The Best MetaTrader 4 Brokers

Broker Info Bonus US Traders Get Started
AxiTrader Spread: from 0.1 pips
Leverage: up to 500:1
Min Account Size: $1
Demo Account: Open
30 day free demo trial Open free demo account Read / Submit Review
City Index Spread: from 0.5 pips
Leverage: 1:1 up to 1:30
Min Account Size: $100
Demo Account: No
Tight, fixed spreads USA Allowed Open free demo account Read / Submit Review
XM Spread: from 0.0 pips
Leverage: 1:1 up to 1:30
Min Account Size: $5
Demo Account: Open
$30 No Deposit Bonus Open free demo account Read / Submit Review Spread: charges tight spreads on forex, stock and commodities based on type of account.
Leverage: 1:50 up to 1:300
Min Account Size: $100
Demo Account: Open
Free Webinars Open free demo account Read / Submit Review
Pepperstone Spread: from as low as 0.1 pips, depending on account type
Leverage: 1:1 up to 500:1
Min Account Size: $1
Demo Account: Open
Active Trader program rebates paid daily Open free demo account Read / Submit Review
OctaFX Spread: low competitive spreads from 0.2 pips per trade
Leverage: 1:1 up to 1:500
Min Account Size: $5
Demo Account: Open
50% bonus on each deposit Open free demo account Read / Submit Review
CMTrading Spread: Low, fixed spreads
Leverage: 1:1 up to 1:400
Min Account Size: $1
Demo Account: Open
Deposit $250 get $100 on top Open free demo account Read / Submit Review
HY Markets Spread: 0.5 - 1.8 pips
Leverage: 100:1 to 300:1
Min Account Size: $50
Demo Account: Open
10% cash or 25% trading credits bonus Open free demo account Read / Submit Review

What is the MT4 Trading Platform?

MT4 is a short name for MetaTrader4. The MT4 trading platform is the most popular solution for retail forex traders looking for a turnkey platform, developed by MetaQuotes Corp. Forex brokers adjust the layout and look of the MT4 platform based on their branding requirements and their clients. Like we just outlined, MT4 services the retail (individual, non professional) segment of the market but it still offers powerful features for individual traders to effectively trade the forex market. The MT4 platform is the 4th generation in the MetaTrader series, developed by MetaQuotes Inc., since the launch of their first MetaTrader platform in the late 90’s. The MT4 trading terminal is seen as a revolutionary product as consequence of a quantum leap in platform features and functionalities since it’s progressor. MT4 was later updated to MT5 but because of the MetaTrader 4 platform being so popular, the MetaTrader 5 platform never really took off and MetaQuotes Inc. was forced to redesign the MT4 platform with many of MT5’s features and functionalities. Since build 600, launched in 2011, the popularity of the MT4 platform took off so well that many brokers, who were developing their own trading platforms where forced to offer MT4 trading to their clients as well. MT4 is the world wide standard and most popular forex trading platform in the retail forex market with more than 750 banks and brokers using it and offering it to their clients.

Basic Overview of Using the MT4 Trading Platform

The MetaTrader 4 trading platform is unique in the sense that it’s not just a trading platform. It comes with components traders need like:

– Live, real-money trading
– Virtual, practice and demo trading
– Strategy testing and optimization
– Programming of expert advisors, indicators and scripts
– Historical data and studies
– Charting analysis
– Sales of MT4 add-ons in the MetaTrader shop

The MT4 terminal is a solid trading platform which many traders not fully use all the advantages of. The power of MT4 is showns when all features are being used.

Real Money Trading

With MetaTrader 4 traders can trade currencies, spot metals, indices and blue-chip stocks. The major products traded on MT4 is definitely forex. Currencies are listed in pairs and more than 100 forex pairs are offered to be traded on a typical MetaTrader 4 trading platform. Successful trading on any asset listed on the MT4 platforms requires skill and knowledge to do so profitably.

Demo Trading

Demo trading means trading forex with practice or virtual money. MetaTrader 4 allows you to open a demo account of any amount you want, ranging from $500 to $1 million. If you’re doing this for the first time, you have to download the MetaTrader 4 trading platform from a broker’s website and once the program is downloaded, you can open your account by filling in your personal details and confirming the confirmation email you get.

Programming of EAs and Indicators

You can program any kind of EA or indicator using the MT4 platform’s programming interface. By clicking the F4 button on your pc or laptop, the MetaQuotes Language (MQL) interface opens in a new window, allowing you as a programmer, to create new expert advisors or forex robots, indicators and scripts. You can also modify existing ones, provided you have the appropriate permissions to do so and the EA is not locked. It is also possible to us DLL protection to lock your EAs and prevent them from being decompiled or hacked.

