This website and its content are not intended to provide professional or financial advice. The views expressed here are based solely on the writer’s opinion, research, and personal experience, and should not be taken as factual information. The author is not a financial advisor and lacks relevant certifications in that regard. We highly recommend consulting a qualified financial advisor before making any investment decisions, as the information presented on this site is general in nature and may not be tailored to individual needs or circumstances
MetaTrader 4 – or MT4 as it’s sometimes called – is one of the well-known apps used by forex traders. The reason for this is not farfetched and we’ll examine some of them before going in-depth into the review.
The app is equipped with top-of-the-line features together with exceptional back-testing capabilities. Thank to this, several forex brokers now integrate seamlessly with MT4, allowing them to either open or close positions directly through the app.
In this guide, we’ll some of the best MetaTrader brokers available to forex traders. We review their features, fees, and their selection of assets.
Contents
Review of the Best MetaTrader Brokers
The stock investment process has several similarities with currency trading because brokers have to choose their preferred broker and open an investment account. Just as we stated earlier, a large number of brokers offer MT4 on Windows, iOS, and Android platforms. This has helped streamline the trading process for all investors – beginners and experts alike.
Without further ado, here are the best brokers for MetaTrader with a focus on their trading tools, asset selection, fees and more…
1. Axi
Axi is not just another regular broker that offers the MetaTrader platform, it stands out for several reasons. Its service offerings are so good that the app has won several awards for its outstanding service. Some of the awards are the best EMEA region broker, best forex broker, and best CFD provider.
One stand-out feature is that traders can opt for the demo account which allows them sample the Axi’s MT4 platform before going live. The best part is that it’s valid for a month and offers a $50,000 practice trading.
In addition, prospective brokers can access stocks, indices, forex, commodity markets and precious metals. This demo account allows traders test several advanced tools they can integrate into their trading strategies.
That’s not all, Axi’s MT4 app is compatible with several devices like iOS, PCs, Android and the MT4 web trader. The platform also offers live pricing and the ability to see market data and live charting options. Also, brokers get timely news updates so they can keep up with the latest industry trends.
Another unique feature of Axi is its in-depth MetaTrader video tutorials. These tutorials are free to use and they cover vital topics like how to install the MT4 app, types of orders and managing open trades. Also, brokers that use Axi’s MT4 can link it to the CopyTrading app which allows them to copy the trading strategies of professional brokers.
Pros
- Supports MetaTrader Platforms: Axi offers both MetaTrader 4 and MetaTrader 5, the industry’s leading trading platforms. This compatibility allows traders who prefer MetaTrader to access a familiar and powerful interface with a wide range of tools and features.
- Regulated by Multiple Authorities: Axi is regulated by several reputable authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and the Dubai Financial Services Authority (DFSA). This demonstrates Axi’s commitment to maintaining a secure and trustworthy trading environment.
- Competitive Spreads and Low Fees: Axi offers tight spreads and low trading fees, making it an attractive option for traders who want to keep their trading costs to a minimum.
- Fast Execution Speeds: Axi is known for its fast order execution, which is essential for traders who rely on quick and accurate trade placement.
- Advanced Trading Tools: Axi provides a range of advanced trading tools, such as Autochartist and PsyQuation, which can help traders improve their strategies and optimize their performance.
- No Minimum Deposit Requirement: Axi does not require a minimum deposit to open an account, making it accessible for traders with varying levels of capital.
- Customer Support: Axi offers multi-lingual customer support, which can be helpful for traders who need assistance in their native language.
Cons
- Limited Range of Tradable Assets: Axi primarily focuses on forex trading, with a more limited offering of other assets such as indices, commodities, and cryptocurrencies. This could be a disadvantage for traders who want to diversify their portfolios.
- No Proprietary Trading Platform: Axi does not offer its own proprietary trading platform, which might be a drawback for traders who are looking for a unique trading interface or additional features beyond what MetaTrader platforms provide.
A distinctive feature of the Axi app is that it seamlessly connects to CopyTrading app and it offers extremely fast execution with access to various markets. The $50,000 demo account trading is another feature that will surely attract a lot of prospective investors.
