Top MetaTrader 4 Brokers for 2020

The online financial market has undergone a lot of development over the past few decades, and the MetaTrader 4 (MT4) platform is one of them. It has become the most widely used forex trading platform in the world due to the numerous and effective features it offers.

MetaTrader is a trading software used by a large number of global traders as their main trading platform. This platform serves the purpose of connecting the asset and currency trading systems with the traders’ computers or mobile devices. As such, MetaTrader is the link or connecting channel between the two.

MetaTrader 4 (MT4) is currently the most popular trading platform in the online trading world. MT4 offers traders all they need in order to trade assets on a single interface. On the MetaTrader 4 platform, traders can find a wide range of analytical technologies, leading trading tools and other resources that allow them to implement from the simplest to the most complex trading strategies.

The MT4 platform is also used by traders to view real-time currency pairs and assets, to conduct technical and fundamental analysis, and to open or adjust orders. Furthermore, the customizable charts are easy to use even for the newbie traders. On the other hand, MT4 brokers use the platform to reach and cater to a broader audience. MetaTrader 4 brokers also enjoy the platform because it enables them to expand their offerings to their traders as well as provide them with all the trading tools to accurately and profitably trade online assets.

Mechanical traders are also able to plug their EAs (expert advisor) into the MT4 platform, making it easier for them to track the trading opportunities in the market. In addition to being easy to download, the MT4 platform makes it simpler to follow asset price fluctuations and to view the charts and graphs, while also plotting the trends to find the desired trades. MT4 brokers often provide access to a wide range of these graphs on their platforms including candlestick, Renko, Heikin- Ashi charts, and more.

Let us take a look at which top brokers offer access to the leading MetaTrader 4 platform.

Fortrade

Fortrade is a top broker offering access to trade a wide range of financial assets like forex, CFDs, equities, and more. It is a regulated broker providing a wide range of educational resources and trading tools.

iTrader

This is a leading MT4 broker that started operating in 2012, offering an all-inclusive trading environment and with access to trade assets such as forex, cryptos, and more.

Read the full iTrader review here.

Trading Platforms Offered by iTrader :

MetaTrader 4 (MT4)
WebTrader
Mobile app.

TeleTrade

TeleTrade is an EU-regulated broker that is known for providing an excellent trading environment for its customers. The broker offers over 200 assets to trade, secure banking, professional customer support and much more.

Read the full TeleTrade review here

Trading Platforms Offered by TeleTrade:

MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
Web Terminal
Mobile app.

IC Markets

This is a popular MetaTrader 4 broker that has been offering high-end CFD and forex brokerage services since 2007. It offers a choice of effective trading tools and resources, tight spreads, fast order execution and much more.

Read the full IC Markets review here.

Trading Platforms Offered by IC Markets:

MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
WebTrader
cTrader platform.

EverFX

Founded in 2008, EverFX is home to over 1000 financial instruments. It is a global brand that offers services to both retail and institutional investors. They also offer tight spreads, zero commissions and personal client support.

Read the full EverFX review here.

Trading Platforms Offered by EverFX:

MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
WebTrader.

CapitalXP

Based in Saint Vincent and the Grenadines, CapitalXP has become a popular MT4 broker due to its innovative trading platforms, reliable customer service, tight spreads, and secure website. This broker offers access to CFD trading on stocks, forex, commodities and indices.

Read the full CapitalXP review here.

Trading Platforms Offered by CapitalXP:

MetaTrader 4 (MT4) for PC
MetaTrader 4 (MT4) for MAC
MetaTrader 4 (MT4) Mobile app

24Option

24Option is a leading MetaTrader 4 broker that has made spot forex and CFDs trading a straightforward, exciting, and lucrative experience for all categories of traders. This broker also offers a wealth of educational resources and top customer support.

Read the full 24Option review here.

Trading Platforms Offered by 24Option:

MetaTrader 4 (MT4)
WebTrader

Nasdaq 500

Nasdaq 500 is a relatively new broker that has won the trust of thousands of global traders thanks to its flexible trading platforms, access to a wide range of assets, and effective trading tools. The broker also offers a choice of secure banking options.

