Best MetaTrader 4 (MT4) Brokers In 2024
Since launching in 2005, MetaTrader 4 (MT4) has become a favorite with active traders thanks to its excellent charting, customization, automated trading through Expert Advisors (EAs), and widespread support from brokers.
Delve into DayTrading.com’s pick of the best MT4 brokers. Every provider has been tested by our expert team, which includes experienced traders who have spent countless hours developing their own MetaTrader algorithms.
Top 9 MetaTrader 4 Brokers
As of our latest tests in December 2024, we've evaluated 216 brokers and found these 9 best for trading on MT4:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
3
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
xChief$100 No Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:1000ASICCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF -
6
Coinexx100% Deposit Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD -
7
InstaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.011:1000BVI FSCFISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, FuturesInstaTrade Gear, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, Bitcoin Payments, Ethereum PaymentsUSD, EUR, RUB -
8
Plexytrade120% Cash Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.011:2000CFDs, Forex, Indices, Stocks, Commodities, CryptoMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD, EUR -
9
World Forex100% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.01 Lots1:1000SVGFSAForex, CFD Stocks, Metals, Energies, Cryptos, Digital ContractsMT4, MT5Wire Transfer, Debit Card, Credit Card, Visa, Mastercard, Google Wallet, Apple Pay, Perfect Money, Bitcoin Payments, VoletUSD, EUR, RUB
Here is a short overview of each broker's pros and cons
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- InstaTrade - InstaTrade, based in the British Virgin Islands, is an online broker specializing in fixed income structured products and active trading through CFDs. Its zero-spread accounts, excellent research notably through InstaTrade TV, and access to the popular MT4 alongside its own web-accessible InstaTrade Gear, make it an attractive option for short-term traders at every level.
- Plexytrade - Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Best MetaTrader 4 (MT4) Brokers In 2024 Comparison
| Broker | MT4 Integration | MT4 Demo | Automated Trading | Instruments | Regulators | Minimum Deposit |
|---|---|---|---|---|---|---|
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✔ | ✔ | Expert Advisors (EAs) on MetaTrader | Forex, Stocks, Futures, Futures Options | NFA, CFTC | $100 |
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✔ | ✔ | ✔ | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | MISA | $50 |
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✔ | ✔ | Expert Advisors (EAs) on MetaTrader | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) | NFA, CFTC | $0 |
|
|
✔ | ✔ | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | $0 |
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✔ | ✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Metals, Commodities, Stocks, Indices | ASIC | $10 |
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✔ | ✔ | Expert Advisors (EAs) on MetaTrader | Forex, Commodities, Indices, Cryptocurrencies | - | 0.001 BTC |
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✔ | ✔ | Experts Advisors (EAs) on MetaTrader | FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures | BVI FSC | $1 |
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✔ | ✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Indices, Stocks, Commodities, Crypto | - | $50 |
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✔ | ✔ | ✔ | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | SVGFSA | $1 |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Jemma Grist, Reviewer
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
Cons
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- Day traders can enjoy fast and reliable order execution
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
Cons
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
Cons
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
William Berg, Reviewer
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
- xChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
- Traders can access a copy trading solution via the MetaQuotes Signals service
Cons
- The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
- The total range of 150+ assets is much lower than most competitors who typically offer hundreds
- Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
Coinexx
"Coinexx best serves short-term traders willing to foregoes regulatory protections in return for highly-leveraged CFDs and trading accounts, deposits and withdrawals processed in cryptos like BTC. "
Tobias Robinson, Reviewer
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- The virtual private server (VPS), hosted near the firm’s data center in Amsterdam, offers 24/7 connectivity, low latency and 99.99% uptime, catering to algo traders.
- Coinexx uses an ECN model that facilitates ultra-tight spreads from 0 pips, which alongside high leverage up to 1:500, may serve fast-paced, high-volume trading strategies.
- Coinexx is one of a limited pool of brokers to support the ActTrader platform, which is highly customizable with detachable widgets, as well as 48 indicators, 11 timeframes, and price quotes up to 8 decimal places.
Cons
- Although it supports near-instant account funding in 25+ cryptos, the absence of fiat deposit options at Coinexx will be severely limiting for many traders.
- Despite operating for over 7 years, Coinexx still hasn’t secured any regulatory approvals, respected industry awards or the full confidence of our experts.
- Aside from 7 calculators (forex, margin, pip, currency, commission, swap, PnL), Coinexx offers very little in terms of additional tools, with no education or research features to support traders.
InstaTrade
"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "
InstaTrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures |
| Regulator | BVI FSC |
| Platforms | InstaTrade Gear, MT4 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- VPS hosting caters to algo trading strategies with a dedicated physical server providing rapid execution speeds as low as 9 milliseconds.
