fbpx

Best MetaTrader 4 Mac Platforms and Brokers

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

MetaTrader 4 is one of the most popular forex trading platforms available, but the experience is a little different for Mac users. MetaTrader was built for use with the Unix operating system, which is primarily used for Windows and PCs. For top functionality, MetaTrader should be used on the Unix system, but that doesn’t mean Mac and Linux users are completely shut off from the platform.

You’ll need to do a little extra legwork and find a broker that supports MetaTrader for Mac.

Some popular forex brokers like OANDA don’t supply MetaTrader for Mac operating systems, so a careful review is needed before making a brokerage selection. However, there is a way around this operating requirement, as long as you sacrifice a little performance.

Best MetaTrader 4 Mac Platforms and Brokers:

Commissions
$10 value per pip
Account Minimum
$0
Get started securely through IG Group’s website
Commissions
$10 value per pip
Account Minimum
$0
1 Minute Review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.  

Best For
  • New forex traders who are still learning the ropes
  • Traders who prefer a simple, clean interface
  • Forex traders who trade primarily on a tablet
Pros
  • Easy-to-navigate platform is easy for beginners to master
  • Mobile and tablet platforms offer full functionality of the desktop version
  • Margin rates are easy to understand and affordable
  • Access to over 80 currency pairs
Cons
  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile
Account Minimum
100 of your selected base currency
Pairs Offered
80+
Get started securely through FOREX.com’s website
Account Minimum
100 of your selected base currency
Pairs Offered
80+
1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Pros
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
Cons
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Account Minimum
$50 USD
Pairs Offered
47
Get started securely through eToro’s website
Account Minimum
$50 USD
Pairs Offered
47
1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
Pros
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
Cons
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum
$100 USD (or equivalent)
Pairs Offered
69
Get started securely through HYCM’s website
Account Minimum
$100 USD (or equivalent)
Pairs Offered
69
1 Minute Review

HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.

HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service. 

Best For
  • Investors who want a customizable fee schedule
  • Traders comfortable using the MetaTrader platform
  • Islamic traders who need swap-free accounts that don’t build interest
Pros
  • Wide range of currency pairs available
  • Excellent selection of educational tools
  • $0 deposit and withdrawal fees
Cons
  • Not currently available to traders based in the U.S.
Account Minimum
100 EURO
Pairs Offered
50+
Get started securely through AvaTrade’s website
Account Minimum
100 EURO
Pairs Offered
50+
1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
Pros
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
Cons
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Is MetaTrader 4 Different on a Mac?

Since MetaTrader was designed for the Unix operating system, you’ll have to jump through a few hoops to get it on a Mac, especially in the United States, where Mac-supporting forex brokers are scarce. Additionally, some features might be unavailable depending on the brokerage you’re using, so practice with a demo account even if you’re familiar with the platform.

To install MetaTrader 4 on your Mac, you’ll need to get a program called PlayOnMac. PlayOnMac uses software called Wine to import Unix-based programs to other operating systems like macOS and Linux. Instead of emulating Windows like other software, Wine translates code in real time and eliminates most performance drag.

After you download PlayOnMac, you’ll need to install a few other components as well. One of these is XQuartz, which adds important Windows-based tools to your Mac. Accept a few license agreements to complete the XQuartz installation and then restart your computer. After that, PlayOnMac is ready to go.

Before you use MetaTrader on your Mac, you’ll need to make sure PlayOnMac is complete with the latest version of the Wine software. According to MetaTrader’s online user guide, Wine 1.4.1 is currently the best working version of the software, but a beta version 1.5.21 is available too.

The beta version could be unstable, though, so Wine 1.4.1 is preferred at the moment. Once you confirm that Wine 1.4.1 is installed with PlayOnMac, you’re ready to install the MetaTrader 4 platform (which happens to be one of the most powerful forex trading apps on the planet).

In addition to PlayOnMac, Parallels is a program that allows Mac users to run the Windows operating system. You can use your Mac with Parallels to open an account with any number of forex brokers based in the United States. Parallels isn’t officially recommended by MetaQuotes Software, MetaTrader’s development company, but it’s still a useful option for getting Windows onto your Mac.

What’s Different?

Your MetaTrader 4 experience on the Mac operating system may vary depending on the broker you use. Many brokers have their own process to follow when installing the platform on non-Windows systems and some features could be inaccessible.

Features like the Market are often victims of this conversion problem, which makes it more difficult to acquire new Expert Advisors and robots. Thankfully, most online forex brokers often demo accounts for practice trading. If you’re unsure about the stability of the program, try it out on the demo account first.

What to Look for in a Brokerage that Supports MT4 on a Mac

What do you want out of a broker when trading with MetaTrader on Mac? The same things you should want with every forex broker! Obviously, compatibility is the biggest concern.

If you can’t use the platform, it doesn’t really matter what the commissions are. Once you’ve rounded up a list of acceptable places, make sure they meet the following criteria:

  • Low spreads: Currency spreads are similar to spreads on stocks, where there’s a slight difference between the ask and bid prices. “Ask” means “sell” and it’s always higher than the “bid,” which means “buy.” This difference is measured in pips (the currency price out to the fourth decimal) and is the cost of doing business at a brokerage.
  • Many currency pairs to trade: The best forex brokers usually have upward of 60 to 70 forex pairs available to trade. Just make sure all the major pairs are present in the selections.
  • Regulation: The forex market is like the Wild West of commerce, where rules are lax and leverage ramps up. Most reputable brokers have a relationship with some sort of international regulatory body.
  • High margins: The best margin rates available to United States customers are 2% or 50:1 leverage. Make sure your broker offers 2% on at least the big pairs involving USD and EUR.