Read the full Nasdaq 500 review here.

Trading Platforms Offered by Nasdaq 500:

MetaTrader 4 (MT4)
Activ8

Pepperstone

This is one of the leading MT4 brokers in Australia, offering a wide range of powerful trading tools, intuitive trading platforms, access to a wide range of financial assets as well as top-class customer support. In addition, Pepperstone offers lower spreads, automated trading and daily market analysis.

Read the full Pepperstone review here.

Trading Platforms Offered by Pepperstone:

MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Mobile app

Stratton Markets

Stratton Markets is a leading broker based in Cyprus. They offer some of the lowest spreads, powerful trading platforms, a wide array of assets to trade as well as several educational resources.

Read the full Stratton Markets review here.

Trading Platforms Offered by Stratton Markets:

MetaTrader 4 (MT4)
Stratton Trader

Investous

Based in Belize, Investous offers CFD trading services on assets like forex, stocks, indices, and commodities, with over 270 financial instruments available to investors worldwide. They also offer daily market analysis and top customer support.

Read the full Investous review here.

Trading Platforms Offered by Investous:

MetaTrader 4 (MT4)
WebTrader

AvaTrade

AvaTrade is perhaps one of the most popular and leading forex and CFD brokers in the world, offering traders access to CFDs, stocks, indices, commodities, bonds, ETFs, and currency pairs. They also offer social trading, automated trading and wealth of trading tools and educational resources.

Read the full AvaTrade review here.

Trading Platforms Offered by AvaTrade:

MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
WebTrader
Mobile Trader
AvaTradeGO
Mac Trading

GMO Trading

This broker offers access to global financial markets via intuitive and highly resourceful trading platforms. GMO Trading offers swift order execution and excellent customer support.

Read the full GMO Trading review here

Trading Platforms Offered by GMO Trading:

MetaTrader 4 (MT4)
WebTrader

Grahamalpha

At Grahamalpha, users get to enjoy the services offered by a first-class MetaTrader 4 broker. They provide access to numerous assets, and also offer a well-designed, and well-structured, and advanced platform. Their trading resources are comprehensive, and they offer top customer support

Read the full Grahamalpha review here.

Trading Platforms Offered by Grahamalpha:

MetaTrader 4 (MT4)
WebTrader
Activ8
Mobile app.

TradeFred

TradeFred has strategically placed itself as a leading CFD broker, offering a dedicated, client-centric service to traders all over the world. TradeFred is regulated and has a choice of innovative platforms, secure banking and more.

Read the full TradeFred review here.

Trading Platforms Offered by TradeFred:

MetaTrader 4 (MT4)
WebTrader
Mobile app.

IG Broker

Offering its services since 1974, IG is a regulated MT4 broker that provides traders with access to effective trading tools, market analysis, an intuitive trading platform, and educational resources. They also offer negative balance protection on all accounts.

Read the full IG Broker review here.

Trading Platforms Offered by IG Broker:

MetaTrader 4 (MT4)
WebTrader
Algorithmic trading

TrustFX

TrustFX has built a large following in the trading world by providing the ultimate trading environment, with high-end trading resources to investors all over the world. They also offer trading prizes, tight spreads, access to a financial analyst and more.

Read the full TrustFX review here.

Trading Platforms Offered by TrustFX:

MetaTrader4 (MT4)
WebTrader
Status.

GSI Markets

GSI Markets’ popularity stems from its offering of a wide array of assets, effective and powerful trading tools and quality customer support. GSI Markets has been around since 2003 and continues to offer top services to global traders.

Read the full GSI Markets Review here

Trading Platforms Offered by GSI Markets:

MetaTrader 4 (MT4)
WebTrader
Sirix

KronosInvest

KronoInvest has been around since 2010 and has positioned itself to be a global MT4 broker, offering users access to forex, cryptocurrency, stocks, indices, and commodities markets.

Read the full KronosInvest review here.

