. The broker is also regulated with ‘tier 1’ regulators including the FCA and ASIC.
View the full review of Pepperstone of their platform and offering.
For currency traders (forex) MT5 is not better than MT4. Rather, MT5 was created for trading CFDs including shares. MetaTrader 4 still has over 50% market share and remains the leader for currency traders worldwide.
You can learn more about the two MetaQuotes software on our MetaTrader comparison.
IG is the best MetaTrader 4 forex broker for beginners. The provider has the highest market share in the retail foreign exchange market and has a plethora of educational tools and support. You can view the full IG platforms review.
Pepperstone overall is the best MetaTrader 4 forex broker with their razor account offering:
When choosing the Razor trading account, Pepperstone clients’ gain access to ECN-like spreads, ultra-fast execution and access to various foreign exchange markets. Additionally, Pepperstone offers excellent customer support and is regulated by ASIC (Australian Securities and Investments Commission), as well as the FCA (Financial Conduct Authority, UK, formally the FSA).
Pepperstone is ideal for beginner to expert MT4 traders looking for low fees and fast execution speeds.
Traders looking for a low brokerage, fast execution broker with a range of CFD, crypto and currency markets should choose Pepperstone.
Open a demo account >>Visit Pepperstone >>
MetaTrader 4 is the original and most popular forex platform worldwide for trading forex and CFDs. The company is one of the suited of the MetaQuotes software. Although MT4 is the gold standard of trading platforms and trade execution speeds, a restriction is the inability to trade Share CFDs, hence why MetaQuotes developed MetaTrader 5. With our MT4 review finding five key forex platform strengths:
The MetaTrader 4 (MT4) trading software focuses on providing sophisticated currency management tools combined with enhanced charting functionality and trading signals. Combined, these allow for forex trading that is quick and efficient helping to control an individual’s positions and develop trading strategies.
The user interface of MetaTrader 4 software is all about maximising ease of use and efficiency for a user-friendly trading experience. This starts with the interface, then through to the charting and indicator options, as well as the MQL language. This final area allows automated trading system – Expert Advisors (EAs).
MetaTrader 4 is available on a PC through their Web Trader and by downloading the software. There is also an MT4 for software available for individuals using Mac devices.
iPhone
The iOS MT4 online platform allows trading across screens within the phone, with real-time custom views of real-time data. The trading app is user-friendly with an intuitive layout.
Forex brokers like Pepperstone offer one-tap mobile trading where users’ can execute forex orders without multiple buttons needing to be pressed to maximise execution speeds.
Through swiping the screen, the mobile apps historical data can be accessed. This is great for those on the move who need to be informed prior to making a trade.
The Android MT4 forex platform provides full trading capabilities regardless of account type. This includes executing trades as well as attaining currency-related news and events through sources such as Dow Jones.
Like the iPhone app, it allows one-tap order execution so there isn’t the need for multiple pressing of elements to process a trade.
There is an offline mode including charts and symbol prices which is handy when travelling and wanting to view market movements 24 hours a day.
The iPad MT4 Forex Trading Platform app is very similar to the full web-based version of MT4 except all the dimensions are suited for the device.
There is support for all trade execution modes, trading history, interactive charts and thirty technical indicators. There is also a Mac verison.
MT4 forex trading has a built-in compiler & editor with access to articles, customer service, and a free software library. This software uses MQL4 & MQL5 which is MetaTrader’s propriety language designed for automated trading that enables Expert Advisors, which explained further below.
MetaTrader offers two order types with pending orders which similar to what share traders will be used to with the order executed when a predefined price level is reached. The other option is markets orders which include
i) Instant Execution: where the price displayed leads to the execution of the order.
+ The order is executed at the known price.
– Trading opportunities in high volatility periods can be missed when the requested price of the financial instrument can’t be filled.
ii) Request execution: allows experienced traders to execute an order after a price quote request is made and then the trader makes the decision to buy/sell based on that bid/ask quote.
+ Several seconds to decide based on the quote received and price certainty
– Reduced execution speed
iii) Market execution is when a trade is based on the price offered by a forex broker which may differ from the platform.
+ No risk of requotes when trading
– During volatile trading periods, deviations and therefore risk can be high.
iv) Exchange execution sees an order executed based on market depth through the exchange.
MetaTrader 4 design is focused on a stand-alone configuration. A forex broker can manually manage their positions as a market-maker or integrate the forex trading platform to other liquidity pools for automated trading (ECN forex broker trading) with STP.
The MetaTrader 4 forex trading platform has soared in popularity over the past decade, in part is due to the ability for experienced traders to easily write scripts and create robots with MT4’s automated trading system. These trading tools allow algorithmic trading meaning a forex trader doesn’t need to be online to execute trades. A forex broker may offer backdated market information through the software to allow for backtesting different scripts and bots to test trading strategies.
Over 12,000 members on Yahoo! focus on the development of MetaTrader as open-source software. Expert Advisor (EA) programmers offer a range of trading strategies that can be downloaded and backtested.
Expert Advisors (EAs) are all coded using the MQL4 language. Files are attached to the ‘experts’ folder, unlike indicators.
1. Create The EA Or Download It
2. Install The EA On MT4
3. Adjust the MT4 setting
The MetaTrader 4 Forex Trading Platform is a margin trading product. With the rise of financial products outside of currency such as CFDs, some forex brokers use MT4 for more than forex trading. While MT4 forex trading was not created to make exchange-traded futures and stock market trading (accessible via MetaTrader 5 instead), this functionality does exist and is offered by forex brokers like Pepperstone. Additionally, many social trading features are available with different brokers on MT4, allowing users’ to copy strategies to save time and build confidence.