Best MT4 Brokers and Platforms to Run on a Mac

Many international brokers like XTB, XM and VantageFX have Mac-compatible versions of MetaTrader 4 available.

However, United States customers are unable to open accounts at these brokers. Some U.S. firms have gotten around this problem by using browser versions, but thankfully there are multiple ways of getting MetaTrader on your Mac thanks to Wine and Parallels.

Account Minimum
100 of your selected base currency
Pairs Offered
80+
Minimum Trade Size
$1,000
Spread
0.2 pips – 1.0 pips
Commisions
$0 – Variable starting at $60 per million traded depending on account
Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders

1. Best Overall: FOREX.com

Mac users can benefit from the MetaTrader 4 Web platform offered by FOREX.com.

It allows you to use the software over your web browser, which means you don’t need to download Parallels or Wine.

First, create and confirm your account with FOREX.com, then click over to the Download MT4 page.

Here, you’ll see two options: MetaTrader 4 for Windows and MetaTrader 4 for the web. MetaTrader 4 for the web will take you to the browser version of the software, where you can enter your username and password to log on.

Don’t want to open an account just yet? You can create a demo account from this screen as well.

FOREX.com prides itself on low spreads, accurate pricing and great margin requirements. Account holders can trade pairs like USD/CAD, EUR/USD, and EUR/CAD at 50:1 leverage, the most allowed by United States law.

Read Benzinga’s full FOREX.com Review

Commissions
$5 per 100,000 base currency traded
Account Minimum
$0
Best For
  • New forex traders looking for an easy-to-use platform
  • Mobile traders who need a comprehensive on-the-go offering
  • Experienced forex traders who seek a wide selection of charting tools, indicators and currency pairs

2. OANDA

OANDA is one of the most-used forex brokers in the United States. Unfortunately, there’s no dedicated application for MT4 on Mac, so you’ll need to use Parallels or PlayOnMac + Wine to use the platform. Note that U.S. traders are banned from using hedging capabilities on MetaTrader.

OANDA has 71 different currency pairs available to trade and five of them can be traded on 2% margin.

Both spread and commission account types are available and the commission is $5 per every 100,000 units (plus the reduced spread). Demo accounts are also available if you’d like to practice for a bit.

Both account styles have no minimums and there’s no minimum trade value at OANDA, either.

There’s also a great collection of resources to learn about forex, CFDs and other types of markets.

Read Benzinga’s full Oanda Review

3. Admiral Markets

Though it’s not available to U.S.-based traders, Admiral Markets is one of the most complete forex and CFD brokers you’ll find today. Admiral Markets runs both MetaTrader 4 and 5 (along with their own platforms) and aims to make its customers as comfortable as possible. Mac users will be happy to hear that Admiral Markets has its own MT4 application for Mac OS.

You can find installation instructions on the website, but note that like Wine, there’s no promise of complete stability. Admiral Markets does not recommend using auto-mode Expert Advisors to maintain the integrity of the platform (unless you use Parallels).

Admiral Markets is a U.K.-based broker regulated by four different international entities. Professional forex traders can get leverage as high as 500:1, but retail traders are limited to 30:1 on major pairs (EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD) and 20:1 on all other pairs. CFDs are available at 20:1 and 10:1 leverage, but note that 83% of retail traders lose money on CFDs.

4. XM

XM is a subsidiary of Trading Point Group, an FCA-regulated firm available in over 100 countries. Unfortunately, the United States is not one of these countries, but the platform does provide a dedicated MetaTrader for Mac program.

According to XM, the MetaTrader 4 for Mac application loses no functionality and remains as high-powered as it does on Windows. Full access to Expert Advisors is available, along with one-click trading, hedging and technical analysis tools. You can also find instructions for downloading the application.

XM offers leverage of 100:1 on major pairs for MetaTrader 4 users and 55 different pairs are available to trade. Two of the three different account types offered by XM are commission-free and all of them allow 200 different positions to be open at once.

Final Thoughts

Getting MetaTrader 4 to work properly on a Mac can be a tricky proposition. Brokers with compatible MT4 for Mac applications all operate outside U.S. jurisdiction, so American traders with Macs need Wine or Parallels to make installation possible.

Even European brokers like XM and Admiral Markets can’t promise a flawless experience with their MT4 for Mac applications. If you really want the full power of MetaTrader 4, your best bet is to simply get a computer with a Windows operating system.

Get a Forex Pro on Your Side

Ready to tackle the global currency markets? IG’s award-winning services and technology gives you access to forex trading with leverage at low spreads so you can access rising and falling markets. Tap into fast execution on a huge range of markets, flexible access to more than 80 global markets, with reliable execution and an award-winning trading app. If you’re ready to achieve with a truly market-leading service, add IG to your team.

Looking for a Highly Rated Forex Signals Provider?

ForexSignals.com offers a highly rated platform with mentors who have 80 years of combined experience in the trading pits. They’ll help you decode real-time daily live streams using market analysis, trade signals and more. ForexSignals.com doesn’t stop there. You can access hundreds of educational videos and workshops and even individualized private sessions with mentors. Never trade alone! Join ForexSignals.com now.

Benzinga's #1 Breakout Stock Every Month

Looking for stocks that are about to breakout for gains of 10%, 15%, even 20% potentially or more? The only problem is finding these stocks takes hours per day. Fortunately, Benzinga's Breakout Opportunity Newsletter that could potentially break out each and every month. You can today with this special offer:

Click here to get our #1 breakout stock every month.

Hire a Pro: Compare Financial Advisors In Your Area