Trading Platforms Offered by KronosInvest:

MetaTrader 4 (MT4)
WebTrader

Easy Markets

Easy Markets allows traders all over the world to trade cryptocurrencies, forex, stocks, commodities, and indices. Its effective tools and intuitive trading platforms make the trading process easier and more profitable for traders.

Read the full Easy Markets review here.

Trading Platforms Offered by Easy Markets:

MetaTrader 4 (MT4)
WebTrader
Mobile app.

Xtrade

Xtrade is a global broker, with soccer star, Cristiano Ronaldo, serving as its official ambassador (2016-2017). The broker has intuitive platforms and effective tools to trade the wide range of available assets.

Read the full Xtrade review here.

Trading Platforms Offered by Xtrade:

MetaTrader 4 (MT4)
WebTrader
Mobile app.

How to Choose an MT4 Broker

Is the Broker Trustworthy?

When choosing your MT4 broker, the first thing to look at is the credibility of the broker. That is, you need to ensure that the broker is a regulated one that operates within the rules and regulations as laid down by the international regulators. It is important to note that the regulatory agencies could be in their country of residence or other countries around the world. Once a broker is regulated, its credibility increases as it will be required to carry out its activities within the jurisdictions of the law. The regulated Metatrader 4 brokers also put in place security measures to ensure the safety of their customer funds and personal data. They are required to separate the customer funds from that of the company, ensuring that they do not use clients’ money to handle operational issues. The regulated MT4 brokers are usually covered by insurance, which means that your money is safe in case something bad happens to the company. Furthermore, the trustworthy brokers put in place security protocols to ensure their platforms are not hacked, and customer information remains intact at all time. You should look out for brokers with tight security measures such as SSL certificates, 2-factor authentication, and a host of other security measures. The brokers with such security measures rarely encounter security breaches, which means that your personal and financial information remains secure at all times. As a trader, you should look out for these features when searching for the best MetaTrader 4 brokers to partner with.

How Much Will It Cost?

For being able to offer the MetaTrader 4 platform to its clients, brokerages pay around $100,000 for a full license and add an extra $15,000 per month for hosting, customer support, bridging, and other services. As such, the clients of the brokerage platform pay for using the MT4 platform using various means such as spreads, commissions, and more. The fact is, using the MT4 platform is free of charge – you simply pay fees or commissions to the broker on your trade.

Any serious trader that wishes to make money trading financial assets should consider the MT4 platform. By using this trading platform, traders have access to a wide array of currency pairs, stocks, indices, commodities and more, as well as efficient trading tools, and educational resources. They also get to enjoy other features such as fast order execution, multilingual service, demo accounts, and more. With these services, the cost of paying for partnering with an MT4 platform will be worth it in the long run.

How Will the Trade Be Done?

Similar to some other platforms, MT4 matches the buyers and sellers of an asset. After accessing the platform, the trader selects the currency pair or financial instrument they wish to trade. The next step is to select Market Execution in the Order Type drop-down list. Enter the size of the position and choose whether to buy or sell the currency pair or asset. The MT4 platform quickly matches the buyer and the seller that meet each other’s’ needs and proceed to execute the trade. All this is done within a few seconds to a minute, ensuring that the traders do not lose a valuable trading opportunity in the process. With the MetaTrader 4, the trader does not need to bother about finding a buyer or seller that fulfils their exact requirements. The job is taken care of by the platform, which handles virtually everything for the traders. As such, the trading process on MT4 platforms is made easier, enabling even new traders to trade with ease.

MT4 Key Features

As the most widely used forex and CFD trading platform in the world, MetaTrader 4 offers users a wide range of features and benefits. Here are some of them:

Interface and User Experience

MetaTrader4 has become the most popular trading platform in the world because of the features it offers, and one of them is the excellent interface and user experience offered to traders. This platform has an intuitive and user-friendly interface and even if you are new to the online trading world, you will not experience any problems when trying to understand how to open positions or customize the available charts. The MT4 Market Watch window can be used to follow the rates of assets and open positions with just a single click. In addition, traders will initially need to modify positions manually before they can add take profit and stop-loss levels on the platform. A fantastic feature about the MT4 is that the same usability of the platform is experienced on both the desktop and mobile versions. The mobile MT4 app can be used to access a trader’s account, plan their trades, and execute them with zero stress, even while on the move.

