Best MetaTrader 4 Brokers

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Contributor, Benzinga
February 13, 2024

Try out or IG Group as your next MetaTrader 4 brokers.

If you’ve traded online in the contracts for difference (CFD) or foreign exchange market, then you would probably already be somewhat familiar with electronic trading platforms. If you’re relatively new to currency trading, then you should know that one of the most widely used and versatile among these platforms is the MetaTrader 4 platform developed by MetaQuotes. 

Based on the MetaQuotes Trading platform that was released in 2000, MetaTrader 4 has become the most popular trading platform for the online forex trading community because of its excellent automating abilities. 

In this article, Benzinga rates the best brokers that support the MetaTrader 4 platform, so if you are looking for a top MetaTrader 4 broker to enhance and facilitate your online trading activities, keep reading.

Quick Look: Best MT4 Brokers

  • Best Overall and for U.S.-Based Traders:
  • Best for Enhanced MetaTrader Features: IG Group
  • Best for Trading Experience: Pepperstone
  • Best for Multi-Asset Traders: AvaTrade
  • Best for Contract for Difference (CFD) Traders:
  • Best for High-Leverage Traders: RoboForex
  • Best for Traders in Canada: IFC Markets
  • Best for Islamic Trading Accounts: HYCM
  • Best for Futures Traders: Tickmill
Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best MetaTrader 4 Brokers

The brokers selected for this article make up a list of some of the top brokers in the MetaTrader forex broker community for various reasons. After reading further, you can better decide which broker would best fit your trading needs.  

1. Best Overall and for U.S.-Based Traders:

    Best For:
    Forex Trading in and Outside the U.S.
    securely through's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. has been providing traders with solid forex executions since 2001 and lets you choose from more than 80 forex currency pair selections to trade. Depending on the account type selected, spreads at this broker can run as low as 0.0 pips, although some accounts charge commissions. For example, the broker’s RAW account involves a fixed price of $7 per $100,000 traded, but its Spread Only account involves no per-trade commissions. 

Forex trades in major currency pairs can be leveraged 50:1 when trading via MetaTrader 4 and MetaTrader 5 and via the broker’s proprietary Web Trader platform. In addition to having access to a wide variety of Expert Advisor (EA) software including automated trading system programs for MetaTrader 4, also offers algorithmic trading for qualifying traders. 

This broker also offers access to a wide variety of automation and signals EAs, and you may qualify for free EA hosting. Another potentially helpful advantage offers its traders is the option to enter orders and receive confirmations live over the phone. 

Minimum deposit: The minimum deposit for a trading account at is $100; however, the broker recommends a $2,500 initial deposit. You can also open a demo account that does not require an initial deposit. 

Tradable instruments: lets you trade over 80 currency pairs, 15 major global indices and more than 5,500 global shares with extended trading and CFDs on major cryptocurrencies. For commodity traders, the broker also offers trading in commodities like gold, silver, natural gas and oil. You can even invest in physical investment-grade gold, silver, platinum and palladium through’s parent company’s subsidiary StoneX Bullion.


  • Available to U.S. traders 
  • Wide selection of tradable assets
  • Access to EAs and algorithmic trading
  • Active trader program with discounts, free VPS hosting, margin interest and access to one-on-one personal guidance from a trained Market Strategist.


  • Customer service could be improved 
  • A limited number of assets are available on MetaTrader 4

2. Best for Enhanced MetaTrader Features: IG Group

  • IG Markets
    Best For:
    Forex Execution
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Available to U.S.-based traders since 2019, award-winning IG Group provides high-quality forex services with access to over 80 currency pairs. Founded in 1974 and based in London, parent company IG Group Holdings PLC had its initial public offering (IPO) in 2000 and originally offered access to spread betting and CFD trading. 

Today, IG Group Holdings stock is a component of the FTSE 250 Index. In addition to offering a proprietary online trading platform, IG offers apps for Apple or Android phones and tablets. Those traders who rely on technical analysis can trade directly off the exchange rate charts in these apps.  