You can view the best forex trading platform brokers on our comparison table.
There is a plethora of MetaTrader 4 charting software available. Many come pre-installed with MetaTrader 4 while others can be downloaded as add-ons, with some forex brokers offer their own premium charting additions. Charting tools can help minimise high-risk trading by demonstrating patterns in forex pairing behaviour across time frames. This can be in real-time or historical financial instrument data. The three main charting categories are tick-based charts (the number of trades), price range based charts, as well as volume-based charts (the number of contracts). There are explained in more depth below:
Tick charts show the number of trades that are impacting the market. Trades (know as ticks for this chart) can change dramatically within forex markets, with Expert Advisor (EA) trades using this data to make develop trading strategies and make decisions. Charts can range from 33 to 233 tick options and will remain flat unless a high under of trades are made over a minute.
To activate a tick chart in MT4 you need to:
The Candle Clock indicator helps identify the time before the last candle is closed. As the timeframe gets closer to closing the indicator acts like a countdown clock. As an example, when trading from a one minute chart, the indicator shows the seconds and minutes left.
This indicator is useful for traders who need to open a position when new candle scalpers review individual bar ticks.
The divergence indicator is a great technical analysis tool to measure price action with an oscillator indication. This can help traders buy near the bottom and sell close to the ceiling of the market. This can improve profits and manage risks. The two types of divergence are:
Regular Divergence:Regulator divergence indicators can help trigger trend reversals. Price actions that make lows lower but the oscillator produces higher lowers leads to regular divergence. Higher highs and an oscillator of lower highs is also regular divergence. The signal for both of these is a trend reversal.
This can help trigger trend continuation. Higher lows but the oscillation of lower lows produces hidden divergence. This signals a bullish trend continuation. A bearish trend continuation is when the price action makes lower highs but the oscillation is higher highs leading to a hidden divergence. In such conditions, the indicator may signal the trader not to enter a trade.
MetaTrader 4 is an online trading platform praised as the gold standard of trading platforms for investors using a retail investor account. Developed by MetaQuotes, MT4 software is the original release occurring over a decade ago in 2005. While competing for trading platforms such as cTrader and MetaTrader 5 are popular, MT4 is still to date the most popular. MetaTrader 4 licences are primarily provided to foreign exchange brokers with regulation ranging from FSA, ASIC, FCA, FSCA to CySEC.
MetaTrader 4 has a client and server component, with the latter run by the forex broker. The client software is then provided to the forex broker’s customers to observe financial instruments in various currency markets and execute orders as needed. MT4 software is Windows-based (Microsoft) and allows robots and trading scripts to be created at ease. A newer MT5 version was released in 2013 but most forex brokers still only offer the MT4 based on the original platform’s ease of use. Benefits of MT5 though is the programming language offered which is MQL5, while MQL4 which can be combined using Meta Editor.
Before viewing the best forex brokers above you need to check the regulator for your local region. This can include the Commodity Futures Trading Commission CFTC, Australian Securities And Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CYSEC) and Financial Conduct Authority (FCA). In addition to the regulated brokers listed above, foreign exchange markets can be accessed through other platforms from traders such as Plus500, HYCM, FXTM, City Index, XTB, Forex.com and AvaTrade. It’s advised to look at broker reviews prior to finalising your decision of the right foreign exchange broker. You can also view a list of UK Forex Brokers with MT4 on our website.
| MT4 | MOE Speed | LOE Speeds | Account Type | AUD/USD Spread | EUR/USD Spread | EUR/GBP Spread | Auto Chartist | Forex Pairs | Tradable CFDs | Crypto | Social Trading | Minimum Deposit |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pepperstone | 85 | 100 | ECN Account | 0.14 | 0.13 | 0.41 | Yes | 61 | 29 | 5 | Zulu Trade | $200 |
| FP Markets | 95 | 80 | ECN Account | 0.3 | 0.1 | 0.61 | Yes | 45 | 17 | 5 | MyFxBook | $100 |
| FXPro | 110 | 110 | Spread Only | 1.5* | 1.4* | 1.3* | Yes | 70 | 52 | 5 | Zulu Trade | $100 |
| OANDA | 120 | 120 | Spread Only | 1.2* | 1.1* | 1.4* | Yes | 70 | 53 | 2 | - | $0 |
| AxiTrader | 130 | 100 | ECN Account | 0.42 | 0.44 | 0.4 | Yes | 80 | 59 | 6 | DupliTrade | $0 |
| IC Markets | 130 | 130 | ECN Account | 0.2 | 0.1 | 0.4 | Yes | 60 | 46 | 10 | Zulu Trade | $200 |
| Global Prime | 140 | 115 | ECN Account | 0.2 | 0.1 | 0.9 | No | 44 | 12 | 5 | MyFxBook | $200 |
| GO Markets | 140 | 130 | ECN Account | 0.2 | 0.2 | 0.4 | Yes | 50 | 20 | 5 | MyFxBook | $200 |
| Hot Forex | 145 | 150 | Spread Only | 2.3* | 1.2* | 1.5* | Yes | 50 | 39 | 7 | HFCopy | $200 |
| FXCM | 150 | 125 | Spread Only | 1.2* | 0.9* | 1.5* | Yes | 39 | 22 | 6 | Zulu Trade | $50 |
| FXTM | 170 | 140 | ECN Account | 0.7 | 0.4 | 0.6 | No | 59 | 4 | 4 | FXTM Invest | $500 |
Note, MOE = Market Order Execution Speed. LOE = Limit Order Execution Speed.
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