Unique Charting

Despite certain criticism about its charting abilities, the MT4 continues to offer one of the strongest and most advanced charting features in the trading world. MT4 provides advanced trading features, with nine different timeframes available for traders to choose from. They also have three different chart types on MT4: candlestick, bar, and line.

MT4 comes with some pre-installed indicators, which can be easily added to the charts. Some of the pre-installed indicators include the Bollinger Bands, Moving Averages, and Oscillators, such as the RSI and MACD. As a result of this, MT4 provides traders with everything they need to analyze the price action of assets and to develop their trading strategies and setups. MT4’s Strategy tester tool can be deployed to backtest the Expert Advisors (EAs) or indicators on historical data. This helps to confirm the reliability and accuracy of the data provided.

Unparalleled Customization

Amongst the features that might go unnoticed on MT4 is the extensive customization options available to traders. MT4 offers traders a wide range of customization options, allowing them to modify the various features of the platform to match their trading needs and preferences. With MT4, traders have the option to customize the whole platform to suit their needs, including capabilities such as language and chart colors. Traders can also create their custom indicators and scripts to carry out any function they wish. This benefit can be achieved with the help of MT4’s built in a programming language, dubbed the MQL4. This programming language is one of the most powerful assets seen in the MT4 platform as it is the place where every custom technical indicator and expert advisor is created.

Automated Trading

Both new and professional traders have grown fond of forex signals and experts due to the various benefits they offer to them. The MT4 trading platform comes with a marketplace where users can buy and sell their expert advisors and trading signals for a fee. The providers of such services on the MT4 platform go through a vetting process for at least a month before they are allowed to start offering their services on the Marketplace. This is to eliminate the scammers and allow the more experienced ones to provide the necessary services. In addition to that, the historical performance of the trading signals and expert advisors are made public, as well as the user reviews from active customers.

Mobile Trading

MT4 supports mobile trading, allowing people to trade while on the go. The MT4 mobile apps are available on portable devices like tablets, smartphones, and pocket PCs. With the mobile app, traders gain access to various analytical options in addition to the graphical display of quotes to help manage their accounts. By using the mobile terminals of the MT4 platform, traders find it easy to keep a close eye on their accounts as well as the forex market. It is particularly important, especially when a trader does not have access to their computer.

So How Good is the MetaTrader 4?

The Metatrader4 (MT4) is the most popular trading platform in the online trading industry because of its excellent features and benefits.

Pros of the MetaTrader 4

When using the MT4 platform, it has a flexible terminal setting that allows you to adapt it to any trading conditions set by the broker.
MT4 has one of the most expansive technical indicators and charts available to traders. This ensures traders can carry out fundamental and technical analysis with ease.
All price charts are displayed in real-time.
You have the option to customize the trading platform to suit your trading style. MT4 supports full customization, which means that you can customize and change features such as the languages, and even color to suit your taste.
MT4 allows you to create custom indicators and scripts to carry out new and innovative functions on the software.
The demo account is available to all traders who wish to test out their forex and crypto trading strategies before moving to the real market. Thanks to this feature and the Strategy Tool, traders can backtest their strategies and setups to see if they are good and can perform well on the live market.
Since expert advisors and forex trading signals have become popular, MT4 provides an excellent platform for traders to gain access to both. The expert advisors and trading signals are available on MT4, with traders allowed to purchase them for a fee. This is an excellent way for both newbie and experienced traders to gain more trading data and make informed trading decisions.
MT4 offers a multilingual service, which means that traders from all parts of the world do not have to worry about working with a language they are not too familiar with. The availability of their services in various languages has been crucial to MT4 becoming a global trading platform.

Cons of the MetaTrader 4

The mobile version of MT4 has limited functionality compared to the PC version. Thus, you do not get to enjoy all the features on your mobile app while on the go.
Creating your own indicators and scripts on MT4 is tough for people that lack basic knowledge of programming

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