Compare Leading MT4 Brokers

Are you interested in trading on the world’s most popular trading platform, MT4, but unsure about where to start? Do not worry – you are not alone!

Online trading can appear rather complicated to begin with, but with some basic education and practice, you can become a pro in no time!

WeCompareOnlineBrokers.com is here to help you learn more about MT4 trading. In this guide, we will help you discover what MT4 trading is, how it works, which MT4 brokers we would recommend and some key considerations when searching for an MT4 broker.

Recommended MT4 Brokers For 2021:

Broker     Official Site   Max. Leverage Regulations Min. Deposit    Spreads From Review
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200:1 $0 0.14 (Fixed)
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500:1 $100 From 0 pips
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500:1     $200 From 0.1 pips
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400:1 $100 From 0.9 pips
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400:1   $100 From 0.5 pips
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What is MetaTrader 4?

Since its launch in 2005, MetaTrader 4 or MT4 has been the most popular trading platform in the world. The MT4 platform changed the retail FX industry overnight – it was the first platform to offer traders an institutional grade system, where everyday traders were on an equal footing with professional traders.

MT4 remains the industry benchmark for trading platforms for a number of reasons:

  • It is a low-latency trading platform and extremely customisable.
  • MT4 comes complete with a state-of-the-art charting package, offering charts overlaid with indicators.
  • Expert Advisors: users can build or buy EAs, indicators and other algorithmic trading tools using MQL4.
  • MT4’s algorithms and customisable charts let traders analyse market movements with accuracy and speed. Trades can then be made in an instant due to the platform’s execution speed.
  • The platform is available via download, web-browser, mobile and tablet.



What Are MT4 Brokers?

Firstly, MT4 (Metatrader 4) is the world’s most popular and commonly used trading platform, and its system is supported by the majority of brokers. MT4 was created by MetaQuotes, a leading developer of financial trading software, in 2005. MetaQuotes itself is not actually a broker – they simply provide the MT4 trading software as a third party platform that brokers can connect to. MetaTrader 4 is the most popular third-party platform for trading forex.

An MT4 broker is any broker that offers the MetaTrader 4 platform to their clients to trade on. They do not need to just offer that one platform; they are free to offer other platforms too. In fact, many brokers now offer a range of platforms to choose from, as different clients like different systems.

MT4 brokers act as an intermediary between you (the trader) and the world’s financial markets. If you are successful in opening an MT4 account, your MT4 broker will allow you access to their live price feeds on their MT4 platform, which will include a free charting package. They will also provide educational tools, payment gateways so you can fund your account, 24/5 customer support, plus more.

Why Is MT4 So Popular?

MetaTrader 4 is the most well-known platform in the world but how did it become so popular? There are a number of reasons for its success, some are listed below.

  • User-Friendly

The overall look & feel of MT4, along with the easy user-experience, is very simple and effective. It is such a popular platform because beginners can start out on this system without feeling intimidated or lost, and expert traders love it because it offers simplicity and ease; which is what trading is all about.

  • EAs (‘Expert Advisors‘)

Probably one of the most impressive features on the MT4 platform is the ability to apply automated trading solutions through the use of its EA functionality. Expert Advisors are software scripts, written in MQL4 language, that are integrated into the MT4 platform to execute your trades automatically, if you so desire. This (EAs) is a hugely popular way of trading the financial markets and possibly the biggest reason MT4 has grown the way it has.

  • Multiple Languages

Traders from all around the world, who all speak different languages can use MT4 as it supports over 35 languages (39 to be precise..). Many proprietary platforms only operate in English, so for some people this is not ideal. MT4 takes away that problem and traders can have the platform in their native language.

  • World-Class Charting Package

A quality charting package is one tool that most traders will require to help them effectively analyse the financial markets. The MT4 charting package is really advanced and second-to-none; and comes with an incredible array of technical indicators – all for free.

  • Highly Customisable

The MT4 system is extremely customisable and traders can change the look and feel of the trading screens to suit their individual trading requirements.

  • Highly Secure

Due to the nature of online trading, security is critical to ensure that a traders personal information and data is safe from hackers and the like. With MT4’s 128 bit security key, it is able to offer traders a highly secure trading environment, not prone to attacks.

How Do You Choose a Quality MT4 Broker?

As we have already mentioned, most online brokers will offer the MT4 platform as part of their offering to potential clients. The key is to find the best MT4 broker that works for you based on several factors like;

Customer Service

The level of customer support you receive from your MT4 broker is critical, as you will need them from time-to-time. Always search for a broker that offers high-quality customer support. Some MT4 brokers, like Pepperstone and BlackBull Markets, offer excellent customer support – their representatives have always been pleasant to speak to, knowledgable and most importantly, helpful!

Regulation

GraphicsEnsure your MT4 broker is adequately regulated. Avoid any brokers that are not regulated and you should probably pass on any brokers that are not adequately regulated. By this, we mean MT4 brokers that do not hold a regulatory licence of note – licences from ASIC in Australia, the FCA in the UK, MAS in Singapore, and the like.

All brokers on this website are heavily (and adequately) regulated. 

Fees and Costs

All MT4 brokers will charge you to trade on their platform (if they don’t, please let us know, ha!). The key here is to find out how much they charge you to trade as this makes a critical difference to your bottom line.

Watch out for marketing campaigns like “spreads from 0.1 pips”, or “trade commission-free” and other similar one-liners. They may sound amazing but often they are unachievable – as the saying goes; “if it sounds too good to be true, it probably is“!

Our recommendation would be to ask a few MT4 brokers what they charge for a EUR/USD trade or a Wall St 30 trade. Note these down and compare against one and other.

Ease of Depositing & Withdrawing

Let’s face it, depositing funds and then withdrawing them should be a relatively easy and stress-free task. But sometimes it is not and brokers reject deposits or take weeks to send your money back to you. This isn’t good enough! Only trade with brokers that offer a range of payment options, and that also offer quick, easy and simple payment solutions.

Most MT4 brokers will accept debit and credit cards, bank transfers, and some other forms of payment like Skrill, Paypal, Neteller, UnionPay and even Bitcoin these days!

Finally, always check if there are going to be any deposit or withdrawal fees before sending any money to your broker. Some brokers will charge you a small fee which we feel is wrong, while some banks may charge too.

Our Recommended MT4 Broker:

BlackBull Markets is an award-winning online broker based in New Zealand. The company launched in 2014 and has since exploded in popularity and growth,. BlackBull is now considered a global, top-tier FX broker.

This broker is regulated by the FMA in NZ, offers incredibly tight spreads and high leverage of 500:1. BlackBull Markets can accept clients from all around the world.

  • Leverage: 500:1
  • Regulation: FMA (NZ)
  • Opening amount: $100
  • Spreads: Variable
  • Trading platform: MT4 and MT5