Dealer spreads for forex currency pairs at IG Group start at 0.8 pips on the over 50 currency pairs available on the MetaTrader 4 platform. At IG Group, you’ll get support from IG’s MetaTrader platform specialists 24/7 with fast server uptime on your orders. IG provides free access to 18 customizable add-ons and indicators to use on MetaTrader 4. 

In addition to forex and CFD executions, IG Group offers excellent educational resources through its IG Academy. The Academy provides online step-by-step trading courses that include videos, interactive exercises and quizzes to ensure progress. New forex trading accounts are eligible for cash bonuses based on qualifying tiers of up to $10,000. 

Minimum deposit: $250

Tradable instruments: 80 currency pairs for U.S.-based traders. In addition to forex, IG International offers trading in CFDs on a range of hard and soft commodities, indices, bonds, options, exchange-traded funds (ETFs) and shares of stock.   


  • Low dealing spreads starting at 0.8 pips
  • 17ms average execution speed  
  • 24/7 customer service
  • Excellent forex educational resources 


  • Only forex trading is available in the U.S. 
  • No MetaTrader 5  support

3. Best for Trading Experience: Pepperstone

  • Pepperstone FX
    Best For:
    Trading Experience
    securely through Pepperstone FX's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Pepperstone is a well-established Australian forex broker known for its competitive spreads and reliable trading platform, along with a strong regulatory framework and an array of trading instruments that you use with algo trading, API trading and other strategies.

You get quality customer service, no minimum deposit, over 60 currency pairs and the option to trade on MT4, MT5, cTrader, Web Trading Platforms and the Mobile App. You can also access 30:1 leverage for individuals and 500:1 leverage for professionals.


  • You can try any strategy on this site
  • You can trade on the platform that’s best for you
  • There are leverage options for everyone’s situation


  • You may prefer a more professional trading environment

4. Best for Multi-Asset Traders: AvaTrade

Founded in 2006, AvaTrade provides brokerage services worldwide in several markets including forex, stocks, cryptocurrencies, commodities and indices. In addition to supporting MetaTrader 4 and 5, AvaTrade offers four proprietary platforms as follows: 

  • WebTrader: Web-based platform that does not require a download. 
  • AvaTradeGO: Mobile app that features advanced trading and charts. 
  • AvaOptions: Desktop and mobile options trading platform that offers live and historical currency option trading signals, strategies and implied volatilities for a range of currency pairs.
  • AvaSocial: AvaTrade’s social trading app allows you to connect to the world’s leading traders and automatically copy their trades in real time.

AvaTrade gives you access to trade in 63 different currency pairs. Dealing spreads for major currency pairs start at 0.9 pips for EUR/USD and 1.3 pips for GBP/USD, although they widen according to the currency pair’s liquidity in the forex market. Exotic and illiquid currencies generally have wider dealing spreads and lower maximum leverage ratios. For example, maximum leverage ratios are 400:1 for major currency pairs and 200:1 for indices, but USD/CNY (U.S. dollar vs. Chinese renminbi) has a maximum leverage ratio of just 50:1 and a dealing spread of 20 pips. 

In addition to offering a wide range of tradable instruments, AvaTrade has excellent educational resources for traders from beginner to advanced levels. Specialized tutorials on AvaTrader’s website let MetaTrader 4 and 5 users learn about trading signals, EA software for automated trading, how to build a trading bot and how to download free apps for your MetaTrader platform. 

Minimum deposit: $100, €100, £100 or AUD 100

Tradable instruments:  AvaTrade gives you access to trade more than 1,250 instruments, which include:

  • Forex: Trade 63 major, minor and exotic currency pairs with up to 400:1 leverage. 
  • Bonds and Treasury CFDs: Trade U.S., European and Asian government bonds with up to 20:1 leverage.  
  • Precious metals CFDs: Trade gold, silver, platinum, palladium and copper with up to 400:1 leverage. 
  • Commodity CFDs: Soft commodities such as sugar, corn, wheat, coffee, cotton, soybeans and cocoa can be traded with up to 400:1 leverage. You can also trade energy products including crude oil, Brent oil, natural gas, gasoline and heating oil.
  • Exchange-traded funds (ETFs) CFDs: Trade top ETFs including VanEck Market Vectors TR Gold Miners (GDX), Energy Select Sector SPDR (NYSEARCA: XLE) and the MSCI Emerging Markets Index Fund (NYSEARCA: EEM).
  • Cryptocurrency CFDs: You can trade most major cryptocurrency pairs via CFDs so you don’t have to deliver or take delivery of any digital currency. Some of the coins you can trade CFDs on include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Ripple (XRP) using up to 20:1 leverage.


