Best MetaTrader 4 Brokers for Forex Trading in 2023 • Benzinga

MetaTrader 4 is a sophisticated platform for currency traders developed over a decade ago by MetaQuotes Software Corporation. Higher versions of MetaTrader exist, but the fourth edition continues to set the standard thanks to an unprecedented amount of automating abilities.

Unlike TD Ameritrade’s thinkorswim or Power E-Trade, MetaTrader is provided by a number of different forex brokerages for customer use, often alongside their own proprietary trading platforms. International customers will have no problem finding a brokerage that supports MetaTrader, but like most things forex, U.S. traders have to work harder to find one.

MetaTrader 4 isn’t of any use without a forex broker that supports it. Thankfully, Benzinga has compiled a list of five respectable brokerage houses using MetaTrader 4 as a platform. All five companies on this list are registered with the National Futures Association (NFA), which regulates futures and forex trading in the United States. Transparency is important in the forex markets and NFA-registered brokers can give you peace of mind.

FOREX.com is the other United States currency power broker, and like OANDA, it rolls out the red carpet to support MetaTrader 4. You’ll get 50:1 leverage on major pairs involving USD and EUR. A standard account is only charged on spreads and the commission account provides reduced spreads for a $5 per $100,000-unit trading commission. FOREX.com offers rewards to its most active traders, who can benefit from reduced costs and the ability to earn interest on idle cash.

When you use MetaTrader through FOREX.com, you’ll get a Reuters news feed and all the same research available on the broker’s own platforms. All Expert Advisors are supported for fully automated trading and you’ll have access to FOREX.com tools like Autochartist Trade Ideas. High-volume traders enjoy special perks as well, like 15% cash back rebates on fees, 1.5% interest on daily margin balances and free VPS hosting.

Unlike many MetaTrader providers, there’s a reliable line to customer service. FOREX.com supports both MetaTrader Web and Mobile, so all your devices can connect to your brokerage account.  

IG Markets is a London-based forex brokerage that recently opened up operations to U.S. customers. The company touts MetaTrader 4 as its enhanced trading platform and fully supports Expert Advisors.

IG Markets has 18 extra features for MetaTrader 4, including an upgraded trade terminal with six pair screens, stealth orders and an alarm manager to handle alerts.

IG also boasts some of the fastest speeds with 0.05% downtime on average using MetaTrader 4.

Spreads are low and IG does not charge commission on forex trades. Popular currency trades like EUR/USD or USD/JPY could see spreads as low as 0.8%. Margin requirements are superior to some of the other brokers on this list too. For example, IG Markets is the only broker that offers maximum leverage (50:1, or 2% margin) on USD/DKK. Over 80 currency pairs are available to trade and accounts that trade over $1 million USD are eligible for rebates.

AvaTrade is a forex trading platform that offers various features and tools for traders of all levels. The platform is recognized for its user-friendly interface and intuitive design, making it simple for beginners to navigate and execute trades. One of the standout features of AvaTrade is their wide selection of trading instruments. They offer a diverse range of currency pairs, commodities, stocks, and indices, giving traders plenty of options to choose from. This allows traders to diversify their portfolios and take advantage of different market opportunities.

Multibank is a heavily-regulated forex broker. It is regulated by more than ten regulators across the world. The company also has a physical presence in its  20 offices in financial hubs around the world. Multibank turns over $12.5 billion per day, making it one of the largest platforms.

Multibank offers plenty of tools for beginners such as educational resources and great customer service. Traders only need a $50 minimum deposit to get started. Advanced traders will also enjoy the platform with its tight spreads, 500:1 leverage, and more than 55 currency pairs.

FXGT.com is an online broker that focuses on CFDs, or contracts for difference, on a variety of assets including equity indices, energies, precious metals, NFTs, DeFi tokens, crypto pairs, stocks, and forex. The platform offers leverage up to 1:1000 and provides additional features to enhance user experience.