Testing and optimizing any programmed robots, EAs or scripts is also possible in MT4. Just press Ctrl + R on your computer or click on view and then Strategy Tester. Testing your strategies requires a lot of data, even from the old M1 times, but luckily, this is possible via the History Center on MT4. Only professionals who know how to back test strategies can perform this feature accurately.


The MetaTrader 4 platform comes with all charting possibilities for assets that can be traded on the platform. U can add line tools, indicators and other add-ons to charts to perform technical analysis. The charts can be shown in three different ways:

– Bar Charts
– Line Charts
– Candlestick Charts (most popular)

Other methods of displaying prices like Renko charts are most of the times custom made. Candle sticks are the most popular because they show in one glance of the eye the open, high, low and closing price for a certain time frame. Charts are very important parts of trading the markets, because of traders can perform technical analysis.

It might be worthwhile checking out our TradingView review for detailed charting software analysis. You can also sign up for TradingView completely free of charge via our links.

Selling MT4 Add-ons

The MQL community was launched by MetaQuotes Inc. as a reaction to all the needs of millions of MT4 traders world wide, as a one-stop-shop for all instruments, indicators, scripts and add-ons within the MT4 trading platform. It’s even possible to sell your own add-on software to the MQL community via the MT4 website. This website if of course, fully integrated with the MT4 platform, so that when traders buy a strategy, indicator or forex robot can directly use it in the MT4 platform using the tab called: ”Market”. It’s also possible to sign up for or make up your own trading signals and or to read about new trading strategies using the tab ”CodeBase”.

To receive forex signals for free for 7 days, it might be interesting to take a look at our review, from where you can get one week of free subscription, with no banking or credit card details required.

You can pay for different products within the MQL community using your broker’s account balance, as long as they support MT4.

Features of the MetaTrader 4 Trading Platform

What makes MT4 so special, actually?

Main Menu

This is where several different short cut buttons are located in the MT4 trading terminal. You can open up a new chart, a new position, activate or de activate a forex robot or select one of the charts here. Just use your mouse to hover over each button to find out it’s name and function.

MT4 Market Watch

This is where each financial asset is featured on MT4.

Charting Screen

This is where the charts are being displayed. The time frame for each chart can be set and changed with the button in the main menu button in the top of your screen (where you see the 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 3 hours, 1 day, 1 week and 1 month drop-down).

Terminal Tab

The terminal tab shows the different MT4 displays like your account balance, margin, how much margin is being used to trade, open positions, closed positions, trading history, news bars and more.

Tab navigator

This is a faster way to make indicators, EAs, trading account number etc. up.

Desktop vs Browser vs Mobile versions of MT4

With the latest technologies and devices available like smartphones and tablet devices, traders wanted to keep up with these technologies. These new hand-held devices are as good as mini computers and allow most of the features of desktop trading. Brokers quickly adopted to these technologies and came up with different versions of the MT4 trading platform. Now a days, MT4 doesn’t only have a desktop web-based version but also mobile versions. With the web-based (browser) versions, traders don’t need to download the actually quite big desktop version of the software anymore. The only thing they need is the URL that fits the server where they want their web-based trading platform to be hosted at. This makes trading on-the-go possible and traders don’t need to carry their entire pc with them to keep of track of the markets and their positions. Many different browser versions are supported on smartphones and tablets. The mobile versions are actually an improvement to the web-based trading platforms. In the form of apps, they can be downloaded from their respective app stores. The mobile versions of MT4 come with limited features that only cover the basic aspects of trading, like placing orders, fundamental analysis and fundamental charting features.

What assets and instruments can you trade on MT4?

What are the assets or financial instruments that can be traded on MT4? Well, almost all all asset classes are represented on the MT4 trading platform. You can see what your current broker offers for trade by clicking Ctrl + U or by clicking ‘View’ in the most upper navigation bar, followed by ‘Symbols’ (click Screen –> Symbols).

– Currencies. There’s many different major pairs, minor pairs and exotic forex pairs one can trade using MetaTrader 4.

– Stocks. A limited amount of stocks are available to trade on MT4. Most of them are blue-chip stocks like Apple, Yahoo!, Microsoft, Google, Coca-Cola and Tesla.

– Stock Indices. Most major stock indices are listed on MT4. Stock indices are assets that measure the perfomance of the national stock exchanges across the world.

MT4 features the following indices:

– japan: Nikkei 225 or JPN225.
– US Dow Jones: US30 or WallStreet 30.
– Australia: AUS 200.
– US:S&P 500.
– UK: is linked to the London FTSE 100, listed as UK100.] – Germany DAX or GER30.
– Switzerland got SMI30.
– France got the famous CAC40.

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