- Despite an average investment offering of around 300 assets, InstaTrade offers a particularly strong suite of currency pairs, catering to advanced traders seeking opportunities in volatile exotics.
- InstaTrade claims to "guarantee" returns through the structured element of its passive trading solution (FISP), with applications approved within 24 hours.
Cons
- Marketing of the FISP, especially phrasing around the “guarantee of profitability” and the “elimination of risks of trading on financial markets” raises concerns.
- InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
- InstaTrade is registered in the offshore jurisdiction of the British Virgin Islands, resulting in limited regulatory safeguards for retail investors.
Plexytrade
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Plexytrade Quick Facts
| Bonus Offer | 120% Cash Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Stocks, Commodities, Crypto |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- Plexytrade offers among the highest leverage we’ve seen, up to 1:2000, catering to advanced traders willing to forego regulatory protections.
- US residents are accepted as clients, distinguishing Plexytrade as one of the rare offshore brokers that cater to US-based traders.
- There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.
Cons
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
- Plexytrade lacks regulation in major jurisdictions, significantly increasing the risks of opening an account and depositing funds.
- With around 100 instruments, Plexytrade restricts the flexibility of investors who prefer to trade across various assets, especially compared to Blackbull with its 26,000 securities.
World Forex
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- Demo account
- A wide range of assets to trade, including via digital contracts
- MT4, MT5 and a proprietary trading terminal
Cons
- Weak regulation
- No negative balance protection
- Withdrawal fees apply
How Did We Pick The Top MT4 Brokers?
To compile a list of the best brokers that support MT4, we:
- Leveraged our evolving database that currently stands at 216 online brokers;
- Identified the approximately 75+, or around 30%, that support MT4 on desktop, web or mobile;
- Ranked those firms by their rating, blending 200+ data points with the hands-on observations of our testers to identify the 10 absolute best.
How To Choose A MetaTrader 4 Broker
There are six key questions to ask yourself when choosing a broker with access to MetaTrader 4:
1. Does the broker support MT4 on your preferred device?
Almost every brokerage we’ve assessed supports the downloadable desktop client, web-accessible terminal, or iOS and Android-friendly mobile app. However, consider your needs:
- Desktop: Ideal for advanced traders needing full features, customization and offline access to historical data. It also has superior speeds because it directly connects to the broker’s servers.
- Web: Suitable for beginners, but lacks custom indicators and automated trading. It may also have slower speeds that could impact fast-paced strategies like day trading.
- Mobile: Great for the growing class of on-the-go traders. The app has been downloaded over 10 million times, although the Android version gets slightly higher user ratings than its Apple counterpart.
2. Does the broker support your desired instruments on MT4?
While all MT4 brokers offer forex trading, some increasingly provide additional asset classes like stocks, indices, commodities, and crypto.
Check available instruments before funding an account, as some brokers (eg AvaTrade) may not offer specific products like options trading on MT4.
3. Does the broker offer low trading fees?
Look for brokers with tight spreads and low or zero commissions, especially if you’re a day trader dealing in high volumes. However, be aware that some brokers may offer wider spreads on MT4 than on their proprietary platforms.
ECN MT4 brokers like Pepperstone are great for low fees, with spreads starting at 0.0 and 25%+ rebate programs for active traders.
4. Does the broker provide an MT4 demo account?
Most brokers offer MT4 demo accounts, letting you test strategies risk-free. These typically last 14-30 days and come with $10,000-$100,000 in virtual funds.
If you need ongoing access to MT4 demo mode, brokers like IC Markets offer unlimited paper trading as long as you’re active.
5. Is the broker trustworthy?
Not all MT4 brokers are regulated by reputable authorities, which increases the risk of you falling victim to trading scams and can limit access to safeguards like negative balance protection.
6. Does the broker offer unique MT4 add-ons?
Some brokers provide a superior MT4 trading experience with extra features to inform trading decisions.
For example, Pepperstone offers 28 indicators and EAs through its MT4 Smart Trader Tools, while Admiral Markets uses MetaTrader Supreme Edition with sophisticated charting analysis, opinion widgets and trading ideas.
Getting Started With MT4
I’ve spent a lot of time over the years trading on MT4. My verdict? MT4 is a solid platform for traders at all levels. Its balance of power and simplicity is one reason it’s stood the test of time. From advanced charting and analysis to automated trading, it offers everything you need to be successful in today’s fast-paced markets.
Drawing on my direct experience with MT4, I’ll walk you through its key features, how you can customize it to fit your style, and share tips to help you get up and running smoothly.
Downloading And Installing
Getting MT4 up and running is pretty straightforward:
- Go to the official MetaTrader 4 website or your broker’s site to download the platform.