In conclusion, Axi is a suitable choice for traders who prefer using MetaTrader platforms, offering compatibility with both MetaTrader 4 and MetaTrader 5. The broker’s multiple regulations, competitive spreads, low fees, fast execution speeds, advanced trading tools, and no minimum deposit requirement make it an attractive option. However, it is essential to consider the limited range of tradable assets and the absence of a proprietary trading platform when making a decision. Overall, Axi is a reliable and secure option for traders focusing on forex and seeking the familiarity and power of MetaTrader platforms.
2. Vantage
Vantage is a top CFD platform launched in 2009 and they trade in cryptos, commodities, forex pairs, indices, and shares. The platform offers a Raw ECN account that gives investors access to the EUR/USD pair at extremely low spreads which start at 0.2 pips. What’s more, they also offer an STP account which offers traders commission-free trading on all CFDs.
To give investors more reach, the Vantage trading platform is available on MT4 trader which makes investors trade FX pairs faster than normal.
With Vantage, investors have access to several customization and charting options which gives them more advantages in the global markets. Vantage is available across several platforms like desktop, web and mobile apps – which are also accessible on both Android and iOS.
For traders that don’t have the time to open manual trades, MetaTrader offers Expert Advisors – an automatic forex trading robot to take care of their needs.
Vantage leverages MetaTrader to securely and accurately execute trades with 99.99 percent uptime thanks to their hi-tech optic network that connects with global servers of the platform.
MetaTrader on Vantage allows brokers to leverage the best strategies to open forex trades in addition to 0ffering more than 3,200 trading signals.
Pros
- Supports MetaTrader Platforms: Vantage offers both MetaTrader 4 and MetaTrader 5, providing traders who prefer MetaTrader with access to a familiar and powerful trading interface that includes a wide range of tools and features.
- Regulated by Multiple Authorities: Vantage is regulated by several reputable authorities, such as the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Conduct Authority (FCA) in the UK. This ensures a secure and trustworthy trading environment.
- Competitive Spreads and Low Fees: Vantage offers tight spreads and low trading fees, making it an attractive option for traders looking to minimize their trading costs.
- Fast Execution Speeds: Vantage is known for its fast order execution, which is crucial for traders who depend on accurate and speedy trade placement.
- Wide Range of Tradable Assets: Vantage provides a diverse range of financial instruments, including forex, indices, commodities, shares, and cryptocurrencies, allowing traders to diversify their investment portfolios.
- Extensive Educational Resources: Vantage offers a wealth of educational materials, including webinars, video tutorials, and market analysis, to help traders improve their trading skills and knowledge.
- Customer Support: Vantage provides multi-lingual customer support, catering to the needs of traders who require assistance in their native language.
Cons
- Limited Proprietary Trading Tools: While Vantage supports MetaTrader platforms, it may lack some proprietary trading tools or additional features that other brokers with their own platforms might offer.
- Inactivity Fee: Vantage charges an inactivity fee of $10 per month after three consecutive months of account inactivity. This could be a disadvantage for traders who do not trade frequently or prefer a more passive investment approach.
In conclusion, Vantage is a strong choice for traders who prefer using MetaTrader platforms, as it supports both MetaTrader 4 and MetaTrader 5. With multiple regulations, competitive spreads, low fees, fast execution speeds, a diverse range of tradable assets, extensive educational resources, and multi-lingual customer support, Vantage caters to the needs of traders across various levels of experience. However, it is important to consider the limited proprietary trading tools and potential inactivity fees when making a decision. Overall, Vantage is a reliable and secure option for traders who value the familiarity and functionality of MetaTrader platforms while seeking a diverse range of investment opportunities.
3. Pepperstone
Any broker that’s looking for the perfect MetaTrader with an ECN account should definitely consider Pepperstone. Starting from the Pepperstone ‘Razor’ account, prospective investors get low spreads of 0.0 pips for EUR/USD.
Also, investors looking for cost-effective options can use the ‘Standard’ account. This account includes all fees in the spread as a commission is charged on each position.
That’s not all, investors get to trade more than 60 forex pairs with this broker and as expected, they can download MT4 through Pepperstone’s website. In addition, this MT4 broker offers 28 forex indicators together with various Expert Advisors (also known as EAs).
All in all, these features and more makes stand out among several trading platforms out there and it’s also considered one of the best in the industry.