  • Wide range of tradable instruments
  • Multiple trading platforms
  • Social trading
  • Extensive educational resources 


  • Does not accept U.S.-based clients 
  • Inactivity fees 
  • Limited account types

5. Best for CFD Traders:

If you trade CFDs as well as forex pairs, then check out, a world-class broker providing execution in multiple markets, including forex. Forex currency pairs can be leveraged up to 1,000:1 with variable dealing spreads depending on the type of account you choose. Below you can see leverage ratios and minimum dealing spreads and commission where applicable for EUR/USD in the different account types:

  • Pro: Minimum spread is 7.7 pips with a 1,000:1 maximum leverage ratio
  • Electronic Communications Network (ECN): Minimum spread is 2.2 pips with a $6 commission per transaction and 1,000:1 maximum leverage  
  • Mini: Minimum spread is 13.2 pips with up to 1,000:1 leverage
  • Standard+: Minimum spread is 12.1 pips with as much as 1,000:1 leverage

FXGT employs a dynamic leverage model to calculate the amount of leverage required in real time based on the positions in your trading strategy. FXGT offers various transaction volume tiers that the broker uses to determine maximum usable leverage based on whether you are trading a major, minor or exotic currency pair. This results in maximum leverage ratios that range from 20:1 to 1,000:1 at this broker, although the maximum leverage for all Swiss franc (CHF) pairs is 200:1. The broker’s maximum limit per symbol for majors and minors is $20 million, while the maximum limit per symbol for exotics is $10 million. 

Minimum deposit: At FXGT the minimum deposit depends on the method used for the deposit. For Mastercard and Visa, the minimum deposit is $50, 50 EUR or 5,000 JPY. For JCB and Bitwallet, the minimum deposit is $10, 10 EUR or 1,000 JPY, and for STICPAY, the minimum deposit is only $5 or 5 EUR. 

Tradable instruments: FXGT offers 10 different asset classes including forex, crypto pairs, precious metals, energies, indices, the GTi12 Index, stocks, DeFi tokens and NFTs. The specific instruments available for trading depend on the account type you choose.


  • High leverage ratios for small trades in majors
  • MetaTrader 4 and 5 support 
  • Low minimum deposit 
  • Free deposits and withdrawals 


  • Does not accept U.S.-based clients 
  • Limited educational resources
  • No proprietary trading platform

6. Best for High-Leverage Traders: RoboForex

Traders who use high leverage on their transactions might like to check out RoboForex, which offers up to 2,000:1 leverage depending on your jurisdiction. In addition to its support for the MetaTrader 4 and 5 trading platforms, RoboForex also offers its proprietary R MobileTrader, a full-featured mobile app for all your devices; the R StocksTrader, a mobile app that provides access to trade over 12,000 instruments; and the R WebTrader, an easy-to-use web-based platform specifically designed for trading in MetaTrader 4 accounts. 

You can trade hundreds of assets and derivatives in eight classes with this broker, including stocks, indices, futures, ETFs, soft commodities, energies, metals and forex currency pairs. Leverage ratios vary, with 100:1 leverage on indices, energies and futures; 20:1 on ETFs, soft commodities and stocks; 1,000:1 on metals; and 2,000:1 on currency pairs. 

Minimum spreads for forex seem very competitive. The dealing spread for EUR/USD is 0.1 pip on average, while a less liquid pair like GBP/NZD (British pounds vs. New Zealand dollar) has a dealing spread of 1.6 pips. A commission of 20 units per million units of currency traded also applies ($20/million dollars). 