- Run the installer and follow the instructions.
- Once installed, open MT4 and log in with your trading account details.
You’ll then be presented with your platform in default form, which will look something like the one below. The standard settings can vary slightly depending on the broker you use to open your MT4 account.
Navigating The Platform
- Market Watch: This is where you’ll see live prices for all the instruments you can trade – right-click on an asset to open a chart or place an order.
- Navigator: This window gives you quick access to your accounts, indicators, Expert Advisors, and scripts.
- Terminal: This is your command centre for monitoring trades, account history, and alerts.
The Terminal option below is your go-to place to start when your account is opened and when you log in to your MT4 platform. Here, you can pick up mail, see messages from your broker, check out relevant articles, read news, click on strategy ideas, and see all your trading activity.
Get familiar with the icons at the top of the platform navigation. They serve as shortcuts to many features and options.
At first, MT4’s layout can feel a little overwhelming, but after exploring each section, it all starts to make sense. Soon, it becomes second nature.
Placing Your First Trade
Ready to make a day trade? Here’s how you do it:
- Open a chart by right-clicking on an instrument in the Market Watch window.
- Press F9 or click “New Order” to bring up the trading window.
- Set your order type, stop loss, take profit and lot size, then hit “Buy” or “Sell.”
Once you get more confident with your trading plan, strategies, and platform, you can use one-click trading after you’ve set up your trading parameters. Just right-click a chart, and the menu below appears.
Customizing The Platform
Once you familiarize yourself with the basics, you can dive deeper into customization. Set up hotkeys, adjust chart settings, or add indicators that match your trading style.
MT4 gives you the freedom to make the platform truly yours.
Spend time learning the platform, setting up your workspace, and testing strategies. Once you’ve got a handle on MT4, it becomes a powerful tool that can significantly improve your trading experience.Trust me, after a few sessions you’ll be navigating MT4 like a pro.
Key Features For Active Traders
Market Watch And Charting
When you first open MT4, you’ll notice the “Market Watch” window on the left side.
This is where you can keep track of live prices for various instruments, whether you’re into forex, commodities, or CFDs. But that’s just a start on how personalized you can make it happen with the charts.
MT4 gives you several chart types, including candlesticks, bars, and lines, so you can visualize price movements however you prefer.
You can also break down the charts by timeframes, ranging from one minute to one month, which helps you spot trends whether you’re scalping or holding for longer.
When I first started using MT4, I set up multiple charts for different timeframes and strategies. Having all those visual insights open at once gave me a better feel for where the market was headed.
Technical Indicators And Analysis Tools
MT4 comes loaded with 30 built-in indicators, such as Moving Averages, RSI, MACD, and Bollinger Bands.
If you want to get deep into the technicals, you can add custom indicators; thousands are free, or you can even code your own if you know MQL4.
These tools help with analyzing the market and making decisions. For example, combining the RSI with a Moving Average can help you spot potential reversal points or confirm trends.
The indicators are listed on the right-hand side of the platform under an icon with a green plus sign. Click it, and the various indicator groupings, such as trend indicators, will appear in a drop-down menu.
I usually stick with a few key indicators like the MACD for momentum and Fibonacci retracements for potential support and resistance levels.But be careful not to overload your MT4 chart with too many indicators – it can get messy and confusing.
Automated Trading With Expert Advisors (EAs)
One of MT4’s standout features is automated trading using Expert Advisors (EAs). These are essentially bots that can execute trades based on your strategy without needing you to monitor the market 24/7.
You can either write your own EAs, download free ones, or purchase more advanced options from the MT4 marketplace. This is a huge benefit for traders who want to diversify their strategies or run multiple systems simultaneously.
To find examples of scripts (EAs) you can experiment with, simply roll over the view button, select navigator and the menu will appear.
Before using any EA on your live account, make sure you backtest it thoroughly. I’ve seen strategies that looked great on paper but didn’t hold up in real market conditions. Backtesting is your safety net.
Order Types And Execution
MT4 offers different order types, making it flexible for all kinds of traders. Whether you want to jump into a trade right now or set up an order for later, you have options:
- Market Orders let you trade instantly at the current price.
- Pending Orders let you set up future trades at your desired price (like buy limits or sell stops).
- Stop Orders automatically close your position if it hits a certain level.
- Trailing Stops move your stop loss as the price moves in your favour, helping lock in profits without manual adjustments.
Click the new order icon at the top of the navigation to place an order. You’ll then be able to select from a list of all the currency pairs your broker offers.
I love using trailing stops when I’m trading momentum. It helps secure profits while the market is still moving in my favour, without me having to keep a constant eye on it.
