5 Best MetaTrader 4 MT4 Brokers for year

You’ll also have access to MT4 plugins Autochartist and Myfxbook Autotrade as handy algorithmic trading tools. FP Markets offers a Standard (no commissions) vintage fx or Raw (commission-based) account when opening an account. We found spreads are about average for the broker’s Standard account (at 1.47 pips based on our MT4 testing). FP Markets’ Raw account also has cheaper commissions when funding in USD (at $6 round-turn per trade), given most ECN brokers charge USD $7 that we’ve reviewed.

How does MetaTrader 4 compare to cTrader?

In our 2024 testing, this broker consistently offered the tightest standard spreads among its competitors. IC Markets also brings a broad range of markets and affordable trading fees. Backtesting, or using historical data to assess how a strategy would have performed in the past, is an important part of assessing the quality of any automated trading system.

1. The iPad MT4 forex trading platform app is very similar to the full web-based version of MT4, except all the dimensions are suited for the device.
2. You can access even tighter spreads with the Raw Spread account but with a commission of 3 units of the base currency per side, per lot.
3. Both account types of either spread-only pricing or core pricing and commissions.
4. It is important to note that the range of available assets and CFDs will be dependent on the broker with which you are using the MT4 software.
5. The reality is that very few trading systems are profitable over the course of an entire year.

As almost all Forex brokers offer MT4, it is very likely that the best broker for you on any criteria will be the same broker that is best for MT4. In addition to MetaTrader’s own site, brokers and other third-party experts also provide signals and trade copying. If you want to trade Forex or any other market, such as equities, commodities, and cryptocurrencies, you will need to connect to your broker electronically. A large broker with $70 billion in monthly trading volume, AvaTrade has the capital to invest heavily in its technology and services and has earned over 30 industry awards as a result. Forex market regulation is a key factor to consider when assessing Canadian Forex brokers.

Best for MetaTrader Suit with Add Ons: Pepperstone

Trading Signals allow you to automatically copy other traders in real-time. Many successful traders provide their Forex trades in public access either for free or for a small fee, as ‘signal providers’. One of the advantages of MT4 is the ability to automate your crypto trades through Expert Advisors, and can be complicated to code. However, Eightcap overcomes this by offering Capitalise.ai, allowing you to program your automated strategies through AI without knowing any code. FP Markets also offers ‘Traders toolbox’ and other additional trading tools to enhance your MetaTrader platform experience.

AvaTrade supports the MT4 and MT5 platforms, available for Windows and iOS devices. AvaTrade’s spreads are competitive and fixed, which can provide a more predictable trading environment, well-suited for beginners. Tastyfx offers its proprietary platform which is available on web and mobile.

MetaTrader 4 is part of a suite of trading platforms created by MetaQuotes Software Corp. designed for use on mobile devices, web browsers (Windows and Mac), and desktop computers. To trade this huge range of markets, IG offers a CFD Account and a DMA account, which are similar to a Standard account and a Raw account. Spreads are competitive for both accounts, while okcoin review high-volume forex discounts are also offered for the DMA account. Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries.

– Best Broker For MetaTrader 4 Overall

We researched more than 1,400 MT4 brokers globally and compiled a list of the best MT4 Forex brokers for you. Read on to review the best MT4 brokers and make the best choice for you, plus how to choose, and review the key capabilities of the platform for better trading. Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics.

With MT4, backtesting must be done locally or through a virtual private server (VPS). A forex broker simply needs a proper license from the developer in order to offer MT4 to you as a customer. However, some forex brokers that offer MT4 may lack proper regulation in the countries in which they operate, thus it is important to only choose trustworthy MT4 brokers.

The most trusted forex broker in Canada is OANDA because it is the most heavily regulated broker and one of the oldest brokers on this list. OANDA is regulated by seven tier-1 regulators, including ASIC in Australia, the FCA in the UK and, of course, CIRO in Canada. While reviewing CMC Markets, we liked that they offer an impressive 13,000+ markets, the largest out of the MT4 brokers in Canada.

What Are The Costs of Using MT4?

Charts can range from 33 to 233 tick options and will remain flat unless a high number of trades are made over a minute. MT4 forex trading has a built-in compiler & editor with access to articles, customer service, and a free software library. This software uses MQL4 & MQL5, which is MetaTrader’s propriety language designed for automated trading that enables Expert Advisors, which is explained further below. The user interface of MetaTrader 4 software is all about maximising ease of use and efficiency for a user-friendly trading experience. This starts with the interface, then through to the charting and indicator options and the MQL language.

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These trading tools allow Australia algo trading with trading in Oceana and other regions, allowing traders not to be online to execute trades. A forex broker may offer backdated market information through the software to allow for backtesting different scripts and bots to test trading strategies. This is done through the use of Expert Advisor (EA) which give trader access to a range of trading strategies that can be downloaded and backtested. The MetaTrader 4 offering at FP Markets is an excellent choice for algorithmic traders because of the broker’s low-cost pricing, based on its low average spreads and per trade commission. Having said that, it’s important to download the software from reputable online brokers to ensure you aren’t hit with hidden costs or an inferior platform. The only costs of using MT4 are trading costs such as spreads and commissions, which vary depending on which MT4 broker you sign up with.

We recommend BlackBull Markets for its exceptional execution speeds of 72 ms for limit orders and 90 ms for market orders, which reduces your slippage risks. We recommend CMC Markets for its extensive offering, featuring the largest range of currency pairs with over 175 pairs using MT4 (and 330 with NGEN). We tested Capitalise.ai and found it pleasant to work with, as it offered interactive tutorials on how to use the tool. After 10 minutes, we could write our automated strategy by selecting our rules, and Capitalise.ai did the rest, including backtesting and optimizing.