Best MT4 Forex Brokers 2019

For online traders, one of the key tools of the trade is undoubtedly the trading platform. Among the most commonly used trading platforms is the MetaTrader 4 (MT4), developed by MetaQuotes Software and initially released in 2005. Today, the MT4 is the most widely adopted trading platform by brokers in the forex industry.

The popularity of the MT4 trading platform can be attributed to a few causes. First of all, it is the first mainstream trading platform to come with an in-built scripting language, called the MQL4. With this traders can create their own expert advisors (EAs), which are used for algorithmic trading or automated trading.

Secondly, the MT4 trading platform also comes with an advanced charting package. The charts can support multiple timeframes and there is a large library of technical indicators which traders can access to overlay over their trading charts, for a more accurate reading of the markets. Furthermore, the MT4 is well known for its iron-clad security. The platform uses 128 bit encryption to offer its users a safe and secure trading environment. It also highly customizable and allows users to change the language of the user interface and look of the trading screen.

If you are a trader that insists on using the MetaTrader4 to trade with, then you will need to choose a broker that offers this generic platform. To help you narrow down the choice of brokers that support this powerful trading platform, we have collated the best MT4 brokers below.

The brokers below represent the best MT4 platforms features

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Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FXTM

FXTM is an ECN/STP broker that was established in 2011 to offer Forex and CFDs and is highly regulated in the UK by the FCA among other regions. They offer the trading of over 250 assets through the MT4 and MT5 platforms.

MT4 is available through WebTrader, download client or mobile. The ECN Zero and ECN accounts on FXTM are operated with MT4 bridge software. Therefore, the same MT4 features are available to traders with these accounts as well as the regular accounts. Fxtm standard accounts are all traded exclusively on the MT4

Pros	Cons
Highly regulated by leading regulators FCA and CySEC Access to both MT4 and MT5 An amazing selection of analysis and news A solid educational offering Both ECN and standard accounts available	Not the lowest spreads on the standard account

Alpari

Alpari International is the business name of Exinity Limited which is a regulated company headquartered in the Republic of Mauritius, offering more than 250 tradable assets across Forex, Stocks, Indices, Metals, Cryptocurrencies and Futures, across the MetaTrader suite of trading platforms.

Alpari International offers four main types of trading accounts called Standard MT4, Micro MT4, Pro MT4 and ECN MT4/5. They also offer a Stocks Trading account, as well as a swap-free account, the use of a free demo trading account and an Alpari Invest account.

Pros:	Cons:
Wide range of trading accounts, some offering commission-free trading Access Forex ECN with 1:1000 leverage Trade on MetaTrader 4 and MetaTrader 5 across Desktop, Web and Mobile Access the Alpari Copy Trading programme	Limited trader education Non-existent research tools

OctaFX

OctaFX was founded in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader suite of trading platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their own OctaFX Trading App.

The tradable products available from OctaFX vary depending on the type of account opened (MT4 Micro, MT4 Pro, cTrader ECN) but covers Forex, Indices, Metals and Cryptocurrencies.

Pros:	Cons:
Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders Can access Forex ECN with 1:500 leverage Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile Access copy trading, bonus promotions and a wide range of research tools	Decision between CySEC regulated OctaFX.eu, or St.Vincent and the Grenadines registered OctaFX.com Limited commodity markets, no individual Stock CFDs Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin

ActivTrades

ActivTrades is an online forex and CFDs broker that was established in 2001.  They were originally based in Switzerland but later relocated to London in 2005. The company is registered in England as well as Wales under the registration number #05367727. As a UK based financial services provider, they are authorized and regulated by the UK’s Financial Conduct Authority (FRN 434413).

XTB

XTB is an online brokerage company dealing in FX and CFD, more specifically they offer Forex, Indices, Commodities, Stock CFD’s, ETF CFD’s and even crypto trading. The company was established in 2002, though initially it was referred to as X-Trade.

XTB has two trading platforms, the popular MetaTrader4 (MT4) and their own tailor-made trading platform dubbed xStation 5. MT4 has 80+ indicators, nine timeframes, 3 chart layouts, 37 language options and allows for expert advisors which is preset or programmable automated trading strategies.

 

Pros:	Cons:
Choose between two excellent trading platforms (xStation 5 or MT4 platforms) A collection of 3000+ trading instruments across six asset classes Low spreads	Fewer Forex pairs than some top competitors No 24/7 support

GO Markets

GO Markets Pty Ltd an ASIC regulated broker has been in operation since 2006. The head office is located in Melbourne, Australia. With over a decade of experience, GO Markets has grown to become a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.

It provides the MT4 as WebTrader, downloadable desktop applications for Windows and Mac operating systems. MT4 is excellent for all levels of trader. It contains a variety of indicators to overlay on the charts.

Pros	Cons
GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions. Ultra fast trade executions courtesy of innovative technology and powerful servers located in London. Availability of trading and analysis tools like Autochartist and Trading central. Clients’ fund segregation.	Demo accounts expire after 30 days, However, non-expiry demo account is available. Clients from over 35 high risk and other monitored jurisdiction are not accepted, which is a lot. Only two account types available for all traders. Swap free offered in MENA region only.

Forex.com

Forex.com is a leading online forex and CFD trading platform. Founded in 1999, Forex.com has over 16 years of experience of providing trading services to retail traders. In addition, the holding company GAIN Capital Holding Inc which is listed on the New York Stock Exchange (ticker symbol GCAP).

Regarded as the industry standard platform for online forex trading, the MT4 platform is packed with features and tools and even allows traders to customize it for automated trading. With the MT4, traders also get to access more than 30 types of CFDs and 45 forex markets.

Pros	Cons
Global Market Leader Regulated Broker Solid Financial Backing With Listed Company Behind Superior Trade Execution With Reliable Platforms Tight Spreads	Market Maker Broker

What is MetaTrader 4 (MT4)?