Trading Signals And Copy Trading
MT4 also has a built-in “Trading Signals” feature that allows you to follow and copy trades from experienced traders. This feature is super helpful if you’re just starting out or don’t have the time to stay glued to your screen.
You can access this service by clicking the help button in the nav. You then see a drop-down menu that lists several MQL5 topics. Market and signals are listed there.
You can choose from thousands of signals, and expert advisors in a marketplace in which experienced traders will share their code; some charge, and some don’t.
In my early days using MT4, I followed a couple of top traders and learned a lot just by watching their moves. It’s a good way to get a feel for how pros trade, but choose wisely – you don’t want to follow anyone blindly.
Customization Options
Custom Indicators And Scripts
One of the coolest things about MT4 is how customizable it is. You can add custom indicators and scripts to fit your specific trading style.
Once I felt comfortable with the basics, I started adding custom indicators that aligned more with my strategies. It’s easy to find tons of them online, but make sure you’re downloading from trusted sources.
Workspace Layouts
MT4 allows you to create and save different workspace layouts. You can set up multiple chart layouts for various strategies and easily switch between them.
If you want the four most traded currency pairs horizontally on your chart, you can save your layouts; simply click file and click profiles. Or click the chart icon at the end of the top nav bar and choose save template.
I have a simple, clutter-free workspace on MT4 for my everyday trading and a more detailed setup when I want to dive deep into analysis. Being able to switch between them quickly makes life much easier.
Custom Timeframes
While MT4 has nine default timeframes, you can add custom ones if you need even more precision. There are ways to tweak the settings or use custom scripts to achieve this.
Chart Themes And Templates
MT4’s charts are fully customizable. You can change colours and themes and even save templates for future use.
I keep my charts clean and easy on the eyes. Choose colours that don’t strain your vision, especially for those long trading sessions that many day traders will be familiar with.
Should I Use MT4 Or MT5?
For beginners or those primarily interested in forex trading, MetaTrader 4 is the obvious choice. If you’re an advanced trader wanting additional, sophisticated tools, you may prefer MetaTrader 5 (MT5).
Here’s a side-by-side comparison of MT4 and MT5 so you can see where they differ:
| Order Types | Technical Indicators | Chart Types | Chart Timeframes | Automated Trading | Economic Calendar | Mobile Compatible | Web Terminal | Desktop Download | Demo Mode | |
|---|---|---|---|---|---|---|---|---|---|---|
| MT4 | 4 | 30 | 3 | 9 | MQL4 | N | Y | Y | Y | Y |
| MT5 | 6 | 38 | 3 | 21 | MQL5 | Y | Y | Y | Y | Y |
Bottom Line
MetaTrader 4’s enduring popularity comes from its blend of power, flexibility, and ease of use. Whether you’re a beginner or an experienced trader, MT4 offers advanced charting tools, technical indicators, and automated trading via Expert Advisors (EAs) and copy trading, making it versatile for different strategies.
One of the biggest reasons MT4 remains a top choice is its approachability. It offers a comprehensive range of features without overwhelming users, and its clean, user-friendly interface means that traders can start placing trades right out of the gate.
Plus, the platform’s customizability ensures that as active traders grow and refine their strategies, MT4 can grow with them.
Add in the large, active community that continuously develops custom indicators, scripts, and strategies, and you’ve got a platform that stays relevant year after year.
So despite increasing competition from the newer and more advanced MetaTrader 5, plus competitors like cTrader and TradingView, MT4’s ability to offer professional-grade tools while remaining accessible to active traders of all levels makes it a front-runner in the day trading world.
To find the right provider for your needs, turn to our rankings of the best MT4 brokers for day trading.
FAQ
Is MetaTrader 4 A Broker?
MetaTrader 4 is not a broker. It is an electronic trading platform licensed to online brokers. The brokerages then offer the platform to their traders.
How Does MetaTrader 4 Work?
MetaTrader 4 facilitates access to financial markets through its online trading platform. The platform is split between a client and a server module. The server component is licensed to MT4 brokers while the client portal is used by the broker’s clients.
Is MetaTrader 4 Free At Online Brokers?
MetaTrader 4 is free to download and use. However, you’ll pay the usual fees when you place trades, such as spreads, commissions and overnight fees (you can avoid these if you day trade).
We’ve observed some brokers offering wider spreads on MT4 than on their proprietary platforms, so investigate the cost structure before signing up.
Is MetaTrader 4 Safe To Use?
MetaTrader 4 is a relatively secure platform that uses 128-bit SSL encryption, two-factor authentication (2FA) and data segregation. However, online trading itself is risky.
Only risk what you can afford to lose and pick an MT4 broker regulated by a trusted body according to DayTrading.com’s Regulation & Trust Rating.
Recommended Reading
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