RoboForex supports MetaTrader 4 and offers all the useful standard features of that platform including three types of order execution and 50 ready-to-use indicators for technical analysis. For algorithmic trading, you can create your own trading bots in the MQL4 programming language. 

Minimum deposit: $10, €10  

Tradable instruments: The number of tradable instruments at RoboForex depends on the type of account you choose as follows:

  1. Pro: Gives you access to trade 36 forex pairs, metals, CFDs on U.S. stocks, oil futures and indices. The minimum deposit for this account is $10 or €10, and the broker offers floating dealing spreads from 1.3 pips and 2,000:1 maximum leverage for this account type. 
  2. Prime: Suitable for forex and other markets, the Prime account gives you access to trade 28 forex pairs, metals, CFDs on U.S. stocks, oil futures and indices. The minimum deposit for this account is $10 or €10, and the broker offers floating dealing spreads from 0 pips and 300:1 maximum leverage for this account type. 
  3. ECN: Preferred by seasoned traders, the ECN account combines high-speed order execution with competitive trading conditions and gives you access to trade 36 forex pairs, metals, CFDs on U.S. stocks, oil futures and indices. The minimum deposit for this account is $10 or €10, and the broker offers floating dealing spreads from 0 pips and a maximum leverage of 500:1  for this account type. 
  4. R StocksTrader: This account type is for trading through the R StocksTrader mobile app and web platform. The account gives you access to buy and sell over 12,000 tradeable assets, including CFDs on stocks, oil, metals and futures, real stocks, indices and currencies. The minimum deposit for this account is $100, and dealing spreads begin at 0.01 USD with a maximum leverage of 500:1. 
  5. ProCent: This account type is for testing strategies and transitioning from a demo account to live account trading. The minimum deposit for this account is $10, and you can only trade 36 currency pairs and metals with this account option. Dealing spreads begin at 1.3 pips, and you can use a leverage ratio of up to 2,000:1 with this account type. 


  • Low minimum deposit 
  • Up to 2,000:1 leverage
  • Copy trading option 
  • Tight dealing spreads


  • Not available to U.S.-based traders
  • Regulated only by the Financial Services Commission (FSC) of Belize with no oversight by a major regulator. 

7. Best for Traders in Canada: IFC Markets

IFC Markets has been an online forex broker since 2006 and has won numerous awards for its excellent online brokerage services. With over 210,000 clients in more than 80 countries worldwide, IFC Markets is the best forex broker for Canadian-based forex traders. 

Floating spreads on forex pairs start at just 0.4 pips, while fixed spreads start at 1.8 pips.  In addition to 40 forex currency pairs, you can trade up to 650 instruments, including index, stock and cryptocurrency CFDs and precious metals. Leverage ratios for IFC Markets run from 1:1 to 400:1, although the broker recommends using a leverage ratio of 100:1 for forex traders. 

IFC Markets offers excellent educational resources for traders at all levels through the IFCM Trading Academy. IFC’s top experts provide daily updates and analysis in addition to providing books, videos and tutorials. 

IFC offers regular forex trading accounts, as well as Islamic accounts and Percentage Allocation Money Management (PAMM) accounts. These accounts allow forex traders to allocate a percentage of their funds to be managed by professional money managers. PAMM accounts require a hefty initial deposit of $50,000 - $100,000, €100,000 or 5 million JPY. 

Minimum deposit: No minimum deposit is required for NetTradeX Beginner and MetaTrader 4 and 5 Micro accounts. For a Standard NetTradeX account, the minimum deposit is $1,000; for a Standard account for MetaTrader 4 and 5 the minimum deposit is $1,000 for USD accounts, €1000 for Euro accounts and ¥100 000 for Japanese yen accounts.

Tradable instruments: Over 650 CFD and forex instruments are available, including CFDs on world indices, precious metals, stocks and commodities without expiration dates, as well as commodity futures, ETFs, cryptocurrency and crypto futures. Another group of instruments designed to be traded on IFC’s NetTradeX terminal consists of synthetic instruments, which are personalized CFDs with the technical name of Personal Composite Instruments (PCI).