FXGT.com offers access to the markets through MT4, a popular trading platform. In addition, investors can still use other popular platforms while using FXGT.com. 

FXGT.com provides customers with the ability to withdraw funds, access multilingual customer support, and conduct thorough investment research. Although the platform is not yet accessible in the US, UK, and EU, it offers low minimums, accepts cryptocurrency deposits, and features fast trading speeds suitable for professionals seeking portfolio diversification and real-time market updates.

Based in Belize City, Belzie this spunky forex broker serves more than a million clients in 169 countries. Depending on where you trade, you could see leverage levels as high as 2000:1. It has low or no fees in many areas and supports multiple trading platforms.

The downside to this platform is that is not available in restricted countries such as the United States. Traders can trade forex and CFDs using the MetaTrader 4 or MetaTrader 5 platforms.

IFC has won eight international awards recently and touts superior customer service. One of its biggest claims to fame is its GeWorko Portfolio Quoting Method because it allows traders to create synthetic assets.

Blackbull was funded in 2014 and is located in Auckland, New Zealand. The platform is great for beginner, intermediate, and advanced traders. It offers educational resources and tools that fit each type of trader to give them the best chance for success.

Blackbull Markets has received awards that attest to its usefulness to traders. It boasts excellent customer service and multiple trading platforms for traders.

HYCM processes 25 thousand plus orders a day and offers traders accounts with no commissions and some that charge $4 per round. It also offers 0.1 to 1.5 pip and a 500:1 leverage. The platform offers MetaTrader 4 and 5 in addition to its own app it launched in 2022.

One of the highlights of this platform is its customer service. Traders can reach the customer service desk Monday to Friday all day and night.

MetaTrader’s first iteration ran back in 2002 when Russian software firm MegaQuotes Software upgraded its FX Charts program into a high-tech and efficient forex trading platform.  MetaTrader 4 was the final product and its much-anticipated release happened in 2005. Not only could experienced traders plot complex currency moves, but they could also write entire programming scripts and arrange automated trading systems.

MetaTrader platform navigation is remarkably simple. All the features are available to you with just a few clicks (or taps if you’re using your mobile device). The program opens with four different currency pair charts, all completely customizable. Choose whether you want candlestick charts or line graphs, add a few of the 30 available technical indicators and track the four currency pairs you’re most interested in.

What really separates MetaTrader from other forex trading platforms is its Expert Advisors (EAs). These advisors aren’t investment experts or customer service reps, but programs written by traders to carry out specific trades automatically. MetaTrader uses a proprietary programming language called MQL4, similar to the C-languages used in computer coding. Using MQL4, forex traders can build automated trading systems that act with minimal human intervention. With MetaTrader, you can literally trade currencies in your sleep.

Not familiar with programming languages? MetaTrader Market has thousands of robots and indicators available to download, although not all of them are free. Search through trade categories like Hedging, Arbitrage, Scalping, Trend Following, and even Martingale to find an EA robot that suits your strategies. Download, test and implement automated robots without ever closing the MetaTrader platform.

MetaTrader has two different versions, one for clients and one for brokers. The broker platform is used as a server to facilitate trading and prevent malicious cyber attacks. The brokers are licensed to supply customers with the client version, which is linked to brokerage accounts. Choosing the right brokerage is a critical aspect of any type of forex trading, especially if you want to use platforms like MetaTrader.

Some forex brokers base their entire trading operation around MetaTrader and use it as account management software, trading platform and gateway for real-time pricing and news feeds. MetaTrader is the same platform across brokerages, but that doesn’t mean all supporting brokers have the same trading rules. You’ll still need to make sure the broker has the currency pairs you want to trade as well as a reasonable schedule of fees and commissions.

MetaTrader 4 is a great tool for forex traders, but make sure you find a suitable brokerage to use it with before you start planning out any trades. If you’re new to currency trading, be sure to check out the demo version and play around with some fake cash first. If you’re an experienced trader and have a compatible brokerage in mind, MetaTrader 4 could be a perfect match.