Lastly, the platform is duly regulated by top bodies such as the Australian Securities and Investments Commission (ASIC), Financial Conduct Authority (FCA), and The Federal Financial Supervisory Authority (BaFin). This makes Pepperstone a highly reputable broker with the required trust to handle customer funds and transactions.
Pros
- Supports MetaTrader Platforms: Pepperstone offers both MetaTrader 4 and MetaTrader 5, ensuring that traders who prefer MetaTrader have access to a familiar and powerful trading interface with a wide range of tools and features.
- Regulated by Multiple Authorities: Pepperstone is regulated by several reputable authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and the Dubai Financial Services Authority (DFSA), ensuring a secure and trustworthy trading environment.
- Competitive Spreads and Low Fees: Pepperstone offers tight spreads and low trading fees, making it an attractive option for traders looking to minimize their trading costs.
- Fast Execution Speeds: Pepperstone is known for its fast order execution, which is crucial for traders who depend on accurate and timely trade placement.
- Wide Range of Tradable Assets: Pepperstone provides a diverse range of financial instruments, including forex, indices, commodities, shares, and cryptocurrencies, allowing traders to diversify their investment portfolios.
- Extensive Educational Resources: Pepperstone offers a wealth of educational materials, including webinars, video tutorials, and market analysis, to help traders improve their trading skills and knowledge.
- Customer Support: Pepperstone provides multi-lingual customer support, catering to the needs of traders who require assistance in their native language.
Cons
- Limited Proprietary Trading Tools: While Pepperstone supports MetaTrader platforms, it may lack some proprietary trading tools or additional features that other brokers with their own platforms might offer.
- Inactivity Fee: Pepperstone charges an inactivity fee of $15 per month after three consecutive months of account inactivity. This could be a disadvantage for traders who do not trade frequently or prefer a more passive investment approach.
In conclusion, Pepperstone is an appealing choice for traders who prefer using MetaTrader platforms, as it supports both MetaTrader 4 and MetaTrader 5. With multiple regulations, competitive spreads, low fees, fast execution speeds, a diverse range of tradable assets, extensive educational resources, and multi-lingual customer support, Pepperstone caters to the needs of traders across various levels of experience. However, it is important to consider the limited proprietary trading tools and potential inactivity fees when making a decision. Overall, Pepperstone is a reliable and secure option for traders who value the familiarity and functionality of MetaTrader platforms while seeking a diverse range of investment opportunities.
4. AvaTrade
Avatrade needs no introduction among forex traders as they are one of the well-known MT4 Forex brokers with MT5 support. This CFD broker offers more than 50 forex pairs for investors to trade. In addition to that, they have the best forex virtual private server (FX VPS).
To show how far they’ve come, AvaTrade has been operating for more than 15 years. For a platform this large, they are also regulated by some of the industry’s leading regulators one of which is the Central Bank of Ireland.
Just like several MT4 brokers that specialize in CFDs, AvaTrade charges zero commissions and includes its trading fees in the bid/ask spread. As luck would have it, the EUR/USD spreads are as low as 0.9 pips. It also comes with features for up to 30:1 in leverage.
Also, AvaTrade makes it quite easy for investors to add funds to their accounts. They charge no deposit fees and their platform supports bank transfers, debit and credit cards together with various e-wallets.
AvaTrade also goes the extra mile to offer its users free MT4 downloads. Unfortunately, the platform doesn’t support MetaTrader for Mac alienating them from the platform.
Once a user is able to download MT4, they can start trading immediately. However, they have to remember that the platform requires a minimum deposit of 100 USD. Lastly, AvaTrade also offers MT5 trading apps which is a great way to attract users that want to trade asset classes on the platform.
Pros
- Supports MetaTrader Platforms: AvaTrade offers both MetaTrader 4 and MetaTrader 5, ensuring that traders who prefer MetaTrader have access to a familiar and powerful trading interface with a wide range of tools and features.
- Regulated by Multiple Authorities: AvaTrade is regulated by several reputable authorities, including the Central Bank of Ireland, the Australian Securities and Investments Commission (ASIC), the Financial Services Agency (FSA) in Japan, and the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring a secure and trustworthy trading environment.
- Competitive Spreads and Low Fees: AvaTrade offers tight spreads and low trading fees, making it an attractive option for traders looking to minimize their trading costs.