  • Tight dealing spreads 
  • PAMM accounts available
  • Excellent educational resources 
  • Wide range of tradable assets including synthetic instruments
  • No minimum deposit for microaccounts


  • Not available to U.S.-based traders  
  • High minimum deposit for Standard and PAMM accounts

8. Best for Islamic Trading Accounts: HYCM

HYCM has been providing brokerage services since its founding in the UK in 1998. The online broker currently has oversight from several major regulators, including the Financial Conduct Authority of the U.K. (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA) and the Cayman Islands Monetary Authority (CIMA).

HYCM provides services in over 140 countries and supports trading in more than 300 instruments. HYCM offers three different account types with MetaTrader 4 and 5 support:

  • Classic: This account has a $20 minimum initial deposit using USD, EUR, GBP, JPY and AED (Emirati Dirham) as base currencies. Variable spreads on this account type start at 1.2 pips with a leverage ratio of 500:1. For MetaTrader 4 accounts, you can trade 42 currency pairs and 4 metals and have 250 maximum open positions. With the MetaTrader 5 platform, you can trade 66 currency pairs, 8 metals, 3 energies, 4 commodities, 25 major world indices, 212 stocks and 19 cryptocurrencies, and you can have an unlimited number of positions outstanding. 
  • Fixed: You can open this account with a $20 minimum initial deposit using USD, EUR, GBP, JPY and AED as base currencies. Fixed spreads on this account type start at 1.5 pips with a leverage ratio of 500:1. For MetaTrader 4 accounts, you can trade 36 currency pairs 6 metals, 3 energies, 4 commodities, 16 indices, 10 stocks and 4 cryptocurrencies and have up to 250 open positions. With the MetaTrader 5 platform, you can trade 67 currency pairs, 8 metals, 3 energies, 4 commodities, 28 major world indices, 212 stocks and 19 cryptocurrencies, and you can have an unlimited number of positions outstanding. 
  • Raw: This account offers the lowest variable dealing spreads, starting at 0.1 pips for the MetaTrader 4 version. A $4 commission is charged per round (an opening trade and a closing trade) for forex pairs and $5 for metals. The minimum deposit for this account type is $20 and the maximum leverage is 500:1. With MetaTrader 4 you can only trade 42 currency pairs and 4 metals. The MetaTrader 5 version has the same commissions and variable spreads as the MetaTrader 4 account, but you can trade 66 currency pairs, 8 metals, 3 energies, 4 commodities, 25 indices, 212 stocks and 19 cryptocurrencies. 

All of the above account types have an Islamic swap-free option; however, the HYCM website specifies that only certain products qualify for trading swap-free in Islamic accounts. Also, the swap-free feature has a limited duration of 14 days, so after that period, positions held in Islamic accounts incur standard daily fees of $5, except for precious metal positions that incur a $10 daily fee.   

Minimum deposit: $20

Tradable instruments: Over 300 tradable instruments, including commodities, currencies, metals, shares and indices


  • A wide range of tradeable instruments 
  • 500:1 maximum leverage
  • Excellent education and research resources
  • Low minimum deposit
  • Islamic accounts available


  • Not available to U.S.-based traders 

9. Best for Futures Traders: Tickmill

If you trade in the commodities markets and want to use futures contracts, then you really should check out Tickmill. Founded in 2014, U.K.-based Tickmill Group currently has over 550,000 registered accounts and has oversight by 5 regulators, including the FCA, CySEC, FSB, Labuan FSA and FSA. 

In addition to trading futures via the Tickmill platform, you can trade CFDs on forex, stock indices, commodities and bonds via the MetaTrader 4 platform. MetaTrader 4 is available in 39 languages and provides advanced technical analysis with over 50 indicators, as well as support for algorithmic trading. 

Tickmill lets you trade 62 major, minor and exotic currency pairs with variable dealing spreads depending on the currency pair and liquidity. Minimum dealing spreads in forex pairs start at 0.1 pips for EUR/USD. The maximum leverage for major currency pairs is 30:1, 20:1 for minor pairs and 10:1 for exotic pairs. 

