MT4 Forex Brokers

MT4 forex brokers handle transactions over the MetaTrader4 platform, which was released in 2005. It’s commonly used by online retail and institutional forex traders around the world. Despite the advanced features of the successor the MT4 is still the trading platform of choice for many users who stick to the forex market. 

The Best MT4 Forex Brokers on the Market 

  • Pepperstone – Best for Scalping and EA Trading of 2022
  • XTB – Best Overall of 2022
  • XM – Lowest Spread of 2022
  • Skilling – Best Broker for Beginners of 2022
  • Capital.com – Best ECN of 2022

What Are Metatrader 4 Forex Brokers?

Enhanced capabilities and the addition of more comprehensive tools found on the MT5 platform hasn’t swayed users from trying out upgraded versions of the features originally implemented on the MT4 platform. Why? Because of its streamlined design for forex trading. 

These brokers deal using the MetaTrader4 platform which is the most widely used by forex traders, bringing in the highest volume of transactions daily. This software was developed by MetaQuotes, to offer instruments exclusively used by traders in the forex market. 

  • Trading instruments- Forex, CFDs
  • Programming language- MQL4
  • Technical analysis tools- 30
  • Graphical objects- 31

What Are the Benefits of Trading with MT4?

Trading through an MT4 platform provides you with all the features you need to make successful transactions, whether you’re experienced or just starting in the market. This platform is suitable for any level of strategy used by retail or institutional traders. 

The MT4 software helps process trades with higher efficacy using stronger security and unlimited trading opportunities within the forex market. 

Indicators and Add-ons or Plug-ins

The chart package is one of the features that separates the MT4 platform from the rest. This advanced feature includes technical indicators with integrated fundamental analysis to better study the price charts when selecting an instrument to conduct a transaction with.

Traders of all levels will be able to use and benefit from its user-friendly interface. It features numerous advances and indicators that are simple to use with a variety of indicators. Add-ons and plug-ins are also available through the package to give you access to the platform’s enhanced capabilities. 

EA and VPN

Automated trading strategies are one of the reasons MT4 platforms are so popular. They are done through scripts with the option to be customized by users who understand and write code. The MQL4 helps develop strategies that allow you to create robots, indicators, and scripts for a better outcome. 

The Expert Advisors (EA) offer a variety of parameters set by the brokers that can be used or adjusted to better suit traders of all levels. This can be done using the downloadable library that provides various trading options. 

The strength of VPN helps run strategies without interruption. If you’re using EAs, a quality VPN is required to run the robots locally. This leads many MT4 users to use a VPN to perform their transactions. 

Backtesting

MT4 forex brokerages offer various parameters that you can choose from for backtesting. You can try out the different parameter options using a demo account before selecting one to use with your official trading account. You can also test out EAs or specific strategies using the strategy tester through the historical trading data section. 

Test options for these functions are available for practice trading without the use of real currency and do not include any risks. Using practice functions and backtesting help create a strategy that works best for you and brings you a higher return rate. 

Which Brokers Use MT4?

Almost all brokers offer MT4 Metatrader platform because of the platform’s popularity. The features and functions available through the platform with the particular broker you have chosen will vary from others. Our list of the top Metatrader 4 forex brokers on the market is just a preview of the variety of software offered on the MT4 platform. 

How Do You Change Brokers on MT4?

You can change brokers through the “Add new broker” tab that you can find in your MT4 account in the file settings. All you have to do is scan the server to find a new one you would like to use. When you switch brokers, you can continue trading with the same layouts and parameters you had previously saved.

If you are having trouble, you can always contact customer service to help you make the switch. You can also have multiple accounts with different MT4 brokers, but you can only be logged into one account at a time.