- Fast Execution Speeds: AvaTrade is known for its fast order execution, which is crucial for traders who depend on accurate and timely trade placement.
- Wide Range of Tradable Assets: AvaTrade provides a diverse range of financial instruments, including forex, indices, commodities, shares, and cryptocurrencies, allowing traders to diversify their investment portfolios.
- Extensive Educational Resources: AvaTrade offers a wealth of educational materials, including webinars, video tutorials, and market analysis, to help traders improve their trading skills and knowledge.
- Customer Support: AvaTrade provides multi-lingual customer support, catering to the needs of traders who require assistance in their native language.
Cons
- Limited Proprietary Trading Tools: While AvaTrade supports MetaTrader platforms, it may lack some proprietary trading tools or additional features that other brokers with their own platforms might offer.
- Inactivity Fee: AvaTrade charges an inactivity fee of $50 per quarter after three consecutive months of account inactivity. This could be a disadvantage for traders who do not trade frequently or prefer a more passive investment approach.
In conclusion, AvaTrade is a solid choice for traders who prefer using MetaTrader platforms, as it supports both MetaTrader 4 and MetaTrader 5. With multiple regulations, competitive spreads, low fees, fast execution speeds, a diverse range of tradable assets, extensive educational resources, and multi-lingual customer support, AvaTrade caters to the needs of traders across various levels of experience. However, it is important to consider the limited proprietary trading tools and potential inactivity fees when making a decision. Overall, AvaTrade is a reliable and secure option for traders who value the familiarity and functionality of MetaTrader platforms while seeking a diverse range of investment opportunities.
5. Skilling
For users that are looking for a popular MetaTrader Broker that offers low spreads, Skilling is the way to go. In the industry, Skilling has carved a niche for itself thanks to its unique offering which is offering low spreads.
For this reason, several investors consider this broker among the best trading platforms. With more than 70 forex pairs, all kinds of investors can trade with their ‘Premium’ account. Even though this account type offers low spreads, users have to remember that they charge a commission on every trade.
On the other hand, users can go for the ‘Standard’ account. This account offers EUR/USD spreads of 1.2 pips on average. In addition, the platform offers full MT4 integration and users can use its ‘Expert Advisors’ feature to automate their trades. Lastly, extremely fast execution speeds – an average of 0.05s/position – is something users can always rely on.
Pros
- Supports MetaTrader Platforms: Skilling offers both MetaTrader 4 and MetaTrader 5, ensuring that traders who prefer MetaTrader have access to a familiar and powerful trading interface with a wide range of tools and features.
- Regulated by Multiple Authorities: Skilling is regulated by several reputable authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) in Seychelles, ensuring a secure and trustworthy trading environment.
- Competitive Spreads and Low Fees: Skilling offers tight spreads and low trading fees, making it an attractive option for traders looking to minimize their trading costs.
- Fast Execution Speeds: Skilling is known for its fast order execution, which is crucial for traders who depend on accurate and timely trade placement.
- Wide Range of Tradable Assets: Skilling provides a diverse range of financial instruments, including forex, indices, commodities, shares, and cryptocurrencies, allowing traders to diversify their investment portfolios.
- Extensive Educational Resources: Skilling offers a wealth of educational materials, including webinars, video tutorials, and market analysis, to help traders improve their trading skills and knowledge.
- Customer Support: Skilling provides multi-lingual customer support, catering to the needs of traders who require assistance in their native language.
Cons
- Limited Proprietary Trading Tools: While Pepperstone supports MetaTrader platforms, it may lack some proprietary trading tools or additional features that other brokers with their own platforms might offer.
- Inactivity Fee: Skilling charges an inactivity fee of €30 per quarter after three consecutive months of account inactivity. This could be a disadvantage for traders who do not trade frequently or prefer a more passive investment approach.
In conclusion, Skilling is a compelling choice for traders who prefer using MetaTrader platforms, as it supports both MetaTrader 4 and MetaTrader 5. With multiple regulations, competitive spreads, low fees, fast execution speeds, a diverse range of tradable assets, extensive educational resources, and multi-lingual customer support, Skilling caters to the needs of traders across various levels of experience. However, it is important to consider the limited proprietary trading tools and potential inactivity fees when making a decision. Overall, Skilling is a reliable and secure option for traders who value the familiarity and functionality of MetaTrader platforms while seeking a diverse range of investment opportunities.