Minimum deposit: The broker requires a $100 minimum deposit for all account types. VIP accounts are available with a balance of $50,000 in the account. 

Tradable instruments: 62 currency pairs, 500 stocks and ETFs, 20 stock indices, 11 commodities, 4 international bonds and 9 cryptocurrencies can be traded on the MetaTrader platforms. Through Tickmill’s proprietary CQG platform, you can trade futures contracts from major exchanges such as CME, CBOT, NYMEX, COMEX and EUREX. You can also trade options on Micro E-mini S&P 500 and Micro E-mini Nasdaq 100 stock index futures. 


  • Well-regulated broker
  • Offers futures and options on futures trading
  • Competitive dealing spreads, commissions and fees
  • Excellent educational resources provided by CME Group 
  • CQG and AgenaTrader platforms for options and futures trading
  • Low minimum deposit


  • Not available to U.S.-based traders

What is MetaTrader 4?

MetaTrader 4 (MT4) is an electronic trading platform designed primarily for forex and CFD trading. Developed by MetaQuotes Software Corp., the free software boasts advanced technical analysis tools, customizable interfaces and automated trading via EAs developed using the MQL4 programming language that allows for strategy testing and implementation based on predefined rules. 

Key additional features of MT4 include advanced charting with numerous indicators, various order types and one-click trading from charts. In addition to desktop client and web options, MT4 also supports mobile device integration, secure client-server communications and seamless connection with most online forex brokers. 

MT4’s large user base contributes to comprehensive community support, which includes social trading and readily accessible tutorials, guides and other resources. Overall, MetaTrader 4 has proven itself as a versatile, powerful and reliable toolset tailored to meet the diverse needs of online retail traders.

Factors to Consider When Choosing a MetaTrader 4 Broker 

When picking an MT4 broker, you will want to look into some important factors to ensure you have a good trading experience and avoid major issues. In general, you will want to check out three main factors for any broker you are considering trading through: (1) if they're regulated and licensed, (2) what kind of fees they charge and (3) the variety of investments they offer. Doing research in these three areas will improve your chances of success in finding an MT4 broker that meets your needs and keeps your funds safe. 

Benefits of Using MT4

Trading via MT4 has significant benefits. 

Technical Indicators

MT4 stands out as an exceptional platform for technical analysts because of its abundant collection of integrated indicators and graphical tools. These helpful functions empower traders to dissect underlying trends, detect recurring patterns and glean valuable market insights that could potentially influence their trading decisions.

EAs and Robots

A major advantage of using MT4 lies in its support for algorithmic trading via EAs programmed using its proprietary MQL4 language that can streamline laborious trading processes, freeing you to focus on other things. 

Customizable Trading Screens

Another feature of MT4 is that the software lets you configure its visual layouts according to your personal preferences. You can also view charts with a wide range of timeframes including tick, 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day and 1 week.

MT4 Demo Accounts

Novices seeking to practice their trading skills or more experienced traders looking to try out a new strategy can use MT4 demo accounts to trade in a real-time environment without taking a financial risk. 

Designed for Active Traders

In addition to its desktop and web interfaces, MT4 offers mobile device compatibility for Android and iOS devices, which is ideal for active traders who like to watch the markets or trade on the go.

Other Features

You can use MT4 to keep on top of market happenings thanks to handy alerts, watchlists and news feeds right inside the platform. These features let you react swiftly to events affecting your positions. MT4 also boasts a substantial trader community that offers social trading and EA sharing. 

Account Types Available for MT4 Trading Platform

Depending on the broker you select, various account types that cater to different trading preferences can use the MT4 platform. Descriptions of three of these account types appear below.

  • STP accounts: Straight Through Processing (STP) accounts have a pass-through mechanism whereby orders are sent directly to liquidity pools bypassing dealer intervention. This structure promotes greater fairness, error reduction and efficiency, as well as improving price discovery and execution speed.
  • ECN account: ECN accounts generally use cutting-edge technology to link traders with a select range of market-making counterparties virtually instantaneously. This promotes greater competition, tighter dealing prices and faster deal executions.
  • DMA account: Direct Market Access (DMA) accounts give traders unrestricted access to the Interbank and exchange-traded financial markets. This sort of account typically appeals to more advanced traders because it offers faster market access, lower transaction costs and greater trade execution control. 