To trade forex online, you will need a trading platform. While there may be dozens of different types of trading platforms to choose from, the MetaTrader 4 or MT4 trading platform is the most well known platform in the industry. Developed by MetaQuotes Software in 2005, the MT4 trading platform is often regarded as the industry standard and is widely adopted by the majority of the brokers in the forex trading industry. The MT4 software comprises of two main components, a client and a server. What many traders download and install onto their desktop computer is the client component. The server component on the other hand is managed and operated by the broker.

MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker’s customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.

The MT4 trading platform is able to support both pending orders and market orders. When a trader sets a trade with a pending order, this means that the trade will only be executed when the price of the instrument reaches a specific level.

For market orders, they can be in the form of market execution, instant execution, exchange execution or request execution:

• With market execution, trades are executed based on the market price rather than what is displayed on the trading platform.

• This is in direct contrast to instant execution where trades are executed at the price which is displayed on the trading platform.

• For exchange execution, trading orders are processed by the exchange instead based on the current depth of the market.

• Finally with a request execution order, traders are able to carry out a market order with a 2 step process. First of all, a quote is requested by the trader, upon the system receiving the quote gives the trader a few seconds to decide if he wants to proceed to the second stage which is to execute the trade. Although decisively slower than other types of market orders, request order offers traders certainty in the price that they will get. However, the trade-off will be a slower execution pace.

Although most brokers will offer their traders at least one version of their MT4 platform, the MT4 actually comes in several versions which are:

• Client Terminal
• Mobile apps
• MetaTrader 4 Manager

Why is MT4 so popular?

For a beginner trader, the forex market can prove to be extremely intimidating especially with all the decisions that he has to make. Nevertheless, the task of choosing the trading platform is not something a beginner trader can do without receiving proper guidance and hence the purpose of this guide on what the MT4 trading platform is all about. Adopted by hundreds of brokers around the world, the MT4 platform is able to offer traders a safe and secure trading environment. However, its popularity can largely be attributed to the following reasons:

• User Friendly Interface

The interface of the trading platform is well designed and enables traders to trade the dynamic forex market with a minimum of fuss. Regardless of one’s trading experience, it is a platform that is able to satisfy both the needs of experienced traders as well as beginner traders.

• Support Multiple Languages

Because the MT4 trading platform is able to support dozens of languages, traders from all over the world will have no difficulties in operating the MT4 platform in their own native languages.

• Advanced Charting Package

For forex traders, one of the tools that they rely on extensively to help them analyze the forex market is the price chart. With the MT4 trading platform advanced charting package, traders are able to analyze and trade the market almost simultaneously. The charting package also comes with a wide array of technical indicators which traders can overlay onto their price chart.

• Expert Advisors (EAs)

The most defining feature of the MT4 trading platform is its ability to support automated trading through the use of expert advisors. EAs are basically software scripts which are written using the MQL 4 language that are integrated with the MT4 platform to execute trades automatically , based on the parameter established by the trader. It is mainly because of this feature that the MT4 became extremely popular among forex traders.

• Built in Communication Tool

The MT4 also comes integrated with an advanced communication tool that let forex brokers post messages to traders in real time hence eliminating long email threads.

• Low Resources platform

Unlike flash driven trading platforms, the MT4 trading platform is not heavy on computer resources hence causing minimum disruptions to one’s computer. Because the MT4 platform doesn’t hog all the computer resources, traders can respond better to changes in the market.

• Highly Secured

Due to the nature of forex trading, security is paramount to ensure the safety of traders’ personal information and data. With its 128 bit security key, the MT4 is able to offer traders a highly secured trading environment this is not susceptible to attacks from hackers.

• Highly Customizable

The MT4 is also highly customizable and traders may change the look of the trading screens to suit their individual preferences.

Why should I choose a MetaTrader forex broker?

With the MT4 trading platform being the industry standard, it is a strong reason for you to stick to a trading platform that is already proven and widely accepted. Although the trading platform can seem complicated, there are plenty of websites on the internet which can provide support and knowledge on tapping the full potential of the MT4 trading platform. In fact, the popularity of the MT4 trading platform is a real life testimony of the benefits that traders can derive from this platform.

How to choose a MetaTrader broker?

As mentioned earlier, most top forex brokers in the industry offer the MT4 trading platform to their traders. So the key to selecting the best MT4 broker to trade with then should be based on other factors such as customer support, the spreads that are available as well as other value added services which the broker is able to provide. For example if the internet services in your area is unstable or unreliable and you wish to run EAs, you might want to consider forex brokers that offer VPS services as part of the products and service offerings. This helps you to minimize the chance of downtime due to your unstable internet connection.

Pros and Cons of MetaTrader

No trading software in the world is perfect and each is bound to have its own strengths and weakness. The same goes for the MT4 trading platform. While MT4 have numerous advantages, it also comes with its own weakness.

Pros	Cons
Easy to deploy Free Trading Software Lots of third party support Widely adopted by hundreds of brokers around the world Good charting package Option to add Expert Advisors (EA) MT4 is very common around the world and therefore there are many guides and support for its users	Custom time frames unavailable for the charts MQL4 language is not bug free MQL4 language only applicable for trade related programming Unsuitable for high frequency trading operations

Conclusion

Surprisingly despite the fact that the MT4 trading platform has been around for more than a decade, it is still the most popular trading platform around in the online forex trading industry, even with all of the latest technological innovations. This trading platform has proven that it is unequalled in the entire industry. The various tools and features that can be found on the platform certainly go a long way towards enhancing the trader’s trading ability which in turn increases his chance of success in the forex market. Here we have pinpointed the ultimate brokers offering the MT4 platform.