6. Forex.com
One thing that makes Forex.com stand out is its automated trading. A keen observer would have noted that several platforms don’t onboard US traders, however, with Forex.com, they have a chance at trading their favourite commodities.
Forex.com has a pristine reputation in the forex industry thanks to its immaculate service offerings. They offer more than 90 pairs for users to trade together with a variety of account types for users to choose from. Keep in mind that the ‘STP Pro’ account gives investors access to deep liquidity. This means that spreads for highly-traded pairs are as low as 0.1 pip.
That’s not all, Forex.com is also considered the best Islamic broker to use. They offer a committed ‘swap-free’ account for users that prefer this offering. Just like the other MT4 brokers covered on this list, Forex.com seamlessly integrates with MT4. In addition, it comes with a Reuters newsfeed and several research resources.
Pros
- Supports MetaTrader Platforms: Forex.com offers both MetaTrader 4 and MetaTrader 5, ensuring that traders who prefer MetaTrader have access to a familiar and powerful trading interface with a wide range of tools and features.
- Regulated by Multiple Authorities: Forex.com is regulated by several reputable authorities, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Investment Industry Regulatory Organization of Canada (IIROC), ensuring a secure and trustworthy trading environment.
- Competitive Spreads and Low Fees: Forex.com offers tight spreads and low trading fees, making it an attractive option for traders looking to minimize their trading costs.
- Fast Execution Speeds: Forex.com is known for its fast order execution, which is crucial for traders who depend on accurate and timely trade placement.
- Wide Range of Tradable Assets: Forex.com provides a diverse range of financial instruments, including forex, indices, commodities, shares, and cryptocurrencies, allowing traders to diversify their investment portfolios.
- Extensive Educational Resources: Forex.com offers a wealth of educational materials, including webinars, video tutorials, and market analysis, to help traders improve their trading skills and knowledge.
- Customer Support: Forex.com provides multi-lingual customer support, catering to the needs of traders who require assistance in their native language.
Cons
- Limited Proprietary Trading Tools: While Forex.com supports MetaTrader platforms, it may lack some proprietary trading tools or additional features that other brokers with their own platforms might offer.
- Inactivity Fee: Forex.com charges an inactivity fee of $15 per month after 12 consecutive months of account inactivity. This could be a disadvantage for traders who do not trade frequently or prefer a more passive investment approach.
In conclusion, Forex.com is an attractive choice for traders who prefer using MetaTrader platforms, as it supports both MetaTrader 4 and MetaTrader 5. With multiple regulations, competitive spreads, low fees, fast execution speeds, a diverse range of tradable assets, extensive educational resources, and multi-lingual customer support, Forex.com caters to the needs of traders across various levels of experience. However, it is important to consider the limited proprietary trading tools and potential inactivity fees when making a decision. Overall, Forex.com is a reliable and secure option for traders who value the familiarity and functionality of MetaTrader platforms while seeking a diverse range of investment opportunities.
Does MT4 take a commission?
The platform developer of MT4 doesn’t charge users any commission. However, brokers often charge spread fees and commissions on the platform. This depends entirely on the type of account the user opens and it also varies by each broker.
Forex brokers may sometimes offer both MT4 and MT5 platforms free of charge. On the other hand, they may charge trading fees (irrespective of the platform the user chooses). Most importantly, it all depends on the broker to charge a spread, commission, or a mix of both.
Does MT4 have the copy trading feature?
As luck would have it, MT4 fully supports copy trading. Currently, the platform has a large number of trade copying brokers that integrates MT4.
In addition, MetaTrader offers a dedicated website for copy trading with more than 1000 signal providers. Users can rank them by their performance history and they can also learn about each provider.
Also, MT4 has its own website where brokers and 3rd party specialists can offer copy trading together with providing signals.
Conclusion
There are several brokers out there. However, we have been able to streamline them using a set of fixed criteria to help potential investors make a choice. By highlighting their fee structure, asset selection, and features users can easily select the right platform that meets their needs which would allow them to start trading with MetaTrader as soon as possible.
StockHax strives to provide unbiased and reliable information on cryptocurrency, finance, trading, and stocks. However, we cannot provide financial advice and urge users to do their own research and due diligence.
Read More