Do I Need MetaTrader 4 to Trade Forex?

While MT4 is not strictly required for forex trading, it is an excellent platform offering numerous benefits that will enhance your overall trading experience. Renowned for its many features, MT4 will empower you to create sophisticated strategies, perform detailed technical analyses and leave or execute market orders easily. 

MT4’s support for algorithmic trading via EAs is nothing less than legendary. Despite alternative platform options existing for online forex trading, most seasoned online retail traders regard MT4 as a valuable and virtually indispensable trading companion.

MetaTrader 4 vs. Metatrader 5

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both leading online trading platforms created by MetaQuotes Software Corporation. Although comparable in many ways, the older MT4 platform offers a more mature infrastructure and an extensive range of EA add-ons written in MQL4 by third parties, although its focus is mainly on currency and CFD trading.

In contrast, the newer MT5 incorporates multiple asset classes, including equities. It also offers a different but enhanced programming language (MQL5 instead of MQL4), as well as boosted technical indicators, extended timeframes, deeper market insights and hedging capability. U.S. traders can use this updated platform with popular brokers like

Choosing between MT4 or MT5 essentially hinges on your individual priorities as a trader, taking into account desired assets, whether your preferred EA is written in MQL4 or 5, local limitations, and your proficiency level and preferences. In any case, each platform is popular and worth checking out.

Picking the Best MT4 Broker for Your Trading Needs

Selecting the best MT4 broker requires evaluation of various criteria, including regulation, customer service, trading costs and available assets. 

When an online broker has reputable regulatory oversight, it should provide greater confidence in dealing with it, while attentive customer care will often help improve your trading experience. Competitive pricing, including tight dealing spreads and zero or modest commissions, can also contribute significantly to your overall profitability, especially if you trade actively. Having access to a wide array of tradable assets will facilitate using more diverse trading strategies.  

By reviewing the rigorous comparison and analysis provided above, you can confidently choose among the featured MT4 brokers that are leaders in their respective domains to find a reputable online trading partner you can rely on. 

Frequently Asked Questions


Is MetaTrader 4 a broker?


No, MT4 is a trading platform developed by MetaQuotes and used to access the forex and other financial markets through a connected online broker firm.


How to add a broker to MetaTrader 4?


To add a broker to MT4, you download and install the free software. Then you search for your desired broker’s server in the platform’s server menu. Once located, enter the login credentials supplied by your broker to establish a connection between the MT4 platform and your broker so that you can start trading.



Does MetaTrader 4 cost money?


No, MT4 is generally free to download and use to monitor markets, perform analysis and test a trading strategy, although you will need to open and fund a trading account with an online broker that supports MT4 to start trading live with the platform. Also, online brokers may charge fees related to trading activities, deposits, withdrawals or inactivity in addition to their customary dealing spreads.

Get a Forex Pro on Your Side, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with’s Active Trader Program

Learn more about’s low pricing and how you can get started trading with

About Jay and Julie Hawk

During her financial career, Julie developed world-class expertise in technical analysis, including Elliott Wave Theory, and was deeply involved in initiating research into automated trading and trading signal systems. As a member of the San Francisco Writers’ Guild, Julie regularly wrote trade strategies, educational material, market commentary, foreign exchange newsletters, reports, articles and press releases. In addition, Julie was interviewed for various financial markets magazines and news wires in her professional capacity as a forex and derivatives expert. Since retiring from working at banks, Julie has been writing and editing books and articles about financial markets for companies like Benzinga, as well as trading forex online and mentoring other traders as part of TheFXperts’ financial team.

In addition to trading stock index, forex and commodity futures and options professionally on exchange floors, Jay also has experience trading stocks and options for private investors and trading forex online for his own account. He has also developed extensive experience in performing and using fundamental economic and corporate analysis to inform his trading and investment activities. Jay is also an expert financial writer with particular expertise in reviewing online brokers and investor services.